Inox Clean Energy is heading for an IPO
An IPO has been announced. Issue details are on the IPO page.
Inox Clean Energy Unlisted Shares
Inox Clean Energy is a Vadodara-based renewable energy company that owns and runs wind and solar power plants and makes solar modules. It reported 2,375.05 MW of operational capacity as of August 31, 2026.
Read the full company profileInox Clean Energy share details
- Lot size
- 100 shares
- Min. investment
- ₹78,500
- Face value
- ₹1
- Implied market cap
- ₹76,998 Cr
- Shares outstanding
- 980,865,372
- Founded
- 2017
- Headquarters
- Vadodara, Gujarat
- Website
- inoxclean.com
- ISIN
- INE0H7K01023
- CIN
- U40300GJ2017PLC099852
- Lock-in after IPO
- 6 months
Inox Clean Energy share price chart
Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.
Inox Clean Energy IPO status: DRHP filed with SEBI
Inox Clean Energy has filed its draft offer document with SEBI. SEBI reviews it before the company can launch an IPO.
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5 Oct 2026DRHP filed with SEBI
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5 Oct 2026DRHP filed with SEBI
About Inox Clean Energy
Strengths
- Operational capacity of 2,375.05 MW as of August 31, 2026, spread across wind and solar plants, after a series of acquisitions in FY26.
- Revenue from operations rose to ₹1,781.29 million in FY26 from ₹472.44 million in FY25, as acquired platforms and the Bavla module plant started contributing.
- Contracted offtake is mixed: 1,246.35 MW is with commercial and industrial customers and 1,108.70 MW with utilities and DISCOMs, together 99.16% of operational capacity.
- Total equity grew to ₹32,676.87 million at the end of FY26 from ₹4,812.01 million a year earlier.
- It has a manufacturing arm alongside power generation: a 3.00 GW module plant in Gujarat, about 3.00 GW of operating module capacity in the United States and a 5.00 GW plant under construction in Odisha.
- Profit after tax stayed positive at ₹309.81 million in FY26 despite heavy finance costs during a build-out year.
Risks
- Finance costs rose to ₹1,552.81 million in FY26 from ₹293.10 million in FY25, and non-current borrowings were ₹62,713.09 million, with net debt to equity at 2.09 times.
- EBITDA margin fell to 18.11% in FY26 from 76.00% in FY25 as lower-margin module sales and acquired businesses came in.
- Net cash from operating activities was negative at ₹(521.11) million in FY26, so profit has not yet turned into operating cash.
- Results are not like for like: FY24 is standalone and acquisitions in FY26 are counted only from completion dates, so past growth may not repeat.
- Awendio Solaris Limited has threatened litigation over the US acquisition and cites alleged damages above US$449 million. No complaint has been filed and the company disputes the claims.
- Revenue from renewable energy sales is concentrated among a limited number of offtakers, including INOXGFL Group entities and data centre operators.
- Fixed-tariff power purchase agreements limit the ability to pass on higher repair and maintenance costs.
- Operations in Africa and the United States bring political, currency, tariff and regulatory risks.
- The solar manufacturing business has no long-term supply agreements for all key inputs and depends on spot or short-term buying of commodities that can swing in price.
- The company does not meet the profitability test under Regulation 6(1)(b) of the SEBI ICDR Regulations and is making the offer under Regulation 6(2), which limits who can apply and how shares are allotted.
Inox Clean Energy financial performance
Revenue, profit and balance-sheet figures by fiscal year.
| Metric | FY26Latest | FY25 | FY24 |
|---|---|---|---|
| Revenue (₹ Cr) | 178 | 47 | 39 |
| EBITDA (₹ Cr) | 32.25 | 35.91 | 35.01 |
| PAT (₹ Cr) | 30.98 | 1.56 | 2.56 |
| EBITDA Margin (%) | 18.10 | 76.02 | 88.86 |
| PAT Margin (%) | 17.39 | 3.30 | 6.50 |
| Debt / Equity | 3.95 | 0.82 | 4.57 |
| Net Worth (₹ Cr) | 1,918 | 429 | 51 |
Swipe the table sideways for earlier years →
Management team
Events & announcements
Inox Clean Energy filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
Inox Clean Energy filed its draft red herring prospectus with SEBI, the first public step towards an IPO.
Latest Inox Clean Energy news
Buy or sell Inox Clean Energy unlisted shares
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Inox Clean Energy unlisted shares: common questions
Important disclaimer
Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.
