INOX Green share price hits a lifetime high, upper circuit, gains over 40% in 1 month. Is there more steam left?

INOX Green share price jumped 5 per cent to hit its record high and upper circuit of ₹225.40 in morning trade on Tuesday, October 7. Inox Green Energy Services' share price opened at ₹218.05 against its previous close of ₹214.70 and jumped 5 per cent to hit its upper circuit and record high of ₹225.40. Even in the previous session, the stock jumped 5 per cent to hit its upper circuit.

In two days, the stock has gained over 10 per cent, while over the last month, it has jumped more than 40 per cent.

Year-to-date, the stock has posted a healthy gain of nearly 28 per cent, despite the volatility in the Indian stock market.

INOX Green is a major Indian wind power operation and maintenance (O&M) service provider.

The company's revenue in FY25 stood at ₹290.2 crore compared to ₹261.20 crore in FY24. The increase in revenue was attributed to high operational uptime, efficient project execution, and the sale of additional value-added services, the company stated.

However, profit after tax (PAT) in FY25 was ₹21.86 crore, lower than ₹27.67 crore in FY24.

The company's EBITDA also declined to ₹122.8 crore in FY25 from ₹128.70 crore in FY24, while the EBITDA margin stood at 52.14 per cent in FY25, compared to 57.39 per cent in FY24.

According to the company, its proposed demerger of the power evacuation business is expected to “improve profitability by removing depreciating assets from the balance sheet and allowing greater focus on core O&M operations.”

According to brokerage firm Axis Securities, the company’s recent foray into the solar business has been a strategic move, as Inox Solar, one of the group companies, has commenced solar module manufacturing.

"INOX Green is rapidly expanding its portfolio through both organic and inorganic routes. It has recently invested in a company with nearly 2 GW of operational and maintenance (O&M) assets. The company targets to increase the portfolio to 17 GW over the next two years," said Axis Securities.

Inox Green stock: Is there more steam left?

According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the stock appears overextended after a strong four-week rally, suggesting limited immediate upside potential.

Patel said the ₹225 level, being a historical resistance zone, poses a risk for fresh long entries at the current levels. Hence, he advises booking partial profits in the ₹222–225 range to lock in gains and protect capital.

"A decisive weekly close above ₹225 would be essential to confirm a sustained breakout and continuation of the upward trend. Until then, traders should remain cautious and consider re-entering only after confirmation above this key resistance level," said Patel.

Amruta Shinde, a research analyst at Choice Broking, finds the overall technical outlook for INOX Green as bullish and well-supported by strong momentum.

"While intermittent volatility at higher levels cannot be ruled out, increased retail participation and a confirmed breakout above ₹234 could propel the stock into its next phase of upward momentum," said Shinde.

"The immediate support is seen at ₹214, followed by stronger cushions around ₹200 and ₹192. On the upside, a sustained move above ₹234—a key resistance level—could confirm the breakout and open the path for further gains toward the ₹247– ₹256 zone in the near term," Shinde said.

Shinde pointed out that the stock has formed a rounding bottom pattern and is on the verge of a decisive breakout, signalling a potential continuation of the primary uptrend.

Shinde added that the stock continues to trade comfortably above its 20-, 50-, 100-, and 200-day EMAs, highlighting strong momentum and trend strength across all timeframes. However, the daily RSI at 79.37 indicates overbought conditions, suggesting the likelihood of short-term profit booking or sideways consolidation before the next leg of the rally unfolds.

Drumil Vithlani, a technical analyst at Bonanza, noted that INOX Green Energy is approaching its previous resistance zone, around ₹230– ₹240.

"The stock has been consistently trading above all key moving averages, indicating strength in the broader trend. However, the RSI is in the overbought region and may require some cooling off, suggesting that a short-term correction or consolidation phase cannot be ruled out," said Vithlani.

"ADX indicates strong trend strength, but fresh long positions should ideally be taken on dips near ₹210– ₹215 to maintain a favourable risk–reward ratio. The overall structure remains bullish, but a buy-on-dip approach is advised to avoid entering at an overextended level," Vithlani said.

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