Vadodara-based maker of cryogenic equipment - LNG tanks, industrial gas storage, beverage kegs and cryo-scientific systems - sold in 100+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 371 | +9.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 58.0 | −4.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 25.82 | −2.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 0.69 | +0.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 19.93 | +6.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
5 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Total Revenue | Target numbers are around INR 1,350 crores for this year | Q3 FY25 | No new information. | Achieved |
| FY25 Revenue Growth | 18% to 20% growth year-on-year | Q3 FY25 | No new information. | Missed |
| ISRO 3rd Launchpad Tender Release | By end of the next year (FY26) we can expect some order | Q3 FY25 | The sub-milestone of a tender release by end of Q1 FY27 was not confirmed. The overall project timeline continues to be delayed. | Delayed |
5 of Inox India's 18 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,200.7 on 24 Oct 2025 → ₹1,914.4. High ₹2,295.8 (10 Sept 2026), low ₹1,073.4 (27 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
INOX India (brand: INOX CVA) designs, manufactures and installs cryogenic equipment used to store, transport and distribute liquefied gases such as LNG, liquid oxygen, nitrogen and hydrogen. It earns revenue across three reported segments - Industrial Gas equipment, LNG solutions, and the Cryo-Scientific Division - plus a smaller "Others" bucket that includes stainless-steel beverage kegs and disposable cylinders. Customers span industrial gas producers, energy and LNG infrastructure players, breweries, aerospace/space companies, and scientific research programmes such as ITER. It also supplies large cryogenic tanks, tankers/semi-trailers and ISO containers used in gas transport and storage.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
5 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Total Revenue | Target numbers are around INR 1,350 crores for this year | Q3 FY25 | No new information. | Achieved |
| FY25 Revenue Growth | 18% to 20% growth year-on-year | Q3 FY25 | No new information. | Missed |
| ISRO 3rd Launchpad Tender Release | By end of the next year (FY26) we can expect some order | Q3 FY25 | The sub-milestone of a tender release by end of Q1 FY27 was not confirmed. The overall project timeline continues to be delayed. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Inox India Q1 FY27
Inox India reported a record Q1 FY27 order inflow and order book, driven by strong export demand and new wins in aerospace and scientific research. While revenue growth was tempered by logistics-related dispatch delays, the company maintained healthy EBITDA margins and remains confident in achieving its full-year growth guidance. Strategic partnerships and capacity expansions are underway to capitalize on future opportunities.
Read the full callInox India Q4 FY26
Inox India delivered strong Q4 and full year FY26 results, with robust revenue growth and healthy EBITDA margins, driven by key segment performance and significant order wins. The company's order book provides strong visibility, and strategic initiatives like the new Kandla facility and R&D in data center cooling are underway. However, working capital intensity due to increasing project orders impacted operating cash flow.
Read the full callInox India Q3 FY26
Inox India delivered a strong Q3 FY26 with robust financial performance, marked by 27% YoY revenue growth and 34% YoY EBITDA growth. The company secured significant orders in industrial gases and LNG, expanding its global footprint and market share. While some segments like beverage kegs face utilization challenges and certain international bids are slow, the overall outlook remains positive with a healthy order backlog and strategic initiatives for future growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −5% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 |
| Expenses | 243 | 265 | 288 | 263 | 280 | 335 | 366 | 295 |
| Operating profit | 64 | 69 | 81 | 76 | 78 | 94 | 95 | 76 |
| Operating margin | 21.0% | 21.0% | 22.0% | 22.0% | 22.0% | 22.0% | 21.0% | 20.0% |
| Other income | 13 | 16 | 14 | 13 | 13 | -1 | 18 | 11 |
| Interest | 3 | 2 | 1 | 1 | 2 | 3 | 4 | 2 |
| Depreciation | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 10 |
| Profit before tax | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Tax rate | 28.0% | 23.0% | 24.0% | 24.0% | 25.0% | 24.0% | 25.0% | 23.0% |
| Net profit | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| EPS (₹ per share) | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 | 6.40 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 1,134 | 1,306 | 1,588 |
| Expenses | 883 | 1,022 | 1,244 |
| Operating profit | 251 | 284 | 343 |
| Other income | 31 | 48 | 43 |
| Interest | 6 | 8 | 10 |
| Depreciation | 18 | 25 | 34 |
| Profit before tax | 258 | 299 | 342 |
| Net profit | 196 | 226 | 258 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 484 | 531 | 631 | 856 | 962 | 1,099 |
| Borrowings | 55 | 9 | 16 | 43 | 99 | 81 |
| Other liabilities | 340 | 589 | 558 | 737 | 816 | 813 |
| Total liabilities | 897 | 1,148 | 1,223 | 1,654 | 1,895 | 2,012 |
| Fixed assets | 134 | 164 | 255 | 359 | 393 | 428 |
| Capital work in progress | 2 | 0 | 5 | 4 | 5 | 4 |
| Investments | 312 | 249 | 247 | 267 | 277 | 297 |
| Other assets | 449 | 734 | 716 | 1,023 | 1,220 | 1,282 |
| Total assets | 897 | 1,148 | 1,223 | 1,654 | 1,895 | 2,012 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 231 | 97 | 177 | 122 | 122 | 117 |
| Cash from investing | -152 | -72 | -13 | -26 | -141 | -110 |
| Cash from financing | -96 | -26 | -154 | -103 | 17 | 5 |
| Net cash flow | -17 | -1 | 10 | -6 | -1 | 13 |
| Free cash flow | 225 | 53 | 132 | 32 | -3 | 11 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 69 | 36 | 54 | 56 | 70 | 72 |
| Inventory days | 215 | 349 | 348 | 314 | 312 | 247 |
| Days payable | 26 | 43 | 52 | 90 | 87 | 80 |
| Cash conversion cycle | 258 | 342 | 350 | 280 | 295 | 238 |
| Working capital days | 0 | 23 | 31 | 44 | 61 | 83 |
| Return on capital employed | 32.0% | 35.0% | 37.0% | 43.0% | 38.0% | 33.0% |
| Dividend payout | 0.0% | 10.0% | 67.0% | 51.0% | 8.0% | 7.0% |
To justify its price of ₹1914, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~15%. At that growth it is worth ₹601 — downside of 69%.
Ownership
Promoters hold 74.73% as of Sept 2026; institutions cut 0.46 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Inox India above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 37.21% | −0.07 pp | |
| 16.39% | unchanged | |
| 15.69% | unchanged | |
| 4.19% | unchanged | |
| Global fund house | 1.56% | −0.26 pp |
| Mutual fund | 1.33% | newly disclosed |
| Mutual fund | 1.11% | newly disclosed |
| 0.70% | unchanged | |
| 0.55% | unchanged | |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
5 new, 0 added, 0 trimmed, 0 sold out — net +0.58 L shares (+80.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹15 Cr | held | Dec '23 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹7 Cr | new | Sep '26 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹4 Cr | new | Sep '26 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | new | Sep '26 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | new | Sep '26 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | new | Sep '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net +58,269 shares (+80.1%)
Shares held by these funds −89%
Dec '23 1.31 L shares Sep '26
Your own record
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