Inox Clean Energy IPO

Inox Clean Energy Limited IPO is a book building issue aggregating up to ₹10,000 crore, comprising a fresh issue of equity shares aggregating up to ₹8,000 crore and an offer for sale (OFS) of equity shares aggregating up to ₹2,000 crore by promoter selling shareholder Devansh Jain. The equity shares have a face value of ₹1 each.

The equity shares are proposed to be listed on NSE and BSE. Nuvama Wealth Management Limited, and others are the book-running lead managers. MUFG Intime India Private Limited is the registrar to the issue. Key details such as IPO dates, IPO price band, and lot size are yet to be announced.

About Inox Clean Energy Limited

Inox Clean Energy Limited operates as a vertically integrated renewable energy platform, with its business primarily divided into two verticals: the Independent Power Producer (IPP) Business and the Solar Manufacturing Business. Its IPP Business involves the development, acquisition, ownership, and operation of renewable power generation assets across solar, wind, and wind-solar hybrid technologies. The company also intends to expand into firm and dispatchable renewable energy (FDRE) and battery energy storage systems (BESS). Its Solar Manufacturing Business focuses on manufacturing solar photovoltaic (PV) modules, with backward integration into solar cell manufacturing.

The company serves a diversified customer base comprising government utilities, state electricity distribution companies (DISCOMs), commercial and industrial (C&I) customers, group captive consumers, and merchant market participants. As of August 31, 2026, its operational portfolio comprised 108 unique customers with 167 PPAs across nine Indian states. Government utilities and DISCOMs accounted for 46.68% of operational capacity, while C&I customers, excluding INOXGFL Group entities, accounted for 43.62%. C&I customers belonging to INOXGFL Group entities contributed another 8.86%, while merchant sales accounted for the remaining 0.84%. Key customers include Solar Energy Corporation of India Limited, Gujarat Urja Vikas Nigam Limited, Maharashtra State Electricity Distribution Company Limited, Bharti Airtel Limited, UltraTech Cement Limited, Hitachi Energy India Limited, and Biocon Limited.

The company operates solar manufacturing facilities across India and the United States. Its Indian manufacturing operations include the Bavla facility in Gujarat, which has 3.00 GW of operational solar module manufacturing capacity using TOPCon technology. It is also developing an integrated solar manufacturing facility at Dhenkanal, Odisha, with planned capacities of 5.00 GW each for solar modules and solar cells. In the United States, its manufacturing operations are located in Greenville, North Carolina, with 3.00 GW of operational solar module manufacturing capacity and another 3.00 GW of solar cell manufacturing capacity under construction. As of August 31, 2026, its aggregate operational solar module manufacturing capacity across India and the United States stood at 6.00 GW.

The company's solar modules are manufactured using technologies such as Tunnel Oxide Passivated Contact (TOPCon) and Passivated Emitter and Rear Contact (PERC). Its products include glass-to-glass bifacial solar modules, which are designed to capture sunlight from both the front and rear surfaces. The company is also developing in-house solar cell manufacturing capabilities to progressively reduce its dependence on third-party cell suppliers and strengthen backward integration across its manufacturing operations.

As of March 31, 2026, the company had 401 permanent employees and 790 contract workers across the company and its subsidiaries. Its permanent workforce included 124 employees in operations, 102 in infrastructure, 65 in operations and maintenance, 52 in finance and accounts, 14 in human resources and administration, 13 each in management and sales and marketing, 11 in land, resource and evacuation, and 7 in quality.

The company follows an integrated business model that combines renewable power generation, solar manufacturing, engineering, procurement, and construction (EPC), grid evacuation infrastructure, and long-term operations and maintenance (O&M) services through the broader INOXGFL Group ecosystem. This integration supports supply chain coordination, project execution, infrastructure access, and lifecycle asset management across its renewable energy operations.

Industry Outlook

• India's renewable energy sector is witnessing significant growth, supported by the government's target of achieving 500 GW of non-fossil fuel-based installed capacity by 2030. This target implies annual renewable energy capacity additions of approximately 50 GW, excluding additional capacity from commercial and industrial (C&I) and captive power plants.
• Electricity demand in India is expected to grow at a CAGR of 5%–7% over the next five years, driven by increasing electrification, industrialization, data centre expansion, green hydrogen production, and electric vehicle adoption. This rising demand is expected to create opportunities for solar, wind, and hybrid renewable energy projects.
• India's solar photovoltaic (PV) manufacturing industry has expanded considerably due to government initiatives such as the Production Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM) order. Domestic solar module manufacturing capacity increased from 21 GW in FY22 to 63 GW in FY24 and approximately 116 GW in October 2025. Solar cell manufacturing capacity also increased to approximately 31 GW in May 2026.
• Despite the expansion of domestic solar manufacturing, India continues to depend on imports for upstream components, particularly solar cells, wafers, and polysilicon. Domestic module production capacity reached 172 GW in March 2026, while solar demand is expected to generate 220–250 GW of capacity additions between FY27 and FY30. Import dependency for solar modules is anticipated to decline to 1%–5% by FY30, supported by domestic manufacturing expansion, localization initiatives, and policy measures.
• The United States represents a significant growth market for solar energy, with cumulative installed solar capacity of approximately 265 GW at the end of calendar year 2025. Annual additions are expected to remain between 30 GW and 35 GW through 2030.

Inox Clean Energy IPO Objectives

The company proposes to utilize the net proceeds from the issue towards the following objectives:

• Repayment/pre-payment, in full, of a borrowing availed by the company.
• Towards general corporate purposes.

Financial Performance of Inox Clean Energy Limited

Inox Clean Energy Limited Peer Details Comparison