For years, only private equity funds, venture capitalists, and a limited number of well-networked investors could invest in a company prior to its public offering. That is about to change. The IPO pipeline in India is full with several marquee names set to list in the coming years, and more retail and HNI investors are asking the same question: how to buy pre-IPO shares in India without going through a broker's inner circle or waiting for an allotment lottery. This guide will lead you through the complete process, covering what pre-IPO shares are, the platforms where they can be purchased, the necessary paperwork to complete, and the risks that often remain unmentioned.<h2 style="line-height: 1.38;text-align: justify">What are pre-IPO shares specifically?</h2>Pre-IPO shares signify a stake in a firm that has not yet become publicly traded. These shares are usually owned by initial investors, staff (ESOPs), founders, or institutional stakeholders and are often up for sale before the company goes public. When you buy these shares, you are betting on the company's future listing price. The allure is the difference between what you're paying now and what the stock could be worth after the IPO. Of course it can work against you also if the company delays its listing, the markets turn bearish, or the IPO simply doesn’t perform as hoped. Quick Answer: How to buy pre-IPO shares in India? In order to buy shares before an IPO in India, open a demat account, register with a SEBI-compliant unlisted shares platform or broking desk, do KYC registration, and then put an order for shares of a company that has not yet listed. Payment will be made through an escrow account. Shares are credited to your demat account as an off-market transfer. The shares are locked until the company has had its IPO and the holding is tradable on the exchange.<h2 style="line-height: 1.38;text-align: justify">Why 2026 Is Drawing Attention to Pre-IPO Investing</h2>India’s primary market has been seeing a steady stream of large and mid-sized firms lining up for public listings. The market for unlisted shares has grown with it, with more platforms and better KYC infrastructure coming into the space. Now more investors know how to invest in pre-IPO shares in 2026 as part of a diversified strategy, not just a wild bet.That said, easier access doesn't mean less risk. Today, due diligence is as essential as it was when this market was a niche one.&nbsp;<h2 style="line-height: 1.38;text-align: justify">Step-by-Step Instructions: Acquiring Pre-IPO Shares in India.</h2>Here’s the typical process that many investors adhere to when purchasing pre-IPO shares in India:<h3 style="line-height: 1.38;text-align: justify">Step 1: Grasp the Fundamentals of Eligibility and Regulations</h3>In contrast to listed shares, pre-IPO or unlisted shares are exchanged over-the-counter (OTC). SEBI does not oversee this market as it does with stock exchanges, resulting in the absence of a centralized price discovery system. Prices are largely set by demand, supply, and negotiation between buyers and sellers or intermediaries. Most platforms require investors to be Indian residents with a valid PAN card, a bank account, and, most importantly, a demat account. There's generally no minimum net worth requirement like there is for some AIF or PMS products, which is part of why this segment has opened up to a broader investor base.<h3 style="line-height: 1.38;text-align: justify">Step 2: Open or Activate Your Demat Account</h3>This is non-negotiable. A pre-IPO shares demat account is where your purchased shares will be credited and held until the company lists and the shares become tradable on the exchange. If you already invest in listed equities, your existing demat account usually works; you don't need a separate one specifically for unlisted shares. A few things to check before proceeding: <ul><li style="font-size:16px;color:#000000;background-color:transparent">Your demat account should be active and KYC-compliant </li><li style="font-size:16px;color:#000000;background-color:transparent">Some depository participants (DPs) charge a small fee for crediting unlisted shares </li><li style="font-size:16px;color:#000000;background-color:transparent">Transfer timelines for unlisted shares can take longer than listed equity transfers, sometimes T+1 working days depending on the DP</li></ul><h3 style="line-height: 1.38;text-align: justify">Step 3: Identify Where to Buy Pre-IPO Shares in India</h3>This is usually where first-time investors get stuck. Unlike listed stocks, you can't simply place an order on Zerodha or Groww and expect it to execute instantly. So where to buy pre-IPO shares in India comes down to a few established routes: 1. Dedicated unlisted share platforms: Several online platforms specialize in connecting buyers and sellers of pre-IPO and unlisted company shares. These platforms provide indicative prices, facilitate KYC, and handle the entire share transfer process. 2. Full-service brokerages with unlisted desks: Several full-service brokerages now have separate desks for unlisted shares, often catering to existing clients who already have a relationship and a demat account with the firm. 3. Wealth management and PMS/AIF routes: Some portfolio management services and Category II AIFs include pre-IPO allocations in their overall strategy, which can provide a more structured way to gain exposure without having to negotiate individual share purchases. 4. Employee or insider sellers (via intermediaries): A portion of the unlisted market is made up of ESOP shares sold by pre-IPO company employees, which are typically routed through brokers or platforms rather than directly between peers.<h3 style="line-height: 1.38;text-align: justify">Step 4: The Actual Process Ahead</h3>Once you've picked a platform or broker, the process to buy pre-IPO shares online in India generally follows this sequence: Register and complete KYC; upload PAN, Aadhaar, bank details, demat account information, and the CMR Report. Browse available platforms that display a list of unlisted companies with indicative price ranges per share, updated periodically. Place your order by specifying the company, number of shares, and price you are willing to pay. Some platforms provide fixed pricing, whereas others use a quote-and-negotiate model. Make the payment: The money is usually transferred through NEFT/RTGS to an escrow or designated account and not directly to the seller. Share transfer to demat: Once payment is confirmed, the seller initiates the transfer, and shares are credited to your demat account via an off-market transfer. Hold until listing: The shares remain in your demat account as unlisted holdings until the company completes its IPO, after which they convert to tradeable listed shares (subject to any lock-in period for pre-IPO investors).<h3 style="line-height: 1.38;text-align: justify">Step 5: Factor in Taxation and Holding Period Rules</h3>Unlisted shares are taxed differently from listed equity. If you sell unlisted shares within 24 months of purchase, then the gains will be considered short-term capital gains and taxed at the applicable income tax slab rate. Long-term capital gains are gains held for more than 24 months and are taxed at 12.5% with indexation benefits on the cost of acquisition. This is an important distinction because the favorable LTCG treatment that listed equity enjoys doesn't automatically apply here; the holding period and tax math work differently, and it's worth running the numbers before committing capital.<h2 style="line-height: 1.38;text-align: justify">A Practical Checklist Before You Invest</h2>Confirm the company's IPO is genuinely in the pipeline (DRHP filed or board approval in place), not just market speculation Compare the quoted price to the last known valuation of the company’s funding round Check out the platform’s track record, how long transfers take, and whether there are any additional fees. Keep your KYC details and Demat account updated at regular intervals. Understand the lock-in period that may apply post-listing for pre-IPO allottees This is a long-term illiquid allocation, not a short-term trade<h2 style="line-height: 1.38;text-align: justify">Final Thoughts</h2>Pre-IPO investing in India has matured significantly, and the tools for participation are far more accessible than they were just a few years ago. But being accessible does not imply being simple. In terms of process, buying unlisted shares in India is no different from any equity investment: research the company, get a sense of valuation context, check out the platform, and be honest with yourself about the holding period you’re signing up for. Think about it: pre-IPO allocations can be a big part of a long-term portfolio. If used carelessly, they can tie up capital in businesses with less certain listing timelines and fundamentals than they seemed.

Pre-IPO shares signify a stake in a firm that has not yet become publicly traded.

How to Buy Pre-IPO Shares in India: Step-by-Step Guide 2026

​<a target="_blank" href="https://www.planify.in/research-report/care-health-insurance-limited/">Care Health Insurance Limited</a>, one of India's leading standalone health insurance providers, has officially opened its much-anticipated rights issue for existing shareholders. The company is aiming to raise nearly ₹150 crore through the issuance of 93,73,326 equity shares, strengthening its capital base and supporting future growth initiatives.According to the Letter of Offer issued by the company, eligible shareholders will be able to subscribe to the rights issue in the ratio of 4 equity shares for every 425 fully paid-up equity shares held as of the record date, May 29, 2026. The issue is priced at ₹160 per share, comprising a face value of ₹10 and a premium of ₹150 per share. The total fundraising size stands at approximately ₹149.97 crore.The rights issue opened on June 17, 2026, and will remain open until June 24, 2026. Existing shareholders can apply either through the Composite Application Form (CAF) provided by the company or through the Registrar's Web-based Application Platform (R-WAP), subject to eligibility conditions.The company has stated that the primary objective of the fundraising exercise is to support future business expansion and strengthen its regulatory solvency position. In the insurance sector, maintaining adequate solvency margins is crucial for ensuring financial stability and meeting regulatory requirements set by the Insurance Regulatory and Development Authority of India (IRDAI).Industry observers believe the capital infusion could help Care Health Insurance further enhance its market presence, invest in technology-driven initiatives, expand distribution networks, and capitalize on the growing demand for health insurance products across India. The Indian health insurance market has witnessed significant growth in recent years, driven by rising healthcare costs, increased awareness about health coverage, and growing penetration in tier-2 and tier-3 cities.Shareholders who wish to participate in the rights issue are advised to carefully review the offer document, application procedures, and eligibility criteria before making an investment decision. The company has also provided facilities for renunciation and additional share applications in accordance with the terms of the issue.With the rights issue now underway, investors and market participants will closely monitor subscription levels, which could provide insights into shareholder confidence in Care Health Insurance's long-term growth prospects and strategic direction.

Care Health Insurance Opens ₹150 Crore Rights Issue for Existing Shareholders

The usual way to get on the stock market is pretty straightforward: you build a company get investment bankers file a lot of paperwork do an Initial Public Offering and wait for the market to open.. Onix Renewable Limited is doing things differently. They are using a backdoor method to get listed on the stock market. <a target="_blank" href="https://www.planify.in/research-report/onix-renewables/">Onix Renewable Limited</a> is merging with Eureka Industries, which is already listed on the stock market. This way Onix Renewable Limited can avoid all the hassle and cost of doing an Initial Public Offering. The people who already own shares of Onix Renewable Limited will get one share of the merged entity. This is a good deal for them because they will not lose any value. The people who own shares of Eureka Industries will have to give up some of their shares (only 1 of every 15 shares retained as equity, remaining 14 converted to 0.01% preference shares).&nbsp;Because Onix brings a massive 12.96 crore outstanding shares to the table compared to Eureka's modest 87.5 lakh shares, Onix's unlisted shareholders are positioned to become the dominant, controlling owners of the newly listed company. Onix Renewable Limited is in the energy business, which is really growing in India. By using this backdoor method Onix Renewable Limited can get on the stock market faster than if they did a traditional Initial Public Offering. A traditional Initial Public Offering can take a time sometimes up to a year. Onix Renewable Limited can now raise money on the stock market. The company is doing really well financially. Onix Renewable Limiteds revenue has grown from Rs 351.6 crore to Rs 1,012 crore in FY25. They are also making a lot of profit Rs 112 crore. This will help Eureka Industries, which has been struggling and it will also make Onix Renewable Limited look more credible and visible to investors.

Bypassing the IPO: The Onix Renewable x Eureka Industries Strategic Move

The Indian stock market tells only half the story. While everyone debates Nifty targets and FII flows, a parallel universe of wealth creation has been quietly building the unlisted share market.

Top 10 Unlisted Shares to Buy in 2026

<ul><li>Financial Performance (FY26 vs FY25):&nbsp;<a target="_blank" href="https://www.planify.in/research-report/icl-fincorp/">ICL Fincorp</a> reported steady growth in FY26, with total income rising to approximately&nbsp;₹243.7 crore&nbsp;from&nbsp;₹191.7 crore&nbsp;in FY25, driven by expansion in its lending book and operating income. Profit before tax increased to&nbsp;₹6.6 crore&nbsp;from&nbsp;₹5.1 crore, while profit after tax improved to&nbsp;₹4.3 crore&nbsp;from&nbsp;₹2.4 crore, reflecting stronger profitability and scale benefits. The year-on-year growth was approximately 27.1%&nbsp;in total income,&nbsp;29.4%&nbsp;in PBT, and&nbsp;79.2%&nbsp;in PAT, showing a meaningful improvement in earnings momentum. The company’s performance was supported by higher lending activity, disciplined cost management, and continued expansion across its financing business.</li><li>Operational Metrics (FY26 vs FY25):&nbsp;Operationally, ICL Fincorp expanded its loan portfolio to approximately&nbsp;₹957.50 crore&nbsp;in FY26 from&nbsp;₹657.33 crore&nbsp;in FY25, a rise of about&nbsp;45.7%, indicating strong credit demand and business growth. Total assets increased to&nbsp;₹1,214.7 crore&nbsp;from&nbsp;₹852.91 crore, reflecting the larger balance sheet and scaling of the lending franchise. Finance costs increased to&nbsp;₹101.24 crore&nbsp;from&nbsp;₹71.75 crore, while impairment on financial instruments was&nbsp;₹1.75&nbsp; crore&nbsp;versus&nbsp;₹1.7 crore&nbsp;in FY25. The company continued to fund growth through a diversified liability mix including debt securities, borrowings, subordinated liabilities, and equity support.<a rel="noopener" target="_blank" href="https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/1397175578/cb119c9d-f1b7-4bc3-86ad-36cdf9734d7e/event-1780563864.pdf?AWSAccessKeyId=ASIA2F3EMEYEVDQGFBUX&amp;Signature=odEkRW%2BCY6ku8SHxTjAHoUmgBD8%3D&amp;x-amz-security-token=IQoJb3JpZ2luX2VjEJD%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCXVzLWVhc3QtMSJGMEQCIGLWmJL17AVCbv9CBT0u4vR9xiuCC5Ynef8MG2nNr24FAiAmc21%2Bv5iWebjzE52CEx5eAuBMYsnsajYsBbvQ1bPRNSrzBAhYEAEaDDY5OTc1MzMwOTcwNSIMX40vc8jx2lO2s0xSKtAEwWtByw3VR3U3jrGFOJa23X8Tcm%2BWvtwkD13yG%2Bd3CnBGYSVpeaH3L%2Fl3n%2F8LXMcK497pij089w26MLMmJjMK2lbceCZ1RcfMYYufpVVOC2a72fXk8HJm3P4sne40fvo93eogjslu0GjdA%2BT%2Fq6ZX4x5r7BfXiOlTUh3CSuonDVzQ%2B85CWOmcm2T1KMC3m7gHJL%2BvkeABM3DmLy6EJvX310RaRdHxM0KasrY3c%2FYLL7roC0OY6N2uH2ABhzyRdOKsBiD6tjSvmWqnaLakdE2s5o6VtCsnWUMqM0DC1xHVpVZelzOL2uNiLNSUi3b41C49aS9jXn0LH95rKYU6CMbIv%2BAp5oRGXFTRJ1wmv02mNyefnGemUpg1xKBUf65PCn2hVeRJ09iYMw4Yqs8qziSdrAnE28LmwB%2FuBK31cpTiEG2J4gTcFA6H04bOM3qf78mXFmlyxyLllptv%2BqHRATqc%2Bc2uoVciDADvxBOUL2asy1ITKgjniWIiIwNpS%2BrORTUafSunuXy200VYHlq%2Bi7xkCwb1gxzPAx5VKJh58IJHzjOQkNlRNLaMRIxbMpelsQEtdJsSQaEGvF0nO4VZagFWUnm1GsmIlfmV4xOw73l1duSwWsbglycSTu10A%2B%2B21jtZfLKtlNkpM5R7PrzmjT%2F5dfFGbfFB8voZleU%2FtUIos%2Bx0ii%2BtEQK3S98pPDe%2Fye60NUh6RfxJe1L0mP9n2Nc4OAU2xkr0kMjzIrM8qmebRia%2BUBxEbCSmelb1U%2BgFC%2B%2FXYVGF0PVi3tPZZcQdKFuv9TD6y77RBjqZAYTUOJmm8m0KIsitXjDHndFusV6740%2BHpPYAh52gvpxw3ml4wC8Do63Kg3aIa7uhZwBY1mslog2H7jjC2nLLCaRqTunr3NlirATqNgpEpEcIuFx%2FyMvSt4qg6rD9FWdDwfs2O8JwgRVRhvzW47L2twVPtswaQZvQXW0OhVZLlmFAawPjgFzmB%2F4v4uWMVgr2h7JM%2BUZ30XhE1w%3D%3D&amp;Expires=1781511117"></a></li><li>Key Ratios (FY26):Valuation, profitability, and asset-quality indicators remained broadly stable in FY26. The&nbsp;Debt-Equity Ratio&nbsp;stood at&nbsp;5.88x, while the&nbsp;Total Debt to Total Assets&nbsp;ratio was&nbsp;0.79x. Asset quality remained controlled, with&nbsp;Stage 3 Loan Assets to Gross Loan Assets at 0.56%,&nbsp;Net Stage 3 Loan Assets to Gross Loan Assets at 0.49%, and&nbsp;Provision Coverage Ratio at 12.53%. Capitalization remained healthy, with&nbsp;Capital Adequacy Ratio at 19.84%, and profitability metrics showed a&nbsp;Net Profit Margin of 1.3%&nbsp;and&nbsp;Earnings Per Share of ₹0.69.<a rel="noopener" target="_blank" href="https://ppl-ai-file-upload.s3.amazonaws.com/web/direct-files/attachments/1397175578/cb119c9d-f1b7-4bc3-86ad-36cdf9734d7e/event-1780563864.pdf?AWSAccessKeyId=ASIA2F3EMEYEVDQGFBUX&amp;Signature=odEkRW%2BCY6ku8SHxTjAHoUmgBD8%3D&amp;x-amz-security-token=IQoJb3JpZ2luX2VjEJD%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCXVzLWVhc3QtMSJGMEQCIGLWmJL17AVCbv9CBT0u4vR9xiuCC5Ynef8MG2nNr24FAiAmc21%2Bv5iWebjzE52CEx5eAuBMYsnsajYsBbvQ1bPRNSrzBAhYEAEaDDY5OTc1MzMwOTcwNSIMX40vc8jx2lO2s0xSKtAEwWtByw3VR3U3jrGFOJa23X8Tcm%2BWvtwkD13yG%2Bd3CnBGYSVpeaH3L%2Fl3n%2F8LXMcK497pij089w26MLMmJjMK2lbceCZ1RcfMYYufpVVOC2a72fXk8HJm3P4sne40fvo93eogjslu0GjdA%2BT%2Fq6ZX4x5r7BfXiOlTUh3CSuonDVzQ%2B85CWOmcm2T1KMC3m7gHJL%2BvkeABM3DmLy6EJvX310RaRdHxM0KasrY3c%2FYLL7roC0OY6N2uH2ABhzyRdOKsBiD6tjSvmWqnaLakdE2s5o6VtCsnWUMqM0DC1xHVpVZelzOL2uNiLNSUi3b41C49aS9jXn0LH95rKYU6CMbIv%2BAp5oRGXFTRJ1wmv02mNyefnGemUpg1xKBUf65PCn2hVeRJ09iYMw4Yqs8qziSdrAnE28LmwB%2FuBK31cpTiEG2J4gTcFA6H04bOM3qf78mXFmlyxyLllptv%2BqHRATqc%2Bc2uoVciDADvxBOUL2asy1ITKgjniWIiIwNpS%2BrORTUafSunuXy200VYHlq%2Bi7xkCwb1gxzPAx5VKJh58IJHzjOQkNlRNLaMRIxbMpelsQEtdJsSQaEGvF0nO4VZagFWUnm1GsmIlfmV4xOw73l1duSwWsbglycSTu10A%2B%2B21jtZfLKtlNkpM5R7PrzmjT%2F5dfFGbfFB8voZleU%2FtUIos%2Bx0ii%2BtEQK3S98pPDe%2Fye60NUh6RfxJe1L0mP9n2Nc4OAU2xkr0kMjzIrM8qmebRia%2BUBxEbCSmelb1U%2BgFC%2B%2FXYVGF0PVi3tPZZcQdKFuv9TD6y77RBjqZAYTUOJmm8m0KIsitXjDHndFusV6740%2BHpPYAh52gvpxw3ml4wC8Do63Kg3aIa7uhZwBY1mslog2H7jjC2nLLCaRqTunr3NlirATqNgpEpEcIuFx%2FyMvSt4qg6rD9FWdDwfs2O8JwgRVRhvzW47L2twVPtswaQZvQXW0OhVZLlmFAawPjgFzmB%2F4v4uWMVgr2h7JM%2BUZ30XhE1w%3D%3D&amp;Expires=1781511117"></a></li><li>Strategic Developments &amp; Outlook:&nbsp;ICL Fincorp continues to operate as a financing-focused NBFC with a strong presence in retail and secured lending, supported by ongoing balance-sheet expansion and funding diversification. The company also reported strong compliance around its debt securities, with asset cover certification confirming100 security coveragefor the secured NCDs reviewed in the PDF. Going ahead, growth will likely be driven by continued loan-book expansion, better operating leverage, and improved collection efficiency, though funding costs and credit costs remain important monitoring factors. The company’s improved profitability, stronger capital position, and growing scale indicate a stable operating trajectory.</li></ul>

ICL Fincorp: FY26 Performance Review

And somewhere in that conversation, a number came up that made you do a double take. Someone bought shares at ₹80. They're now worth ₹400.

Unlisted shares vs listed shares: key differences, risks & returns

Financial Performance (FY26 vs FY25): ​<a target="_blank" href="https://www.planify.in/research-report/frick-india-limited/">Frick India Limited</a> reported a mixed financial performance in FY26, with Total Income increasing 8.6% year-on-year (YoY) to ₹486.20 crore, compared to ₹447.63 crore in FY25. The growth in revenue reflects an expansion in operations, with revenue from operations rising to ₹476.53 crore from ₹436.94 crore in the previous fiscal year. Profitability, however, declined on a YoY basis primarily due to compressed margins and an elevated cost environment. Profit Before Tax (PBT) stood at ₹26 crore, compared to ₹46 crore in FY25, while Profit After Tax (PAT) came in at ₹19 crore, down from ₹34 crore in the corresponding year last year. The standalone performance in FY26 was also impacted by a non-recurring exceptional charge of approximately ₹3.22 crore relating to past service costs for statutory gratuity and compensated absences arising from newly notified labor codes. Operational Metrics (FY26 vs FY25): The company’s operational performance remained resilient, with its primary operations continuing to drive the majority of revenues. Revenue from operations stood at ₹476.53 crore in FY26, compared to ₹436.94 crore in FY25, reflecting a steady growth in transaction-related income. Segment-wise, the company operates as a single primary business segment viz. manufacture, supply and execution of Industrial Refrigeration and Air conditioning systems. Core sales and operations generated ₹476.53 crore, compared to ₹436.94 crore in FY25. Other income contributed ₹9.67 crore, slightly down from ₹10.68 crore in the previous year. Despite the increase in revenue, the company witnessed a significant expansion in total expenses, which rose to ₹455.73 crore, compared to ₹401.44 crore in the corresponding year last year. This was driven heavily by increased material consumption, as the cost of materials consumed expanded to ₹355.77 crore from ₹287.66 crore. Employee benefit expenses also climbed moderately to ₹68.53 crore from ₹63.27 crore. Strategic Developments &amp; Outlook: Frick India Limited continues to position itself to benefit from structural growth in industrial infrastructure and manufacturing. The company's core refrigeration portfolio provides cross-market scale and business model resilience. Looking ahead, a major milestone includes navigating the integration of the New Labour Codes framework, for which the company has already recorded its estimated impacts. This structural transition, combined with a robust balance sheet featuring a consolidate total equity baseline of ₹327 crore (up from ₹308 crore) and an ongoing final dividend declaration of ₹0.40 per equity share, is expected to support long-term earnings visibility and value creation for shareholders.

Frick India Limited: FY26 Performance Review

Introducing <a target="_blank" href="https://www.planify.in/research-report/gfcl-ev-products/">GFCL EV Products Limited</a> - a wholly-owned subsidiary of Gujarat Fluorochemicals Limited, one of the renowned entities under the umbrella of INOX Group. GFCL EV has successfully managed to raise more than ₹2,246 crore by concentrating on producing specialty chemicals in the battery stack rather than entering into the already saturated cell assembly industry. The production of these chemicals demands significant process understanding and expertise. Most of the players who are trying to diversify from China into other regions find themselves trapped due to the fact that they are still dependent on China for their raw material. However, GFCL can easily evade this predicament with the help of its parent company, which has years of experience in manufacturing Anhydrous Hydrofluoric Acid, Lithium Fluoride, and phosphorus pentafluoride. Whereas most of the global firms choose only one niche for their operations, either the manufacture of anodes or electrolytes, GFCL EV Products Limited is focusing on creating an entire ecosystem within itself. They aim at covering around 70% of the economic value within the Lithium Iron Phosphate battery cells by developing battery salts (LiPF₆, NaPF₆, LiFSI), customized electrolytes, performance additives, LFP cathode materials, natural graphite anodes, as well as binders (PVDF, PTFE). As a start-up with a high degree of industrial capital requirement, GFCL EV is operating in an aggressive phase of investing where the total capex required is ₹6,000 crore by FY28. Due to the nature of such an investment phase, it recorded FY26 sales of ₹33 crore and a loss of ₹98 crore in the same period. However, the company got validation in the form of a ₹430 crore investment by the International Finance Corporation of the World Bank Group after going through rigorous due diligence procedures. The critical breakthrough for GFCL was during their May 2026 earning call when the management disclosed that their LiPF₆ manufacturing capacity had been sold out to various foreign manufacturers and commercial shipment was underway. The management also predicts achieving quarterly sales in excess of ₹100 crore by the end of FY27 leading to an annualized run rate of over ₹400 crore. Though GFCL seems on track, there is no denying the challenges of dominating the industry as a newcomer. The first of these bottlenecks is the long customer qualification process lasting between 9 and 12 months, which can delay sales.&nbsp;GFCL EV is a risky yet time-intensive investment that depends on a diversified global supply chain, sometimes known as the "China Plus One" strategy. India stands to become more than an integral supplier of automotive batteries for the West through this investment because, if it succeeds, India will be an indispensable strategic ally to the Western electric vehicle supply chain.

GFCL EV FY26 Results: Deep Capex Drives a ₹98 Crore Loss on ₹33 Crore Revenue

For a massive breakthrough in India’s renewable industry, <a target="_blank" href="https://www.planify.in/research-report/inox-clean-energy-unlisted-share-price/">Inox Clean Energy</a>, part of the INOXGFL Group, has purchased a whopping 6 GW renewable portfolio from Vena Energy India for a total sum of about ₹6,000 crore ($715 million). This acquisition will help Inox Clean take a big step towards becoming one of the world leaders in the production of clean energy. In particular, the portfolio consists of 1.2 GW of currently active green projects, 1.8 GW projects being commissioned soon, and a 3 GW pipeline of future projects. All these projects, however, have already signed power purchase agreements for at least 20 years with leading state-owned organizations such as SECI and GUVNL and various corporates. The acquisition is a perfect fit for Inox Clean Energy’s goals. Specifically, the company aims at reaching the 10 GW capacity of generation in the field of green energy and 11 GW of solar module manufacturing by the end of 2028. As was stated by Devansh Jain, the Executive Director of the INOXGFL Group, this is the crucial element for building a truly large and integrated platform for renewable energy. To say Inox has been on a shopping spree lately would be an understatement. Over the last ten months, they have been snatching up green energy companies worldwide including Boviet Solar in the US, Vibrant Energy, SunSource Energy, and SkyPower. With the parent group already backing four publicly traded companies, this rapid expansion looks like a clear sign that Inox Clean is setting the stage for its own stock market debut later this year.

Inox Clean Snaps Up Vena Energy’s 6 GW Portfolio in Massive ₹6,000 Crore Deal

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