Inox Clean Energy IPO

Inox Clean Energy is the renewable energy arm of the INOXGFL Group, which also controls three listed companies — Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. It runs two businesses. The first is an independent power producer: as of 31 August 2026 it held a 9.29 GW renewable portfolio across solar, wind and wind-solar hybrid projects in India, Zambia, Zimbabwe and the Democratic Republic of Congo, of which 2.37 GW was operational, 0.80 GW under construction, 2.99 GW pipeline and 3.13 GW described as future capacity. Customers are central and state utilities, DISCOMs, commercial and industrial buyers, group-captive consumers and the merchant market — 108 unique off-takers in all, with 46.68% of operational capacity contracted to utilities, 52.48% to C&I customers including INOXGFL Group entities, and 0.84% sold merchant. The second business is solar manufacturing: 6.00 GW of operational module capacity split between Bavla in Gujarat and Greenville in North Carolina, with solar cell capacity still under construction. Almost all of this was assembled by acquisition over the last two years, which is why the reported accounts are so much smaller than the asset base.

Annuity cash from power plants plus a manufacturing arm, sold as one integrated platform. The IPP side earns a contracted tariff over a long horizon — a weighted average tariff of ₹3.85/kWh across the FY26 portfolio on a weighted average PPA tenor of 19.45 years — which is why pro forma EBITDA margin is 58.17% even though the reported FY26 margin is 18.11%. Manufacturing is lower margin and, for now, largely internal: of the roughly 6.38 GW module order book at 31 March 2026, only about 1.26 GW is binding contracts or letters of intent, and 1.23 GW of that binding portion is with the company's own subsidiaries. Execution leans heavily on the group: Inox Wind supplies turbines, Inox Renewable Solutions does EPC, Inox Green Energy Services does O&M and Gujarat Fluorochemicals is the single largest power customer at 33.47% of FY26 renewable energy revenue. Reported revenue from operations was ₹39.40 Cr in FY24, ₹47.24 Cr in FY25 and ₹178.13 Cr in FY26 — of the FY26 figure, ₹147.46 Cr was sale of renewable energy, ₹30.42 Cr sale of solar modules and ₹0.26 Cr other operating revenue, with the manufacturing business only commencing in FY26. The growth has been funded with debt: gross borrowings went from ₹351.76 Cr at March 2025 to ₹7,576.20 Cr at March 2026, and ₹16,781.8 Cr of fund-based borrowings by 31 August 2026.