Revenue and Operating Performance Trends
Inox Green’s net sales demonstrated variability, peaking at ₹254.23 crores in March 2023 before moderating to ₹235.55 crores in March 2025. The fiscal year 2022 saw a lower base of ₹172.17 crores, indicating a recovery phase in subsequent years. Total operating income mirrored this pattern, with no other operating income reported across these years. Operating profit before depreciation and interest (PBDIT) excluding other income showed a decline from ₹82.19 crores in 2022 to ₹51.95 crores in 2025, reflecting margin pressures despite revenue growth.
However, the inclusion of other income, which rose significantly to ₹54.63 crores in 2025 from ₹18.07 crores in 2022, bolstered the overall operating profit (PBDIT) to ₹106.58 crores in 2025. This indicates that non-operating income has played a crucial role in supporting profitability during this period.
Operating profit margins excluding other income contracted from a robust 47.74% in 2022 to 22.05% in 2025, signalling increased cost pressures. Manufacturing expenses and employee costs rose steadily, with manufacturing expenses nearly doubling from ₹48.30 crores in 2022 to ₹98.76 crores in 2025, and employee costs more than doubling over the same period. These cost escalations have weighed on operating efficiency.
Transformation in full progress! This Micro Cap from Auto Ancillary just achieved sustainable profitability after tough times. Be early to witness this powerful comeback story!
- - Sustainable profitability reached
- - Post-turnaround strength
- - Comeback story unfolding
Profitability and Earnings Analysis
Inox Green’s profit before tax (PBT) turned positive in the last two fiscal years after enduring losses in 2022 and 2023. The company reported a PBT of ₹34.73 crores in March 2025, up marginally from ₹33.40 crores in March 2024, following a sharp turnaround from a negative ₹38.86 crores in 2023. Correspondingly, profit after tax (PAT) improved to ₹19.29 crores in 2025 from a loss of ₹20.36 crores in 2023, though it remained below the ₹29.79 crores recorded in 2024.
Earnings per share (EPS) reflected this recovery, moving from a negative ₹0.70 in 2023 to a positive ₹0.54 in 2025. The PAT margin also improved from a negative 8.01% in 2023 to 8.19% in 2025, underscoring the company’s return to profitability. Despite this, the operating profit margin excluding other income has not yet returned to the levels seen in 2022, indicating ongoing operational challenges.
Balance Sheet and Financial Position
Inox Green’s balance sheet reveals a significant reduction in debt levels over the years. Total debt declined sharply from ₹1,183.68 crores in 2021 to zero in 2025, reflecting a strong deleveraging trend. Long-term borrowings fell from ₹460.61 crores in 2022 to just ₹5.13 crores in 2025, while short-term borrowings also decreased substantially. This reduction in leverage has improved the company’s financial stability and reduced interest expenses, which dropped from ₹70.98 crores in 2023 to ₹18.64 crores in 2025.
Shareholders’ funds have grown steadily, reaching ₹1,967.14 crores in 2025 from ₹806.62 crores in 2022, supported by rising reserves. The book value per share increased to ₹49.44 in 2025 from ₹34.32 in 2022, indicating enhanced net asset value per share. Total assets remained relatively stable around ₹2,400 crores in recent years, with net block assets declining from ₹1,095.23 crores in 2023 to ₹704.38 crores in 2025, suggesting asset optimisation or disposals.
Cash Flow and Liquidity
Cash flow from operating activities showed improvement, turning positive at ₹60 crores in 2025 after negative cash flows in 2023 and 2024. However, cash flow from investing activities was significantly negative at ₹637 crores in 2025, reflecting substantial capital expenditure or investments. Financing activities provided a large inflow of ₹572 crores in 2025, likely linked to debt repayments and equity infusion. Despite these movements, the net cash outflow was modest at ₹4 crores in 2025, with closing cash and cash equivalents at ₹6 crores.
Inox Green or something better? Our SwitchER feature analyzes this Smallcap Other Utilities stock and recommends superior alternatives based on fundamentals, momentum, and value!
- - SwitchER analysis complete
- - Superior alternatives found
- - Multi-parameter evaluation
Summary of Historical Performance
Overall, Inox Green’s historical performance reflects a company that has navigated through challenging periods marked by losses and high debt, to achieve a sustainable turnaround in profitability and financial health. Revenue growth has been uneven but generally positive since 2022, while operating margins have contracted due to rising costs. The company’s decisive reduction in debt and improved cash flow from operations have strengthened its balance sheet considerably.
Profitability metrics such as PAT and EPS have rebounded from negative territory, signalling a successful recovery phase. The increase in shareholders’ funds and book value per share further attest to enhanced investor value. Nonetheless, the company continues to face operational cost pressures and significant investing outflows, which investors should monitor closely as part of their ongoing analysis.
Inox Green’s journey from losses to profitability, coupled with its deleveraging efforts, positions it as a noteworthy case of corporate turnaround within its sector. Investors seeking exposure to this micro-cap should weigh the company’s improving fundamentals against the challenges of margin sustainability and capital expenditure demands.
Get 2 full years of MojoOne Premium for only Rs. 12,999. Subscribe for 1 year and we'll add another year FREE. Offer valid for a limited time. Start Saving Now →
