INOX India Limited (INOXINDIA)
Core Business
INOX India Limited operates in the Capital Goods sector, specifically within Industrial Products. The company focuses on manufacturing and trading of industrial products.
Financial Snapshot
Current Price: ₹1,686.70
P/E Ratio: 63.58
Dividend Yield: 0.00%
Market Cap: ₹13,006.41 Crore
Revenue: ₹1,212.72 Crore
Net Profit: ₹204.6 Crore
Recent Performance
Q3FY25: Revenue ₹333.63 Crore, Profit ₹58.39 Crore, OPM 20.74%, NPM 17.50%, EPS ₹6.43
Q2FY25: Revenue ₹306.56 Crore, Profit ₹49.49 Crore, OPM 20.85%, NPM 16.14%, EPS ₹5.45
Q1FY25: Revenue ₹296.41 Crore, Profit ₹52.64 Crore, OPM 23.69%, NPM 17.76%, EPS ₹5.80
Q4FY24: Revenue ₹276.12 Crore, Profit ₹44.08 Crore, OPM 19.27%, NPM 15.96%, EPS ₹4.86
Key Observations
Valuation: The high P/E ratio of 63.58 suggests the stock is expensive relative to earnings.
Profitability: Operating and net profit margins have been relatively stable, indicating consistent performance.
Recent News: The company is preparing for its 49th AGM on June 23, 2026, where shareholders will vote on a ₹200 crore related party transaction with INOX Air Products.
Note: The stock is trading above both its 50-day (₹1,183.30) and 200-day (₹1,104.78) simple moving averages, indicating a potential uptrend.
Peer Comparison
Sector Average P/E: ~30-35 (varies by sub-sector)
INOXINDIA P/E: 63.58 — significantly higher, suggesting market expectations of higher future growth or risk premium.
Saregama India Limited (SAREGAMA)
Core Business
Saregama India Limited is a leading music and entertainment company, known for its extensive catalog of Indian music and film soundtracks. It operates in the Media & Entertainment sector.
Financial Highlights (FY26)
Revenue: ₹1,17,136 lakhs (+19% YoY)
Adjusted EBITDA: ₹133 crore (+31% YoY)
Operational PBT: ₹105 crore (+37% YoY)
Net Profit: ₹2,062 Mn (PAT margin: 21%)
EPS (Diluted): ₹10.73
Segment Performance
Music Vertical: Revenue ₹814 crore (+17% YoY), EBITDA ₹517 crore (+22% YoY)
Video Vertical: Revenue declined 43% to ₹108 crore (impacted by winding down of in-house film production)
Live Events: Lower revenue due to absence of one-off events like the Diljit Dosanjj tour
Strategic Moves
Bhansali Productions Partnership: Exclusive access to marquee Hindi film music for the next 24–30 months
Pocket Aces Turnaround: Successfully reached breakeven, serving as a digital marketing engine
New Initiatives: Launch of inaugural festival IP, UN40, and brand partnerships with Skoda, Lakme, and Coca-Cola
Valuation & Risk
Current Price: ₹449
Recent Performance: Stock up ~29% in the last month as of June 9, 2026.
Risks: Decline in video vertical and cash reserves drop to ₹149.27 crore (lowest recently), which may impact future content investment.
Note: Despite challenges in the video segment, the company’s focus on music licensing and digital content monetization has driven strong profitability growth.
Comparative Outlook (3–5 Years)
| Metric | INOXINDIA | SAREGAMA |
|---|
| Sector | Capital Goods | Media & Entertainment |
| Valuation (P/E) | 63.58 (High) | N/A (Strong profitability) |
| Growth Drivers | Industrial demand | Music licensing, digital expansion |
| Risks | High valuation, industrial cycles | Video segment decline, cash flow |
| Monopoly Potential | Limited within industrial products | Strong in music IP and licensing |
Conclusion
INOXINDIA: Suitable for investors bullish on industrial growth but caution due to high valuation.
SAREGAMA: Attractive for media/entertainment exposure with solid growth in music and strategic content partnerships, though monitor liquidity and video segment performance.
🔍 For Deep Analysis (click below):
How sustainable is INOXINDIA’s high P/E given its current revenue and profit trends?
What are the long-term implications of Saregama’s shift from physical to digital music monetization?
How will Saregama’s strategic investment in Bhansali Productions impact its content pipeline and margins over the next 3–5 years?