Inox Clean Energy Annual Reports, Balance Sheet and Financials

Inox Clean Energy Limited Consolidated Balance Sheet (Rs. In Lakhs)

Particular	31-03-2025
Non- Current assets
Property, Plant and Equipment	46,884.27
Capital work-in-progress	34,242.33
Deferred tax assets (net)	21.36
Income tax assets (net)	140.10
Other non-current assets	2,574.50
Current assets
Trade receivables	526.71
Cash and cash equivalents	32,790.14
Bank balances other than above	1,939.65
Loans	195.30
Other current financial assets	5,832.29
Other current assets	349.35
Total Assets	1,25,496.00
Equity
Equity Share Capital	90,81.55
Other Equity	33,856.18
Non-controlling interest	5,182.45
Non-current liabilities
Borrowings	32,129.08
Provisions	64.86
Deferred tax liabilities (net)	91.80
Current liabilities
Borrowings	2,490.04
Total outstanding dues of micro enterprises and small enterprises	12.84
Total outstanding dues of creditor other than micro enterprises and small enterprises	583.08
Other financial liabilities	41,590.02
Provision	2.29
Other current liabilities	361.17
Current tax liabilities (net)	50.64
Total equity and liabilities	1,25,496.00

Inox Clean Energy Limited Consolidated Profit & Loss (Rs. In Lakhs)

Particulars	31-03-2025
Revenue from operations	8,186.56
Other Income	951.94
Total income	9,138.50
Expenses
Operation and maintenance charges	443.53
Employee benefit expense	171.30
Finance cost	2,927.25
Depreciation	1,378.93
Other expenses	615.10
Total expenses	5,536.12
Profit/(Loss) Before Tax	3,602.38
Current tax	82.70
Deferred tax	845.60
Proft After Tax	2,674.08
Total Comprehensive Income for the year	2,674.08
Profit for the year attributable to:
Owner of the company	2,656.00
Non-Controlling interests	18.08
Earnings per equity share (in Rs.)
Basic	0.31
Diluted	0.31

Inox Clean Energy Limited Consolidated Cash Flow Statement (Rs. In Lakhs)

Particular	31-03-2025
Cash Flow From Operating Activities
Profit/(Loss) for the year	2,674.08
Adjustments for:
Income taxes	912.60
Interest income	(713.34)
Gain on sale of mutual funds units	(221.22)
Finance costs	2,927.25
Depreciation	1,378.93
Operating loss before Working Capital Changes	6,958.29
Movement in working capital:
Other financial liabilities	3,529.00
Trade receivable	(500.79)
Trade payable	(1,507.60)
Other current liabilities	292.25
Other current assets	(286.59)
Provisions	67.15
Other financial assets	(5,559.08)
Cash generated from/(used in) operating activities	2,992.65
Income tax paid	(155.98)
Net Cash generating from Operating Activities	2,836.67
Cash Flow From Investing Activities
(Increase)/decrease in PPE, capital work in progress (net of capital creditors)	(15,492.96)
Advance for capital creditors	(1,765.80)
Interest income	175.33
Inter-corporate deposit given	(32.874.45)
Inter-corporate deposit received back	30,023.23
(Increase)/decrease in FD	(1,860.38)
Decrease/(increase) in mutual fund (net)	222.21
Net Cash Generated from Investing Activities	(21,572.82)
Cash Flow From Financing Activities
Repayment of non-current borrowing	(19,215.80)
Processing fee paid on non-current borrowings	(112.70)
Proceeds from non-current borrowings	33000.00
Loan from promoters	-
Finance costs	(2,489.58)
Share application money pending allotment	-
Security premium on share issue	38,046.64
Issue of share capital	81.55
Proceeds from issue of ordinary shares to non-controlling interest by a subsidiary	110.61
Inter-corporate deposit taken	30,009.00
Inter-corporate deposit repaid	(30,000.00)
Net Cash Generated From Financing Activities	49,439.72
Net Increase in Cash and Cash Equivalents	30,693.56
Opening balance of cash and cash equivalents	96.88
Cash and cash equivalents acquired through acquisitions of subsidiaries	1,999.69
Total cash and cash equivalents	2,096.57
Closing balance of cash and cash equivalents	32,790.13

Summary of the Cash Flow Statement for the years 2025:

Cash Flow from Operating Activities

The company reported a net cash inflow of ₹2,836.67 lakh from operating activities. The year’s profit of ₹2,674.08 lakh was adjusted for non-cash expenses such as depreciation (₹1,378.93 lakh) and finance costs (₹2,927.25 lakh), while deducting non-operating incomes like interest income (₹713.34 lakh) and gain on mutual funds (₹221.22 lakh). Working capital movements showed mixed results: an increase in other financial liabilities (₹3,529.00 lakh) helped, but higher financial assets (–₹5,559.08 lakh) and a fall in trade payables (–₹1,507.60 lakh) pulled cash down. After tax payments of ₹155.98 lakh, operating cash still remained positive, which shows that the company’s core business is generating steady cash.

Cash Flow from Investing Activities

In 2025, investing activities led to a large cash outflow of ₹21,572.82 lakh. The biggest drain came from purchase of property, plant & equipment (₹15,492.96 lakh) and inter-corporate deposits given (₹32,874.45 lakh). However, this was partially balanced by repayment of inter-corporate deposits (₹30,023.23 lakh) and a small inflow from mutual fund reduction (₹222.21 lakh). Overall, the outflow indicates that the company is putting significant money into expansion and investments, which could bring long-term growth but requires heavy cash in the short run.

Cash Flow from Financing Activities

Financing activities were the biggest contributor, with a strong inflow of ₹49,439.72 lakh. The company raised fresh non-current borrowings of ₹33,000.00 lakh, and also got a big boost from share capital issue along with security premium of ₹38,046.64 lakh. Additional funds came from inter-corporate deposits taken (₹30,009.00 lakh). On the other side, there were repayments like borrowings repaid (₹19,215.80 lakh), inter-corporate deposits repaid (₹30,000.00 lakh), and finance costs paid (₹2,489.58 lakh). Despite these repayments, financing brought in a large positive balance, highlighting strong fund-raising ability.

Net Change in Cash and Cash Equivalent

Overall, the company’s cash position improved sharply with a net increase of ₹30,693.56 lakh during the year. The opening balance was just ₹96.88 lakh, and an additional ₹1,999.69 lakh came from acquisitions, taking the total to ₹2,096.57 lakh. After accounting for all flows, the closing cash balance stood at ₹32,790.13 lakh, showing a huge jump in liquidity compared to the start of the year.

Inox Clean Energy Limited Standalone Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio	1.30	0.06
Debt Equity Ratio	1.15	8.89
Debt Service Coverage Ratio	2.85	0.76
Return on Equity Ratio	0.05	(0.30)
Trade receivable Turnover Ratio	174.28	46.78
Trade Payable Turnover Ratio	1.68	0.12
Net Capital Turnover Ratio	0.11	(0.34)
Net Profit Ratio	4.07	(0.66)
Return on Capital Employed Ratio	0.21	0.08

 

Summary of the financial ratio for the years 2025 and 2024:

Current Ratio

The current ratio improved significantly from 0.06 in 2024 to 1.30 in 2025. This shows the company now has enough current assets to cover its short-term liabilities, indicating a much stronger liquidity position compared to the very weak level last year.

Debt-Equity Ratio

The debt-equity ratio dropped from a very high 8.89 in 2024 to 1.15 in 2025. This is a major improvement, showing the company has reduced its reliance on debt financing and is now more balanced between debt and equity, lowering financial risk.

Debt Service Coverage Ratio

DSCR increased from 0.76 in 2024 to 2.85 in 2025. A ratio below 1 (as in 2024) means the company could not generate enough cash to cover debt obligations, but the 2025 improvement shows that earnings are now sufficient to meet interest and principal repayments comfortably.

Return on Equity

ROE improved from –0.30 in 2024 to 0.05 in 2025. Although still very low, the shift from negative to positive means the company is finally generating a small return for its shareholders, marking a recovery in profitability.

Trade Receivables Turnover Ratio

The receivables turnover jumped from 46.78 in 2024 to 174.28 in 2025. This indicates the company is collecting payments from customers much faster than before, improving cash flow efficiency and reducing the risk of bad debts.

Trade Payables Turnover Ratio

The payables turnover improved from 0.12 in 2024 to 1.68 in 2025. This means the company is now paying its suppliers more regularly, showing stronger financial discipline and better relationships with creditors.

Net Capital Turnover Ratio

This ratio improved from –0.34 in 2024 to 0.11 in 2025. The negative figure earlier showed inefficiency in using working capital, but the positive shift indicates the company is now utilizing its capital more effectively to generate revenue, even though efficiency is still low.

Net Profit Ratio

The net profit ratio turned around from a loss of –0.66% in 2024 to a profit margin of 4.07% in 2025. This is a strong improvement, showing the company has moved back into profitability and is keeping over 4% of its revenue as net profit.

Return on Capital Employed

ROCE increased from 0.08 in 2024 to 0.21 in 2025. This means the company is now generating slightly higher returns from the overall capital employed. Though still modest, it reflects better use of resources compared to last year.