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Devansh Jain, 

Executive director, INOXGFL Group
age: 37
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INOX wind, which manufactures wind turbines and generators, has four manufacturing plants — at Rohika and Bhuj in Gujarat, Barwani in Madhya Pradesh and Una in Himachal Pradesh. All these plants are on an overdrive to meet rising orders. “Our order-book is now 2.6GW, translating into a revenue visibility of ₹18,000-19,000 crore in the next two-three years,” says Devansh Jain, executive director, INOXGFL Group.
Wind equipment is not the only area where INOXGFL Group is invested heavily. Riding on new energy forms and planned investments of over ₹10,000 crore in niche renewable energy forms such as chemicals and fluoropolymers for EV/ESS batteries, hydrogen fuel cells and electrolysers, the group is looking at an EBITDA of over ₹5,000 crore in three years, says Jain.
On the back of India’s chemical boom, Gujarat Fluorochemicals Ltd. (GFL), the flagship company of the INOXGFL Group, has seen increasing demand across the globe and in India. GFL is the country’s largest polytetrafluoroethylene/fluoropolymer manufacturer. The product has applications across industries such as oil and gas, pharma, food, automotive, aerospace and defence, electricals and electronics. GFL’s consolidated revenues grew 44% YoY to ₹5,685 crore in FY23, while PAT grew 71% YoY to ₹1,323 crore. The company is looking at a push into renewable energy and sustainability opportunities. It is in the process of setting up an integrated battery chemicals complex under GFCL-EV, and the first phase has already taken off. “There is hardly any competition outside of China from players who make raw materials for lithium-ion batteries. The products we make and will be making, constitute about 40% of the cost of such batteries,” says Jain. Another new subsidiary is GFCL Solar and Green Hydrogen Products, which will offer fluoropolymer solutions for the entire solar and green hydrogen value chain. Internally researched and developed proton exchange membranes will tap opportunities in the green hydrogen ecosystem once it takes off, says Jain.
INOXGFL’s market capitalisation stood at over ₹65,000 crore as of March 31, 2024. “Our focus will continue to be on strong EBITDA generation, as new growth engines in coming years are in niche and specialised products where margins are high,” adds Jain.