Inox India Ltd
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]
- Market Cap ₹ 13,145 Cr.
- Current Price ₹ 1,448
- High / Low ₹ 1,620 / 1,031
- Stock P/E 51.6
- Book Value ₹ 125
- Dividend Yield 0.14 %
- ROCE 32.4 %
- ROE 25.0 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 21.3% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%
- Company has been maintaining a healthy dividend payout of 23.0%
Cons
- Stock is trading at 11.5 times its book value
- Working capital days have increased from 90.8 days to 161 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 639 | 640 | 587 | 777 | 950 | 1,087 | 1,296 | 1,557 | |
| 495 | 508 | 452 | 611 | 744 | 850 | 1,010 | 1,223 | |
| Operating Profit | 144 | 132 | 135 | 165 | 206 | 238 | 286 | 335 |
| OPM % | 22% | 21% | 23% | 21% | 22% | 22% | 22% | 21% |
| -190 | 20 | 15 | 21 | 19 | 30 | 46 | 42 | |
| Interest | 27 | 25 | 7 | 2 | 3 | 5 | 8 | 9 |
| Depreciation | 9 | 11 | 11 | 11 | 13 | 17 | 24 | 31 |
| Profit before tax | -83 | 116 | 132 | 173 | 208 | 246 | 300 | 337 |
| Tax % | -71% | 39% | 27% | 26% | 25% | 24% | 25% | 25% |
| -24 | 71 | 97 | 128 | 156 | 186 | 225 | 252 | |
| EPS in Rs | -26.37 | 77.83 | 107.05 | 14.14 | 17.21 | 20.51 | 24.80 | 27.81 |
| Dividend Payout % | 0% | 0% | 0% | 11% | 67% | 54% | 8% | 7% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 22% |
| 3 Years: | 18% |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 18% |
| TTM: | 16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 22% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 27% |
| Last Year: | 25% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 232 | 303 | 399 | 516 | 567 | 658 | 883 | 1,121 |
| 284 | 145 | 60 | 43 | 6 | 13 | 41 | 75 | |
| 221 | 197 | 252 | 343 | 562 | 555 | 702 | 787 | |
| Total Liabilities | 747 | 654 | 720 | 920 | 1,154 | 1,244 | 1,644 | 2,000 |
| 93 | 104 | 99 | 130 | 161 | 251 | 355 | 375 | |
| CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 0 |
| Investments | 119 | 125 | 69 | 356 | 293 | 291 | 312 | 341 |
| 535 | 425 | 550 | 432 | 699 | 697 | 973 | 1,283 | |
| Total Assets | 747 | 654 | 720 | 920 | 1,154 | 1,244 | 1,644 | 2,000 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 59 | 164 | 226 | 94 | 169 | 122 | 106 | 92 | |
| -22 | -2 | -160 | -70 | -10 | -26 | -124 | -88 | |
| -5 | -167 | -95 | -25 | -153 | -102 | 19 | 7 | |
| Net Cash Flow | 33 | -5 | -28 | -0 | 6 | -6 | 1 | 12 |
| Free Cash Flow | 52 | 149 | 219 | 53 | 123 | 32 | -20 | 37 |
| CFO/OP | 45% | 129% | 188% | 71% | 108% | 77% | 59% | 51% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 81 | 69 | 37 | 50 | 58 | 72 | 76 |
| Inventory Days | 330 | 208 | 217 | 345 | 352 | 324 | 300 | 249 |
| Days Payable | 33 | 19 | 27 | 43 | 52 | 96 | 85 | 82 |
| Cash Conversion Cycle | 384 | 270 | 260 | 339 | 350 | 286 | 286 | 244 |
| Working Capital Days | -16 | 21 | -1 | 22 | 34 | 45 | 66 | 161 |
| ROCE % | 28% | 30% | 33% | 36% | 39% | 37% | 32% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Order Book (Backlog) ₹ Cr |
|
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| Installed Capacity - Cryogenic Tanks ETU |
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| Actual Production - Cryogenic Tanks ETU |
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| Actual Production - Disposable Cylinders Numbers |
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| Installed Capacity - Disposable Cylinders Numbers |
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| Export Share of Order Backlog % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - INOX India to meet Wasatch Global on 26 May 2026 for one-on-one plant visit.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - INOX India wins ₹322 Cr orders since April 2026, including mega Industrial Gas order and CERN contract.
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Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015
20 May - Promoter group member Lata Madhusudan Rungta sold 10,000 shares on 19 May 2026.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
19 May - INOX India filed FY26 secretarial compliance report; one SCR filing lapse drew Rs 50,000 fine, already paid.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 19 May
Concalls
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT
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Feb 2024Transcript PPT
Business Divison[1]
1. Industrial Gas (59% of Q2FY25 revenue)
The division designs, manufactures, and installs cryogenic tanks and systems for the storage, transportation, and distribution of industrial gases, including green hydrogen and oxygen.