INOX India Limited (INOXINDIA)

Capital Goods · Industrial Products · NSE · Updated 15 July 2026

₹1,851.8 ↑ 46.48% (1Y)

🎯 Key Takeaways

INOX India Limited is in a growth phase driven by expanding industrial gas demand and strategic capacity additions, though its high P/E of 63.6 reflects elevated investor expectations.
Revenue grew 8.8% QoQ to ₹334 in Q3FY25.
⚠️ High valuation multiple (P/E of 63.6) leaves limited upside cushion if growth moderates.

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 growth phase driven by expanding industrial gas demand and strategic capacity additions, though its high P/E of 63.6 reflects elevated investor expectations. The company has demonstrated consistent revenue and margin expansion over the past year, supported by strong order book execution and vertical integration. However, recent insider sales by promoter and director entities suggest limited insider confidence in near-term upside, despite solid financial performance.

📰 What's Happening

In Q3FY25, INOX India reported a 14.6% YoY revenue increase to ₹334 crore, with operating profit rising 19.5% to ₹85 crore and OPM holding steady at 20.7%, up from 19.3% in Q4FY24. The company declared a dividend of Rs 2 per share at its 49th AGM on June 23, 2026, and reappointed Director Pavan Jain, signaling governance continuity. Management has maintained focus on scaling up cryogenic and bulk liquid oxygen (BLO) capacity, with recent orders from healthcare and industrial sectors contributing to top-line growth. The insider trading plan for Executive Director Parag Kulkarni was extended to June 29, 2026, allowing sales within a 20% price band below ₹1,149.85, following a prior sale of 71,000 shares by him in late June 2026. Additionally, promoter Manju Jain sold 3,000 shares at ₹57.20 per share on June 19, 2026, further reducing her already minor stake.

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

INOX India has delivered sequential revenue and margin expansion over the past five quarters, with Q3FY25 marking the highest revenue in the recent cycle at ₹334 crore and operating profit margin stabilizing near 20.7%. The upward trend in revenue from ₹276 crore in Q4FY24 to ₹334 crore in Q3FY25 aligns with management's commentary on robust demand in healthcare, metal, and chemicals sectors. Despite a slight dip in OPM from 23.7% in Q1FY25 to 20.7% in Q3FY25, margins remain resilient amid capacity additions and scale-driven efficiencies. The company has not flagged any margin pressure in filings, instead attributing growth to backend order book execution and improved utilization rates across its integrated gas manufacturing and distribution network.

🔮 Management Outlook & What's Next

At the AGM on June 23, 2026, management emphasized ongoing capacity expansion in cryogenic and on-site gas solutions, particularly for healthcare and industrial customers, and highlighted strong order book visibility into FY26. The board approved the audited financial statements for FY2026 and declared a dividend of Rs 2 per share, underscoring confidence in cash flow generation. Management has not provided formal forward guidance on revenue or margins in recent filings, but referenced sustained demand trends and operational momentum as key drivers for the upcoming fiscal year.

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. High valuation multiple (P/E of 63.6) leaves limited upside cushion if growth moderates. 2. Margin pressure could emerge if capacity utilization fails to meet expectations or input costs rise. 3. Overreliance on healthcare and industrial gas demand makes the company vulnerable to sector-specific slowdowns. 4. Insider selling, though minor, introduces a subtle governance concern amid rising share price momentum.

📋 Recent Filings

🧠 Analyst's Read

INOX India is executing a clear growth strategy with improving financials and strong order book tailwinds, but the current valuation embeds high expectations. Investors should monitor execution of capacity expansion, margin sustainability, and any acceleration in insider selling as early warning signals. The next catalyst will be Q4FY25 earnings and management's update on FY26 capex plans.

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 2026-07-15.

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