INOX Clean Energy Ltd, one of India’s leading integrated renewable energy solutions providers, is gearing up for a massive ₹6,000 crore initial public offering (IPO) as it files a confidential draft red herring prospectus (DRHP) with market regulator SEBI. The company aims to tap into India’s booming clean energy investment wave while strengthening its position as a fully integrated green energy player in solar, wind, green hydrogen, and energy storage.
Key Highlights Of The Proposed IPO
- IPO Size: ~₹6,000 crore (combination of fresh issue and OFS)
- Type: Mainboard IPO
- DRHP Status: Confidential filing under SEBI guidelines
- Expected Listing: Late 2025 or early 2026, depending on market conditions
- Use Of Proceeds: Project expansion, debt reduction, technology R&D, and working capital
This IPO is expected to be one of the largest renewable energy offerings in recent Indian capital markets, alongside past listings such as ReNew Power and the upcoming NTPC Green IPO.
About INOX Clean Energy
A part of the INOX Group, INOX Clean Energy is an integrated clean energy solutions company engaged in:
- Wind turbine manufacturing and EPC services
- Solar project development
- Green hydrogen and ammonia projects
- Energy storage systems using advanced battery technologies
The company has a diversified revenue model spanning manufacturing, EPC, and asset ownership, enabling steady cash flows and technology-led growth.
INOX Clean Energy’s Project Portfolio
| Vertical | Installed / Pipeline Capacity | Key Details |
|---|---|---|
| Wind Energy | 3.8 GW installed; 1.5 GW under construction | Leading domestic wind turbine OEM with integrated manufacturing at Gujarat. |
| Solar Energy | 900 MW commissioned; 650 MW pipeline | EPC and asset development across Rajasthan, Gujarat, and Karnataka. |
| Green Hydrogen | 120 TPD pipeline | Projects under feasibility with industrial offtake partners. |
| Energy Storage | 400 MWh pipeline | Developing BESS solutions integrated with wind-solar hybrid projects. |
Financial Performance Snapshot (FY23 vs FY24)
| Metric | FY23 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹4,250 crore | ₹5,180 crore | +21.9% |
| EBITDA | ₹790 crore | ₹980 crore | +24.1% |
| Net Profit | ₹242 crore | ₹305 crore | +26% |
| EBITDA Margin | 18.6% | 18.9% | +30 bps |
| Order Book | ₹9,500 crore | ₹11,800 crore | +24.2% |
The company reported robust growth in revenue and profitability driven by capacity additions, manufacturing scale-up, and cost optimisation in wind turbine production.
IPO Objectives: Strategic Deployment Plan
INOX Clean Energy plans to utilise the IPO proceeds towards:
- Capacity expansion: Scaling wind turbine manufacturing to 4.5 GW per annum and setting up solar module manufacturing under India’s PLI scheme.
- Green hydrogen development: Accelerating feasibility-to-execution for industrial and export-oriented hydrogen projects in Gujarat and Andhra Pradesh.
- Debt reduction: Target to reduce leverage by ₹1,500-2,000 crore to strengthen the balance sheet for competitive bidding.
- R&D investments: Focusing on blade design efficiency, hydrogen electrolysers, ammonia synthesis technologies, and grid-scale storage solutions.
- Working capital: Supporting execution of large EPC and hybrid project orders.
Leadership Commentary
Devansh Jain, Executive Director of INOXGFL Group, stated:
“We are entering an era of unprecedented growth in India’s clean energy sector. The IPO will empower us to scale across wind, solar, and green hydrogen with integrated manufacturing, ensuring energy security, sustainability, and economic value creation for the country.”
Sectoral Tailwinds Fueling The IPO
India’s renewable energy sector is witnessing exponential growth:
- Government Target: 500 GW non-fossil capacity by 2030, including 140 GW wind and 280 GW solar.
- PLI Schemes: Promoting domestic manufacturing in solar modules and battery storage systems.
- Green Hydrogen Mission: USD 2.5 billion allocation to build domestic production capacity of 5 MTPA by 2030.
- Private Capital Inflows: Brookfield, BlackRock, and CPPIB have announced multi-billion dollar green energy investments in India in 2024-25.
INOX Clean Energy’s Competitive Advantages
- Integrated manufacturing: Blade, nacelle, tower, and generator manufacturing under one umbrella ensures cost competitiveness.
- Diversified portfolio: Wind, solar, hydrogen, and storage reduce sector-specific risks.
- Strong order book: Ensures revenue visibility for the next 2-3 years.
- Technological focus: Partnerships with European OEMs for turbine design and with global hydrogen tech providers.
Key Competitors In The Indian Market
| Company | Core Segments | Market Cap (₹ Cr) |
|---|---|---|
| Suzlon Energy | Wind turbine manufacturing, O&M | 65,000 |
| ReNew Energy | Wind & solar IPP, storage | ~83,000 |
| NTPC Green | Utility-scale solar, hydro, hydrogen | NA (IPO upcoming) |
| INOX Clean Energy | Wind, solar, hydrogen, storage | TBD post-IPO |
INOX Clean Energy’s diversified vertical integration differentiates it from pure IPPs or OEM-only companies, making it attractive for ESG-focused investors.
Risks Highlighted In DRHP
While growth prospects remain robust, key risks flagged include:
- Policy volatility: Changes in tariffs, reverse bidding structures, or import duties.
- Execution delays: Land acquisition, grid connectivity, and environmental clearance timelines.
- Technology obsolescence: Rapid global innovations in turbine design, electrolyser efficiency, and storage chemistry.
- Foreign currency exposure: Due to imported components for hydrogen and battery solutions.
Market Expert Views On The IPO
Vivek Mehra, Renewable Energy Analyst:
“INOX Clean Energy’s IPO comes at a time when investors are keen to back integrated clean energy platforms. Its strong manufacturing capabilities combined with project development expertise position it favourably for the decade ahead.”
Ritika Gupta, ESG Fund Manager:
“India’s energy transition goals require domestic champions with scale and innovation focus. INOX’s pipeline across wind, solar, and hydrogen presents a compelling ESG investment opportunity if execution stays disciplined.”
IPO Timeline And Next Steps
While exact dates remain undisclosed due to the confidential DRHP filing, market sources suggest:
- Pre-IPO placement rounds are being explored to anchor institutional interest.
- Roadshows and investor meetings will begin after SEBI observations, likely by September-October 2025.
- Listing is targeted by December 2025 or Q1 2026, subject to market conditions.
Conclusion
The proposed ₹6,000 crore IPO of INOX Clean Energy Ltd marks a strategic leap for the INOX Group, positioning it at the forefront of India’s renewable energy transformation. As global and domestic capital continues to shift towards clean technologies, the IPO is expected to attract strong interest from ESG funds, sovereign wealth funds, and institutional investors seeking exposure to India’s multi-trillion dollar energy transition opportunity.
Disclaimer: This news content is based on public announcements, market data, and industry insights. It does not constitute investment advice or recommendations to buy, sell, or hold securities. Readers are advised to consult SEBI-registered investment advisors or certified financial professionals before making any investment decisions.
