This renewable energy firm has filed for ₹10,000cr IPO
What's the story
Inox Clean Energy, part of the INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a ₹10,000 crore initial public offering (IPO). The move is being touted as the largest public issue in India's private sector renewable energy space. The company's business model integrates renewable power generation and solar manufacturing.
Fund allocation
Fresh issue of shares and OFS
The proposed IPO will include a fresh issue of shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to ₹2,000 crore by selling shareholders.
The promoters Devansh Jain and Avarna Jain are among those selling their shares.
The company intends to use the proceeds from the fresh issue primarily for debt repayment/prepayment of certain outstanding borrowings.
Business expansion
Renewable IPP portfolio across India and Africa
As of August 31, 2026, Inox Clean Energy's renewable independent power producer (IPP) portfolio stood at 9.29GW across India and Africa.
This includes an operational capacity of 2.37GW, under construction capacity of around 0.80GW, pipeline capacity of 2.99GW and future capacity of 3.13GW.
The company has also scaled its IPP business to this operational capacity in just 1.5 years since April 2025 through an acquisition-led strategy.
Manufacturing prowess
Solar manufacturing business in India and US
Inox Clean Energy's solar manufacturing business has an operational module manufacturing capacity of 6GW in India and the US.
The company is also building solar cell manufacturing capacity in both countries.
It conducts its IPP business in India through Inox Neo Energies and in Africa through SkyPower Services MENA, a joint venture with strategic partner Arctic International.
Financial outlook
Financial performance and future goals
Inox Clean Energy reported a consolidated revenue from operations of ₹178 crore and a profit after tax of around ₹31 crore for the fiscal year ending March 2026.
The company's operational power generation capacity was 2,375MW as of August 2026, bolstered by acquisitions such as Vena and Sunsource.
By FY28, it aims to achieve an installed renewable energy capacity of 10GW and integrated solar manufacturing capacity of 11GW.