NSE: INOXINDIA · BSE: 544046
INOX INDIA LIMITED
Manufactures cryogenic and industrial gas equipment — cryogenic storage tanks, transport tanks for liquid gases, LNG storage and fuelling systems, beverage kegs, and cryogenic systems for aerospace and scientific applications. The Industrial Gas business supplies cryogenic tanks, transport tanks, vaporizers and disposable cylinders to industrial gas producers and end-users, and recorded a ~INR200 crore order from a US private space company for aerospace cryogenic systems in Q4 FY26. The LNG Solutions business supplies LNG storage, vaporizers and fuelling equipment; it entered the marine LNG ecosystem with an INR85 crore order from Cochin Shipyard for six LNG fuel tanks of 800 cu.m. each for LNG-powered vessels. The Beverage Keg business supplies stainless steel kegs and gained approvals from Heineken, AB InBev and Molson Coors, who together represent over 40% of global beer volumes. The Cryo-scientific segment supplies cryogenic systems to projects such as ITER and Highview's liquid-air energy storage. As of FY26-end the order book stood at INR1,514 crore, 63% of which is export. Customers are spread across over 100 countries, with North & Central America rising from 14% to 26% of revenue in FY26. Materials are the largest cost line at 41.8% of revenue, consistent with steel and fabricated components for cryogenic equipment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial Gas, LNG Solutions, Beverage Kegs, Cryo-scientific. Capital goods, project-driven cryogenic equipment manufacturer; order mix shifting from product to projects, lifting working capital intensity.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,131 | 1,306 | 1,587 |
| EBITDA (ex other income) | 250 | 292 | 340 |
| margin % | 22.1 | 22.3 | 21.4 |
| Owners' profit | 196 | 226 | 258 |
| EPS, as reported (₹) | 21.59 | 24.90 | 28.41 |
| ROE % · ROCE % | 30.2 · 38.7 | 25.9 · 34.1 | 23.1 · 30.8 |
| Debt / equity (x) | 0.02 | 0.04 | 0.06 |
| Cash from operations | 126 | 122 | 117 |
| Capex | (101) | (125) | (106) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 |
| Profit before tax | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Net profit | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| EPS (₹) | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 | 6.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED ◆ | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 68.1 | 18.4 | 27 of 27 | 0% |
| P/B | 15.5 | 2.5 | 22 of 24 | 9% |
| ROCE | 30.0 | 12.3 | 4 of 31 | 90% |
| ROE | 23.1 | 10.3 | 4 of 24 | 87% |
| Debt / Equity | 0.1 | 0.2 | 9 of 24 | 65% |
| EBITDA margin | 23.4 | 10.8 | 3 of 23 | 91% |
| Revenue growth | 9.2 | (5.5) | 10 of 23 | 59% |
| Profit growth | (5.0) | (5.0) | 12 of 23 | 50% |
| Market cap | 17363 | 102 | 2 of 31 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance Certificate under Reg 74(5) for quarter ended Sep 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · INOX India cancels scheduled investor meet with Metlife Investment | investor communications | low | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY26 results compliance | compliance | minimal | — | — |
| 21 Sept 2026 · INOX India to meet MetLife Investment on September 29, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · INOX India to meet Trust Mutual Fund on 24 Sept 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Inox India to meet Trust Mutual Fund on Sept 24 for plant visit | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Listing approval received for 1,58,959 ESOP equity shares | capital market events | low | — | — |
| 16 Sept 2026 · INOX India to meet JM Financial AMC virtually on Sept 19 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · INOX India to meet ITUS Capital on September 11 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · INOX India to hold virtual investor/analyst meet in Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.