Inox Green Energy Services Limited (INOXGREEN) fair value: what the stock is really worth
As of Nov 3, 2026: fair value (intrinsic value) of Inox Green Energy Services Limited stock ₹21.61, price ₹115, that is 81.2% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Inox Green Energy Services Limited provides operation and maintenance services, and common infrastructure facilities for wind turbine generators in India. The company operates through Operation & Maintenance; Erection, Procurement & Commissioning; Power Generation; and Trading Income segments.
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It offers operational services, including remote monitoring and control through supervisory control and data acquisition system; daily generation reports to the customers; and wind farm maintenance services.
The company was formerly known as Inox Wind Infrastructure Services Limited and changed its name to Inox Green Energy Services Limited in October 2021. The company was incorporated in 2012 and is based in Noida, India. Inox Green Energy Services Limited operates as a subsidiary of Inox Wind Limited.
Stock analysis
Inox Green Energy Services Limited (INOXGREEN) currently trades at ₹114.81, while our model-based Fair Value estimate is ₹21.61, 81% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹36.50 per share, and 0 of the 23 models we run sit above the ₹114.81 price.
Bear case: the Earnings-Based group reads lowest at ₹13.71, and 23 of the 23 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ₹19.75 (bear) to ₹23.66 (bull), the price of ₹114.81 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Utilities sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Inox Green Energy Services Limited reported revenue of ₹2.8B in FY2026 versus ₹1.7B in FY2022, a compound +13.0%/yr. Reported net income was ₹1.0B in FY2026.
Key figures
Market cap ₹43.1B (≈ $455M) Small · P/E ratio 36.9 · P/S ratio 15.8 · EPS (TTM) ₹3.11 · Net margin 44.5% · Return on equity 5.7% · Return on assets (EBIT) 1.4% · Operating margin −3.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −51% fair-value upside, at −81%, INOXGREEN screens richer than that median.
Fair Value models
Bear₹19.75Fair Value ₹21.61Bull₹23.66
Price ₹114.81 · Downside -81.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹1.86 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹25.66₹29.10₹32.8082
Growth DCF₹25.71₹28.78₹31.9480
Owner Earnings₹31.00₹35.78₹40.9478
All 23 models by family
DCF Models
FCF DCF₹25.66₹29.10₹32.8082
Owner Earnings₹31.00₹35.78₹40.9478
5Y Revenue Exit₹21.07₹23.32₹25.8974
5Y EBITDA Exit₹20.71₹22.68₹24.7177
5Y P/E Exit₹33.04₹44.68₹56.3272
10Y Revenue Exit₹23.24₹25.42₹27.8368
10Y EBITDA Exit₹23.14₹25.09₹27.1870
10Y P/E Exit₹29.04₹36.44₹44.7665
Earnings-Based
Graham-Dodd₹16.59₹40.66₹52.6265
PEG = 1.0₹7.29₹10.42₹13.5557
EPV₹13.56₹13.71₹13.8374
Multiples
P/E Multiple₹32.94₹43.92₹54.9063
P/S Multiple₹12.56₹16.74₹20.9358
P/B Multiple₹54.60₹72.80₹91.0055
EV/EBIT₹15.66₹17.57₹19.4866
EV/EBITDA₹14.05₹15.43₹16.8067
EV/Revenue₹14.56₹16.55₹18.5454
Asset-Based
NCAV (Graham)₹9.99₹15.14₹18.9254
Growth DCF
Growth DCF₹25.71₹28.78₹31.9480
Rev-Margin DCF₹21.07₹23.66₹26.5974
Economic Profit
Residual Income₹26.43₹26.23₹27.0771
ROIC Compounder₹13.56₹13.71₹13.8372
Growth Earnings
Growth-Adj P/E₹25.55₹36.50₹47.4567
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Start year 2021 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.6%
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What shareholders gained per year (last 3 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+78.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+78.0%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 8%
2026 sits 267% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 7.1%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+39.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +33.7% a year for the price.
Compare Inox Green Energy Services Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 200 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Top 25%
Fair Value upside−81.2% · Bottom 25%
Profitability
Return on equity (12 months)5.7% · Above median
Return on assets4.9% · Top 25%
Net margin (12 months)44.5% · Top 25%
Operating margin (12 months)−3.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−23.0% · Bottom 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
P/E (12 months)36.9× · Pricier than median
P/B2.52× · Priciest 25%
P/S (12 months)15.83× · Priciest 25%
Price / free cash flow52.2× · Priciest 25%
EV/EBITDA69.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 16
FUTURE (revenue growth)0· sector 15
PAST (return on equity)23· sector 13
HEALTH (low debt)100· sector 70
DIVIDEND (yield)0· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Inox Green Energy Services Limited Fair Value". https://www.fairvalue-calculator.com/stock/INOXGREEN
Frequently asked questions
Is Inox Green Energy Services Limited (INOXGREEN) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of ₹21.61 versus a price of ₹114.81, about 81% lower (overvalued).
What is the fair value of INOXGREEN?
Our model-based fair value for Inox Green Energy Services Limited is ₹21.61 (as of Oct 31, 2026), built from audited fundamentals. The current price: ₹114.81.
What is the quality score of INOXGREEN?
Inox Green Energy Services Limited has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Inox Green Energy Services Limited (INOXGREEN)?
Our model-based price target is the fair value of ₹21.61 (as of Oct 31, 2026) from 23 valuation models. Cautious scenario ₹19.75, optimistic scenario ₹23.66. It is a calculation from audited fundamentals, not an analyst target.
What is the Inox Green Energy Services Limited stock forecast for 2026?
Our models put fair value at ₹21.61, about 81% lower versus a price of ₹114.81 (overvalued). Cautious scenario ₹19.75, optimistic scenario ₹23.66. The calculation is refreshed regularly with new filings.
What is the revenue of Inox Green Energy Services Limited (INOXGREEN)?
Inox Green Energy Services Limited reported trailing-twelve-month revenue of about ₹2.7B (latest available figure, as of Oct 31, 2026).
What growth is priced into Inox Green Energy Services Limited (INOXGREEN)?
For today's price to be fair in a discounted-cash-flow model, Inox Green Energy Services Limited would have to grow free cash flow by +39.3 % per year for five years (discount rate 15.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.3 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of INOXGREEN use?
Our models discount Inox Green Energy Services Limited at 15.1 %: a base by market capitalisation (small), damped by beta 1.37, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Inox Green Energy Services Limited that is +39.3 % per year a year over ten years, using the same discount rate (15.1 %) and the same formula as our fair value.
How much growth has Inox Green Energy Services Limited (INOXGREEN) delivered so far?
Over the past 5 years revenue at Inox Green Energy Services Limited grew +10.3 % a year. The price currently implies +39.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Inox Green Energy Services Limited (INOXGREEN) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Inox Green Energy Services Limited (+39.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Inox Green Energy Services Limited (INOXGREEN)?
The free-cash-flow yield on the price is 1.92 %: that much free cash flow Inox Green Energy Services Limited produces per unit of market value. When it exceeds the discount rate of our models (15.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Inox Green Energy Services Limited (INOXGREEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inox Green Energy Services Limited it is ₹21.61 per share (as of Oct 31, 2026), against a price of ₹114.81. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Inox Green Energy Services Limited stock overvalued or undervalued in 2026?
As of Oct 31, 2026, INOXGREEN trades above its calculated fair value: price ₹114.81, fair value ₹21.61, a gap of about −81% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INOXGREEN?
No. The price is what the market pays today (₹114.81); the fair value is what the company's own numbers justify (₹21.61). For Inox Green Energy Services Limited the two are ₹93.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inox Green Energy Services Limited worth?
The market values Inox Green Energy Services Limited at about ₹43.1B (market capitalisation, as of Oct 31, 2026). Per share that is ₹114.81; our models calculate a fair value of ₹21.61 per share.
What do the bullish and bearish scenarios say about INOXGREEN?
Our models span a range for Inox Green Energy Services Limited: cautious scenario ₹19.75, base ₹21.61, optimistic ₹23.66 per share (as of Oct 31, 2026, price ₹114.81). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INOXGREEN?
Inox Green Energy Services Limited trades at a price-to-earnings ratio of 36.9 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹21.61 is built from several models across several years. Other multiples: P/B 2.5, P/S 15.8, EV/EBITDA 69.0.
How solid is the balance sheet of Inox Green Energy Services Limited (INOXGREEN)?
Balance-sheet figures for Inox Green Energy Services Limited (as of Oct 31, 2026): return on equity 5.7%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is INOXGREEN from its 52-week high?
Inox Green Energy Services Limited trades at ₹114.81, about 58% below its 52-week high of ₹272.20 and 13% above the low of ₹101.82 (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of ₹21.61 is for.
Which stocks are comparable to Inox Green Energy Services Limited?
From the same area (Utilities) we also value China Yangtze Power Co, Huaneng Lancang River Hydropower Inc, VERBUND AG, Ørsted A/S, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Inox Green Energy Services Limited stock attractive at the current price?
The data as of Oct 31, 2026: price ₹114.81, calculated fair value ₹21.61 (−81%), Quality Score 55/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INOXGREEN calculated?
We run Inox Green Energy Services Limited through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹21.61, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5% above its aggregate fair value. Inox Green Energy Services Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Inox Green Energy Services Limited (INOXGREEN)?
The closing price on Nov 3, 2026 was ₹114.81. Our model-based fair value is ₹21.61, about 81% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inox Green Energy Services Limited right now?
The price sits above even our optimistic bull case (₹23.66). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Inox Green Energy Services Limited
How large is the market capitalisation of Inox Green Energy Services Limited (INOXGREEN)?
The market capitalisation of Inox Green Energy Services Limited is ₹43.1B (≈ $455M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Inox Green Energy Services Limited (INOXGREEN)?
The price-to-sales ratio of Inox Green Energy Services Limited is 15.8 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Inox Green Energy Services Limited (INOXGREEN)?
Earnings per share at Inox Green Energy Services Limited are ₹3.11 (price ÷ EPS = P/E 36.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Inox Green Energy Services Limited (INOXGREEN)?
The net margin of Inox Green Energy Services Limited is 44.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Inox Green Energy Services Limited (INOXGREEN)?
The return on equity (ROE) of Inox Green Energy Services Limited is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Inox Green Energy Services Limited (INOXGREEN)?
On an EBIT basis the return on assets of Inox Green Energy Services Limited is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Inox Green Energy Services Limited (INOXGREEN)?
The operating margin of Inox Green Energy Services Limited is −3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Inox Green Energy Services Limited (INOXGREEN)?
Revenue at Inox Green Energy Services Limited is growing −23.0% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Inox Green Energy Services Limited (INOXGREEN)?
Earnings per share at Inox Green Energy Services Limited are growing +74.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Inox Green Energy Services Limited (INOXGREEN) hold?
Inox Green Energy Services Limited holds more cash than debt, ₹4.2B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Oct 31, 2026