INOX India
INOX India
Industrial ProductsKey Fundamentals
SmallcapOther Industrial ProductsIndustrial ProductsTapetide Score
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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 17.6 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Inox India Ltd, a cryogenic equipment maker in the Industrial Products sector, has a market capitalisation of about Rs 19,043 crore. Its fundamentals include 5-year sales and profit CAGRs of 22%, a 3-year average ROE of about 29% and a nearly debt-free balance sheet. The stock trades at a P/E of 73.5x and a P/B of 16.77x after gaining 82% over the past year, while TTM profit growth of 12% has fallen behind TTM sales growth of 20%.
- Both sales and profit have grown at a 22% CAGR over 5 years, so revenue growth has come with matching earnings growth.
- Return on equity has been high and steady, at about 29% on both a 3-year and a 5-year basis (28.7% for 3 years).
- The company is almost debt free, so it can fund growth without much leverage risk or interest cost.
- TTM sales growth of 20% is faster than the 3-year sales CAGR of 18%, which suggests demand is holding up or picking up.
- The company pays out 22% of profits as dividends, even with a high-ROE business that needs capital to grow.
- The stock is up 82% over one year, so the market has recognised the company's growth record.
- Last-year ROE of 26% is below the 3-year average of 29% but still well above typical cost-of-equity levels for Indian industrials.
- At 73.5x earnings the valuation is high. It is several times the 12% TTM profit growth rate, which leaves little room for execution misses.
- The P/B ratio is 16.77x (17.5x on another measure), so the market is paying a large premium over the equity capital actually invested in the business.
- TTM profit growth of 12% is well below TTM sales growth of 20%, which points to margin compression or rising costs.
- The stock's 82% one-year gain is far ahead of the 12% TTM profit growth, so much of the return came from the P/E multiple expanding rather than from earnings.
- ROE fell to 26% last year from a 3-year average of about 29%, a sign that returns on capital are softening.
- The dividend yield is only 0.1%, so almost all of an investor's return depends on the share price rising.
- There is no 3-, 5- or 10-year stock return data because the stock listed recently, so its behaviour across a full market cycle is untested.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Metlife meet scheduled, then cancelled Sep 28
Inox India announced on Sep 21 a one-on-one in-person meeting with Metlife Investment for September 29, 2026, then cancelled it on Sep 28. No reason was given, and the cancellation has no stated bearing on fundamentals.
- Trust MF meet with plant visit Sep 21
The company scheduled a one-on-one in-person meeting with Trust Mutual Fund on September 24, 2026, including a plant visit. Plant visits suggest institutional investors are doing deeper due diligence on operations.
- JM Financial AMC virtual meet Sep 16
A virtual one-on-one meeting with JM Financial AMC was set for September 19, 2026, under SEBI Listing Regulations. The company stated no UPSI would be discussed.
- Group investor meet on Sep 11 Sep 8
Inox India announced a virtual group meeting for investors and analysts on September 11, 2026. It confirmed no unpublished price-sensitive information would be shared.
- Group investor meet on Sep 8 Sep 3
A virtual group investor meet was scheduled for September 8, 2026, as required under SEBI Regulation 30(6). The schedule was subject to change based on exigencies.
TL;DR: All of Inox India's news in September 2026 consists of routine SEBI disclosures about investor meetings, with no updates on earnings, orders, capacity or margins. Five or more sessions in about three weeks, including a plant visit for Trust Mutual Fund and meetings with JM Financial AMC and Metlife, point to steady institutional interest in the cryogenic equipment business. The cancelled Metlife meeting is a minor event with no stated reason and doesn't count as a fundamental risk. The next quarterly results and order-book commentary will be the real signals for whether the trend is improving or deteriorating.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY19–FY27.
Documents
Frequently Asked Questions about INOX India
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What is the Return on Equity (ROE) of Inox India Ltd?
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]
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