Inox Clean Energy Limited
- Unlisted share
- Energy & Power
- ISIN INE0H7K01023
At a glance
Sales
FY26
₹178 Cr
+277%on FY25What the company earned from its customers in the year.
Profit
FY26
₹30.98 Cr
+1891%on FY25What was left after every cost and tax was paid.
Market valuecalculated
₹73,520 Cr
What the whole company would be worth at GrowFast's indicative price.
Net worth
FY26
₹3,268 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Inox Clean Energy Limited
- ISIN
- INE0H7K01023
- Sector
- Energy & Power
- Type of share
- Unlisted equity share
- Indicative price per share
- ₹777.15
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Inox Clean Energy Limited
Inox Clean Energy is the renewable-power arm of the INOXGFL group. It builds and owns wind, solar and hybrid power plants that sell electricity under long-term contracts, and makes solar cells and modules through its subsidiary Inox Solar. Its promoters are Devansh Jain and Avarna Jain, who together hold about 92% on a fully diluted basis.
Written from: sebi.gov.in, careratings.com
Listing status. DRHP dated 29 September 2026 filed with SEBI for an IPO of up to ₹10,000 crore on BSE and NSE: fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore. Not listed as of 6 October 2026. SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Energy & Power
- ISIN
- INE0H7K01023
- Year of incorporation
- 2017
- Corporate office
- Noida, Uttar Pradesh (registered office in Vadodara, Gujarat)
- Promoters
- Devansh Jain and Avarna Jain (INOXGFL group)
- Key people
- Chief Executive Officer and Whole-time Director: Bharat Nareshkumar Saxena; Chief Financial Officer: Sukant Gupta
- Permanent employees
- 401 people
- Face value per share
- ₹1
- Equity shares outstanding
- 94,60,26,044 shares
- CIN
- U40300GJ2017PLC099852
- Website
- inoxclean.com
Read from: SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Price to earnings (P/E)calculated
2,775.5×
At this price you pay ₹2,775.5 for every ₹1 of profit the company made in the year.
Price to book (P/B)calculated
22.5×
At this price you pay ₹22.5 for every ₹1 of net worth on the company's books.
Profit margincalculated
17.4%
Out of every ₹100 of sales, ₹17.4 was left as profit.
Return on equitycalculated
0.9%
For every ₹100 of the owners' money, the company made ₹0.9 of profit in the year.
- Indicative price
- ₹777.15
- Market valuecalculated
- ₹73,520 Cr
- price × shares
- No. of shares
- 94,60,26,044
- EPS
- ₹0.28
- Book value per share
- ₹34.54
- Face value
- ₹1
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Inox Clean Energy Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹39.4 Cr to ₹178 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹2.56 Cr to ₹30.98 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | 39.4 | 47.24 | 178.13▲277% |
| Other income | 0.11 | 9.52 | 183.29▲1825% |
| Total income | 39.51 | 56.77 | 361.42▲537% |
| Depreciation and amortisation expense | 11.71 | 13.79 | 65.08▲372% |
| Finance costs | 20.42 | 29.31 | 155.28▲430% |
| Restated profit before tax | 3 | 2.37 | 45.39▲1817% |
| Restated profit for the year | 2.56 | 1.56 | 30.98▲1891% |
| Basic earnings per share (face value ₹1) (₹) | 0.03 | 0.02 | 0.28▲1300% |
Rupees crore unless marked, standalone (restated), consolidated (restated). The change shown is the latest year against the year before. Read from: SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026.
Credit rating. CARE A-; Stable (CARE Ratings) on long-term bank facilities of ₹190 crore, assigned 26 June 2025 (26 June 2025) CARE Ratings press release, 26 June 2025
Ownership
Shareholding pattern
Who owns the company
As of 29 September 2026 (pre-offer, fully diluted)
91.7%Promoter: Devansh Jain (held jointly with Avarna Jain)
- Largest holder
- 91.7%
- Top 3 together
- 94.2%
- Holders named
- 4
- Promoter: Devansh Jain (held jointly with Avarna Jain)91.65%
- Skypower Southeast Asia Holdings 2 Limited1.42%
- Authum Investment and Infrastructure Limited1.17%
- Momentum Capedge Limited (through convertible debentures)1.01%
- Total95.25%
Read from: SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 22 Sept 20264,000,000 shares of ₹1 each allotted to Actis Infrastructure India PCC Limited at ₹750 per share. | Private placement | Equity shares | ₹750 | Not stated |
| 1 Jul 20269,333,333 shares allotted to Rising Sun Holdings Private Limited at ₹750 per share. | Private placement | Equity shares | ₹750 | Not stated |
| 31 Dec 20251,506,351 shares allotted to five investors at ₹551 per share; on the same day 13,956,656 shares were issued at ₹551 to Skypower Southeast Asia Holdings 2 Ltd as part payment for a joint-venture stake (not for cash). | Private placement | Equity shares | ₹551 | Not stated |
| 26 Dec 20259,074,410 shares allotted to Authum Investment and Infrastructure Limited at ₹551 per share. | Private placement | Equity shares | ₹551 | Not stated |
| 29 Mar 202590,090 shares allotted to one investor at ₹111 per share. | Private placement | Equity shares | ₹111 | Not stated |
| 17 Dec 20243,110,252 shares allotted to twelve investors at ₹111 per share. | Private placement | Equity shares | ₹111 | Not stated |
| 6 Dec 20244,954,952 shares allotted to five investors at ₹111 per share, the first outside money after the split to ₹1 face value. | Private placement | Equity shares | ₹111 | Not stated |
Read from: SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026
Leadership
Management
Bharat Nareshkumar Saxena
Chief Executive Officer and Whole-time Director
Sukant Gupta
Chief Financial Officer
Tarun Kumar
Company Secretary and Compliance Officer
Devansh Jain
Non-Executive Director
Akhil Jindal
Non-Executive Director
Bindu Saxena
Independent Director
Sunil Jain
Independent Director
Anas Rahman Junaid
Independent Director
Read from: SEBI: Inox Clean Energy Limited draft red herring prospectus dated 29 September 2026
Corporate calendar
Events
- 29 Sept 2026DRHP filingDraft red herring prospectus filed with SEBI for an IPO of up to ₹10,000 croreOpen
- 22 Sept 2026Share issuePrivate placement of 40 lakh shares to Actis Infrastructure India at ₹750 eachOpen
- 31 Dec 2025AcquisitionAgreement to buy a stake in Skypower Services MENA Limited, paid partly in sharesOpen
- 26 Jun 2025Credit ratingCARE Ratings assigned CARE A-; Stable to ₹190 crore of long-term bank facilitiesOpen
- 9 Apr 2025ConversionFresh certificate of incorporation issued on conversion to a public limited companyOpen
- 3 Jan 2025Name changeRenamed from Nani Virani Wind Energy Private Limited to Inox Clean Energy Private LimitedOpen
- 29 Nov 2024SplitEach ₹10 share sub-divided into ten ₹1 sharesOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Inox Clean Energy Limited on WhatsAppIs the price shown for Inox Clean Energy Limited final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Inox Clean Energy Limited shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Inox Clean Energy Limited shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Inox Clean Energy Limited. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.