INOXINDIA

INOX India Limited

Cryogenic and precision engineering equipment for industrial gases and aerospace

Industrials›Capital Goods›Industrial Products›Other Industrial Products

inoxcva.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1987.70
Market cap
18,041 Cr
Stock P/E
70.8
P/B
16.14
Dividend yield
0.1%
ROE (FY26)
23.1%
ROCE (FY26)
29.6%
Operating margin (FY26)
19.5%
Debt / equity (FY26)
0.06
OCF / EBITDA (FY26)
34.0%
OCF / EBITDA (3Y)
41.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

INOX India builds cryogenic (ultra-low-temperature) equipment such as storage and bulk tanks, vaporizers, cylinders and LNG systems for industrial gas, LNG, scientific, aerospace and other industrial customers in India and export markets.

Company snapshot

2ndBy market cap

Ranked among 13 companies in Other Industrial Products.

What we see

Positives
  • ✓Net margin of 16.2% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 41% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales290 Cr276 Cr296 Cr307 Cr334 Cr369 Cr340 Cr358 Cr429 Cr461 Cr371 Cr
Operating expenses (approx.)224 Cr223 Cr226 Cr243 Cr264 Cr288 Cr263 Cr280 Cr334 Cr366 Cr295 Cr
EBITDA67 Cr53 Cr70 Cr64 Cr69 Cr82 Cr76 Cr78 Cr94 Cr95 Cr76 Cr
OPM %23.0%19.3%23.7%20.8%20.7%22.1%22.4%21.8%22.0%20.5%20.5%
Other income5 Cr11 Cr5 Cr13 Cr8 Cr13 Cr13 Cr11 Cr7 Cr15 Cr11 Cr
Interest2 Cr2 Cr2 Cr3 Cr3 Cr1 Cr0.72 Cr2 Cr3 Cr4 Cr2 Cr
Depreciation5 Cr5 Cr6 Cr6 Cr6 Cr7 Cr8 Cr8 Cr9 Cr9 Cr9 Cr
Profit before tax64 Cr58 Cr68 Cr69 Cr76 Cr86 Cr81 Cr81 Cr80 Cr100 Cr76 Cr
Tax %23.9%23.6%22.5%27.9%23.1%24.2%24.1%25.1%24.4%24.7%23.2%
Net profit49 Cr44 Cr53 Cr49 Cr58 Cr66 Cr61 Cr61 Cr61 Cr75 Cr58 Cr
EPS (₹)₹5.35₹4.86₹5.80₹5.45₹6.43₹7.22₹6.73₹6.70₹6.69₹8.29₹6.40

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales594 Cr783 Cr966 Cr1,131 Cr1,306 Cr1,587 CrSign in free for the trailing twelve months
Operating expenses (approx.)459 Cr615 Cr762 Cr881 Cr1,021 Cr1,244 CrSign in free for the trailing twelve months
EBITDA135 Cr168 Cr204 Cr250 Cr285 Cr343 CrSign in free for the trailing twelve months
OPM %22.7%21.4%21.2%22.1%21.8%21.6%Sign in free for the trailing twelve months
Other income15 Cr21 Cr18 Cr31 Cr41 Cr45 CrSign in free for the trailing twelve months
Interest7 Cr2 Cr4 Cr6 Cr9 Cr9 CrSign in free for the trailing twelve months
Depreciation12 Cr12 Cr14 Cr18 Cr25 Cr34 CrSign in free for the trailing twelve months
Profit before tax131 Cr174 Cr205 Cr258 Cr299 Cr342 CrSign in free for the trailing twelve months
Tax %26.7%25.1%25.5%24.0%24.4%24.6%Sign in free for the trailing twelve months
Net profit96 Cr130 Cr153 Cr196 Cr226 Cr258 CrSign in free for the trailing twelve months
EPS (₹)₹10.59₹14.38₹16.83₹21.59₹24.90₹28.41Sign in free for the trailing twelve months
Dividend payout %———50.9%0.0%7.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital9 Cr18 Cr18 Cr18 Cr18 Cr18 Cr
Reserves362 Cr484 Cr531 Cr631 Cr856 Cr1,099 Cr
Borrowings60 Cr43 Cr—13 Cr33 Cr70 Cr
Other liabilities255 Cr351 Cr599 Cr536 Cr749 Cr829 Cr
Total liabilities687 Cr897 Cr1,148 Cr1,199 Cr1,655 Cr2,016 Cr
Fixed assets (net)101 Cr133 Cr164 Cr245 Cr350 Cr419 Cr
CWIP2 Cr2 Cr0.22 Cr5 Cr4 Cr4 Cr
Investments25 Cr312 Cr249 Cr247 Cr267 Cr297 Cr
Loans & advances———1 Cr0.91 Cr0.66 Cr
Inventories146 Cr323 Cr413 Cr434 Cr493 Cr478 Cr
Trade receivables113 Cr78 Cr143 Cr160 Cr252 Cr313 Cr
Cash & bank2 Cr1 Cr14 Cr5 Cr4 Cr16 Cr
Other assets298 Cr48 Cr166 Cr103 Cr285 Cr487 Cr
Total assets687 Cr897 Cr1,148 Cr1,199 Cr1,655 Cr2,016 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity231 Cr97 Cr178 Cr126 Cr122 Cr117 Cr
Cash from investing-148 Cr-75 Cr-11 Cr-28 Cr-139 Cr-110 Cr
Cash from financing-96 Cr-26 Cr-154 Cr-103 Cr17 Cr5 Cr
Net cash flow-17 Cr-1 Cr12 Cr-6 Cr-1 Cr13 Cr
Free cash flow (OCF − Capex)225 Cr53 Cr132 Cr24 Cr-3 Cr11 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %31.9%32.4%38.0%39.8%33.9%29.6%
ROE %25.9%26.0%27.8%30.2%25.9%23.1%
Debtor days693654527072
Inventory days222274307347306263
Days payable273448648686
Cash conversion cycle265276313335290249
OCF / EBITDA %171.5%57.9%87.3%50.2%42.8%34.0%
OCF / EBITDA % (3 years)——99.9%64.4%57.6%41.5%
Debt / equity0.160.09—0.020.040.06
Current ratio1.771.991.671.771.681.78
Net debt / EBITDA0.430.25-0.070.030.100.16