Inox India Ltd
Inox India Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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50 extracted metrics + investor summaries across FY19–FY26.
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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 15.8 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoInox 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.
- 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
- 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 18h ago- Record order book at ₹1,686 Cr Aug 3
Q1FY27 order inflow surged to ₹532 crore, pushing the total order book to a record ₹1,686 crore, driven by strong export demand.
- 15-18% industrial growth forecast Aug 4
Management guided 15-18% growth in industrial business, supported by steel, semiconductor, chemical, and healthcare sector demand plus new capacity additions.
- Revenue up 8.3% YoY to ₹382 Cr Aug 3
Q1FY27 revenue rose 8.3% YoY to ₹382 crore, reflecting continued topline momentum from export markets.
- Khandala plant by early 2027 Aug 4
New Khandala manufacturing plant remains on track for commissioning between end-December 2026 and mid-January 2027, adding capacity to meet growing demand.
- Investor meet on Aug 19 Aug 13
Inox India will participate in Motilal Oswal's 22nd Annual Global Investor Conference on August 19, 2026 with one-on-one and group management sessions.
- Q1FY27 concall audio released Aug 4
Audio recording of the August 4 analyst and investor conference call discussing Q1FY27 financial performance has been made available.
TL;DR: Inox India is firing on multiple cylinders — record order book, healthy revenue growth, and strong industrial demand guidance of 15-18%. No material headwinds are visible in the current news cycle. The Khandala capacity addition by early 2027 should further support growth, making the near-term trend clearly positive with execution on new capacity being the key monitorable.
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% |
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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]