INOX India Limited (INOXINDIA)
₹1,863.80 -2.91% last close, 23 Oct
Snapshot
INOX India Limited closed at ₹1,863.80 on 23 Oct 2026, 15.3% above its 200-day average, with an RSI(14) of 34.4 and a P/E of 66.45. On the daily chart it is in a weak downtrend, with a technical score of 26/100 (bearish). In the quarter ended June 2026, revenue grew 9.1% and net profit fell 4.8% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹1,863.80
- Day change
- -2.91%
- Market Cap
- ₹16,946 Cr
- 52-week range
- ₹1,068.20 – ₹2,339.50
- From 52-week high
- -20.33%
Financials23 Oct 2026
- P/E
- 66.45
- P/B
- 15.17
- ROE
- 22.8%
- ROCE
- 33.0%
- Debt to Equity
- 0.07
- OPM
- 21.2%
- YoY qtr sales growth
- 9.1%
- YoY qtr profit growth
- -4.8%
- Dividend Yield
- 0.11%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Weak Downtrend
- Technical score
- 26/100 · Bearish
- MACD
- Bearish
- RSI (14)
- 34.38
- ADX (14)
- 16.39
- SuperTrend
- Bearish
- vs 20-day SMA
- -8.78%
- vs 50-day SMA
- -9.44%
- vs 200-day SMA
- +15.34%
- RS rating
- 88.00
- Nearest support
- ₹1,806.20
- Nearest resistance
- ₹1,980.00
Exchange activity23 Oct 2026
- Delivery
- 46.46% vs 43.17% average
- Volume vs its average
- 0.7×
Events
- Latest results
- Q1 FY27, filed 4 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, INOX India's revenue was ₹371 Cr (+9.1% year on year, -19.5% on the previous quarter), and net profit ₹58.1 Cr (-4.8% year on year); the operating margin was 20.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹371 | +9.1% | -19.5% |
| Operating profit | ₹75.9 | -0.2% | -19.8% |
| Net profit | ₹58.1 | -4.8% | -22.8% |
| EPS (₹) | 6.40 | -4.9% | -22.8% |
| Operating margin | 20.5% | — | — |
INOXINDIA delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 46.46% of the INOXINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.17%. That is close to its usual level.
Delivery in the last 5 sessions: 52.4% · 31.9% · 51.9% · 51.2% · 46.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
INOX India Limited has secured listing and trading approvals from both BSE and NSE for 1,58,959 equity shares of face value Rs 2 each. These shares were earlier allotted on September 3, 2026, pursuant to the exercise of stock options under the INOX Employee Stock Option Plan 2022. The new shares will be admitted to trading starting September 17, 2026. The issuance represents approximately 0.17% of total outstanding equity, resulting in negligible dilution.
- Listing and trading approval received for 1,58,959 equity shares
- Shares issued at a face value of Rs 2 each under the INOX Employee Stock Option Plan 2022
- Trading effective from September 17, 2026, on both BSE and NSE
- Distinctive numbers allocated range from 90763501 to 90922459
INOX India Limited has scheduled a one-on-one virtual interaction with JM Financial AMC on Saturday, September 19, 2026. The company stated that no unpublished price sensitive information (UPSI) will be discussed during the meeting. The interaction follows the company's Q1 FY27 performance (Jun 2026 revenue of Rs 370.79 Cr, PAT of Rs 58.07 Cr) and steady business operations.
- One-on-one virtual investor meeting scheduled for Saturday, 19th September, 2026
- Meeting participant is JM Financial AMC
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
INOX India Limited has intimated the stock exchanges regarding a scheduled investor/analyst interaction via virtual mode. The company noted that no unpublished price sensitive information (UPSI) will be discussed during the interaction. The schedule remains subject to change based on exigencies from either party.
- Meeting to be held virtually in September 2026 (exact date partially obscured as September 2026 in document)
- Filing dated 8 September 2026
- No Unpublished Price Sensitive Information (UPSI) will be shared
- Market cap context: Rs 19955 Cr with TTM revenue of Rs 1616 Cr
INOX India Limited has informed the exchanges regarding a scheduled investor/analyst interaction. The meeting will be held virtually in September 2026 pursuant to Regulation 30(6) of SEBI LODR Regulations. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction. This is a standard institutional engagement update for the company.
- Virtual investor/analyst meet scheduled in September 2026
- Intimation filed on September 8, 2026 pursuant to Regulation 30(6) of SEBI LODR
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
INOX India Limited has approved the allotment of 1,58,959 equity shares of face value Rs. 2/- each pursuant to the exercise of options under its INOX Employee Stock Option Plan 2022. Following this allotment, the company's total paid-up equity share capital increases from 9,07,63,500 shares (Rs. 18,15,27,000) to 9,09,22,459 shares (Rs. 18,18,44,918). The newly allotted shares will rank pari-passu with existing equity shares. This represents a minor equity dilution of approximately 0.18%.
- Allotment of 1,58,959 equity shares of face value Rs. 2/- each under ESOP 2022
- Pre-allotment paid-up equity shares stand at 9,07,63,500 (Rs. 18,15,27,000)
- Post-allotment paid-up equity shares increase to 9,09,22,459 (Rs. 18,18,44,918)
- Nomination and Remuneration Committee approved the allotment via circular resolution on September 03, 2026
INOX India Limited has informed the stock exchanges regarding a scheduled investor/analyst meeting pursuant to Regulation 30(6) of the SEBI LODR Regulations. The interaction will be held via virtual mode. The company explicitly noted that no unpublished price sensitive information (UPSI) will be discussed during the meet.
- Scheduled investor/analyst interaction through virtual mode.
- Complies with Regulation 30(6) and Regulation 46(2) of SEBI Listing Regulations.
- Company confirmed that no unpublished price sensitive information (UPSI) will be shared.
INOX India Limited has submitted a regulatory intimation regarding a scheduled investor/analyst interaction. The meeting will be conducted via virtual mode. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be shared or discussed during the interaction.
- Management scheduled to participate in an investor/analyst meet
- Meeting to be conducted via virtual mode
- Company explicitly stated no UPSI will be discussed during the interaction
INOX India Limited has scheduled an in-person investor meeting at the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026. The management will engage in one-on-one and group discussions with institutional investors. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during these sessions. This is a routine disclosure as per SEBI regulations to ensure transparency in investor communications.
- Scheduled meeting date is Wednesday, August 19, 2026
- Participation in the Motilal Oswal 22nd Annual Global Investor Conference
- Interaction format includes both One-on-One and Group In-Person meetings
- Company maintains a dominant 70-75% market share in the Indian cryogenic tank segment
- Current TTM revenue stands at ₹1,585 Cr with an OPM of 21.5%
INOX India reported its highest-ever quarterly order inflow of Rs 532 Cr in Q1 FY27, bringing the total order book to a record Rs 1,686 Cr, which represents approximately 106% of TTM revenue. The export segment remains a major driver, accounting for over Rs 1,140 Cr of the backlog. Key strategic wins include specialized cryogenic tanks for the space exploration industry and a prestigious order from CERN for particle physics research. The company is also diversifying into semiconductor infrastructure and data center cooling, with a prototype for the latter expected to commercialize in 1-1.5 years.
- Achieved highest ever quarterly order inflow of approximately Rs 532 Cr in Q1 FY27.
- Total order book reached a record high of Rs 1,686 Cr, providing strong revenue visibility.
- Export order book stands at over Rs 1,140 Cr, reflecting global engineering acceptance.
- Secured orders for 14 large 1500 cubic meter cryogenic storage tanks from the space exploration industry.
- Entry into global scientific research with a specialized cryogenic module order from CERN.
INOX India has disclosed the audio recording link for its Q1FY27 results conference call held on August 4, 2026. The company, which holds a 70-75% market share in the Indian cryogenic tank segment, reported TTM revenue of ₹1,585 Cr and a PAT of ₹256 Cr. The call likely covered the company's expansion into the brewery equipment market (targeting 100k-150k units) and its ₹80 Cr annual capex plan. This filing is a standard regulatory requirement following the announcement of quarterly financial results.
- Audio recording of the Q1FY27 analyst call held on August 4, 2026, is now publicly available.
- Company maintains a dominant 70-75% market share in the Indian cryogenic tank segment as of FY25.
- Annual capex of ₹80 Cr is planned to support growth, including expansion at the Savli plant.
- Top 10 customers contribute 47% of total revenue, representing a significant concentration risk.
- Targeting 100,000 to 150,000 units in the new brewery equipment market segment.
INOX India reported strong operational momentum in Q1 FY27, highlighted by a record booking of over 1,700 liquid cylinders. The company secured high-value international orders, including 22 cryogenic modules for CERN and large-scale 1,000m3 tanks for a US-based space company. Financially, the company remains robust with FY26 revenue of ₹1,632 Cr and a debt-free balance sheet. Management is positioning for long-term growth in the LNG sector, citing a potential market of 500,000 LNG-fuelled trucks in India by 2040.
- Achieved highest-ever quarterly order booking for Liquid Cylinders with 1,700+ units.
- Secured a prestigious order for 22 cryogenic modules for CERN's HL-LHC project.
- Received additional orders from a US space company for large-size 1,000m3 cryogenic tanks.
- Secured equipment orders for 7 additional LNG fuel stations from private and PSU entities.
- Maintained a strong financial profile with FY26 EBITDA margins at 23.8% and ROCE at 31%.
INOX India reported a modest 8.3% YoY revenue growth to ₹382 Cr for Q1 FY27, while PAT remained flat at ₹61 Cr. The standout feature is the record quarterly order inflow of ₹532 Cr, which represents approximately 33.5% of TTM revenue, pushing the total order book to ₹1,686 Cr. Exports remain a core driver, contributing 58% of revenue and over 67% of the total order book. The company also achieved strategic entries into the semiconductor infrastructure and aerospace sectors.
- Record quarterly order inflow of ₹532 Cr, representing ~33.5% of TTM revenue
- Total order book reached ₹1,686 Cr, providing revenue visibility of 1.06x TTM revenue
- Export revenue contributed ₹222 Cr (58% of total), with an export order book exceeding ₹1,140 Cr
- EBITDA margins remained healthy at 23.5%, with absolute EBITDA at ₹90 Cr
- Secured first orders for semiconductor infrastructure in Dholera and prestigious orders from CERN and ITER
INOX India Limited has scheduled its conference call to discuss Q1FY27 financial results on August 4, 2026, at 11:00 AM IST. The call will cover unaudited standalone and consolidated results for the quarter ended June 30, 2026. Senior management, including the CEO and CFO, will be present to address investor queries. This follows a period of significant growth, with TTM revenue standing at ₹1,585 Cr and a market-leading 70-75% share in the cryogenic tank segment.
- Conference call scheduled for August 4, 2026, at 11:00 AM IST
- Focus on Unaudited Standalone & Consolidated results for the quarter ended June 30, 2026
- Management representation includes CEO Deepak Acharya and CFO Pavan Logar
- Company maintains a high TTM OPM of 21.5% and ROCE of 32.0% leading into this quarter
- Discussion likely to touch upon the ₹80 Cr annual capex plan and brewery market expansion
INOX India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by its Registrar and Transfer Agent (RTA), KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized have been furnished to the stock exchanges. This is a standard administrative procedure required for all listed entities to ensure the integrity of electronic shareholding records. The filing has no impact on the company's financial position or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Issued by Registrar and Transfer Agent (RTA) M/s. KFin Technologies Ltd
- Confirms compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Covers both Central Depository Services (India) Limited and National Securities Depository Limited
INOX India has secured multiple orders totaling ₹939 Cr between May 21, 2026, and July 8, 2026. This represents approximately 59.2% of the company's TTM revenue of ₹1585 Cr, significantly boosting revenue visibility. The Industrial Gas segment contributed the bulk of the wins at ₹871 Cr, including a 'Mega' order (defined as >₹150 Cr) from the space exploration industry. Other contributions came from LNG (₹44 Cr) and Cryo-scientific solutions (₹16 Cr).
- Total order inflow of ₹939 Cr secured in the period from May 21, 2026, to July 8, 2026
- Industrial Gas segment accounts for ₹871 Cr, including a 'Mega' order exceeding ₹150 Cr
- Order value represents ~59.2% of the company's TTM revenue of ₹1585 Cr
- Secured orders in LNG (₹44 Cr) and Cryo-scientific (₹16 Cr) segments, plus ₹8 Cr in beverage kegs
- Space exploration industry identified as a key driver for the 'Mega' order win
Company profilewritten 14 Dec 2025
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15.44% YoY to INR 1,312.58 Cr in FY25. For Q2 FY26, revenue was INR 371 Cr, up 16% YoY. Segmental revenue contribution for Q2 FY26: Industrial Gas (57%), LNG (25%), and Cryo Scientific (13%). The order backlog of INR 1,485 Cr provides strong visibility, with Industrial Gas making up 45%, LNG 31%, and CSD 23% of the total backlog.
Geographic Revenue Split
The company significantly expanded its global footprint, with export revenue contribution increasing from 50% in FY24 to 64% in FY25. As of Q2 FY26, the order backlog remains export-heavy at 63%, while the domestic market accounts for 37%. This shift reduces dependency on the Indian market and leverages global demand for cryogenic engineering.
Profitability Margins
Profitability remained stable despite growth; PAT margin was 17.22% in FY25 compared to 17.24% in FY24. Net Profit Margin for the consolidated entity was 16.5% in FY25. Gross margins saw a slight contraction of ~70 basis points in FY25, which was partially offset by operating leverage gains from increased scale.
EBITDA Margin
EBITDA margin stood at 24.4% for FY25, a slight improvement of 0.40% over the 24.0% recorded in FY24. Operating profitability margin remained steady at 22.29% in FY25 (vs 22.55% in FY24), reflecting the company's ability to maintain core profitability while scaling operations by 15.44%.
Capital Expenditure
The company plans a modest capital expenditure of approximately INR 80 Cr per annum starting from FY26. This capex is intended for regular maintenance and capacity expansion, specifically to be funded entirely through internal accruals and liquid surplus, maintaining a debt-free status.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with a CRISIL 'Stable' outlook. Debt was reduced to INR 43 Cr in March 2025 from a peak of INR 419 Cr in 2018. Interest coverage is exceptionally strong at 35.98x (Consolidated) to 40x (Credit Rating estimate), indicating very low default risk and high capacity to service minimal debt.
Operational Drivers
Raw Materials
The company is sensitive to price volatility in essential input materials, primarily stainless steel and specialized alloys required for cryogenic tanks (representing a significant but unspecified % of total costs). Management is increasing the share of localized raw material procurement to mitigate global price fluctuations and logistics costs.
Import Sources
Not specifically disclosed in available documents, though the company mentions a strategic shift toward 'localized raw material procurement' within India to improve supply chain resilience.
Key Suppliers
Specific supplier names are not disclosed in the provided documents; however, the company utilizes a 'localized procurement' strategy to manage its supply chain for its four Indian manufacturing facilities.
Capacity Expansion
Current operations are centered across four principal manufacturing facilities (Kalol, Kandla, Bhachau, and Silvassa). Expansion is underway at the Savli plant for Cryo Tanks, with total planned capex of INR 80 Cr per year to support growth in the LNG and Industrial Gas segments.
Raw Material Costs
Raw material costs are a major component of the cost structure; gross margins contracted by ~70 basis points in FY25 due to input price shifts. The company uses localized sourcing to manage these costs and maintain an operating margin between 22-24%.
Manufacturing Efficiency
Inventory turnover ratio improved by 5.3% from 2.68 to 2.82 in FY25, indicating better asset utilization. The company leverages its four principal facilities to meet a 70-75% market share in the Indian cryogenic tank segment.
Logistics & Distribution
Not specifically disclosed as a % of revenue; however, the company exports to over 100 countries, making global logistics a critical component of its 64% export revenue stream.
Strategic Growth
Expected Growth Rate
15-17%
Growth Strategy
Growth will be driven by the 'National Green Hydrogen Mission' and the transition to an LNG-based economy. The company is expanding into the beverage equipment market (breweries), targeting 100,000 to 150,000 units. Capacity expansion at the Savli plant and a record order backlog of INR 1,485 Cr provide the foundation for this sustained growth.
Products & Services
Cryogenic storage tanks, Industrial Gas solutions, LNG fuel systems for transport and power, Cryo-scientific equipment for research, and beverage application equipment (kegs/tanks for breweries).
Brand Portfolio
INOXCVA, INOX India Limited.
New Products/Services
Entry into the brewery equipment market (beverage application) with an expected initial capture of 100k-150k units. The company is also focusing on newer product applications in the Green Hydrogen sector.
Market Expansion
Expanding global presence (exports grew to 64% of revenue) and targeting the European and Brazilian markets through subsidiaries INOXCVA Europe B.V. and INOXCVA Brazil.
Market Share & Ranking
Market leader in India with a 70-75% market share in the cryogenic tank segment as of fiscal 2025.
Strategic Alliances
The company is part of the Pavan Jain faction of the Inox Group, benefiting from synergies with group companies in industrial gases and entertainment.
External Factors
Industry Trends
The industry is shifting toward cleaner fuels; the 'National Green Hydrogen Mission' and LNG as a transit fuel are primary drivers. The cryogenic equipment market is growing as industries move toward decarbonization, positioning INOX as a critical infrastructure provider.
Competitive Landscape
INOX is the largest manufacturer in India. Competitors include global engineering firms, but INOX's localized manufacturing and 70%+ market share provide a significant cost and service advantage.
Competitive Moat
The moat is built on a 70-75% dominant market share, high entry barriers due to complex cryogenic engineering standards, and being part of the established Inox Group. These advantages are sustainable due to the specialized nature of the technology and long-standing client relationships.
Macro Economic Sensitivity
Sensitive to India's GDP growth (projected 6.3% to 6.8%) and global energy transition investments. A slowdown in manufacturing activity would directly reduce demand for industrial gas storage.
Consumer Behavior
Shift toward ESG-compliant energy sources is increasing demand for the company's LNG and Hydrogen storage solutions.
Geopolitical Risks
Operations in over 100 countries expose the company to international trade barriers and regulatory changes in the cryogenic engineering sector.
Regulatory & Governance
Industry Regulations
Subject to complex cryogenic safety standards, environmental regulations, and industry-specific compliance. The company uses an independent Internal Audit team reporting to the Audit Committee to ensure adherence.
Environmental Compliance
The company adheres to evolving environmental regulations and safety standards. Failure to comply could lead to 'elevated compliance costs' and 'production limitations,' though specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The effective tax expense increased due to the removal of the Indexation benefit on Long Term Capital Gains (LTCG), resulting in a INR 2.4 Cr impact following India's Budget 2024.
Legal Contingencies
Not specifically disclosed in the provided text, although the company monitors 'regulatory changes' and 'statutory requirements' through its Board-level Audit Committee.
Risk Analysis
Key Uncertainties
Manufacturing risk: Dependency on only 4 principal facilities means an industrial accident or equipment failure could significantly interrupt the 15% revenue growth trajectory. Input cost volatility also remains a key uncertainty for margin maintenance.
Geographic Concentration Risk
While domestic revenue is spread across India, 64% of revenue is now concentrated in international markets, exposing the company to global geopolitical and currency risks.
Third Party Dependencies
High dependency on a limited number of major clients (Top 10 = 47% of revenue), making the company vulnerable to the purchasing strategies of a few large entities.
Technology Obsolescence Risk
The company mitigates technology risk through its 'Cryo Scientific' division and by aligning with the global shift toward Hydrogen and LNG technologies.
Credit & Counterparty Risk
Receivables quality is monitored; Debtors' turnover ratio was not explicitly provided but the company noted higher finance costs due to fund utilization for plant expansion rather than credit losses.
