INOXGFL Group

What INOXGFL Group does

INOXGFL Group is an India-based industrial conglomerate operating across two core business verticals: chemicals and renewable energy. The chemicals vertical is anchored by Gujarat Fluorochemicals Limited (GFL) — the only PTFE/fluoropolymer manufacturer in India — and its subsidiaries GFCL EV Products (battery salts, additives, electrolytes, cathode active materials and binders for lithium-ion batteries serving the EV and energy storage ecosystem) and GFCL Solar & Green Hydrogen Products (fluoropolymer solutions for the solar and green hydrogen value chain, including proton exchange membranes for electrolyzers and fuel cells). The renewable energy vertical spans wind turbine nacelle and hub manufacturing (Inox Wind, 2.5 GW annual capacity, with TUV SUD Type Certification on 3 MW turbines), solar cell and module manufacturing (Inox Solar — N-type TOPCon modules at a 3 GW Bavla plant, scaling toward 11 GW module / 8 GW cell capacity by FY27), a Boviet Solar-acquired US manufacturing platform (TOPCon, 3 GW modules plus 3 GW cells under binding agreement), EPC services (Inox Renewable Solutions), independent power generation (Inox Neo Energies, targeting 10 GW installed renewable capacity by FY28), and operations and maintenance (Inox Green, ~13.3 GWp portfolio after the Wind World India acquisition — India's largest renewable O&M company). The group operates across 16+ countries with 6,400+ employees and three listed entities (GFL, Inox Wind, Inox Green) on Indian stock exchanges, alongside the unlisted renewables platform Inox Clean Energy.

The group's revenue model is a mix of one-time hardware sales (wind turbines and solar modules to utilities, IPPs and C&I customers via competitive bidding and direct negotiations), recurring IPP revenue through long-term power purchase agreements (PPAs) with state discoms and SECI, multi-year O&M managed-service contracts, and product sales of fluoropolymers, refrigerants and specialty chemicals through a global distribution network. Distribution is enterprise-led: direct B2B field sales targeting large utilities, state governments and independent power producers, supplemented by reverse auctions via SECI, NTPC Renewable and state-level procurement. The pricing model is quote-based and not publicly disclosed.

Strategically, INOXGFL is executing an aggressive build-out of a vertically integrated renewable energy platform through large-scale acquisitions (Vena Energy India 6 GW, Boviet Solar US $750M, SkyPower MENA, Vibrant Energy, Wind World India, SunSource Energy), ₹17,000 crore of state government MoUs signed at WEF Davos in January 2026, an IFC-backed battery materials facility, and marquee financial investor participation (CalPERS, SUN Group Global) at a ₹50,000 crore pre-money valuation for Inox Clean Energy. The group is publicly positioning Inox Clean Energy for an IPO by FY2027, with management projecting ₹30,000 crore of consolidated renewables revenue and ₹5,000–12,000 crore of EBITDA by FY27–FY28. The family-controlled conglomerate is led by Chairman Vivek Jain and Executive Director Devansh Jain following the December 2025 passing of founder Devendra Kumar Jain.

Name

INOXGFL Group

Legal name

INOXGFL Group

Website

https://inoxgfl.com

Company type

Public

Founded year

1920

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

INOXGFL Group is an India-based industrial conglomerate operating across chemicals (fluoropolymers, fluorochemicals, battery materials via GFL) and renewable energy (wind turbine and solar module manufacturing, IPP power generation, EPC, and O&M). It serves utilities, IPPs, and C&I customers across 16+ countries through three listed entities and the unlisted Inox Clean Energy platform.

Ownership category

akta.pro rank

Product category

Industrial Conglomerate — Fluorochemicals and Renewable Energy Equipment Manufacturing

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Wind Electric Power Generation (221115), Chemical Manufacturing (325), Electric Power Generation, Transmission and Distribution (2211), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361)

SIC

Engines & Turbines (3510), Industrial Organic Chemicals (2860), Cogeneration Services & Small Power Producers (4991), Motors & Generators (3621)

akta.pro primary industry

Contracted Wind Power Generation (PPA/CFD/FiT-backed) (EUACAFAJ)

akta.pro secondary industries

Wind Balance-of-Plant EPC (Crane Pads, Turbine Foundations, Internal Roads) (EUAEADAI), Energy Storage Components for Renewables Manufacturing (BESS Packs, PCS, Thermal Management) (EUAMAHAI), Turbines, Generators & Hydromechanical Equipment Manufacturing (OEMs) (EUACAEAH)

Keywords

• Fluoropolymer manufacturing
• Wind turbine manufacturing
• Solar module manufacturing
• Renewable power generation
• Battery materials production

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Wind Turbine Manufacturing and Sales: Inox Wind manufactures and sells wind turbine generators (WTGs) to utilities, independent power producers, and commercial & industrial customers. Revenue is generated through one-time equipment sales with follow-on service contracts.
2. Renewable Power Generation (IPP): Inox Neo Energies operates as an Independent Power Producer (IPP) generating revenue from wind and solar power projects through long-term power purchase agreements (PPAs) with utilities, state discoms, and C&I consumers.
3. Operations & Maintenance (O&M): Inox Green Energy Services provides post-commissioning O&M services for wind and solar projects, generating recurring revenue from multi-year service contracts. The company manages approximately 13.3 GWp of renewable assets.
4. Solar Module and Cell Manufacturing: Inox Solar manufactures solar cells and modules for utility-scale solar projects, generating revenue from product sales to project developers, IPPs, and through backward integration with Inox Group's own projects.
5. Fluoropolymers and Specialty Chemicals: Gujarat Fluorochemicals Limited (GFL) produces fluoropolymers, fluorochemicals, and refrigerants for industrial applications globally, generating revenue through product sales to manufacturers in various sectors.
6. Battery Materials: GFCL EV Products manufactures intermediate materials for lithium-ion batteries serving the EV and energy storage ecosystem, including Battery Salts, Additives, Electrolytes, Cathode Active Materials, and Binders.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

INOXGFL Group manufactures fluoropolymers, fluorochemicals, and battery materials through Gujarat Fluorochemicals Limited (GFL), and produces wind turbines, solar cells and modules, renewable power, and operations & maintenance services through Inox Wind, Inox Solar, Inox Neo Energies, and Inox Green Energy Services. The group sells equipment directly to utilities, independent power producers, commercial and industrial customers, and chemicals manufacturers, and generates power as an Independent Power Producer under long-term PPAs.

Differentiator

Problem solved

Functional benefit

Brands

• Gujarat Fluorochemicals Limited (GFL): Leading Indian chemicals company specializing in fluoropolymers and fluorochemicals, the only PTFE manufacturer in India
• GFCL EV Products
• Inox Wind
• Inox Green
• Inox Renewable Solutions
• Inox Clean Energy
• Inox Solar
• Inox Neo Energies

Products and services

• Fluoropolymers (PTFE) and Fluorochemicals

Quantifiable outcome

• Inox Clean's EBITDA projected to reach ₹5,000 crore by FY27 and ₹12,000 crore by FY28
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered flagship, core, major and minor.

• Vena Energy IndiaflagshipStrategic or Co-development Partner · 4 June 2026Inox Clean Energy signed definitive agreement to acquire Vena Energy India's 6 GW renewable portfolio (1.2 GW operational, 1.8 GW near-operational, 3 GW development-stage) from BlackRock's GIP. Deal includes long-term offtake with SECI, Gujarat Urja, C&I consumers, and state discoms.
• Boviet Solar Technology LLCflagshipStrategic or Co-development Partner · 14 May 2026Inox Clean Energy acquired Boviet Solar's US assets including 3 GW operational solar module manufacturing (TOPCon) and binding agreement for 3 GW cell capacity by December 2026. Enterprise value of USD ~750 million. Positions Inox Clean as one of the largest Indian integrated renewable platforms in the US.
• Wind World IndiacoreStrategic or Co-development Partner · 19 February 2026Inox Green Energy Services acquired Wind World India's 600 MW IPP capacity and 4.5 GW O&M business through NCLT resolution process, expanding Inox Green's O&M portfolio to approximately 13.3 GWp.
• RJ CorpcoreStrategic or Co-development Partner · 12 February 2026Inox Clean Energy partnered with RJ Corp in a joint venture to develop the SkyPower MENA business across multiple African economies, marking group's foray into African IPP market.
• Government of Uttar PradeshflagshipGTM or Marketing Partner · 24 January 2026INOXGFL Group signed ₹10,500 crore MoU with UP government at WEF Davos for 2 GW solar projects and 3 GW solar module manufacturing facility, part of ₹17,000 crore total state commitments.
• Government of AssammajorGTM or Marketing Partner · 24 January 2026INOXGFL Group signed MoU with Assam government as part of ₹17,000 crore renewable energy investment commitment at WEF Davos.
• Government of KeralamajorGTM or Marketing Partner · 24 January 2026INOXGFL Group signed MoU with Kerala government as part of ₹17,000 crore renewable energy investment commitment at WEF Davos.
• Government of KarnatakamajorGTM or Marketing Partner · 24 January 2026INOXGFL committed ₹400 crore additional investment in Karnataka for wind tower manufacturing facility, having already invested ₹10,000 crore in the state.
• SHV Energy / SunSource EnergycoreStrategic or Co-development Partner · 6 January 2026Dutch energy company SHV Energy agreed to sell its approximately 290 MW Indian solar portfolio housed under SunSource Energy to INOXGFL Group, marking SHV's exit from India's renewable sector.
• LONGi Green EnergycoreTechnology or Integration · 29 October 2025Inox Clean Energy subsidiary signed agreement with LONGi to supply 5 GW of solar modules, ensuring supply chain for project development.
• SkyPower MENAcoreStrategic or Co-development Partner · 30 June 2025Inox Clean Energy acquired Dubai-based SkyPower MENA for solar projects across Middle East and North Africa. Transaction advised by Khaled Al-Marri & Partners, Cyril Amarchand Mangaldas, and Charles Russell Speechlys.
• Khaled Al-Marri & PartnersminorImplementation/ SI/ Consulting PartnerLegal counsel advising on SkyPower MENA acquisition in Middle East region.
• Cyril Amarchand MangaldasminorImplementation/ SI/ Consulting PartnerLegal counsel for one of the parties in SkyPower MENA acquisition transaction.
• Charles Russell SpeechlysminorImplementation/ SI/ Consulting PartnerLegal counsel for respective parties in SkyPower MENA acquisition.

Scale indicators15 records

Recent moves13 records

Expansion highlights7 records

Direct peers

• Waaree Energies: India's largest solar PV module manufacturer with multi-GW capacity serving utility-scale developers and C&I customers. Closely comparable to Inox Solar on N-type/TOPCon technology, manufacturing scale trajectory, and Indian utility-scale customer overlap.
• Suzlon Energy: India's largest dedicated wind turbine manufacturer with installed base across India and a growing IPP arm. Most directly comparable to Inox Wind on OEM wind turbine manufacturing and to Inox Neo Energies on Indian wind IPP — both target similar state and central utility customers with WTG sales and PPA-backed generation.
• Vikram Solar: Indian solar module manufacturer with cell and module capacity serving utility and rooftop customers. Comparable to Inox Solar on technology roadmap (TOPCon), Indian manufacturing scale, and overlap in tender-driven utility customers.
• Premier Energies: Indian solar cell and module manufacturer with multi-GW TOPCon capacity serving domestic and export markets. Closely comparable to Inox Solar on cell+module vertical integration, TOPCon technology positioning, and growth-stage capacity buildout.

Broad incumbents

• Adani Green Energy: India's largest renewable IPP with a multi-GW operating portfolio spanning solar, wind, and hybrid projects. Comparable as the dominant Indian renewable IPP competitor and as a counterparty in many of the same SECI and state discom auctions that Inox Clean targets.
• Siemens Gamesa (Siemens Energy): Global wind turbine OEM with multi-GW installations including India. Comparable to Inox Wind on WTG technology (3 MW+ class turbines), nacelle and hub manufacturing, and supply into the same Indian utility and IPP customer base, though at materially larger global scale.
• JSW Renew Energy: Renewable energy platform of the JSW Group with multi-GW wind, solar, and storage projects and an integrated OEM-to-IPP model. Comparable to Inox Clean on group-backed integration, large project pipeline, and competition for the same Indian utility and C&I customers.
• Tata Power Renewable Energy: Renewable energy arm of Tata Power with multi-GW solar, wind, and hybrid IPP assets plus project development capability. Comparable as an integrated Indian renewable platform with captive offtake advantages and a much larger balance sheet, competing for the same SECI and C&I PPAs.
• ReNew Power: One of India's largest independent renewable IPPs with utility-scale wind, solar, and hybrid assets. Comparable to Inox Neo Energies / Inox Clean on IPP scale ambitions, PPA-backed revenue, and participation in central and state renewable auctions.

Others

• LONGi Green Energy: Global solar wafer, cell, and module leader with TOPCon technology leadership. Comparable as a technology benchmark and supply partner to Inox Clean (5 GW module supply agreement) and as a competitive supplier into the same global solar value chain where Inox Solar is scaling capacity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inoxgfl-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INOXGFL Group