Inox Clean Energy Limited
vs. prev. close ₹775
52W High
₹785
52W Low
₹775
Market cap
₹76,017 Cr
IPO stage
No DRHP filed
CIN
U40300GJ2017PLC099852
Price History
52W High
₹785
52W Low
₹775
About Inox Clean Energy Limited
A rapidly scaling, DRHP-stage integrated renewable energy platform with its asset base up roughly tenfold in a single year through aggressive capital raising and a 22-company acquisition spree, an early-stage growth and build-out story rather than an earnings story, with an actual IPO already in motion.
Short Version :
Inox Clean Energy Limited (formerly Inox Clean Energy Private Limited, earlier Nani Virani Wind Energy Private Limited) is a Vadodara-based integrated renewable energy platform, generating and supplying wind and solar power through a large group of project-specific subsidiaries, alongside solar module and solar cell manufacturing facilities in Odisha and Gujarat. The Group is in the midst of an aggressive scale-up, consolidated Total Income grew to Rs361.42 crore in FY26 (FY25: Rs56.77 crore), while Profit After Tax (whole Group, before minority interest) grew to Rs30.98 crore (FY25: Rs1.56 crore), still modest relative to the Group's now much larger asset base following the acquisition of 22 companies during the year. Disclosed EPS was Rs0.28 Basic and Diluted (FY25: Rs0.02) on face value Re 1. Closing consolidated Group equity grew sharply to Rs3,267.69 crore (FY25: Rs481.20 crore), funded substantially by fresh capital raised during the year, working out to BVPS of roughly Rs35.04 (FY25: roughly Rs5.30) and ROE of 0.95% (FY25: 0.32%) on a closing-equity basis, low ROE figures reflecting the Group's current capacity-building phase rather than its underlying asset quality.
Why It Trades Where It Does :
The Group has transformed in scale within a single year, total assets grew roughly tenfold to Rs12,245.28 crore, driven by an aggressive acquisition programme (22 companies for Rs932.46cr cash consideration) layered onto organic capacity expansion (capital expenditure of roughly Rs1,712.51 crore in FY26, against Rs172.58 crore in FY25). This build-out has been funded predominantly through fresh capital, roughly Rs3,389.34 crore raised via financing activities in FY26 (equity, compulsorily and optionally convertible preference shares, share warrants, and long-term borrowings), rather than internally generated cash, operating cash flow remained negative in FY26. The Company has filed a DRHP with SEBI for a proposed IPO comprising a fresh issue and an offer for sale, positioning this as a pre-listing opportunity in India's renewable energy build-out theme, with valuation likely to hinge far more on asset base, project pipeline, and execution than on trailing earnings at this stage.
Top Risk :
Earnings remain very thin relative to the Group's now-massive asset base: FY26 ROE of roughly 0.95% reflects a company still converting newly deployed capital into generating assets rather than mature cash flows, execution risk on bringing acquired and under-construction capacity to full operational contribution is central to the investment case.
Operating cash flow was negative in FY26 (Rs52.11 crore used), with growth funded almost entirely by fresh equity, quasi-equity (CCPS/OCRPS), and debt rather than internal cash generation, a pattern that depends on continued capital-market access.
Extremely complex, rapidly multiplying corporate structure: the Group added dozens of step-down subsidiaries during FY26 (many held via an 87.17%-owned intermediate holding subsidiary, itself diluted from 90.07% during the year), with associate and minority stakes throughout, a structure that is difficult to analyse line-by-line and carries integration and governance complexity.
Heavy reliance on debt alongside equity for the build-out: non-current borrowings grew roughly twentyfold to Rs6,271.31 crore in FY26, a substantial leverage increase alongside the equity raises, worth watching as capacity comes online and debt service begins in earnest.
This is DRHP-stage Restated Financial Information tied to a pending IPO process, not a settled annual report, deal terms, listing timing, and even further pre-IPO capital structure changes could still occur before (or instead of) an actual listing.
Top Opportunities :
Extremely strong top-line and balance sheet growth: consolidated Total Income grew more than 6x and the asset base grew roughly 10x in FY26, reflecting rapid, well-capitalised scaling in a structurally growing sector (India's renewable energy capacity build-out).
Diversified, integrated renewable platform: combining wind and solar power generation with solar module and solar cell manufacturing gives the Group exposure across the renewable energy value chain, rather than pure-play generation risk alone.
Strong capital access demonstrated: roughly Rs3,389.34 crore raised in FY26 alone across equity, convertible preference instruments, warrants, and debt, evidencing significant investor and lender confidence in the growth plan.
Active, large-scale consolidation underway: the 22-company acquisition programme in FY26 suggests a deliberate strategy of building scale and market position ahead of a public listing.
IPO process already underway: a DRHP has been filed with SEBI, offering a potential, more liquid listed-market exit pathway for current unlisted shareholders in the medium term, subject to market conditions and regulatory approval.
Disclaimer :
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Company Details
Industry
Energy — Renewable
Founded
2017
Headquarters
Vadodara, Gujarat, India
Min Lot Size
1
Face Value
₹1.00
Shares Outstanding
98,08,65,372
Regulatory Information
Corporate Identity Number (CIN)
U40300GJ2017PLC099852
PAN Number
AAFCN8456P
ISIN
INE0H7K01023
Key Valuation Ratios
Valuation
Market Cap
₹76,017.07 Cr
P/E Ratio
2,453.75×
P/S Ratio
426.75×
P/B Ratio
23.26×
EV / EBITDA
385.30×
Returns & Per Share
ROE
0.95%
EPS
₹0.32
Book Value / Share
₹33.31
Solvency
Debt / Equity
2.32×
Interest Coverage
1.42×
Company Fundamentals
As of FY2026 Annual · updated 29 Oct 2026Gross Profit
₹78.45 Cr
EBITDA
₹215.54 Cr
Revenue Growth
276.99%
Profit Margin
17.39%
Performance Trends
3 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
2.32×
EBITDA Margin
121.00%
Interest Coverage
1.42×
Financial Statements
| Line item | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total Income | |||
| Revenue from operationsDisclosed | 39.39₹ Crore | 47.25₹ Crore | 178.13₹ Crore |
| Other incomeDisclosed | 11₹ Lakh | 9.52₹ Crore | 183.29₹ Crore |
| Total IncomeDerived | 39.5₹ Crore | 56.77₹ Crore | 361.42₹ Crore |
| Expenses | |||
| Cost of goods soldDisclosed | 0₹ Crore | 0₹ Crore | 99.68₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | -93.31₹ Crore |
| Employee benefits expenseDisclosed | 0₹ Crore | 1.71₹ Crore | 28.36₹ Crore |
| Finance costsDisclosed | 20.42₹ Crore | 29.27₹ Crore | 108.52₹ Crore |
| Depreciation and amortization expenseDisclosed | 11.71₹ Crore | 13.79₹ Crore | 61.63₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 10.31₹ Crore |
| Operating expensesDisclosed | 3.33₹ Crore | 4.44₹ Crore | 21.71₹ Crore |
| Other expensesDisclosed | 1.05₹ Crore | 5.19₹ Crore | 69.79₹ Crore |
| Total ExpensesDerived | 36.51₹ Crore | 54.4₹ Crore | 306.69₹ Crore |
| Profit | |||
| Exceptional itemsDisclosed | 0₹ Crore | 0₹ Crore | -9.34₹ Crore |
| Profit before taxDerived | 2.99₹ Crore | 2.37₹ Crore | 45.39₹ Crore |
| Current tax expenseDisclosed | 0₹ Crore | 83₹ Lakh | 3.58₹ Crore |
| Deferred tax expenseDisclosed | 44₹ Lakh | -2₹ Lakh | 10.83₹ Crore |
| Tax expenseDisclosed | 44₹ Lakh | 81₹ Lakh | 14.41₹ Crore |
| Profit After TaxDerived | 2.55₹ Crore | 1.56₹ Crore | 30.98₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 4.11₹ Crore |
| Total Comprehensive IncomeDerived | 2.55₹ Crore | 1.56₹ Crore | 35.09₹ Crore |
Documents Library
Access all financial reports and filings
Income Statement
Private Placement in Inox Clean others Issuance of 1,05,80,761 equity shares via preferential allotment at ₹551 per share, raising ₹583 crore.
Private Placement in Inox Clean others Issuance of 1,05,80,761 equity shares via preferential allotment at ₹551 per share, raising ₹583 crore.
Private Placement in Inox Clean others Issuance of 1,05,80,761 equity shares via preferential allotment at ₹551 per share, raising ₹583 crore.
Private Placement in Inox Clean others Issuance of 1,05,80,761 equity shares via preferential allotment at ₹551 per share, raising ₹583 crore.
Inox clean subsidiary Buys 640 MW Hybrid Portfolio others Inox Neo Energies, a subsidiary of Inox Clean Energy, will acquire a 640 MW wind-solar hybrid portfolio in Maharashtra from Evergreen Group.
Inox clean subsidiary Buys 640 MW Hybrid Portfolio others Inox Neo Energies, a subsidiary of Inox Clean Energy, will acquire a 640 MW wind-solar hybrid portfolio in Maharashtra from Evergreen Group.
Inox clean subsidiary Buys 640 MW Hybrid Portfolio others Inox Neo Energies, a subsidiary of Inox Clean Energy, will acquire a 640 MW wind-solar hybrid portfolio in Maharashtra from Evergreen Group.
Inox clean subsidiary Buys 640 MW Hybrid Portfolio others Inox Neo Energies, a subsidiary of Inox Clean Energy, will acquire a 640 MW wind-solar hybrid portfolio in Maharashtra from Evergreen Group.
Private Placement of Inox Clean corporate_action Company allotted 90,090 shares at ₹111 each to DM Movies Pvt. Ltd., raising ₹99.99 lakh
Private Placement of Inox Clean corporate_action Company allotted 90,090 shares at ₹111 each to DM Movies Pvt. Ltd., raising ₹99.99 lakh
Private Placement of Inox Clean corporate_action Company allotted 90,090 shares at ₹111 each to DM Movies Pvt. Ltd., raising ₹99.99 lakh
Private Placement of Inox Clean corporate_action Company allotted 90,090 shares at ₹111 each to DM Movies Pvt. Ltd., raising ₹99.99 lakh
Valuation Report of Inox Clean Energy others Valuation Report
Valuation Report of Inox Clean Energy others Valuation Report
Valuation Report of Inox Clean Energy others Valuation Report
Valuation Report of Inox Clean Energy others Valuation Report
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Current Price
₹775Secure & Verified Transaction
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About Inox Clean Energy Limited unlisted shares
Indicative · updated dailyInox Clean Energy Limited unlisted share price today
Inox Clean Energy Limited unlisted share price today is ₹775 as of 12 November 2026.
Inox Clean Energy Limited — frequently asked questions
- What is the grey market price for Inox Clean Energy Limited?
No IPO is currently announced for Inox Clean Energy Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Inox Clean Energy Limited filed for an IPO, and when might it list?
Inox Clean Energy Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Inox Clean Energy Limited compare to its listed peers?
There is no closely comparable listed company for Inox Clean Energy Limited in India today.
- Is Inox Clean Energy Limited on the SME or Mainboard IPO track?
Inox Clean Energy Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Inox Clean Energy Limited's CIN and registered office?
Inox Clean Energy Limited's Corporate Identity Number is U40300GJ2017PLC099852, registered at Vadodara, Gujarat, India.
- What is Inox Clean Energy Limited's market capitalisation?
Inox Clean Energy Limited's market capitalisation is approximately ₹76,017 crore, based on its current unlisted share price.
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Submit an Express Sell Interest for Inox Clean Energy Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Inox Clean Energy Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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- What is the lock-in period for Inox Clean Energy Limited unlisted shares?
Inox Clean Energy Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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- How are capital gains on Inox Clean Energy Limited unlisted shares taxed?
If you sell unlisted shares, including Inox Clean Energy Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If Inox Clean Energy Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
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