Inox India Ltd
INOXINDIA NSE
Inox India Ltd
Industrial ProductsNSE: INOXINDIA BSE: 544046 Other Industrial Products
Key Fundamentals
SmallcapOther Industrial ProductsIndustrial ProductsMarket Cap
₹17,487 Cr
Volatility
Moderate
P/E Ratio
69.16
EBITDA
₹388 Cr
Return on Equity
23.08%
Debt to Equity
0.07
Book Value
₹123.13
EPS
₹21.11
52W High
₹2,119.8
52W Low
₹1,065
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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50 extracted metrics + investor summaries across FY19–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 22.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.7%
- Company has been maintaining a healthy dividend payout of 22.0%
Weaknesses
1- Stock is trading at 15.5 times its book value
Growth Rate
Revenue Growth
21.21% ↗
Net Income Growth
14.12% ↗
Cash Flow Change
-4.36% ↘
ROE
-10.78% ↗
ROCE
-9.66% ↗
EBITDA Margin (Avg.)
-1.61% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 10h agoAI opinion · based on fundamentals
Risk medium
Inox India Ltd is a nearly debt-free cryogenic equipment manufacturer trading at a PE of 68.1x and 15.5x book value, with a 5-year profit CAGR of 22% and 3-year ROE averaging ~29%. The company holds an order backlog of approximately ₹1,359 crore as of FY25, with 63% export contribution, but its premium valuation leaves limited margin of safety.
Bull Case 8
- Near-zero debt on the balance sheet, giving financial flexibility and lower risk during downturns
- 5-year compounded profit growth of 22% CAGR demonstrates consistent earnings expansion
- 3-year average ROE of ~29% indicates efficient capital deployment well above cost of equity
- Order backlog of ₹1,359 crore as of FY25 provides strong near-term revenue visibility
- Export mix at 63% of order book diversifies geographic risk and provides natural hedge against domestic slowdowns
- 5-year compounded sales growth of 22% CAGR shows sustained demand for cryogenic solutions across LNG, industrial gas, and hydrogen segments
- Q3 FY25 EBITDA margin of ~23.8% and PAT margin of 16.3% reflect pricing power in a niche capital goods segment
- Consistent dividend payout ratio of 22% signals management confidence in cash flow sustainability
Bear Case 8
- PE of 68.1x is significantly elevated versus the historical average of ~42x over the prior four quarters, implying stretched valuations
- Price-to-book of 15.5x leaves minimal downside protection if growth disappoints
- TTM profit growth of 12% has decelerated sharply from the 5-year CAGR of 22%, suggesting possible margin pressure
- Stock has appreciated 78% over the past year, raising the risk of mean reversion if earnings miss expectations
- Dividend yield of just 0.1% offers negligible income cushion for investors during potential price corrections
- Niche cryogenic equipment market limits total addressable market size and can create lumpy order flows quarter-to-quarter
- Revenue growth at 20% TTM exceeds profit growth at 12% TTM, indicating operating leverage may be working against margins currently
- High export dependence (63%) exposes the company to currency volatility and geopolitical trade disruption risks
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago Positives 4
- Record order book at ₹1,686 Cr Aug 3
Order inflow surged to ₹532 crore in Q1FY27, pushing total order book to a record ₹1,686 crore, driven by strong export demand.
- Revenue up 8.3% YoY Aug 3
Q1FY27 revenue rose 8.3% YoY to ₹382 crore, supported by robust export momentum.
- 15-18% industrial growth forecast Aug 4
Management guided 15-18% growth in the industrial business, backed by demand from steel, semiconductor, chemical, and healthcare sectors.
- Khandala plant on track Aug 4
New Khandala manufacturing plant expected to be commissioned between end-December 2026 and mid-January 2027, adding fresh capacity.
Neutral 2
- Q1FY27 concall audio released Aug 4
Inox India released the audio recording of its analyst conference call held on August 4, 2026, discussing Q1FY27 financial performance.
- Results call scheduled Aug 4 Jul 28
Company announced a conference call on August 4, 2026 to discuss Q1FY27 standalone and consolidated results.
TL;DR: Inox India delivered a solid Q1FY27 with 8.3% revenue growth and a record order book of ₹1,686 crore, signalling healthy demand visibility. Management's 15-18% industrial growth guidance and the upcoming Khandala plant commissioning provide clear near-term catalysts. No material headwinds emerged this quarter. The trend is improving with expanding capacity and a strengthening order pipeline heading into H2FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 308 | 258 | 291 | 277 | 296 | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 |
| Expenses | 237 | 199 | 224 | 223 | 226 | 243 | 265 | 288 | 263 | 280 | 335 | 366 | 295 |
| Operating Profit | 72 | 59 | 67 | 53 | 70 | 64 | 69 | 81 | 76 | 78 | 94 | 95 | 76 |
| OPM % | 23% | 23% | 23% | 19% | 24% | 21% | 21% | 22% | 22% | 22% | 22% | 21% | 20% |
| Other Income | 8 | 7 | 5 | 11 | 5 | 13 | 16 | 14 | 13 | 13 | -1 | 18 | 11 |
| Interest | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 4 | 2 |
| Depreciation | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 10 |
| PBT | 76 | 60 | 64 | 58 | 68 | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Tax % | 25% | 23% | 24% | 24% | 23% | 28% | 23% | 24% | 24% | 25% | 24% | 25% | 23% |
| Net Profit | 57 | 46 | 49 | 44 | 53 | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| EPS in Rs | 6.29 | 5.1 | 5.35 | 4.86 | 5.8 | 5.45 | 6.43 | 7.22 | 6.73 | 6.7 | 6.69 | 8.29 | 6.4 |
Profit & Loss
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 650 | 649 | 594 | 783 | 966 | 1,133 | 1,306 | 1,587 | 1,618 |
| Expenses | 506 | 516 | 459 | 615 | 761 | 882 | 1,021 | 1,244 | 1,276 |
| Operating Profit | 144 | 133 | 135 | 168 | 205 | 252 | 285 | 343 | 342 |
| OPM % | 22% | 20% | 23% | 21% | 21% | 22% | 22% | 22% | 21% |
| Other Income | 28 | 48 | 15 | 21 | 19 | 30 | 48 | 42 | 41 |
| Interest | 27 | 26 | 7 | 2 | 4 | 6 | 9 | 9 | 10 |
| Depreciation | 9 | 12 | 12 | 12 | 14 | 18 | 25 | 34 | 36 |
| PBT | 135 | 144 | 131 | 174 | 207 | 258 | 299 | 342 | 337 |
| Tax % | -44% | 32% | 27% | 25% | 25% | 24% | 24% | 25% | — |
| Net Profit | 193 | 97 | 96 | 130 | 155 | 196 | 226 | 258 | 255 |
| EPS in Rs | 213 | 107 | 106 | 14.38 | 17.05 | 21.59 | 24.9 | 28.41 | 28.08 |
| Div. Payout % | 0% | 0% | 0% | 10% | 67% | 51% | 8% | 7% | — |
Balance Sheet
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 201 | 270 | 362 | 484 | 531 | 631 | 856 | 1,099 |
| Borrowings | 284 | 145 | 68 | 55 | 9 | 16 | 43 | 81 |
| Other Liabilities | 231 | 205 | 248 | 340 | 589 | 558 | 737 | 813 |
| Total Liabilities | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
| Fixed Assets | 94 | 110 | 102 | 134 | 164 | 255 | 359 | 428 |
| CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 4 |
| Investments | 81 | 80 | 25 | 312 | 249 | 247 | 267 | 297 |
| Other Assets | 549 | 439 | 558 | 449 | 734 | 716 | 1,023 | 1,282 |
| Total Assets | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
Cash Flow
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating | 85 | 188 | 231 | 97 | 177 | 122 | 122 | 117 |
| Investing | 136 | -28 | -152 | -72 | -13 | -26 | -141 | -110 |
| Financing | -186 | -168 | -96 | -26 | -154 | -103 | 17 | 5 |
| Net Cash Flow | 36 | -8 | -17 | -1 | 10 | -6 | -1 | 13 |
| Free Cash Flow | 70 | 175 | 225 | 53 | 132 | 32 | -3 | 11 |
| CFO/OP | 63 | 147 | 192 | 72 | 112 | 74 | 65 | 58 |
Ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 83 | 69 | 36 | 54 | 56 | 70 | 72 |
| Inventory Days | 337 | 208 | 215 | 349 | 348 | 314 | 312 | 247 |
| Days Payable | 36 | 20 | 26 | 43 | 52 | 90 | 87 | 80 |
| Cash Conversion Cycle | 384 | 270 | 258 | 342 | 350 | 280 | 295 | 238 |
| Working Capital Days | -16 | 23 | 0 | 23 | 31 | 44 | 61 | 83 |
| ROCE % | — | 30% | 32% | 35% | 37% | 43% | 38% | 33% |
Documents
2
Board Meeting Intimation for Considering Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31St March, 2026 And To Recommend Final Dividend, If Any.
5 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider final dividend. 5 May - Board meeting on 12 May 2026 to approve FY26 audited results and consider final dividend.
5
Shareholder Meeting / Postal Ballot-Outcome of EGM
26 Mar - EOGM (26 Mar 2026): approve chairman continuation and RPT up to Rs.175 crore for FY2025-26. 26 Mar - EOGM (26 Mar 2026): approve chairman continuation and RPT up to Rs.175 crore for FY2025-26.
Frequently Asked Questions about Inox India Ltd
What does Inox India Ltd do?
Incorporated in 1976, Inox India Limited offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions[1]Inox India specializes in supplying cryogenic equipment, particularly tanks. The company offers comprehensive solutions for...
Where is Inox India Ltd (INOXINDIA) listed?
Inox India Ltd is listed on the Indian stock exchanges. It is listed on NSE: INOXINDIA and BSE: 544046. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Inox India Ltd belong to?
Inox India Ltd operates in the Industrial Products sector within the Other Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Inox India Ltd?
Inox India Ltd has a market capitalisation of approximately ₹17487.40 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Inox India Ltd?
The Price-to-Earnings (PE) ratio of Inox India Ltd is 69.16. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Inox India Ltd?
Over the past 52 weeks, Inox India Ltd has traded between a low of ₹1,065 and a high of ₹2,119.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Inox India Ltd pay dividends?
Yes, Inox India Ltd has a dividend yield of 0.10%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Inox India Ltd?
Inox India Ltd has a Return on Equity (ROE) of 23.08%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Inox India Ltd on Tapetide?
On Tapetide, you can view Inox India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 1976, Inox India Limited offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions[1]Inox India specializes in supplying cryogenic equipment, particularly tanks. The company offers comprehensive solutions for equipment and systems operating in cryogenic conditions.[2]