Press Release

Press Release

August 05, 2026

AMURA RENEWABLES PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	720.00	ACUITE A+ \| Stable \| Assigned	-	RBI
Total Outstanding	0.00	720.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has assigned its long-term rating of 'ACUITE A+' (read as ACUITE A plus) on the Rs. 720.00 Cr. of bank loan facilities Amura Renewables Private Limited (ARPL). The Outlook is 'Stable'.

Rationale for Rating
The rating assigned derives strength from its association with the INOXGFL group, given the company’s strategic importance into establish a foothold in the U.S.A manufacturing sector and expand its renewable energy value chain globally. The rating also factors the healthy financial flexibility of the promoter group entities to lend need-based support to the company and its future projects. This is based on the healthy market value of investments made by flagship entities of the group. The INOXGFL group includes two flagship business entities including Gujarat Fluorochemicals Limited (GFL) and Inox Wind Limited (IWL) having combined market capitalization Rs. 64,291 crores as on 21st July 2026.

ARPL has been established to acquire the solar module manufacturing facility of 3 GW capacity located in North Carolina, USA, from Boviet Solar Technology Co. Ltd. through its USA-based wholly owned subsidiary, INOX Solar Americas LLC. The acquisition has been undertaken in response to evolving regulatory and policy changes in the United States, which have created a favourable environment for domestic manufacturing and increased the strategic importance of having a manufacturing presence within the country. Consequently, the transaction is expected to strengthen the group's access to the U.S. solar market and enhance its positioning in the global renewable energy value chain.

The acquisition by the INOXGFL Group was funded through a mix of external debt and promoter contribution from INOX Clean Energy Limited in a ratio of 78:22. The debt was raised at both Amura Renewables Private Limited (which was down streamed to Inox Solar Americas LLC in the form of ICDs) and its US-based subsidiary, INOX Solar Americas LLC. The transaction was completed in the last week of May 2026, marking the successful closure of the acquisition.

Acuite notes that advance consideration has been paid to Boviet Solar towards the proposed acquisition of assets related to its cell manufacturing plant. The plant is currently under construction, and the acquisition is expected to be completed upon successful commissioning and completion of the project.

The rating derives comfort from the robust order book in INOX Solar Americas LLC for the supply of 1.56 GW of solar modules which provides revenue visibility. The surplus thus generated is also expected to be up streamed to Amura in the form of interest against ICDs provided, which would be utilised towards its debt servicing.

However, the rating remains constrained by the execution risk associated with the acquisition of the under-construction cell manufacturing plant, for which advance payments have already been made. Further, the company's profitability remains susceptible to volatility in raw material prices and fluctuations in foreign exchange rates.

About the Company

Amura Renewables Private Limited (ARPL) was incorporated on February 13, 2026, as a special purpose vehicle (SPV) established for the manufacturing of solar cells and modules, primarily to cater to the U.S. market. The company is a wholly owned subsidiary of INOX Clean Energy Limited (ICEL) and forms part of the diversified INOXGFL Group. ARPL is currently led by Mr. Chandra Shekhar Mani Tripathi and Mr. Gaurav Kumar, who serve on the Board of Directors. The company has been set up to support the group's strategic expansion in the renewable energy manufacturing segment and strengthen its presence in international markets, particularly the United States.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuite has considered the standalone approach for business & financial risk profile of Amura Renewables Private Limited (ARPL). Acuite has combined the cash flows of Amura Renewables Private Limited and INOX Solar Americas LLC in its assessment, considering the parent-subsidiary relationship, financial linkages between the entities, and the established arrangement for servicing debt obligations within the group. This approach reflects the strong financial synergies and interdependence between the two entities with respect to debt servicing and cash flow support. Further, Acuite has factored strong operational and financial benefits derived from being part of INOXGFL group.

Key Rating Drivers

Strengths

Strong Group Support
The company benefits from being a part of the diversified INOXGFL Group, which has an established presence across the renewable energy and specialty chemicals segments. The group's flagship entities include Inox Wind Limited (rated Acuité AA-/Stable/A1+) in the wind energy business and Gujarat Fluorochemicals Limited (GFL), a leading player in the specialty chemicals sector. The group is promoted by the Jain family, which holds significant ownership across the group companies, either directly or through its investment holding company, Inox Leasing and Finance Limited (ILFL). Acuite derives comfort from the extensive experience of the promoters and the established track record of the INOXGFL Group in managing large-scale businesses and executing strategic investments. The promoter group's strong financial flexibility, industry expertise, and demonstrated commitment are expected to support the smooth operations of the US-based venture and facilitate the timely completion of the proposed acquisition of the cell manufacturing unit.

Robust Order Book Position in INOX Solar Americas LLC (INAL)
INAL has a healthy unexecuted order book of 1.56 GW for the supply of solar modules, catering to a diversified customer base across the USA and Vietnam. The existing order book is expected to generate revenue of over Rs. 4,000 crores over the near to medium term, providing strong revenue visibility. Further, the company is actively participating in bids for additional solar module supply contracts aggregating 7.17 GW and expects to secure approximately 40-50 per cent of these opportunities upon award. Acuite believes that the company's robust order book position, coupled with its ongoing business development efforts, is likely to support revenue growth and provide medium-term earnings visibility.

Weaknesses

Profitability of INOX Solar Americas LLC remains susceptible to fluctuations in raw material prices and foreign exchange rates
The rating is constrained by the company's exposure to volatility in raw material prices and foreign exchange fluctuations. Solar module manufacturing is inherently dependent on key raw materials such as solar cells, wafers, glass, aluminium frames, and other components, the prices of which are influenced by global supply-demand dynamics. Accordingly, any significant increase in raw material costs, particularly in the event of a delay in passing on such cost escalations to customers, may exert pressure on the operating margins. Further, its profitability remains exposed to adverse movements in foreign exchange rates. Although the company may undertake appropriate hedging measures, any sharp currency fluctuations could impact its cost structure, cash flows, and overall profitability. This may further impinge its ability to downstream the surplus to Amura and the same will remain a monitorable.

Project Implementation Risk
The rating remains constrained by implementation risk associated with the proposed acquisition of the cell manufacturing plant assets from Boviet Solar. While advance consideration has already been paid, the plant is currently under construction and the acquisition is yet to be consummated. Accordingly, the successful completion of the transaction remains contingent upon the timely completion of the facility. Further, the proposed acquisition is subject to regulatory approvals and compliance requirements in the United States. Any adverse changes in the evolving regulatory, trade, tariff, or policy environment in the US solar industry could impact the economics of the transaction, alter the project's viability, or lead to delays in the completion of the acquisition. Therefore, Acuite will continue to monitor the progress of the plant's construction, the completion of the acquisition process, and developments in the regulatory landscape that could affect the expansion plans.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Higher-than-expected revenue from operations while maintaining stable profitability margins.
Timely acquisition and operationalization of the cell manufacturing assets, leading to a significant enhancement in the scale of operations.

Potential triggers (individual or collective) for a downward rating action:

Any delay or disruption in the implementation of the ongoing project, adversely impacting cash accruals.
Lower-than-expected sales performance, resulting in the project's average DSCR declining below 1.15 times.

Liquidity Position

Adequate

The company’s liquidity position is adequate, supported by the successful tie-up of debt facilities and completion of the acquisition of the solar module manufacturing assets. The project is expected to generate sufficient cash accruals of around Rs. 450-500 cr. in FY 27, resulting in surplus cash flows over scheduled principal repayment obligation of around Rs. 85-90 cr. for the same period. The average projected DSCR for the period from FY27 to FY30 is estimated at above 1.52 times, indicating a comfortable debt servicing capacity throughout the loan tenure. Further, the company benefits from the strong financial support of the INOXGFL Group, which provides additional financial flexibility and the ability to infuse funds, if required, over the long term.

Given the expected cash flow generation from the project and the demonstrated commitment and financial strength of the promoter group, Acuite believes that the company will be able to meet its debt obligations in a timely manner over the repayment period

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	0.00	0.00
PAT	Rs. Cr.	(0.67)	0.00
PAT Margin	(%)	0.00	0.00
Total Debt/Tangible Net Worth	Times	0.01	0.00
PBDIT/Interest	Times	28.24	0.00

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
HSBC Limited	Not avl. / Not appl.	External Commercial Borrowing	Unlisted	RBI	28 Apr 2026	Not avl. / Not appl.	28 Apr 2030	333.57	Simple	ACUITE A+ \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.43	Simple	ACUITE A+ \| Stable \| Assigned
HSBC Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Apr 2026	Not avl. / Not appl.	27 Jul 2027	378.00	Simple	ACUITE A+ \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Kartik Arora
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.