INOXINDIA
Inox India share price & financials
- Price
- ₹1,917.8
- Market cap
- ₹17.6k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Inox India Q1 FY27
What went well
- Highest ever quarterly order inflow of approximately INR 532 crores, leading to a record total order book of INR 1,686 crores.
- Export order book now exceeds INR 1,140 crores, reflecting strong global acceptance and revenue visibility.
- Secured a prestigious order from CERN for specialized cryogenic modules, strengthening position in scientific research.
What to watch
- Revenue growth was lower than the 18-20% guidance due to INR 32-35 crores worth of equipment not dispatched because of logistics disruptions.
- EBITDA growth (1.4%) and PAT (flat) were impacted by these dispatch delays and slightly lower margins compared to the previous quarter.
What Inox India does
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
- Industrial Gas (IG)
- LNG Solutions
- Cryo-Scientific Division (CSD)
- Others (incl. Kegs)
- Manufacturing facilities in India
- 4 large-scale facilities
- Countries served
- 100+ countries
- International presence
- Service & distribution base in Brazil; stock-and-sale facility in the Netherlands (Europe)
- Known plant locations
- Savli and Kalol (Gujarat), plus a new facility being developed at Kandla
- Operating history
- 30+ years in cryogenic equipment design, manufacturing and installation
- Scientific/aerospace clientele
- Supplies ITER (France) and aerospace/submarine LOX-tank customers
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 5 delivered 5 missed 8 open- FY25 Total Revenue delivered said Q3 FY25 Promised: Target numbers are around INR 1,350 crores for this year Q1 FY27: No new information.
- FY25 Revenue Growth missed said Q3 FY25 Promised: 18% to 20% growth year-on-year Q1 FY27: No new information.
- ISRO 3rd Launchpad Tender Release delayed said Q3 FY25 Promised: By end of the next year (FY26) we can expect some order Q1 FY27: The sub-milestone of a tender release by end of Q1 FY27 was not confirmed. The overall project timeline continues to be delayed.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.2%, net profit down 6.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 304 | 332 | 369 | 327 | 356 +17% | 419 +26% | 455 +23% | 357 +9% |
| EBITDA | 64 | 70 | 81 | 75 | 75 +17% | 90 +29% | 94 +16% | 72 −4% |
| Net profit | 49 | 57 | 65 | 60 | 59 +20% | 59 +4% | 74 +14% | 56 −7% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +90.0% 1Y
1Y: ₹1,182.2 on 10 Sept 2025 → ₹2,246.6. High ₹2,295.8 (10 Sept 2026), low ₹1,073.4 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.0%
- 4 Aug
- Q4 FY26
- +1.9%
- 19 May
- Q3 FY26
- +1.9%
- 13 Feb
- Q2 FY26
- −0.9%
- 6 Nov
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.
Financials, as filed
Revenue grew 19.7% a year over 2 years, FY24 to FY26. Operating margin held at 21.5%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr |
| Operating profit | ₹237 Cr | ₹285 Cr | ₹334 Cr |
| Operating margin | 21.8% | 22.0% | 21.5% |
| Interest | ₹5 Cr | ₹8 Cr | ₹9 Cr |
| Depreciation | ₹17 Cr | ₹24 Cr | ₹31 Cr |
| Net profit | ₹187 Cr | ₹224 Cr | ₹252 Cr |
| Net margin | 17.2% | 17.3% | 16.2% |
| Cash from operations | ₹122 Cr | ₹106 Cr | ₹92 Cr |
| Free cash flow | ₹32 Cr | ₹-20 Cr | ₹37 Cr |
| ROCE | 39.0% | 37.0% | 32.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr | ₹18 Cr |
| Reserves | ₹399 Cr | ₹516 Cr | ₹567 Cr | ₹658 Cr | ₹962 Cr | ₹1.1k Cr |
| Borrowings | ₹60 Cr | ₹43 Cr | ₹6 Cr | ₹13 Cr | ₹99 Cr | ₹75 Cr |
| Other liabilities | ₹252 Cr | ₹343 Cr | ₹562 Cr | ₹555 Cr | ₹816 Cr | ₹787 Cr |
| Total liabilities | ₹720 Cr | ₹920 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Fixed assets | ₹99 Cr | ₹130 Cr | ₹161 Cr | ₹251 Cr | ₹393 Cr | ₹375 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹0 Cr | ₹5 Cr | ₹5 Cr | ₹0 Cr |
| Investments | ₹69 Cr | ₹356 Cr | ₹293 Cr | ₹291 Cr | ₹277 Cr | ₹341 Cr |
| Other assets | ₹550 Cr | ₹432 Cr | ₹699 Cr | ₹697 Cr | ₹1.2k Cr | ₹1.3k Cr |
| Total assets | ₹720 Cr | ₹920 Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.9k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.99 pp while the public trimmed −0.77 pp. The shareholder count shrank 16% to 1,46,500.
- Promoters
- 74.9%
- FIIs
- 6.9%
- DIIs
- 7.7%
- Public
- 10.6%
Since Jun 2025
- DIIs +0.99 pp
- Public −0.77 pp
- Promoters −0.14 pp
How it drifted, 11 quarters
Over this window the public fell from 13.9% to 10.6% — −3.3 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 75.0%, FIIs 4.7%, DIIs 6.5%, Public 13.9%.Mar '24: Promoters 75.0%, FIIs 6.1%, DIIs 6.6%, Public 12.3%.Jun '24: Promoters 75.0%, FIIs 6.4%, DIIs 6.7%, Public 11.9%.Sep '24: Promoters 75.0%, FIIs 5.8%, DIIs 7.1%, Public 12.0%.Dec '24: Promoters 75.0%, FIIs 6.5%, DIIs 7.0%, Public 11.5%.Mar '25: Promoters 75.0%, FIIs 6.8%, DIIs 6.3%, Public 11.9%.Jun '25: Promoters 75.0%, FIIs 6.9%, DIIs 6.7%, Public 11.4%.Sep '25: Promoters 75.0%, FIIs 7.1%, DIIs 6.7%, Public 11.2%.Dec '25: Promoters 75.0%, FIIs 7.1%, DIIs 7.3%, Public 10.6%.Mar '26: Promoters 75.0%, FIIs 7.1%, DIIs 7.7%, Public 10.1%.Jun '26: Promoters 74.9%, FIIs 6.9%, DIIs 7.7%, Public 10.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Infrastructure Fund Mutual fund newly disclosed 1.68% held
- Kusum Mittal newly disclosed 0.00% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Inox India above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Siddharth Jain | 37.28% | unchanged |
| Pavan Kumar Jain | 16.42% | unchanged |
| Nayantara Jain | 15.72% | unchanged |
| Ishita Jain | 4.20% | unchanged |
| Goldman Sachs Funds - Goldman Sachs India Equity P Global fund house | 1.82% | −0.34 pp |
| ICICI Prudential Infrastructure Fund Mutual fund | 1.68% | newly disclosed |
| Manju Jain | 0.70% | −0.06 pp |
| Lata Madhusudan Rungta | 0.55% | −0.08 pp |
| Kiran Kheruka | 0.00% | unchanged |
| Sonargaon Properties LLP | 0.00% | unchanged |
| Gujarat Fusion Glass LLP | 0.00% | unchanged |
| Spartan Trade Holdings LLP | 0.00% | unchanged |
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.
Mutual funds in INOXINDIA
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹14 Cr
- 1 schemes
- Biggest holder
- HDFC Dividend Yield Fund
- ₹14 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹14 Cr | held | Dec '23 |
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 Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +117%
- vs est. average cost
- Held by funds
- ₹14 Cr
- 1 schemes · ≈ 0.08% of the company
Shares held by these funds −85%
Dec '23 1.79 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹2247, this stock must grow earnings at 42% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹640 — downside of 72%.
- Growth the price implies
- 42.0% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 16.1% a year
- net profit, FY24–FY26 · EPS 16.4%
- The gap
- 0.3 pp
- -72% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Inox India
Guides on how to read this kind of business and the numbers that matter.