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INOX India

INOXINDIA NSE
₹1,936.70 No trade today
P/E
68.97
View as Markdown
MCP
Close 4 Nov 2026 ₹1,936.70 +733.80 +61.0% 1Y
Start ₹1,202.90

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
33.50%
Debt to Equity
0.07
EPS (TTM)
₹28.08
Book Value
₹123.13
Market Cap
—
P/E (TTM)
68.97
P/B
15.73
ROE
26.10%
Dividend Yield
0.11%
EBITDA
₹388 Cr
52W High
₹2,339.50
52W Low
₹1,068.20
Volume
0

Peer Comparison

Industrials › Industrial Products › Other Industrial Products

INOX India peer comparison
HBL Engineering
₹836.4029.69₹22,697 Cr10.470.37%45.30%59.30%₹3,339 Cr₹780 Cr
INOX India (this company)
₹1,936.7068.97₹17,030 Cr15.730.11%26.10%33.50%₹1,618 Cr₹255 Cr
ESAB India
₹5,330.0036.98₹8,482 Cr19.111.37%48.80%64.70%₹1,577 Cr₹222 Cr
KRN Heat Exchanger and Refrigeration
₹1,011.7065.95₹6,440 Cr6.730.00%14.10%16.00%₹737 Cr₹97 Cr
Harsha Engineers
₹462.0027.19₹4,075 Cr3.000.34%10.50%13.00%₹1,719 Cr₹154 Cr
Subros
₹595.1023.34₹3,836 Cr3.120.51%14.50%19.20%₹3,909 Cr₹167 Cr
Ador Welding
₹1,414.2021.46₹2,487 Cr4.320.52%16.40%22.70%₹1,258 Cr₹115 Cr
Median 7 companies₹1,011.7029.69₹6,440 Cr6.730.37%16.40%22.70%₹1,618 Cr₹167 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

insider_selling

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
23
Poor
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
81
Strong
Solvency, leverage, coverage 9% weight
Momentum
66
Good
Trend strength, vol-adjusted 12% weight
Ownership
37
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 16.2 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish360
Moving AveragesNeutral505

Key readings

RSI (14)
46.48
Neutral
MACD (12,26,9)
−50.20
Bearish
SMA (50)
2,050.88
Bearish
SMA (200)
1,646.18
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+21.72%
3Y+18.00%
1Y+21.52%
TTM+19.93%

Net profit

Net profit growth by window
5Y+21.86%
3Y+18.51%
1Y+14.16%
TTM+8.97%

Operating cash flow

Operating cash flow growth by window
5Y−12.72%
3Y−12.89%
1Y−4.10%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−1.12 pp
3Y+0.39 pp
1Y−0.21 pp
TTM−0.29 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2019₹650 Cr
Mar 2020₹649 Cr
Mar 2021₹594 Cr
Mar 2022₹783 Cr
Mar 2023₹966 Cr
Mar 2024₹1,133 Cr
Mar 2025₹1,306 Cr
Mar 2026₹1,587 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2019₹193 Cr
Mar 2020₹97.00 Cr
Mar 2021₹96.00 Cr
Mar 2022₹130 Cr
Mar 2023₹155 Cr
Mar 2024₹196 Cr
Mar 2025₹226 Cr
Mar 2026₹258 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹414 Cr +6.8% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Inox India Ltd, India's largest cryogenic equipment manufacturer, trades at ₹1,898.80 as of 2026-10-29 with a market cap of ₹17,264 Cr. The company commands a PE of 67.62x and a PB of 15.42x on the back of strong fundamentals — ROCE of 30.77%, ROE of 23.08%, and near-zero debt (D/E 0.07). FY26 consolidated revenue rose ~21.5% YoY to ₹1,552 Cr while the stock has appreciated 67% over the past year, reflecting investor confidence in its LNG, semiconductor, and hydrogen-linked growth story.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing financial flexibility for capex and working-capital needs without leveraged risk.
  • Exceptional capital efficiency with ROCE at 30.77% and ROE at 23.08%, both well above manufacturing-sector averages, indicating disciplined capital allocation.
  • Consistent 5-year compounded profit growth of 22% CAGR and sales growth of 22% CAGR, demonstrating durable earnings momentum rather than a one-off spike.
  • FY26 consolidated revenue reached ₹1,552 Cr, growing ~21.5% YoY, with management guiding for sustained 18-20% annual revenue growth backed by a healthy order book.
  • Dominant market position as India's largest cryogenic equipment supplier by revenue, with 30+ years of engineering expertise creating high barriers to entry.
  • Expanding addressable market across LNG infrastructure, hydrogen economy, semiconductor fabs, data centres, and aerospace cryogenics — all sectors seeing significant government and private capex in India.
  • 3-year average ROE of ~29% demonstrates the company's ability to consistently generate high returns for shareholders over extended periods.
  • Stock has risen 67% over the past one year from a 52-week low of ₹1,068.20, reflecting strong institutional and market recognition of the growth runway.
Bear Case 8
  • TTM PE of 67.62x is steep for an industrial-products company, pricing in years of flawless execution and leaving little room for earnings disappointment.
  • Price-to-book ratio of 15.42x is extreme; even with high ROE, the stock trades at a significant premium to its net asset value, elevating downside risk in a correction.
  • TTM profit growth has decelerated to 12% versus the 5-year CAGR of 22%, suggesting the pace of earnings expansion may be moderating even as the valuation remains elevated.
  • Dividend yield of only 0.11% offers negligible income support, meaning returns depend almost entirely on continued capital appreciation.
  • The stock is 18.8% below its 52-week high of ₹2,339.50, indicating recent selling pressure and potential vulnerability to further de-rating if growth slows.
  • Niche cryogenic equipment market carries concentration risk — a slowdown in LNG or industrial-gas capex cycles could materially impact order inflows.
  • Small market cap of ₹17,264 Cr can lead to higher volatility and wider bid-ask spreads during risk-off episodes compared to large-cap industrials.
  • Rising competitive interest in hydrogen and LNG infrastructure could attract global players, potentially pressuring Inox India's currently dominant domestic market share over time.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

7d ago

TL;DR: Very limited news flow for Inox India this period. The only development is a cancelled investor meeting with Metlife, which on its own is not material but could reflect scheduling changes or reduced investor engagement. With no operational or financial updates available, the near-term outlook remains unchanged and warrants monitoring for upcoming earnings or order announcements.

Neutral 1
  • Metlife investor meet cancelled Sep 28

    Inox India cancelled its scheduled one-on-one investor meeting with Metlife Investment that was originally set for September 29, 2026. No reason was provided for the cancellation.

Quarterly Results

₹ Cr
INOXINDIA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
308
258
290
276
296
307
334
369
340
358
429
461
371
456
Expenses
237
199
224
223
226
243
265
288
263
280
335
366
295
368
Operating Profit
72
59
67
53
70
64
69
81
76
78
94
95
76
89
OPM %
23%
23%
23%
19%
24%
21%
21%
22%
22%
22%
22%
21%
20%
19%
Other Income
8
7
5
11
5
13
16
13.14
13
13
−1
18
11
11
Interest
1
1
2
2
2
3
2
1
1
2
3
4
2
1
Depreciation
4
4
5
5
6
6
6
7
8
8
9
9
10
10
PBT
76
60
64
58
68
69
76
86
81
81
80
100
76
89
Tax %
25%
23%
24%
24%
23%
28%
23%
24%
24%
25%
24%
25%
23%
25%
Net Profit
57
46
49
44
53
49
58
66
61
61
61
75
58
67
EPS (₹)
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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
INOXINDIA profit and loss, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
21.3
10.72
10.58
14.38
17.05
21.59
24.9
28.41
28.08
Div. Payout %
0%
0%
0%
10%
67%
51%
8%
7%
—

Balance Sheet

₹ Cr
INOXINDIA balance sheet, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
INOXINDIA cash flow, annual, ₹ crore
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
63
147
192
72
112
74
65
58

Ratios

INOXINDIA financial ratios, annual
Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view INOX India insights

63 extracted metrics across FY19–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.73%
  • Public 8.96%
  • DIIs 7.44%
  • FIIs 6.63%
  • Others 2.24%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Documents

Frequently Asked Questions about INOX India

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 Inox India specializes in supplying cryogenic equipment, particularly tanks.
Where is Inox India Ltd (INOXINDIA) listed?
Inox India Ltd trades as INOXINDIA on the NSE and under code 544046 on the BSE.
Which sector does Inox India Ltd belong to?
Inox India Ltd is classified under the Industrial Products sector, in the Other Industrial Products industry.
What is the PE ratio of Inox India Ltd?
Inox India Ltd trades at a PE ratio of 68.97 as of 4 Nov 2026, on earnings per share of ₹28.08, against a book value of ₹123.13 per share.
What is the 52-week high and low of Inox India Ltd?
Over the last 52 weeks Inox India Ltd has traded between ₹1,068.2 and ₹2,339.5 as of 4 Nov 2026.
Does Inox India Ltd pay dividends?
Inox India Ltd has a dividend yield of 0.11%.
What is the Return on Equity (ROE) of Inox India Ltd?
Inox India Ltd reported a return on equity of 26.10%. Its debt-to-equity ratio is 0.07.

Company Information

Incorporated in 1976, Inox India Limited offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions Inox India specializes in supplying cryogenic equipment, particularly tanks. The company offers comprehensive solutions for equipment and systems operating in cryogenic conditions.

Website inoxcva.com
Listed 21 Dec 2023
Face Value ₹2

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