Inox Green Energy Services Ltd (INOXGREEN) is India’s only listed pure-play renewable energy Operation & Maintenance (O&M) service provider, primarily focused on wind power assets. A subsidiary of Inox Wind Limited, the company has built a strong presence by managing over 3.2 GW of wind turbine generator (WTG) assets across India under long-term contracts. While it has shown consistent profit growth in recent years, its business model is capital-light and highly dependent on its parent company and the broader wind energy sector. This article provides a clear, fact-based analysis of its operations, financial health, and future outlook to establish realistic share price targets for the period from 2026 through 2030.
Inox Green Energy: Company Overview
- Business Model: Provides comprehensive O&M services for wind power projects, including turbine maintenance, site management, and performance optimization. It operates under long-term contracts (5–20 years) with asset owners.
- Geography: Pan-India presence, with O&M contracts spread across multiple wind-rich states.
- Key Developments: The company raised ₹592.5 crore via a preferential issue in FY2025 to strengthen its balance sheet. It is almost debt-free and has consistently reported net profits since FY2024 after initial losses.
Inox Green Energy: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹153 |
| Market Capitalization | ₹5,621 Crore |
| 52-Week High/Low | ₹225 / ₹95.6 |
| P/E (TTM) | 146 |
| P/B (TTM) | 2.86 |
| ROE (FY2025) | 1.06% |
| Debt/Equity (Mar 2025) | 0.05 |
| FY2025 Revenue | ₹236 Crore |
| FY2025 Net Profit | ₹22 Crore |
Inox Green Energy Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹170 – ₹210 |
| 2027 | ₹200 – ₹250 |
| 2028 | ₹240 – ₹300 |
| 2029 | ₹280 – ₹360 |
| 2030 | ₹320 – ₹420 |
Note: These targets are derived from a synthesis of credible analyst discussions and projections found in the public domain, adjusted for a neutral, educational perspective.
Inox Green Energy Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹170 | ₹210 |
- The company’s transition to consistent profitability, with a net profit of ₹22 crore in FY2025, provides a foundational earnings base.
- Its near debt-free status (D/E of 0.05) offers significant financial stability and flexibility.
- However, a very high P/E ratio of 146 suggests the stock is already priced for substantial future growth, limiting near-term upside.
Inox Green Energy Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹200 | ₹250 |
- Growth will depend on winning new O&M contracts beyond its existing portfolio and potentially expanding into solar O&M.
- As a pure-play on renewable O&M, it benefits indirectly from India’s push for 500 GW of non-fossil fuel capacity by 2030.
- Investor sentiment will be cautious due to its extremely low Return on Equity (ROE) of just 1.06%.
Inox Green Energy Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹240 | ₹300 |
- By this stage, the company needs to demonstrate scalability and margin improvement to justify its premium valuation.
- Its success is closely tied to the health of its parent, Inox Wind, and the overall pace of wind energy project commissioning in India.
- Market re-rating is unlikely without a significant improvement in return metrics like ROE and ROCE.
Inox Green Energy Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹280 | ₹360 |
- Long-term investors will be watching for diversification into new service lines or geographies to reduce concentration risk.
- The stock’s potential is capped by its niche business model, which offers stable but limited top-line growth compared to asset-heavy IPPs.
- Sustained high P/E multiples will require consistent earnings acceleration, which is challenging in a competitive O&M market.
Inox Green Energy Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹320 | ₹420 |
- Sentiment will depend on whether the company can evolve from a captive O&M provider to an independent, scalable platform.
- If it can improve its ROE to double digits and expand its client base beyond the Inox group, it could command a higher valuation.
- However, as a small-cap with modest scale, it may remain a satellite holding rather than a core portfolio stock.
Inox Green Energy: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 73.5% |
| Foreign Institutions (FII/FPI) | 7.78% |
| Domestic Institutions (DII) | 0.3% |
| Public (Retail & Others) | 26.2% |
Promoters hold a dominant stake in the company. There is no pledging of promoter shares, which is a positive governance signal.
Inox Green Energy: Strengths vs Risks
- Strengths:
- Pure-Play Niche: India’s only listed company focused exclusively on renewable O&M, offering a unique investment angle.
- Strong Balance Sheet: Almost debt-free with a clean financial structure post its FY2025 fundraising.
- Recurring Revenue: Long-term O&M contracts provide stable, annuity-like income.
- Parent Backing: Strong operational and strategic support from Inox Wind Limited.
- Risks:
- Low Profitability: Extremely low ROE (1.06%) and ROCE (2.90%) indicate poor capital efficiency.
- High Valuation: A P/E of 146 is very high for a company with modest growth and low returns.
- Concentration Risk: Heavy reliance on the Inox Group for business creates dependency.
- Working Capital Strain: Debtor days have surged to 279, indicating cash flow pressure from delayed payments.
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | High (small-cap, niche business, high valuation) |
| Time Horizon | Long-term (5+ years) – thematic story |
| Volatility | High – typical of small-caps with concentrated ownership |
| Dividend/Income | None – the company does not pay dividends (0% yield). |
| Ideal Investor | Aggressive, thematic investors who believe in the long-term need for specialized O&M services in India’s renewable sector and can tolerate high valuation risk. |
Inox Green is a highly specialized, high-risk stock. It is best suited for those seeking targeted exposure to the renewable O&M theme, not broad-based growth.
FAQs
Is INOX Green a good buy?
Inox Green is a high-risk, niche stock. Its very high P/E ratio and extremely low return on equity make it an expensive bet on a narrow business model. It may be suitable only for aggressive investors with a strong conviction in the O&M theme.
What is the share price target for Inox Green Energy in 2030?
Based on our analysis of its fundamentals and sector dynamics, we estimate a 2030 range of roughly ₹320 – ₹420.
What does Inox Green Energy do?
Inox Green Energy provides Operation & Maintenance (O&M) services for wind power projects across India. It manages over 3.2 GW of wind assets under long-term contracts, ensuring turbines run efficiently and reliably.
Is it good to invest in green energy?
Investing in green energy offers long-term growth potential aligned with global decarbonization trends and India’s 500 GW renewable target by 2030. However, the sector includes a wide range of companies—from stable utilities like NTPC to volatile small-caps like Inox Green. Risk tolerance and investment goals should guide the choice.
Which top 5 shares to buy today?
There is no universal “top 5” list. The best stocks depend on your risk profile, time horizon, and portfolio strategy. Large-caps like NTPC or Tata Power offer stability, while pure-plays like ACME Solar or KP Energy offer higher growth potential with higher risk.
Which is better, Suzlon or Inox Wind?
Suzlon Energy is a wind turbine manufacturer with a strong order book and a turnaround story. Inox Wind is also a turbine maker, and Inox Green is its O&M subsidiary. Suzlon is larger and more established as a standalone entity, while Inox Green is a niche, high-P/E play on services. They serve different segments of the wind value chain.
Final Verdict
Inox Green Energy Services (INOXGREEN) occupies a unique but narrow space in India’s renewable ecosystem. Its debt-free balance sheet and recurring O&M revenue are positives, but these are overshadowed by its extremely low return ratios and a sky-high valuation that prices in perfection. For most investors, it represents a speculative, satellite holding rather than a core investment. Our 2026–2030 price targets (₹170–₹420) assume steady but unspectacular growth in its O&M portfolio. Significant upside would require a major expansion of its client base and a dramatic improvement in capital efficiency—outcomes that are possible but far from certain.
Sources
- Screener.in – Inox Green Energy Services Ltd. Consolidated Financials (FY2025)
- Tickertape – Inox Green Stock Analysis & Forecasts
- Finology Ticker – INOXGREEN Company Profile & Ratios
- Groww – Inox Green Fundamental Data
- Inox Green Energy Annual Report FY2025
