Inox Leasing and Finance Ltd
The Jain family's holding company for the INOXGFL group – the promoter vehicle behind listed Gujarat Fluorochemicals, Inox Wind and Inox Green – trading at a steep discount to the value of its listed stakes.
Market cap
₹1.03 Lakh Cr
4.70 Cr shares
P/E ratio
605.47
Sector average 20
Book value
₹551.06
P/B 39.74
1-year return
-2.40%
52w ₹17,000 – ₹24,000
Currently 70% of the way through its 52-week range.
Indicative price history
1Y change
+1.11% ₹21,659 → ₹21,900
52-week band in this window: ₹19,904.46 – ₹22,696.07. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Promoter holding company for Gujarat Fluorochemicals, Inox Wind and Inox Green.
- Estimated 60-70% discount to the see-through value of listed stakes.
- Lot size of one share; trades only occasionally.
About Inox Leasing
Inox Leasing and Finance Limited (ILFL) is the principal promoter holding company of the Vadodara-based INOXGFL group controlled by the Vivek Jain and Pavan Jain families. It holds the promoter stake of roughly half of Gujarat Fluorochemicals Ltd (GFL, fluoropolymers and battery chemicals) and, after the 2025 merger of Inox Wind Energy into Inox Wind, a large direct stake in Inox Wind, which in turn owns Inox Green Energy Services and Inox Renewable Solutions. It has no operating business of its own; income is dividends and interest from the group.
Because there are only a few crore shares of ₹10 face value, each share represents a sizeable slice of the group's listed market value. At the dealer quote of about ₹21,900 the company is valued at roughly ₹10,000 Cr on our estimated share count, against a see-through value of its listed holdings of ₹30,000 Cr or more – a holding-company discount of around 60–70%, in line with other Indian promoter holdcos.
The shares surface in the unlisted market only occasionally when family or associate holders sell small parcels; lot size is one share and dealers price off the listed stakes. Standalone financials are dominated by dividend income and are small relative to the balance-sheet value of the investments carried at cost.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate. Share count, net worth and stake percentages are estimates.
Where the revenue comes from
- Dividend income from group companies85%
Mainly Gujarat Fluorochemicals
- Interest and other income15%
Loans to group entities and treasury
Products & services
Investment holding
Control stakes in INOXGFL group listed companies.
Group financing
Loans and guarantees to group entities.
What works
- • Owns control stakes in GFL (fluorochemicals, EV battery materials) and Inox Wind (wind turbines) – two of India's better-known mid-cap growth stories.
- • Large discount to see-through value of listed holdings gives a margin of safety if the discount narrows.
- • Steady dividend stream from GFL with no operating risk of its own.
What to watch
- • Holding-company discounts in India rarely close; there is no mechanism such as a buyback or listing to unlock the value.
- • Highly concentrated: value moves with GFL and Inox Wind share prices, which are volatile.
- • Very illiquid and high per-share price; sellers are few and quotes can swing by thousands of rupees.