Inox Clean Energy Limited
Inox Clean Energy Limited
INE0H7K01023
Incorporation Date: 20-Nov-2017
Listing Status: DRHP Not Filed
About Inox Clean Energy Limited
Overview of Inox Clean Energy Limited
Inox Clean Energy Limited
Inox Clean Energy Limited is an integrated renewable-energy platform promoted by the INOXGFL Group, focused on building businesses across the renewable-energy value chain. The company serves as the holding platform for Inox Neo Energies, its renewable power-generation business, and Inox Solar, its solar cell and module manufacturing business. Its integrated model combines solar manufacturing with renewable power generation, with a focus on hybrid renewable energy solutions involving solar, wind and battery energy storage systems (BESS).
🏢 Introduction & Infrastructure
Business Focus: Integrated renewable-energy platform covering solar manufacturing and renewable power generation.
Group: Part of the INOXGFL Group, which has a long-established presence across chemicals, wind energy and renewable infrastructure.
Corporate Presence: Based at INOXGFL Towers, Noida, Uttar Pradesh.
Operating Ecosystem: Supported by the wider Group's capabilities across wind-turbine manufacturing, renewable EPC, operations & maintenance and project development.
Manufacturing Infrastructure: Inox Solar is developing integrated solar-cell and module manufacturing capabilities in India and internationally.
Power Infrastructure: Inox Neo Energies develops and operates large-scale renewable power projects with hybrid generation and storage capabilities.
Project Development: The Group has established capabilities across land acquisition, project development, evacuation infrastructure, EPC and O&M.
⚙️ Business Model & Operational Verticals
Inox Clean Energy follows an integrated renewable-energy model, combining manufacturing and power generation rather than operating only as a standalone renewable power producer.
1. Renewable Power Generation — Inox Neo Energies
Develops and operates renewable power projects.
Focuses on solar + wind + BESS hybrid renewable energy.
Supplies electricity to captive users, third-party customers and power exchanges.
Also supports long-term renewable power requirements of companies within the INOXGFL ecosystem.
Current platform is approximately 3 GW, with an ambitious expansion roadmap for hybrid renewable capacity.
2. Solar Manufacturing — Inox Solar
Manufacturing of solar modules and cells.
Development of integrated solar manufacturing facilities.
Provides solar project EPC and development capabilities.
Post-commissioning O&M services for solar projects.
Designed to create a vertically integrated solar business from cell manufacturing to power generation.
3. Integrated Renewable-Energy Solutions
The company benefits from the wider Group's capabilities across:
Wind turbine manufacturing
Solar manufacturing
Renewable project development
EPC
Operations & maintenance
Power generation
Energy storage
This allows the Group to participate across multiple stages of the renewable-energy value chain.
👥 Management Structure
Inox Clean Energy is backed by the Jain family-led INOXGFL Group, with professional management overseeing its renewable-energy businesses.
Raaja Kanwar — Chairman, INOXGFL Group
Devansh Jain — Executive Director, INOXGFL Group
Supported by senior professionals across renewable power generation, solar manufacturing, engineering, project development, finance and operations.
The company's renewable platform also draws on management expertise from the wider INOXGFL Group's established wind and clean-energy businesses.
📦 Key Product & Program Portfolio
| Business / Solution | Key Offering |
|---|---|
| Hybrid Renewable Power | Solar + wind + BESS integrated power projects |
| Solar Power Generation | Utility-scale and commercial renewable power |
| Solar Modules | Solar PV module manufacturing |
| Solar Cells | Integrated solar-cell manufacturing |
| Renewable EPC | Project development, engineering and execution |
| Battery Energy Storage | Storage integration with renewable projects |
| Renewable O&M | Post-commissioning operations and maintenance |
| Captive Renewable Power | Long-term clean power for captive consumers |
| C&I Renewable Power | Renewable electricity for commercial and industrial customers |
🔬 Technology & Renewable-Energy Capabilities
Integrated solar manufacturing + renewable power-generation model.
Development of hybrid projects combining wind, solar and battery storage.
Access to the wider Group's wind-energy manufacturing and project-development capabilities.
Renewable project development and execution capabilities covering site development, evacuation infrastructure, EPC and commissioning.
Solar manufacturing capabilities spanning cells and modules.
O&M capabilities supporting long-term renewable-asset performance.
Ability to serve multiple offtake models, including captive users, C&I customers, third parties and power exchanges.
🌐 Customer & Market Ecosystem
Inox Clean Energy's renewable platform is positioned to serve:
Captive industrial consumers
Commercial & industrial customers
Third-party power purchasers
Power exchanges
Group companies requiring renewable electricity
Large-scale renewable-energy projects
The integrated model enables renewable power to be generated and supplied through multiple channels while supporting customers seeking reliable and lower-carbon electricity.
⭐ Key Business Highlights
Integrated renewable-energy platform backed by the INOXGFL Group.
Combines solar manufacturing and renewable power generation under one ecosystem.
Inox Neo Energies operates as the Group's renewable-energy IPP platform.
Inox Solar is developing an integrated solar manufacturing business covering cells and modules, alongside EPC and O&M.
Focus on hybrid renewable projects combining solar, wind and BESS.
Renewable power can be supplied to captive users, C&I customers, third parties and power exchanges.
Benefits from the wider Group's established capabilities across wind, solar, EPC, O&M and renewable project development.
The business is positioned around building a more vertically integrated renewable-energy value chain, from manufacturing through power generation.
Insights of Inox Clean Energy Limited
Inox Clean Energy Limited
1. Financial Highlights – FY24 vs FY25
All monetary values are in ₹ Crore.
| Metric | FY24 | FY25 | YoY Growth | Margin FY24 | Margin FY25 |
|---|---|---|---|---|---|
| Net Revenue | 24.41 | 77.72 | +218.40% | — | — |
| EBITDA | 18.73 | 70.47 | +276.35% | 76.73% | 90.67% |
| PBT | -13.28 | 34.43 | Turned Positive | -54.40% | 44.31% |
| PAT | -9.62 | 25.75 | Turned Positive | -39.41% | 33.13% |
Key Insight:
Revenue more than tripled to ₹77.72 Cr, while EBITDA increased nearly fourfold to ₹70.47 Cr.
The company moved from a ₹9.62 Cr loss in FY24 to ₹25.75 Cr PAT in FY25, marking a significant profitability turnaround.
EBITDA margin increased sharply to 90.67%, while finance costs rose to ₹28.76 Cr, making financing and cash-flow management important areas to monitor.
2. Key Company Developments
Rapid renewable-energy expansion: Inox Clean Energy is building an integrated clean-energy platform spanning renewable power generation, solar manufacturing, wind and energy storage.
Vena Energy India acquisition: The company completed the acquisition of Vena Energy India's renewable-energy platform in 2026, adding a significant portfolio of solar and wind projects along with battery-storage opportunities.
US solar manufacturing expansion: The acquisition of Boviet Solar assets gives the company a significant presence in US solar-module manufacturing and provides an additional platform for solar-cell manufacturing expansion.
Institutional capital support: The company has attracted significant institutional capital, including a ₹1,500 Cr commitment from the Motilal Oswal Group, supporting its acquisition-led expansion strategy.
Strong strategic expansion: The company has pursued multiple acquisitions across renewable generation and manufacturing, aiming to rapidly increase its operating capacity and build a vertically integrated clean-energy business.
3. Industry Insights & Trends
Renewable power demand continues to expand: India's increasing electricity demand, decarbonisation targets and policy support are driving large investments in solar and wind capacity.
Energy storage is becoming critical: Increasing renewable penetration is creating greater demand for BESS to manage intermittency and provide more reliable renewable power.
Solar manufacturing is gaining strategic importance: Domestic manufacturing policies in India and the US are encouraging investment in solar cells and modules and reducing dependence on imported components.
Integrated renewable platforms are emerging: Companies combining power generation, manufacturing and storage can participate across multiple parts of the renewable-energy value chain.
Acquisition-led consolidation: Renewable companies are increasingly using acquisitions to scale operational capacity and project pipelines faster than through greenfield development alone.
4. Latest Funding & Valuation
| Investor / Transaction | Amount | Valuation / Reference | Timing |
|---|---|---|---|
| Adar Poonawalla Family Office | ₹700 Cr | ₹70,000 Cr valuation | 2026 |
| Motilal Oswal Group | ₹1,500 Cr | CCD investment | 2026 |
| Vena Energy India acquisition | — | ~₹6,000 Cr transaction value | 2026 |
| Boviet Solar acquisition | — | ~₹6,250 Cr transaction value | 2026 |
The ₹70,000 Cr valuation associated with the ₹700 Cr investment provides the clearest recent valuation reference. The subsequent Motilal Oswal commitment provides additional institutional capital for the company's expansion.
5. Peer Comparison
A peer comparison is relevant because Inox Clean operates across renewable power generation and solar manufacturing. However, its FY25 standalone financials are not directly comparable with the much larger listed renewable platforms because its business is undergoing rapid acquisition-led expansion.
| Company | Business Focus | Revenue Scale | Key Relevance |
|---|---|---|---|
| Inox Clean Energy | Renewable IPP, Solar Manufacturing, Storage | ₹77.72 Cr* | Integrated clean-energy platform |
| Adani Green Energy | Renewable Power Generation | Large-scale | Renewable IPP |
| JSW Energy | Power & Renewable Energy | Large-scale | Integrated energy platform |
| NTPC Green Energy | Renewable Power Generation | Large-scale | Renewable IPP |
| Waaree Energies | Solar Manufacturing & Renewable Energy | Large-scale | Solar manufacturing + renewable ecosystem |
| KPI Green Energy | Solar IPP & EPC | Large-scale | Renewable generation |
*Inox Clean's ₹77.72 Cr figure represents the standalone financial statement provided for FY25 and should not be treated as representative of the much larger post-acquisition platform.
Key Takeaways
Inox Clean's FY25 standalone financials show a major turnaround, with revenue growing 218% and PAT moving from a ₹9.62 Cr loss to ₹25.75 Cr.
The company is simultaneously pursuing an aggressive acquisition-led expansion strategy across renewable generation, solar manufacturing and energy storage.
The ₹70,000 Cr valuation benchmark and ₹1,500 Cr Motilal Oswal commitment highlight the scale of capital being deployed around the platform.
Going forward, the key areas to monitor are acquisition integration, debt and funding requirements, capacity commissioning, cash-flow generation and the conversion of the expanded asset base into sustainable earnings.
Financial Charts of Inox Clean Energy Limited
Balance Sheet of Inox Clean Energy Limited
Profit and Loss of Inox Clean Energy Limited
Ancillary of Inox Clean Energy Limited
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Inox Clean Energy Limited
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How to buy Inox Clean Energy Limited?
Below are three ways through which you can purchase Inox Clean Energy Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Inox Clean Energy Limited, please click on the trade button at the top of this page
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Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Inox Clean Energy Limited?
Below are three ways through which you can sell Inox Clean Energy Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Inox Clean Energy Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Inox Clean Energy Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Inox Clean Energy Limited is ₹740 and your sell price for Inox Clean Energy Limited is ₹650. The price is based on our estimates and market conditions.
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What is the lock-in period of Inox Clean Energy Limited?
The lock-in period for Inox Clean Energy Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Inox Clean Energy Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Inox Clean Energy Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Inox Clean Energy Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Inox Clean Energy Limited. The price is also determined from the most recent funding round for Inox Clean Energy Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Inox Clean Energy Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Inox Clean Energy Limited with us kindly click here.
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What are the financials of Inox Clean Energy Limited?
The financials of Inox Clean Energy Limited which includes the P/L of Inox Clean Energy Limited and the Balance Sheet of Inox Clean Energy Limited is in the financials section (Click on link).
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Where can I find the annual report of Inox Clean Energy Limited?
The annual report of Inox Clean Energy Limited is available in the annual report section (Click on link).
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Is buying Inox Clean Energy Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Inox Clean Energy Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Inox Clean Energy Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Inox Clean Energy Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Inox Clean Energy Limited?
At Altius Investech, our approach to sourcing Inox Clean Energy Limited unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Inox Clean Energy Limitedunlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Inox Clean Energy Limited from its platform?
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