INOX India Limited (INOXINDIA)

Capital Goods · Industrial Products · NSE · Updated 4 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,901.4 ↑ 61.84% (1Y)

🎯 Key Takeaways

INOX India Limited is in a high-growth phase driven by global project wins and strategic expansion into clean energy and advanced manufacturing. The company has transitioned from a domestic industrial gases player to an internationally diversified capital goods exporter with a strong order backlog, particularly in LNG, aerospace, and hydrogen-related projects.
Revenue grew 8.8% QoQ to ₹334 in Q3FY25.
⚠️ Margin pressure from rising operational expenses consuming 76.5% of income despite revenue growth.

Market Cap

₹13,006

P/E Ratio

63.6

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

INOX India Limited is in a high-growth phase driven by global project wins and strategic expansion into clean energy and advanced manufacturing. The company has transitioned from a domestic industrial gases player to an internationally diversified capital goods exporter with a strong order backlog, particularly in LNG, aerospace, and hydrogen-related projects.

📰 What's Happening

In Q1 FY27, INOX India reported ₹382 crores in revenue (8.3% YoY growth) and ₹61 crores in PAT, with export revenue contributing 58% of total sales. The company secured ₹532 crores in new orders, pushing the total order book to ₹1,686 crores (+26.4% YoY), led by aerospace (CERN, ITER), LNG, and semiconductor projects. Key milestones include AS9100D certification for aerospace compliance and entry into sustainable water solutions. Management highlighted record order inflow and export momentum as catalysts for sustained growth, despite flat PAT and margin pressure from rising operational costs.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	290	276	296	307	334
Operating Profit	71	64	76	77	85
OPM %	23.0%	19.3%	23.7%	20.9%	20.7%
Net Profit	49	44	53	49	58
EPS	₹5.35	₹4.86	₹5.80	₹5.45	₹6.43

Revenue has grown steadily from ₹276 crores in Q4FY24 to ₹334 crores in Q3FY25, with operating margins holding firm around 20-21% despite rising expenses. PAT margins have compressed slightly from 23.7% in Q1FY25 to 15.8% in Q1FY27, reflecting higher input costs and expansion-related investments. EBITDA margin remained stable at 23.8% in Q1FY27, indicating operational efficiency amid scale. The consistent revenue growth and expanding order book suggest that top-line momentum is being driven by export demand and new project wins, though profitability is being weighed down by strategic spending and cyclical input cost pressures.

🔮 Management Outlook & What's Next

Management emphasized that growth will be anchored in hydrogen demand (projected at 100 units), expansion of the small-scale LNG market (expected to reach ₹16 crores by 2040), and continued collaboration in fusion energy via ITER. They also highlighted ongoing investments in aerospace, semiconductor, and clean energy sectors as key growth vectors. The company expects the record order book of ₹1,686 crores to drive multi-year revenue visibility, with margin expansion anticipated as scale and operational efficiencies improve across new verticals.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Cummins India Limited	1.49 L Cr	74.4	—	—	—
Polycab India Limited	1.38 L Cr	74.8	—	—	—
APL Apollo Tubes Limited	52,483	43.6	29.3%	22.7%	0.09
KEI Industries Limited	48,924	72.7	—	—	—
Supreme Industries Limited	44,570	43.6	—	—	—
Astral Limited	41,662	79.2	—	—	—
AIA Engineering Limited	35,987	31.0	20.4%	16.8%	0.07
Welspun Corp Limited	34,530	23.2	—	—	—
Timken India Limited	26,561	61.0	—	—	—
Kirloskar Oil Engines Limited	25,295	49.8	—	—	—

🔗 Peer Stock Analyses

CUMMINSIND POLYCAB APLAPOLLO KEI SUPREMEIND

⚠️ Risk Factors

1. Margin pressure from rising operational expenses consuming 76.5% of income despite revenue growth. 2. Dependence on global macroeconomic conditions and geopolitical stability, especially in export markets like Europe and North America. 3. Execution risk in new segments like hydrogen and fusion energy, which are still in early commercial stages. 4. Regulatory and compliance costs in new markets (e.g., aerospace, semiconductors) could impact scalability and profitability.

📋 Recent Filings

🧠 Analyst's Read

INOX India is positioned for long-term growth supported by a record order book and strategic expansion into high-value, export-oriented sectors. Investors should monitor margin recovery trends and management's ability to convert the backlog into cash flows as key near-term catalysts. Execution in hydrogen and small-scale LNG markets will be critical to sustaining momentum beyond current project wins.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-04.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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