By Nidhi Dua
Incorporated in 1920 as a paper and newsprint trading business, the INOXGFL Group has steadily evolved and diversified over the past century. Today, the group operates primarily across two core verticals: renewable energy and chemicals. The company’s operations across these verticals are driven by nine companies. The renewable energy vertical comprises Inox Wind Limited, Inox Green Energy Services Limited, Inox Renewable Solutions Limited, Inox Clean Energy Private Limited, Inox Neo Energies Private Limited and Inox Solar Private Limited. The chemicals vertical includes Gujarat Fluorochemicals Limited (GFL), GFCL EV Products Limited and GFCL Solar & Green Hydrogen Products Limited.
A look at INOXGFL’s clean energy portfolio, recent developments, stock market performance and long-term growth strategy within India’s evolving energy transition landscape…
INOXGFL’s renewable energy vertical: Focus on generation, manufacturing, EPC and O&M
The renewable energy vertical of the INOXGFL Group is structured as an integrated platform, with specialised companies operating across the renewable energy value chain, from equipment manufacturing and project execution to operations and maintenance (O&M) and independent power production.
Inox Wind Limited
Inox Wind Limited (IWL) anchors the group’s wind manufacturing business. According to the company’s website, accessed on February 11, 2026, Inox Wind has four manufacturing units and a cumulative manufacturing capacity of 1.5 GW. It has installed over 1,500 wind turbines, with an installed capacity exceeding 3.1 GW. It manufactures key components of wind turbine generators (WTGs) in house.
Further expanding its manufacturing presence, in October 2025, IWL announced plans to invest Rs 4 billion to establish a wind turbine blade manufacturing unit in Karnataka. The project entails an initial outlay of Rs 3 billion for setting up the blade manufacturing facility. It also involves an additional Rs 1 billion investment for a wind tower fabrication unit.
IWL has two subsidiaries – Inox Green Energy Services Limited and Inox Renewable Solutions Limited – which extend the group’s presence across O&M and renewable project solutions.
Inox Green Energy Services and Inox Renewable Solutions
Inox Green Energy Services provides long-term O&M services for wind farm projects, including services for WTGs and common infrastructure that supports power evacuation from these projects. According to the company’s website, it operates a renewable O&M portfolio of over 13 GW across 12 states in India, including 11 GW of wind O&M assets. Its wind O&M business is present in eight states: Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. Additionally, the company has a solar O&M presence across 10 states: Uttar Pradesh, Uttarakhand, Delhi, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Telangana,
Karnataka and Tamil Nadu. In February 2026, Inox Green announced that it will acquire Wind World’s India O&M business which has a combined capacity of 4.5 GW.
Meanwhile, Inox Renewable Solutions offers end-to-end renewable project EPC services. These include resource assessment, land acquisition, infrastructure development, and installation of WTGs and modules.
Inox Clean Energy
Inox Clean Energy aims to build an integrated renewable energy ecosystem, with a focus on manufacturing solar modules and cells and building captive hybrid renewable power generation capacities. The company undertook inorganic expansion in December 2025, wherein it entered into definitive agreements with Macquarie Corporate Holdings and other shareholders to acquire Vibrant Energy. Vibrant has a total portfolio of 1,337 MW, with around 800 MW already operational. The assets are spread across Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh, and are backed by long-term power purchase agreements (PPAs) with commercial and industrial (C&I) customers.
Inox Clean Energy is the holding company of Inox Solar Energy and Inox Neo Energies Limited.
Inox Solar Energy
Inox Solar aims to become a fully integrated solar solutions provider, covering manufacturing, EPC and post-commissioning O&M. The company plans to scale rapidly over the next two years, targeting 4.8 GW of solar module capacity and 2.4 GW of solar cell capacity across facilities in Gujarat and Odisha.
As part of its capacity expansion strategy, in April 2025, Inox Solar received land allotment from the Odisha government in Dhenkanal district for establishing a 4.8 GW solar cell and 4.8 GW solar module manufacturing plant. The estimated investment for this facility is Rs 40 billion and is expected to generate over 3,400 jobs.
Furthermore, to strengthen its manufacturing presence, Inox Solar commenced production in September 2025 at its solar module manufacturing facility in Ahmedabad, Gujarat. The plant has a total planned capacity of 3 GW and has begun operations with the first phase of 1.2 GW. The second phase, which will add 1.8 GW, is currently under development. The facility produces advanced N-type TOPCon solar modules built with M10, G12R and G12 solar cells.
Inox Neo Energies
Inox Neo Energies Limited is the renewable energy independent power producer (IPP) platform of the INOXGFL Group. It is targeting at least 3 GW of installed hybrid renewable energy capacity within the next two to three years. The power generated from these projects will be sold to other INOXGFL Group companies, third-party customers as well as on the power exchanges.
To accelerate scale-up, the company has relied on inorganic growth through acquisitions in the past year. In June 2025, Inox Neo Energies acquired Skypower Solar India Private Limited, which owns a 50 MWac/57.5 MWdc operational solar project in Khandwa, Madhya Pradesh, at an enterprise value of around Rs 2.65 billion.
This was followed by the execution of definitive agreements by the company in September 2025 to acquire 640 MW of wind-solar hybrid projects from Evergreen Power Mauritius and Evergreen Renewables. The portfolio comprises five projects located in Maharashtra, contracted under hybrid tenders awarded by SJVN (120 MW) and NTPC (520 MW).
In January 2026, Inox Neo Energies carried out another acquisition, involving approximately 250 MWp of operational solar capacity from SunSource Energy Private Limited. The company is also in the process of acquiring an additional 50 MWp, subject to regulatory approvals. These assets are located across 13 states and supply power to multiple C&I customers under long-term PPAs. Furthermore, in February 2026, Inox Neo Energies announced that it will acquire Wind World India’s IPP assets which have a combined capacity of 600 MW.
In contrast, organic capacity addition has been limited. In April 2025, Inox Neo Energies won 50 MW under GUVNL’s 250 MW wind power auction (Phase IX) at a tariff of Rs 3.66 per kWh using the bucket-filling method.
INOXGFL’s chemicals vertical: Expanding the group’s presence across energy storage and green hydrogen
INOXGFL’s chemical vertical forms a critical pillar of its broader clean energy strategy, providing advanced materials, which enable electric mobility, battery storage, solar manufacturing and green hydrogen technologies.
GFCL EV Products Limited and GFCL Solar & Green Hydrogen Products Limited
GFCL EV Products operates as a battery materials subsidiary of GFL. It caters to the EV and energy storage system (ESS) ecosystem by manufacturing critical materials such as battery salts, electrolyte additives, electrolytes, cathode active materials and cathode binders. These components are essential for lithium-ion battery performance, safety and efficiency.
In December 2025, GFCL EV Products secured an investment of around Rs 4.5 billion from the International Finance Corporation. The funding, raised through compulsorily convertible instruments, is being deployed to develop an integrated battery materials facility.
GFCL Solar & Green Hydrogen Products Limited focuses on fluoropolymer-based solutions across the entire solar and green hydrogen value chain. It offers proton exchange membranes used in electrolysers and fuel cells, which are critical for hydrogen production and utilisation.
Key recent financings
The INOXGFL Group has been actively reshaping its capital structure to support rapid scale-up across renewable power generation, manufacturing and broader energy transition businesses. It has focused on a combination of equity raises, long-tenure debt, balance-sheet clean-up measures and IPO-related actions.
A key step in this direction was taken in August 2025, when IWL redeemed Rs 5.6 billion worth of preference shares. The company fully redeemed 560 million unlisted, non-convertible, non-cumulative, participating and redeemable preference shares, each with a face value of Rs 10 and a nominal coupon of 0.01 per cent.
December 2025 marked an important capital markets milestone for Inox Clean Energy. After filing its draft red herring prospectus (DRHP) in July 2025 to raise Rs 60 billion through an initial public offering (IPO), the company raised around Rs 50 billion in a pre-IPO funding round. Subsequently, given several material developments – including portfolio expansion and inorganic growth initiatives that were not reflected in the original filing – Inox Clean Energy chose to temporarily withdraw its DRHP. The company has indicated plans to re-file a revised document incorporating these updates at a later stage.
In January 2026, Inox Clean Energy, along with Inox Solar, raised Rs 31 billion in equity, at a pre-money valuation of Rs 500 billion. The round attracted a mix of foreign and domestic investors, including California Public Employees’ Retirement System, SUN Group Global, Authum Investment, Akash Bhansali, family offices, and high-net-worth individuals. The proceeds are being deployed to expand capacity across the group’s renewable IPP and solar manufacturing verticals.
Also, in January 2026, Inox Clean Energy raised Rs 34 billion in long-term debt from the National Bank for Financing Infrastructure and Development. The 20-year facility, reportedly priced between 8 per cent and 8.50 per cent, is being used to refinance existing debt following the acquisition of Vibrant Energy from the Macquarie Group. The refinancing is expected to support post-acquisition balance sheet consolidation and improve long-term financial stability.
Outlook
Wind energy continues to dominate INOXGFL Group’s clean energy portfolio. Through Inox Wind, the group has built strong capabilities in wind turbine manufacturing and project execution. The group’s broader strategy of expanding into solar manufacturing (Inox Solar), EPC (Inox Renewable Solutions) and O&M (Inox Green Energy Services) further positions it to participate across the renewable value chain, reduce technology concentration risk, and tap opportunities in hybrid and multi-technology projects aligned with India’s net-zero 2070 ambition.
In the solar segment, Inox Solar signed an MoU with LONGi (H.K.) Trading Limited in October 2025 for the supply of up to 5 GW of solar modules to the Indian market over the next three years. In the wind segment, IWL secured new turbine orders totalling 229 MW in November 2025 from undisclosed customers, including a 160 MW order from an IPP comprising 112 MW of firm capacity with an option to extend by an additional 48 MW. During the same month, the company also received orders aggregating 100 MW from a green energy transition platform for its 3.3 MW turbines to be deployed in Gujarat. The momentum continued in December 2025 with another 102.3 MW order from ABREL EPC Limited, a subsidiary of Aditya Birla Renewables Limited, for projects under development in Karnataka. However, several newer verticals remain at an early stage and will require timely scale-up and operational efficiency to deliver meaningful returns. The recent setback faced by Inox Green Energy Services Limited, which lost grid connectivity for a 300 MW wind project in Gujarat after missing completion timelines and failing to achieve financial closure, highlights project execution and regulatory risks that could weigh on near-term performance.
Stock market performance of the listed renewable entities has also faced pressure. Inox Wind began 2025 trading in the Rs 170–180 zone. By March–April 2025, the company entered a sustained corrective phase, slipping below Rs 170. The downtrend continued through May–June 2025, with the stock falling to Rs 145-150 amid increased selling pressure. By November–December 2025, the stock price for Inox Wind had declined to the Rs 100–110 range. In early 2026, the stock has been consolidating near this range. Similarly, Inox Green began 2025 trading in the Rs 140–150 range. From June 2025 onwards, the stock started to slip, with the decline accelerating through August–September 2025 to reach the Rs 130-135 range. In early 2026, Inox Green has been trading within the Rs 110–120 band.
Overall, while wind remains the group’s most established strength, INOXGFL’s long-term outlook will depend on the successful execution of its expanding renewable portfolio, prudent capital deployment, and the ability to navigate regulatory and market pressures. A balanced mix of strong wind execution, gradual scale-up of newer businesses, and supportive policy and demand conditions will be critical in determining whether the group’s broader energy transition strategy translates into sustained value creation.
