amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Inox Clean Energy Limited Unlisted Shares
DRHP Status : Not Filed
790
Fundamentals About Inox Clean Energy Limited
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Inox Clean Energy Limited
| P&L Statement | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4 | 24 | 82 |
| Cost of Material Consumed | 3 | 3 | 4 |
| Change in Inventory | 0 | 0 | 0 |
| Gross Margins | 25 | 87.5 | 95.12 |
| Employee Benefit Expenses | 0 | 0 | 2 |
| Other Expenses | 0.13 | 1 | 6 |
| EBITDA | 0.87 | 20 | 70 |
| OPM | 21.75 | 83.33 | 85.37 |
| Other Income | 0.13 | 0.11 | 9.5 |
| Finance Cost | 14 | 20 | 29 |
| D&A | 8 | 12 | 14 |
| EBIT | -7.13 | 8 | 56 |
| EBIT Margins | -178.25 | 33.33 | 68.29 |
| PBT | -21 | -12 | 36 |
| PBT Margins | -525 | -50 | 43.9 |
| Tax | -5 | -4 | 9 |
| PAT | -16 | -8 | 27 |
| NPM | -400 | -33.33 | 32.93 |
| EPS | -7.48 | -3.74 | 0.3 |
Financial Ratios |
2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Profit Margin | 21.75 | 83.33 | 85.37 |
| Net Profit Margin | -400 | -33.33 | 32.93 |
| Earning Per Share (Diluted) | -7.48 | -3.74 | 0.3 |
| Assets | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fixed Assets | 288 | 276 | 469 |
| CWIP | 0 | 0 | 342 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 0.76 | 0.27 | 5.26 |
| Inventory | 0 | 0 | 0 |
| Other Assets | 2.24 | 3.73 | 438.74 |
| Total Assets | 291 | 280 | 1255 |
| Liabilities | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share Capital | 21.39 | 21.39 | 90.81 |
| FV | 10 | 10 | 1 |
| Reserves | 15 | 6.61 | 390 |
| Borrowings | 198 | 232 | 346 |
| Trade Payables | 45 | 9 | 6 |
| Other Liabilities | 11.61 | 11 | 422.19 |
| Total Liabilities | 291 | 280 | 1255 |
About Company
Inox Clean Energy Limited (ICEL) is a major unlisted renewable energy player under the ₹12,000 crore INOXGFL Group, focused on wind and solar power generation, operations, and manufacturing. It acts as an Independent Power Producer (IPP) with a 3 GW portfolio (target 10 GW) and is expanding into solar cell/module manufacturing, raising $330 million recently at a $5.5 billion valuation
The following table shows a 10-point analysis of Inox Clean Energy Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Renewable energy platform | A renewable energy company focused on power generation and solar manufacturing under the INOXGFL Group. |
| Industry & Market Position | Part of INOXGFL renewable ecosystem | Operates in India’s rapidly expanding renewable energy sector including wind and solar energy. |
| Installed Capacity | 3 GW renewable portfolio | The company operates and develops wind and solar projects through its subsidiaries. |
| Business Segments | Renewable power generation · Solar manufacturing | Operates through subsidiaries engaged in renewable IPP projects and solar module production. |
| Group Association | INOXGFL Group company | Part of the diversified INOXGFL industrial group with presence in chemicals and renewable energy. |
| Revenue Trend | FY23 ₹3.9 Cr → FY25 ₹81.9 Cr | Strong revenue growth as renewable projects scaled up operations. |
| Profitability | FY25 PAT ₹26.7 Cr | The company turned profitable in FY25 after reporting losses in previous years. |
| Capital Raising | ₹3,100 Cr equity funding | Recently raised capital from global investors to expand renewable energy capacity. |
| Expansion Plans | Target 10 GW renewable capacity | The company plans to significantly scale its power generation and solar manufacturing capacity by FY28. |
| Future Outlook | Beneficiary of energy transition | India’s renewable energy expansion provides long-term growth opportunities. |
Company Overview
(i) Inox Clean Energy Limited is a renewable energy platform within the INOXGFL Group, focused on developing large-scale renewable power generation and solar manufacturing businesses.
(ii) The company operates renewable energy projects through its subsidiary Inox Neo Energies, which develops and operates solar and wind power assets across multiple Indian states.
(iii) Inox Clean Energy also operates in the solar manufacturing segment through Inox Solar, which is building integrated solar cell and module manufacturing capacity.
(iv) The company has been expanding its renewable portfolio through acquisitions of operational solar and hybrid renewable projects across India.
(v) Inox Clean Energy aims to scale its renewable energy platform to 10 GW of installed power capacity and 11 GW of solar manufacturing capacity by FY28, supporting India’s clean energy transition.
Challenges in Inox Clean Energy Limited’s Business
- Capital intensive renewable projects: Renewable power generation and manufacturing projects require significant upfront investment and long project development cycles.
- Regulatory and policy risks: Changes in government policies, tariffs, or renewable incentives can impact project economics.
- Execution risks in expansion: Large-scale renewable capacity expansion requires strong project execution, financing, and operational efficiency.
Financial Review of Inox Clean Energy Limited
Here are some highlights of the financial performance of Inox Clean Energy Limited over the past few years.
FY25 Performance
• Revenue reported around ₹81.9 crore during the financial year.
• Total income stood approximately ₹91.4 crore.
• Profit after tax recorded around ₹26.7 crore.
• The company reported strong profitability after scaling renewable operations.
FY24 Performance
• Revenue reported about ₹24.4 crore.
• Total income stood near ₹24.5 crore.
• Net loss recorded around ₹8.3 crore.
• The company continued investing in renewable capacity expansion.
FY23 Performance
• Revenue from operations reported around ₹3.9 crore.
• Total income stood about ₹4.1 crore.
• Net loss reported approximately ₹15.6 crore.
• The early-stage investment phase impacted profitability.
Quick Summary
Inox Clean Energy Limited is a renewable energy platform of the INOXGFL Group focused on solar and wind power generation as well as solar manufacturing. The company is expanding its renewable energy portfolio through acquisitions and large-scale capacity additions. With plans to build 10 GW of renewable power capacity and integrated solar manufacturing, the company is positioned to benefit from India’s long-term clean energy growth.
Click Here to visit the official website of Inox Clean Energy Limited.
Promoters of Inox Clean Energy Limited
The following are the active promoters / leadership associated with the company:
| Name | Designation | LinkedIn Profile |
|---|---|---|
| Devansh Jain | Executive Director | View Profile |
| Vivek Jain | Director | - |
| Siddharth Jain | Director | - |
Shareholding Pattern of Inox Clean Energy Limited
| Name | Holding |
|---|---|
| Promoters | 98.99% |
| Others | 1.01% |
Promoters of Inox Clean Energy Limited
| Name | Designation | Experience | Linkedin Profile |
|---|---|---|---|
| Shailendra Tandon | Director | 20+ |  |
| Mathusudhana S K | Whole Time Director, CEO | 10+ | |
| Akhil Jindal | CFO | 20+ | |
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Frequently Asked Questions
Inox Clean Energy Limited unlisted shares are equity shares of Inox Clean Energy Limited that are not listed on NSE or BSE and are traded privately in the unlisted share market.
Yes, investors can buy Inox Clean Energy Limited unlisted shares through private market platforms that facilitate transactions in unlisted securities.
Yes, an active demat account is required to hold and receive Inox Clean Energy Limited unlisted shares.
Yes, Inox Clean Energy Limited unlisted shares can be sold in the private market before a potential IPO depending on buyer availability.
Yes. If Inox Clean Energy Limited gets listed in the future, pre-IPO investors are generally subject to a six-month lock-in period after listing as per SEBI regulations.
If Inox Clean Energy Limited shares are held for more than two years, gains are taxed at 20 percent with indexation. If sold earlier, gains are treated as short-term capital gains and taxed according to the investor’s income slab.
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