Only 2.37 GW of the company’s 9.29 GW renewable portfolio is operational, according to DRHP-based reports.
The Inox Clean Energy IPO is now a formal filing: the company filed its Draft Red Herring Prospectus (DRHP) with SEBI on September 29, 2026, for an issue of up to ₹10,000 crore. If it proceeds at this size, it would be the largest public issue by a private-sector renewable energy company in India, according to reports.
Need to Know
- IPO size: Up to ₹10,000 crore
- Structure: Fresh issue of up to ₹8,000 crore plus an offer for sale (OFS) of up to ₹2,000 crore by promoter selling shareholders, including Devansh Jain
- Debt repayment: ₹6,000 crore of the fresh issue is earmarked to repay borrowings
- Borrowings: ₹16,781.8 crore on a consolidated basis as of August 2026
- Possible pre-IPO placement: Up to ₹1,600 crore, which would reduce the fresh issue
- Renewable portfolio: 9.29 GW as of August 31, 2026, of which 2.37 GW is operational
- Solar manufacturing: 6 GW of operational module capacity across India and the US
- Not yet known: Price band, final valuation and IPO dates
Follow more: IPO news and analysis on NiftyTrader.
Inox Clean Energy IPO Structure: ₹8,000 Cr Fresh Issue and ₹2,000 Cr OFS
The proposed issue has two parts. The fresh issue of up to ₹8,000 crore brings new money into the company. The OFS of up to ₹2,000 crore is a sale by promoter selling shareholders, so that portion does not go to the company. Most reports name Devansh Jain as the seller; the Economic Times also names co-promoter Avarna Jain.
Inox Clean Energy may also raise up to ₹1,600 crore through a pre-IPO placement. If it does so before filing the red herring prospectus with the Registrar of Companies, the fresh issue will be reduced by the amount raised. The ₹10,000 crore figure is therefore a ceiling, not a final size.
Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India are the merchant bankers to the issue.
Also Read: Inox Clean Energy IPO Eyes ₹10,000 Cr Issue, ₹1 Lakh Cr Valuation Plan
₹6,000 Crore of IPO Proceeds Earmarked for Debt Repayment
The company plans to use ₹6,000 crore of the fresh issue to repay or prepay, in full or in part, certain borrowings of the company and its subsidiaries. The rest is for general corporate purposes.
Consolidated borrowings stood at ₹16,781.8 crore as of August 2026, so the planned repayment equals about 35.8% of the total.
Inox Clean Energy’s 9.29 GW Portfolio: Only About a Quarter Is Operational
As of August 31, 2026, the company’s renewable independent power producer (IPP) portfolio stood at 9.29 GW across India and Africa. According to DRHP-based reports, it splits by stage of development as follows:
| Stage | Capacity (GW) | Share of portfolio |
|---|---|---|
| Operational | 2.37 | 25.5% |
| Under construction | 0.80 | 8.6% |
| Pipeline | 2.99 | 32.2% |
| Planned for future development | 3.13 | 33.7% |
| Total | 9.29 | 100% |
Shares calculated by NiftyTrader from the reported capacity figures.
Headline capacity is not generating capacity. About 6.9 GW of the 9.29 GW is not yet operational, so the pace of converting pipeline into operating assets will matter for any valuation. Reports describe much of the portfolio as assembled through acquisitions in recent months.
The IPP business runs through Inox Neo Energies in India and SkyPower Services MENA in Africa.
Solar Manufacturing: 6 GW of Module Capacity Across India and the US
The second business is solar manufacturing, run through Inox Solar in India and Inox Solar Americas in the US. The company says it has 6 GW of solar module manufacturing capacity, 3 GW in India and 3 GW in the US, and DRHP-based reports describe it as operational. Some reports describe the 6 GW as cell capacity; this article follows the module description. Additional module and cell capacity is under construction.
The company has previously said it is targeting 10 GW of IPP capacity and 11 GW of solar manufacturing capacity by FY28. These are targets, not current capacity.
FY26 Financials: Revenue and Profit Increased
Reports on the DRHP show FY26 revenue of ₹178.1 crore, up from ₹47.2 crore, and profit of ₹30.9 crore, up from ₹1.5 crore.
| Metric | FY25 | FY26 |
|---|---|---|
| Revenue (₹ crore) | 47.2 | 178.1 |
| Profit (₹ crore) | 1.5 | 30.9 |
As reported in coverage of the DRHP. Consolidated borrowings were ₹16,781.8 crore as of August 2026.
Revenue grew nearly fourfold, but both figures are small next to the borrowings and the 9.29 GW portfolio. FY26 ended in March 2026, so it may not reflect the full platform described in the DRHP.
The Earlier IPO Attempt and What Changes Now
Inox Clean Energy confidentially filed draft papers in 2025 for a reported ₹6,000 crore IPO and later withdrew that filing. Since then, it has raised private capital from institutional investors and expanded through acquisitions in India and overseas. The new DRHP is a public filing at a larger size of up to ₹10,000 crore.
What Could Change Before the IPO Opens
The DRHP starts the regulatory process; it does not set final terms. The company needs SEBI’s observations before it can launch the issue. The price band, valuation, issue dates and any change to the fresh issue after a pre-IPO placement will come in later documents.
What Investors Should Watch
- SEBI’s observations and the launch timeline
- Whether the ₹1,600 crore pre-IPO placement happens
- The price band and valuation compared with listed peers such as Adani Green Energy, NTPC Green Energy, ACME Solar Holdings, Waaree Energies and JSW Energy.
- How quickly the 6.9 GW that is not yet operational becomes operating capacity
- Borrowings and interest costs after the ₹6,000 crore repayment
- Whether the solar manufacturing business turns profitable at scale
What the Inox Clean Energy IPO Filing Means
The IPO has moved from expectation to a formal filing. The numbers that matter beyond the ₹10,000 crore headline are the 2.37 GW operating today, ₹16,781.8 crore of borrowings, and an IPO price band and valuation that are not yet announced. The offer remains subject to SEBI review, and terms may change.
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FAQ
When did Inox Clean Energy file its DRHP?
Inox Clean Energy filed its DRHP with SEBI on September 29, 2026.
How big is the Inox Clean Energy IPO and how is it structured?
The IPO is for up to ₹10,000 crore, made up of a fresh issue of up to ₹8,000 crore and an OFS of up to ₹2,000 crore by promoter selling shareholders, including Devansh Jain.
How will the fresh issue proceeds be used?
The company plans to use ₹6,000 crore to repay or prepay certain borrowings. The remainder is for general corporate purposes.
Could the IPO size change?
Yes. If the company raises up to ₹1,600 crore through a pre-IPO placement before filing the red herring prospectus, the fresh issue will be reduced by that amount.
How much of the 9.29 GW portfolio is operational?
As of August 31, 2026, 2.37 GW is operational, 0.80 GW is under construction, 2.99 GW is in the pipeline and 3.13 GW is planned for future development, according to DRHP-based reports.
Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. IPO terms, valuations and issue sizes may change during the regulatory process. Readers should consult a SEBI-registered advisor before investing.
