Inox Clean Energy Planning ₹10,000 Cr IPO
Inox Clean Energy is planning to bring a ₹10,000 crore Initial Public Offering (IPO) and has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on 29th September 2026.
About Inox Clean Energy & its Existing Operations
Inox Clean Energy, incorporated in 2017, operates in the Renewable Energy (RE) sector, and is part of the INOXGFL Group, which operates primarily in the chemical and renewable energy sectors. The company has an operational 3 GW solar module manufacturing facility in Gujarat and a 3 GW solar cell manufacturing plant in the United States.
Inox Clean Energy’s Aggressive Inorganic Growth in FY26
For FY25, Inox Clean Energy reported a standalone revenue of ₹20.44 crore and a Consolidated revenue of ₹47.2 Cr. However, the company undertook an aggressive acquisitions spree over past 18 months which has brought Inox Clean Energy’s FY26 Standalone revenue to 81.9 Cr, Consolidated revenue to 178.1 Cr. (including subsidiaries). However, the important number is the Proforma Consolidated revenue for FY26, ie the revenue after accounting for the acquired entities as if they were owned for the full 12 month, which is ₹2,046.4 Cr.
Inox Clean Energy’s Debt from the Acquisitions
INOX Clean Energy’s current consolidated outstanding borrowings as of August 2026 stand at Rs. 16,781.8 crore. The company’s borrowings have surged from Rs. 352 crore in March 2025 to ₹16,782 crore by August 2026, representing a 47-fold increase. As per the draft prospectus, a major part of this debt went towards funding domestic and international acquisitions of 11 operating assets over the past year.
The acquired assets include Vibrant Energy, US-based Boviet Solar Technology, Athena Renewables and Vena Energy India Holdings Pte Ltd. Of these, Boviet was acquired for Rs. 6,200 crore and Vena Energy with Rs. 6000 crore.
Considering the Pro forma Consolidated Revenue for FY26 of ₹2,046.4 Cr., the company’s Pro forma EBITDA for FY26 is solid ₹1,190.3 Cr. Although interest expenses of 1005 Cr. and depreciation of 1,054 Cr. mainly on the acquired plants brought the company to a Pro forma Net Loss of ₹408.4 Cr.
IPO Proceeds will Fund Repayment of Debt
IPO will comprise a fresh issue of shares aggregating to Rs. 8,000 crore and an Offer for Sale (OFS) of shares worth Rs. 2,000 crore. Each share will have a face value of Re. 1.
The company will receive the funds raised through the fresh issue, while the proceeds from the Offer for Sale (OFS) will go directly to the selling promoter, Devansh Jain who is liquidating a portion of his holding in the company.
Out of the Rs. 8,000 crore raised through the fresh issue, Rs. 6,000 crore will be used for the repayment or prepayment of outstanding debt availed by the company and its subsidiaries. The remaining Rs. 2,000 crore will be used for general corporate purposes, including operational expenses, working capital, acquisitions and contingencies.
Inox Clean Energy Targets 9.29 GW by FY32
The debt for which the company is raising funds through its IPO was taken to expand Inox Clean Energy’s portfolio through acquisitions and upcoming renewable energy projects. Inox Clean Energy also outlined its upcoming renewable energy projects, which will expand its capacity to 9.29 GW by FY32. These projects include development of solar, wind and hybrid power projects in Gujarat, Madhya Pradesh and Rajasthan. In addition to the developments in India, the company is in the process of setting up solar power projects in Africa through its JV company SkyPower MENA.
