Inox Clean Energy IPO
Inox Clean Energy Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has kept its observations in abeyance. The draft proposes a fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore by promoter Devansh Jain, jointly with Avarna Jain. In FY26 the company made a profit of ₹30.98 crore on revenue of ₹178.13 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI decision on holdSEBI report, 30 Oct 2026
- SEBI received draft
- 1 Oct 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Nuvama Wealth Management Limited
- Last SEBI contact
- 1 Oct 2026
- Price band and dates
- Not announced
Where it stands
Inox Clean Energy IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI1 Oct 2026
- SEBI reviewSEBI decision on hold
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has kept the issue of its observations in abeyance. Its report does not give the reason.
SEBI received the draft on 1 October 2026, 36 days ago, and its last communication on the draft was on 1 October 2026 (day count is our calculation).
DRHP at a glance
Inox Clean Energy DRHP at a glance
Draft red herring prospectus, 29 Sep 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 370 to 371) and Risk Factors (p. 30 to 36)Inox Clean Energy is a renewable energy company with two businesses: it generates and sells solar, wind and hybrid power as an independent power producer, and it makes solar PV modules and cells in India and the United States. It is part of the INOXGFL group.
As of 31 August 2026 its power portfolio was 9.29 GW across India and Africa, built through new projects and acquisitions, and it had 108 customers for its operating projects. Operational capacity was 1.04 GW at the end of FY26. It was incorporated in 2017; the registered office is in Vadodara and the corporate office in Noida.
The offer
DRHP cover page and The Offer (p. 100)| Fresh issue | Up to ₹8,000 croreMoney goes to the company |
| Offer for sale | Up to ₹2,000 croreBy promoter Devansh Jain, jointly with Avarna Jain; average cost ₹0.70 a share |
| Shares before the IPO | 94,60,26,04498,08,65,372 if all preference shares and CCDs convert |
| Pre-IPO placement | Up to ₹1,600 croreOptional; would reduce the fresh issue |
| Listing | BSE and NSEMainboard, under Regulation 6(2), as it does not meet Regulation 6(1)(b) |
| Lead managers | 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 |
| Registrar | MUFG Intime India Private Limited |
| Promoters | Devansh Jain and Avarna Jain |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 143 to 144)| Object | ₹ crore | Share of fresh issue |
|---|---|---|
| Repaying or prepaying certain borrowings | 6,000.00 | 75.0% |
| General corporate purposes (set later, up to 25% of the fresh issue) |
Each object's share of the ₹8,000 crore fresh issue, shown in the table, is our calculation. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling promoter, not the company.
Financials
DRHP, Summary Financial Information (p. 103 to 105) and Basis for the Offer Price, KPIs (p. 174 to 177), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 39.40 | 47.24 | 178.13 |
| EBITDA | 35.01 | 35.91 | 32.25 |
| EBITDA margin | 88.87% | 76.00% | 18.11% |
| Profit after tax | 2.56 | 1.56 | 30.98 |
| Diluted EPS (₹) | 0.03 | 0.02 | 0.28 |
| Total equity | 51.29 | 481.20 | 3,267.69 |
| Cash from operations | 20.90 | 28.62 | -52.11 |
| Return on net worth | 4.99% | 0.32% | 1.33% |
| Gross debt to equity | 4.57 | 0.73 | 2.32 |
| Operational power capacity (GW) | 0.05 | 0.11 | 1.04 |
Restated consolidated figures. Total income in FY26 was ₹361.42 crore, about twice revenue from operations. The company grew mainly through acquisitions in FY26.
Listed peers named in the draft
DRHP, Basis for the Offer Price (p. 176). Peer prices as of 24 Sep 2026 on NSE, and NASDAQ for US companies converted to ₹ by the DRHP.P/E is on diluted EPS. US peers are on a calendar year basis. The P/E for Inox Clean is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Inox Clean Energy (FY26) | 0.28 | Set with the price band | 1.33% |
| ACME Solar Holdings | 8.16 | 54.74x | 9.86% |
| Adani Green Energy | 9.65 | 132.66x | 8.27% |
| NTPC Green Energy | 0.62 | 153.92x | 2.76% |
| Waaree Energies | 128.84 | 19.27x | 25.71% |
| Premier Energies | 33.63 | 26.71x | 35.05% |
| Emmvee Photovoltaic Power | 17.17 | 18.50x | 29.27% |
| Clean Max Enviro Energy Solutions | 8.96 | 154.60x | 2.03% |
| JSW Energy | 12.74 | 40.04x | 7.28% |
| First Solar | 1,238.63 | 12.12x | 16.02% |
| Canadian Solar | -217.92 | -4.38x | -3.71% |
Risks the draft lists first
DRHP, Risk Factors (p. 30 to 36)- Short track recordIt is new to solar and hybrid power generation and large-scale solar manufacturing, and must integrate recent acquisitions. (Risk factor 1, p. 30)
- Acquisition-led growthGrowth through acquisitions and joint ventures brings integration, execution and regulatory risks. (Risk factor 2, p. 32)
- SEBI querySEBI has sought information from its former parent Inox Green Energy Services about selling its stake in the company. (Risk factor 3, p. 33)
- Windworld dealThe planned Windworld acquisition may not close on time or on the expected terms. (Risk factor 4, p. 34)
- Athena dealThe planned acquisition of a stake in Actis GreenGen may not close on time or on the expected terms. (Risk factor 5, p. 35)
- Few buyersTop power buyers gave 82.43% of FY26 revenue from selling renewable energy. (Risk factor 6, p. 36)
Documents
Inox Clean Energy DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Inox Clean Energy IPO FAQs
When will the Inox Clean Energy IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 36 days ago (our calculation).
Has SEBI approved the Inox Clean Energy IPO?
SEBI has kept the issue of its observations in abeyance. Its report does not give the reason. Source: SEBI processing status as on 30 October 2026.
What is the Inox Clean Energy IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Inox Clean Energy IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Inox Clean Energy IPO?
Nuvama Wealth Management Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will Inox Clean Energy do with the IPO money?
According to the DRHP, the fresh issue money goes to repaying or prepaying certain borrowings (₹6,000.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does Inox Clean Energy do?
Inox Clean Energy is a renewable energy company with two businesses: it generates and sells solar, wind and hybrid power as an independent power producer, and it makes solar PV modules and cells in India and the United States. It is part of the INOXGFL group.
Where can I read the Inox Clean Energy DRHP?
On SEBI's website, where the draft red herring prospectus was published on 5 October 2026. The draft is dated 29 September 2026 and runs to 946 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 29 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.