Inox Clean Energy's potential ₹7,500 crore IPO to help INOXGFL Group become India's top integrated end-to-end renewable energy player

Inox Clean Energy’s (ICEL) proposed confidential route initial public offering (IPO) will be for a potential ₹7,500 crore and is likely to happen in this fiscal, say sources. It will be the largest private sector renewable company IPO in India. Further, the IPO will help the INOXGFL Group, now with a market capitalisation of over $12 billion, become one of the largest integrated end-to-end renewable energy players in the country, the sources said.

INOXGFL did not respond to an e-mail questionnaire from Fortune India on the expansion plans and the IPO. The largest IPO in the renewable energy sector so far was by the public sector NTPC Green , which raised ₹10,000 crore in November last year. In the private sector, the largest IPO until now was by Waaree Energies’ ₹4300 crore IPO in October 2024.

Inox Clean Energy, a privately held company promoted by INOXGFL Group Chairman Vivek Jain and his son and Executive Director Devansh Jain , is into solar cell and modules manufacturing through a subsidiary, Inox Solar, and a renewable energy independent power producer (IPP) platform through another subsidiary, Inox Neo Energies Ltd.

Big solar foray

Sources say that Inox Solar aims to be a fully integrated solar energy player offering end-to-end turnkey solutions from manufacturing of solar cells and modules to EPC (project development and execution) as well as post-commissioning operations and maintenance (O&M) of the projects. The company aims to invest over ₹3,000 crore in the near future in phases, targeting to have a solar module capacity of 7.2 gigawatt (GW) and 4.8 GW of solar cell manufacturing capacity, at two facilities located in the states of Gujarat and Odisha, the sources add. For the INOXGFL Group, solar manufacturing is a natural extension as it completes the Group’s interests across the entire renewable energy ecosystem, making it one of the deepest integrated Groups in India in the energy transition space—having a presence across EV, energy storage, wind, solar, and green services, etc. Going forward, Inox Solar will aim to have end-to-end production from silica to ingots to modules, say the sources.

Mega IPP plans

Inox Neo Energies is targeting at least 3 GW of installed hybrid RE capacity (solar + wind + battery energy storage systems or BESS) by FY27 and to reach a 10 GW platform in four years, investing over $4 billion, according to sources. The power generated from these projects will be sold to other INOXGFL Group companies, third-party customers, as well as on the power exchanges, the sources add.

Inox Clean Energy can collaborate with Inox Wind (wind turbine generator manufacturer) to become a strong player in the domestic market, where customers are particularly looking for comprehensive hybrid (wind + solar) renewable energy solutions. It can leverage the third party market where customers are looking for OEMs to set up hybrid and round-the-clock renewable energy capacities, say the sources.

Inox Wind’s subsidiary Inox Green is already India’s leading renewable O&M services player with about 6 GW of assets under management, and aims to grow its business to 10 GW by 2027. Inox Neo Energies and Inox Solar can also team up with Inox Renewable Solutions (earlier known as Resco Global Wind Services Ltd) for solar project EPC and power evacuation leading to large revenue opportunities, as Inox Renewable Solutions has over 5 GW of plug-and-play power evacuation infrastructure in place, the sources add.

Inox Neo Energies recently acquired Skypower Solar India, which owns a 50 MW solar power project in Madhya Pradesh. By year-end, plans for Inox Neo Energies are to have about 1-5 to 2 GW of commissioned assets. Informed sources say, riding on group company synergies, Inox Clean Energies can execute projects at 10-20% cheaper than its current competitors.

Return of the wind

Wind Turbine Generator (WTG) maker Inox Wind, which has 20% of the domestic wind turbine market share, posted a consolidated revenue of ₹3,702 crore in FY25, a growth of 105% over the ₹1,808 crore in FY24. The business turned around after many years of losses due to wind energy policy changes, posting a profit after tax (PAT) of ₹438 crore from a loss of ₹48 crore in FY24.

Inox Wind aims to sell a minimum of 2 GW of machines every year in the coming years, which will translate to a consolidated revenue of about ₹14,000 crore and Ebit margins of 18%, which will help earn a profit before tax (PBT) of ₹2,000 crore a year for Inox Wind, say sources. It is already sitting on an order book of 3.2 GW (as of March 31, 2025). Most analysts predict that Inox Wind will grow at a compounded annual growth rate (CAGR) of 70% over the next three years. In addition to the four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where blades, tubular towers, hubs and nacelles are manufactured, Inox Wind is setting up two more facilities in Gujarat and Karnataka.