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 is the integrated renewable energy platform of the INOXGFL Group, combining multi-gigawatt solar manufacturing with large-scale Independent Power Producer (IPP) operations across solar, wind, and battery storage assets
Company Overview
Corporate Architecture: Operates as the unlisted renewable energy umbrella of the INOXGFL Group, driving two core subsidiaries—Inox Neo Energies Limited (Renewable IPP vertical) and Inox Solar Limited (Solar manufacturing vertical)
.Integrated Ecosystem: Leverages the group's "One Integrated Strategy" by integrating power generation, solar manufacturing, wind turbine manufacturing (Inox Wind), EPC (Inox Renewable Solutions), and O&M services (Inox Green Energy Services)
.IPP Capacity & Global Assets: Holds 3 GW of operational RE IPP capacity as of June 2026, targeting over 6 GW by FY27 and 10 GW by FY28
. Operations span India and Africa (under-construction project in Zimbabwe with sovereign PPAs) .Solar Manufacturing Scale: Operates an active 3 GW module facility in Gujarat (with a 5 GW module & cell facility under development) alongside a 3 GW module facility in the US (with a 3 GW cell facility coming operational soon)
. Targets 11 GW total solar manufacturing capacity by FY28 .Inorganic Growth Drivers: Acquired major international platforms over the past 18 months, including US-based Boviet Solar manufacturing assets, Macquarie-owned Vibrant Energy, BlackRock-owned GIP's Vena Energy, SHV-owned SunSource Energy, and CalPERS-backed SkyPower (including its Africa portfolio)
.
Management Structure
Mr. Vivek Jain (Promoter, INOXGFL Group): Group leader guiding macroscopic growth strategy and overall corporate governance
.Mr. Devansh Jain (Executive Director, INOXGFL Group): Key executive steering the platform's "One Integrated Strategy", capital raising, strategic acquisitions, and global expansion
.
Insights of Inox Clean Energy Limited
Inox Clean Energy Limited – 3-Year Financial Snapshot
Here is the exact 3-year financial trajectory for Inox Clean Energy Limited based on its unlisted market disclosures. All figures are presented in ₹ Crore (Cr.).
| Financial Metric (₹ Crore) | FY23 | FY24 | FY25 | 3-Year Trend |
| Net Revenue from Operations | 3.90 | 24.40 | 81.90 | +2,000% Surge |
| Total Income | 4.10 | 24.50 | 91.40 | +2,129% Surge |
| Profit After Tax (PAT) | (15.60) | (8.30) | 26.70 | Turnaround to Profit |
| Earnings Per Share (EPS) | (7.48) | (3.74) | 0.30 | Turnaround |
| Total Assets | 291.00 | 280.00 | 1,255.00 | Massive Capex Expansion |
Key Financial Takeaways:
Aggressive Top-Line Scaling: The company successfully exited its early-stage investment phase, scaling its operational revenue from a baseline of ₹3.9 Cr in FY23 to ₹81.9 Cr in FY25.
Profitability Turnaround: After absorbing expected losses during its initial renewable asset build-out (-₹15.6 Cr in FY23 and -₹8.3 Cr in FY24), the company breached breakeven to post a solid net profit of ₹26.7 Cr in FY25.
Balance Sheet Explosion: Total assets skyrocketed from ₹280 Cr in FY24 to ₹1,255 Cr in FY25. This ~350% asset expansion was primarily driven by aggressive capital expenditures (CWIP of ₹342 Cr) and scaling up its 3 GW independent power producer (IPP) portfolio and solar module manufacturing capabilities.
Equity Infusion: The company saw a massive influx of capital in FY25, driving its share capital up from ₹21.39 Cr to ₹90.81 Cr, and ballooning its reserves from ₹6.61 Cr to ₹390 Cr.
Funding & Valuation Timeline: Inox Clean Energy Limited
September 2024 (Early Platform Setup):
Capital Raised: ₹300 crore equity infusion into its privately held IPP arm (IGREL Renewables).
Valuation Impact: Early seed-stage valuation to establish initial wind and solar project development pipelines.
January 2026 (Multi-Institutional Anchor Round):
Capital Raised: Tied up ~₹3,100 crore in equity
.Implied Valuation: Executed at a Pre-Money Valuation of ~₹50,000 crore (₹500 billion).
Key Investors: Led by California Public Employees' Retirement System (CalPERS) with an ~₹800 crore allocation, alongside RJ Corp, Hero Group, Authum Investments, Akash Bhansali, family offices, and HNI syndicates
.
July 2026 (Adar Poonawalla Family Office Investment):
Capital Raised: ₹700 crore primary equity infusion via Rising Sun Holdings Pvt. Ltd
.Implied Valuation: Reached a post-money enterprise valuation of ₹70,000 crore (~$8.4 billion), driven by rapid inorganic expansion (including the acquisition of US-based Boviet Solar assets and Macquarie's Vibrant Energy portfolio)
.
August 2026 (Motilal Oswal Group Growth Capital Round):
Capital Committed: ₹1,500 crore commitment from Motilal Oswal Alternates (via India Credit Excellence Fund - I), with an initial ₹1,000 crore tranche completed immediately
.Instrument & Conversion Mechanics: Structured as Compulsorily Convertible Debentures (CCDs) dedicated primarily to funding inorganic acquisitions
. While conversion into equity will be locked against future pre-IPO valuation benchmarks, the capital sits on top of the established ₹70,000 crore baseline valuation set during the July 2026 Poonawalla transaction .
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
-
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
- 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
-
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
-
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 ₹N/A and your sell price for Inox Clean Energy Limited is ₹N/A. The price is based on our estimates and market conditions.
-
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.
-
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.
-
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.
-
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).
-
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).
-
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.
-
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.
-
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.
-
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 Boat Unlisted Share (Imagine Marketing) 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 Boat Unlisted Share (Imagine Marketing). 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?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
Press of Inox Clean Energy Limited
Featured Blogs of Inox Clean Energy Limited
Annual Report of Inox Clean Energy Limited
Company Information of Inox Clean Energy Limited
Featured Companies


