Chemicals and renewable energy conglomerate INOXGFL Group, led by chairman Vivek Jain and executive director Devansh Jain, is among the fastest-growing business groups in the country. With four listed companies, the group has a market capitalisation of over $12 billion and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of around ₹2,500 crore in FY25. Its vision is to quadruple EBITDA in three years.

“We are on track to reach that target. An EBITDA of ₹10,000 crore will... [put] us among the 15 largest groups in the country,” says Devansh.

The group has been expanding rapidly over the last three years. Flagship Gujarat Fluorochemicals Ltd (GFL), one of the world’s largest manufacturers of fluoropolymers and fluorochemicals, is now diversifying into battery chemicals. It has already invested ₹1,500 crore and will invest another ₹6,000 crore over the next three years to set up the world’s largest battery chemicals complex outside China. The fully integrated Phase I unit set up by GFCL EV at Jolva, Gujarat, is up and running, with commercial production set to begin in the second half of FY26.

“The global opportunity is huge,” says Devansh.

The renewables business is also growing. Wind turbine generator maker Inox Wind, with a 20% share of the domestic market, reported a consolidated revenue of ₹3,702 crore in FY25, a 105% year-on-year growth.

“We aim to sell a minimum of 2 GW of machines by FY27 and ramp up [based] on the Indian market’s growth,” says Devansh.

The company is sitting on an order book of 3.2 GW as of March 31, 2025.

Its subsidiary, Inox Green, with 6 GW of assets under management, aims to grow its business to 10 GW by 2027.

The group is also setting up about 5 GW of renewable power under its IPP arm and has forayed into solar energy in a big way by manufacturing solar cells and modules under Inox Clean.