---
title: "Inox Air Products Ltd (INDOXYGEN) — Share Price, Financials & Analysis"
symbol: "INDOXYGEN"
company: "Inox Air Products Ltd"
canonical: "https://tapetide.com/stocks/INDOXYGEN"
generated_at: "2026-10-13T11:01:34.559Z"
---

# Inox Air Products Ltd (INDOXYGEN)

Canonical page: https://tapetide.com/stocks/INDOXYGEN

## Company

- **Stock Type:** EQUITY
- **Face Value:** ₹1
- **F&O Eligible:** No

## About

Inox Air Products is engaged in manufacture and supply of industrial, medical and other gases, including on job-work basis, and trading in such gases.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- The company has delivered a poor sales growth of 10.0% over past five years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 11% | 22% | 15% |
| revenue growth | 13% | 9% | 10% |

## Financial Statements

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 747 | 797 | 876 | 984 | 1089 | 1276 | 1348 | 1393 | 1556 | 1755 |
| Expenses | 474 | 508 | 569 | 667 | 695 | 735 | 810 | 818 | 921 | 919 |
| Operating Profit | 273 | 289 | 307 | 316 | 394 | 541 | 537 | 575 | 635 | 835 |
| OPM % | 37 | 36 | 35 | 32 | 36 | 42 | 40 | 41 | 41 | 48 |
| Other Income | 60 | 15 | 35 | 176 | 156 | 42 | 65 | 95 | 90 | 77 |
| Interest | 16 | 14 | 45 | 112 | 95 | 73 | 67 | 63 | 64 | 71 |
| Depreciation | 70 | 80 | 92 | 90 | 105 | 133 | 144 | 149 | 174 | 203 |
| Profit before tax | 247 | 210 | 206 | 290 | 350 | 376 | 391 | 457 | 488 | 638 |
| Tax % | 31 | 37 | 34 | 35 | 35 | 33 | 33 | 32 | 5 | 25 |
| Net Profit | 170 | 133 | 137 | 188 | 229 | 250 | 261 | 311 | 463 | 481 |
| Dividend Payout % | 3 | 4 | 4 | 3 | 2 | 2 | 2 | 2 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 917 | 1063 | 1202 | 1387 | 1619 | 1846 | 2102 | 2407 | 2861 | 3334 |
| Borrowings | 300 | 294 | 965 | 985 | 720 | 638 | 685 | 599 | 1115 | 753 |
| Other Liabilities | 285 | 353 | 396 | 411 | 411 | 473 | 537 | 645 | 578 | 594 |
| Total Liabilities | 1512 | 1720 | 2573 | 2794 | 2760 | 2967 | 3335 | 3662 | 4564 | 4692 |
| Fixed Assets | 1010 | 1271 | 1371 | 1311 | 2092 | 1989 | 1949 | 2091 | 2894 | 2867 |
| CWIP | 104 | 107 | 19 | 34 | 39 | 94 | 247 | 352 | 114 | 21 |
| Investments | 16 | 27 | 28 | 28 | 48 | 222 | 623 | 762 | 1000 | 922 |
| Other Assets | 382 | 315 | 1155 | 1421 | 581 | 662 | 516 | 456 | 556 | 882 |
| Total Assets | 1512 | 1720 | 2573 | 2794 | 2760 | 2967 | 3335 | 3662 | 4564 | 4692 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 247 | 202 | 257 | 253 | 263 | 460 | 460 | 449 | 428 | — |
| Cash from Investing Activity | -219 | -248 | -848 | 78 | -5 | -292 | -469 | -299 | -864 | — |
| Cash from Financing Activity | -20 | -5 | 641 | -92 | -363 | -158 | -23 | -156 | 440 | — |
| Net Cash Flow | 7 | -51 | 50 | 239 | -105 | 10 | -32 | -5 | 4 | — |
| Free Cash Flow | 61 | -89 | -601 | 193 | 101 | 327 | 247 | 171 | -279 | — |
| CFO/OP | 115 | 85 | 97 | 104 | 90 | 102 | 107 | 100 | 80 | — |

### Ratios

| Item | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 41 | 50 | 55 | 59 | 64 | 55 | 53 | 47 | 44 | 45 |
| Inventory Days | 170 | 225 | 250 | 287 | 291 | 280 | 243 | 217 | 325 | 293 |
| Days Payable | 121 | 174 | 168 | 122 | 132 | 161 | 163 | 175 | 176 | 226 |
| Cash Conversion Cycle | 90 | 101 | 137 | 224 | 223 | 174 | 134 | 88 | 192 | 113 |
| Working Capital Days | 49 | 5 | 10 | 18 | 45 | 39 | 11 | -12 | -138 | 43 |
| ROCE % | 21 | 17 | 14 | 18 | 19 | 18 | 17 | 16 | 14 | 17 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 0 / 7 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 44.54 | Sell |
| EMA (10) | 43.58 | Sell |
| SMA (20) | 43.43 | Sell |
| EMA (20) | 43.77 | Sell |
| SMA (50) | 44.18 | Sell |
| EMA (50) | 44.59 | Sell |
| SMA (100) | 46.68 | Sell |
| EMA (100) | 47.02 | Sell |
| SMA (200) | 52.93 | Sell |
| EMA (200) | 52.75 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 47.27 | Neutral |
| MACD (12,26,9) | -0.22 | Sell |
| Stochastic (14,3,3) | 22.22 | Neutral |
| ADX (14) | 11.54 | Neutral |
| Williams %R (14) | -69.42 | Neutral |
| ATR (14) | 1.54 | High Volatility |
| ROC (12) | -0.23 | Sell |
| Stoch RSI (14) | 27.9 | Neutral |
| UO (7,14,28) | 37.98 | Neutral |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:01:34.559Z.