Inox Green Energy Services

Listed Wind — per-stock model.

As of 19 Oct 2026

Wind—

CMP ₹118NSE: INOXGREEN

Latest concall

Q4 FY26 · 29 May 2026

Q4 rev ₹120cr +40%; EBITDA ₹57cr +93% (~47% margin); PAT ₹28cr +340% YoY.
O&M portfolio 13+ GW (10.5 GW wind); order book 3.1 GW, 24+ months visibility.
Machine availability ~96.5%; added 600 MW to order book in FY26.
Two O&M acquisitions to consolidate in FY27 at ~50% EBITDA margin.

Order-book execution

3.1 GW multi-year O&M order book gives 24+ months of annuity-like recurring revenue visibility.

Management guidance

Strong FY27 revenue growth as two acquisitions consolidate into results.
Acquisitions to add >₹60cr EBITDA at ~50% margins in FY27.
Sector-consolidation play; scouting further O&M M&A despite limited India targets.

Inox Green Q4 FY26 analyst call, May 29 2026; Yahoo/GuruFocus, Business Standard, InvestyWise

Revenue FY26E

281₹ cr

EBITDA margin

P/E

40.3×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY18	368	15	4.2%	-57	—	—	—	—	—	-5664.0	—
FY19	164	82	50.0%	-53	—	—	—	—	—	-9.1	—
FY20	165	88	53.0%	-52	—	—	—	—	—	-4.5	—
FY21	172	63	37.0%	-154	—	—	—	—	—	-11.9	—
FY22	172	82	48.0%	-93	—	—	—	—	—	-4.0	—
FY23	254	57	23.0%	-20	—	—	—	—	—	-0.7	—
FY24	224	75	33.0%	28	—	—	—	—	—	0.9	—
FY25	236	52	22.0%	22	—	—	—	—	—	0.5	—
FY26	281	23	8.0%	103	—	—	—	—	—	2.5	—

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	57	23	40.0%	3	5.3%
Q2FY24	47	13	27.0%	6	12.8%
Q3FY24	60	20	33.0%	-1	-1.7%
Q4FY24	52	12	22.0%	21	40.4%
Q1FY25	51	17	33.0%	4	7.8%
Q2FY25	55	19	34.0%	6	10.9%
Q3FY25	61	16	26.0%	5	8.2%
Q4FY25	65	-3	-4.6%	6	9.2%
Q1FY26	56	6	11.0%	22	39.3%
Q2FY26	86	9	10.0%	28	32.6%
Q3FY26	78	19	24.0%	25	32.0%
Q4FY26	69	-3	-4.1%	28	40.6%
Q1FY27	43	-1	-2.2%	41	95.3%

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 19 Oct 2026

Valuation

As of 19 Oct 2026

P/E

40.3×

EV / EBITDA

209.5×

P/B

2.8×

Operating metrics

What the rest of the dashboard tracks for Inox Green Energy Services — capacity, auctions, offtake, manufacturing and returns.

Policy exposure

Schemes whose impact note names this company

Policy

National Wind Repowering & Life Extension Policy 2023DemandActive
Refresh demand for turbine makers — Suzlon, Inox Wind; benefits legacy wind operators (Orient Green, Inox Green's O&M base) upgrading ageing fleets.

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 19 Oct 2026