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Indian manufacturer of cryogenic equipment used to store and transport industrial gases, LNG and cryogenic fuels (Inox Group).
Indian manufacturer of cryogenic equipment used to store and transport industrial gases, LNG and cryogenic fuels (Inox Group).
Builds tanks and plants to order, so revenue is booked project by project and the order book signals later quarters. A large share is exported to the global industrial-gas majors. It also supplies India's space programme and newer areas such as LNG fuel stations.
In one line: A niche cryogenic-equipment maker with no direct large US peer.
Moat: narrow (process know-how, IP / patents). Specialized cryogenic engineering expertise built over decades, including work for India's space program.
Headquarters: Vadodara, India · Founded: 1976 · Employees: 1,565
Size INOX India (INOXINDIA.NS) is an India Industrials company (Industrial Machinery) with a market value of $1.79B, the 397th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,870 on 6 Nov 2026.
Performance Over six months the shares gained 20.3%, against -15.8% for the median peer and 0.0% for the India market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 22.5% over the last twelve months (peer median +8.9%); the operating margin is 18.5% (peer median 8.2%).
Valuation It trades at 47.3× forward earnings against a peer median of 19.6× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 14.7 points above its cost of capital (12.4% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹17.2B | ₹15.8B | ₹13.0B | ₹11.3B | ₹9.62B |
| Revenue growth | — | +21% | +15% | +17% | — |
| Gross profit | ₹7.60B | ₹4.59B | ₹4.04B | ₹3.58B | ₹2.93B |
| EBITDA | ₹3.55B | ₹3.39B | ₹2.84B | ₹2.50B | ₹2.05B |
| Net income | ₹2.61B | ₹2.58B | ₹2.26B | ₹1.96B | ₹1.55B |
| Free cash flow | n/a | ₹28.3M | -₹100M | ₹208M | ₹1.29B |
| Capital expenditure | n/a | ₹1.06B | ₹1.25B | ₹983M | ₹469M |
| Total debt | ₹262M | ₹810M | ₹432M | ₹161M | ₹89.9M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INOXINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.2% | -7.4% | 9th lowest of 21 |
| 6-month return | +20.3% | -15.8% | highest of 20 |
| Distance from 52-week high | -20.1% | -34.1% | 4th highest of 21 |
| Revenue growth (TTM) | +22.5% | +8.9% | 6th highest of 21 |
| Operating margin | 18.5% | 8.2% | 5th highest of 21 |
| Forward P/E | 47.3× | 19.6× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 37.9% | 15.3% | most demanding of 15 |
| Growth delivered (Del g) | +21.8% | +12.2% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | +16.2 pp | +3.5 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +14.7 pp | +1.6 pp | 2nd highest of 21 |
| EV / EBITDA | 46.8× | 11.9× | most expensive of 10 |
| Net debt / EBITDA | -1.0× | 0.7× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| INOX India INOXINDIA.NS | India | $1.79B | +20% | +23% | 18% | 47.3× | 37.9% | +21.8% |
| Gorman-Rupp GRC | United States | $1.79B | -12% | +6% | 16% | 21.5× | 11.8% | +14.4% |
| Beijing OriginWater Technology 300070.SZ | China | $1.78B | -16% | -10% | 5% | 54.1× | 17.0% | -4.1% |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |
| Zhejiang Dun'an Artificial Environment 002011.SZ | China | $1.81B | -4% | +8% | 8% | 11.4× | -0.4% | +12.2% |
| Jiangxi Guoke Defence 688543.SS | China | $1.83B | -7% | +2% | 16% | 42.7× | n/a | n/a |
| Systemair SYSR.ST | Sweden | $1.83B | +16% | +3% | 9% | 18.6× | 13.4% | +8.0% |
| Xiangtan Electric Manufacturing 600416.SS | China | $1.83B | -33% | -3% | -2% | 414.0× | n/a | n/a |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Shenzhen Yinghe Technology 300457.SZ | China | $1.84B | -34% | +27% | 6% | 18.6× | 11.4% | +31.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Wuxi Rich Intelligent Equipment 301599.SZ | China | $1.87B | -54% | +9% | 13% | n/a | 31.2% | +9.2% |
| ELGI Equipments ELGIEQUIP.NS | India | $1.87B | -1% | +16% | 13% | 35.0× | 30.6% | +15.5% |
| OSG 6136.T | Japan | $1.88B | -2% | +20% | 18% | 11.4× | 1.7% | +9.0% |
| Ta Liang Technology 3167.TW | Taiwan | $1.89B | -9% | +103% | 23% | 19.6× | 31.8% | +15.9% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Excelland Robotics (Wuxi) 3231.HK | Hong Kong | $1.91B | n/a | +19% | -36% | n/a | n/a | n/a |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |