Newsletter
Inox Clean Energy is heading to Dalal Street with a ₹10,000 crore IPO.
Inox Clean Energy builds and runs solar and wind power projects and also manufactures solar equipment.
Note: this will be potentially the biggest public issue yet by a privately held Indian renewable-energy company.
What’s going on: the IPO will have two parts: ₹8,000 crore of fresh shares issued by the company and up to ₹2,000 crore worth of shares sold by promoter Devansh Jain.
Most of the money raised will actually go to Inox Clean Energy. The ₹2,000 crore OFS portion, however, goes to the shareholder selling his stake, not the company. There could also be a ₹1,600 crore pre-IPO placement. If that happens, the eventual fresh issue will be reduced by the amount raised beforehand.
Where is the money going: a huge chunk is going towards cleaning up the balance sheet.
Inox Clean Energy plans to use around ₹6,000 crore to repay debt. That's significant because its consolidated outstanding borrowings stood at about ₹16,782 crore as of August 2026.
The numbers: the business is growing quickly, although it remains relatively small on reported FY26 revenue compared with the size of the proposed IPO.
Revenue from operations jumped from ₹47.2 crore in FY25 to ₹178.1 crore in FY26. Profit rose from about ₹1.5 crore to ₹30.9 crore over the same period.
Its operating renewable capacity has also expanded rapidly, helped by acquisitions. That helps explain why the company's current asset base is much larger than its historical financial numbers alone might suggest.
Zoom out: the opportunity is huge because India still needs a lot more solar and wind projects. As of August 2026, India had about 168 GW of solar and 58.5 GW of wind capacity, or roughly 227 GW combined. Solar alone has grown nearly 60-fold from just 2.8 GW in 2014.
But the buildout is far from over. India is targeting 500 GW of total non-fossil power capacity by 2030. It had crossed about 300 GW by July 2026, leaving roughly 200 GW still to be added from sources including solar, wind, hydro and nuclear.
And beyond 2030, demand keeps growing. The Central Electricity Authority estimates that between 2027 and 2032, India will need another 179 GW of solar and 49 GW of wind capacity to meet rising electricity demand.
