Inox India Ltd (INOXINDIA)
🎯 Key Takeaways
- INOX India Ltd is in a high-growth phase, transitioning from a domestic-focused industrial gases player to a globally integrated capital goods exporter with strategic footholds in aerospace, semiconductors, and clean energy. Management is actively scaling operations to capture emerging opportunities in hydrogen, fusion, and LNG, supported by a record order book and international certifications.
- Revenue declined 19.5% QoQ to ₹371 in Q1FY27.
- ⚠️ Margin pressure persists despite revenue growth, with EBITDA margin stagnant and expenses consuming 76.5% of income, partly due to logistics delays im
📖 The Story
INOX India Ltd is in a high-growth phase, transitioning from a domestic-focused industrial gases player to a globally integrated capital goods exporter with strategic footholds in aerospace, semiconductors, and clean energy. Management is actively scaling operations to capture emerging opportunities in hydrogen, fusion, and LNG, supported by a record order book and international certifications.
📰 What's Happening
In Q1 FY27, INOX India reported ₹382 crores in revenue (+8.3% YoY) and a flat PAT of ₹61 crores, but a significantly expanded order book of ₹1,686 crores (+26.4% YoY), driven by ₹532 crores in new inflows. Export revenue accounted for 58% of total sales (₹222 crores), supported by aerospace certifications (AS9100D), orders from CERN and ITER, and semiconductor partnerships with Micron and Foxconn. The company secured a $1,000+ crore U.S. private space order and obtained AS9100D certification, enabling participation in ISRO and LVM3 bids. Savli facility utilization is currently at 25-30%, with a target of 50-60% by year-end. Management expects 18-20% revenue growth for FY27, anchored in hydrogen demand (100 units), small-scale LNG market expansion, and fusion energy collaborations.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 358 | 429 | 461 | 371 |
| Operating Profit | 70 | 84 | 86 | 66 |
| OPM % | 19.6% | 19.6% | 18.6% | 17.9% |
| Net Profit | 61 | 61 | 75 | 58 |
| EPS | ₹6.70 | ₹6.69 | ₹8.29 | ₹6.40 |
Revenue growth has been volatile quarter-on-quarter, with Q1 FY27 showing an 8.3% YoY increase to ₹382 crores, down from ₹461 crores in Q4 FY26 and ₹429 crores in Q3 FY26, indicating seasonality and execution challenges. However, PAT remained flat at ₹61 crores despite revenue growth, suggesting margin pressure from rising operational costs — total expenses consumed 76.5% of income in Q1 FY27. EBITDA rose 1.4% YoY to ₹90 crores, reflecting operational scaling but limited profitability expansion. The company remains debt-free with ₹331 crores in free cash, enabling strategic investments without leverage pressure. The decline in quarterly revenue from ₹461 crores to ₹371 crores in the last three quarters may reflect project timing or delivery delays, but the robust order book suggests demand remains strong.
🔮 Management Outlook & What's Next
Management has provided clear forward-looking guidance, targeting 18-20% revenue growth for FY27 and 50-60% Savli facility utilization by year-end. They emphasize export momentum, aerospace certification benefits, and expansion into hydrogen, small-scale LNG, and fusion energy as key growth vectors. The $1,000+ crore U.S. private space order and partnerships with global entities like CERN and ITER underscore a strategic pivot toward high-value, international markets. Management also highlighted progress in water microfactory technology and data center cooling commercialization within 1-1.5 years, indicating long-term monetization of R&D investments.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 |
| Reserves | 733 | 856 | 962 | 1,099 |
| Borrowings | 97 | 43 | 99 | 70 |
| Total Liabilities | 1,415 | 1,655 | 1,895 | 2,016 |
| Fixed Assets | 283 | 350 | 384 | 428 |
| Investments | 257 | 267 | 277 | 297 |
| Total Assets | 1,415 | 1,655 | 1,895 | 2,016 |
The balance sheet shows a strong financial foundation with no debt and growing equity reserves — ₹1,099 crores as of March 2026 — up from ₹856 crores in FY25. Total assets have grown steadily to ₹2,016 crores, reflecting investments in capacity and technology. The company maintains significant free cash (₹331 crores), supporting capital expenditures and strategic initiatives without reliance on external financing. This financial discipline enables aggressive market expansion while preserving flexibility for R&D and infrastructure scaling.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +117 |
| Investing | -110 |
| Financing | +5 |
| Net Cash Flow | +12 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 75.0% | 75.0% | 75.0% | 74.9% |
| FII | 7.1% | 7.1% | 7.1% | 6.9% |
| DII | 6.7% | 7.3% | 7.7% | 7.7% |
| Public | 9.0% | 8.4% | 8.0% | 8.5% |
| # Shareholders | 1,68,589 | 1,49,132 | 1,40,355 | 1,46,500 |
Institutional investor interest remains stable, with FII holding at 6.87% and DII at 7.67% in Q1FY27, up slightly from previous quarters. Promoter holding remains steady at 74.86%, indicating confidence in long-term prospects. The shareholder base has expanded to 1,46,500 investors, suggesting rising retail participation. No significant stake sales by promoters or insiders beyond the minor disposal by Executive Director Parag Kulkarni (0.078% stake sold in June 2026), which is within normal trading ranges and not indicative of broader concern.
⚖️ Peer Comparison — Packaging
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| INOXINDIA | 19,412 | 76.2 | 29.2% | 22.8% | 0.06 |
| GRWRHITECH | 16,598 | 42.8 | 22.0% | 16.4% | 0.00 |
| EPL | 8,382 | 21.6 | 17.1% | 13.8% | 0.25 |
| AGI | 5,042 | 13.9 | 19.6% | 17.3% | 0.26 |
| UFLEX | 4,685 | 6.9 | 8.8% | 8.4% | 1.21 |
| POLYPLEX | 3,707 | 23.9 | 7.7% | 7.2% | 0.23 |
| TCPLPACK | 3,548 | 30.7 | 17.8% | 16.1% | 0.80 |
| XPROINDIA | 2,692 | 81.5 | 5.2% | 4.3% | 0.38 |
| COSMOFIRST | 2,446 | 14.5 | 11.4% | 10.3% | 0.98 |
| MOLDTKPAC | 2,357 | 32.2 | 19.9% | 14.5% | 0.10 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure persists despite revenue growth, with EBITDA margin stagnant and expenses consuming 76.5% of income, partly due to logistics delays impacting ₹32-35 crores in equipment dispatch and rising operational costs. 2. Execution risk in scaling Savli facility to 50-60% utilization by year-end amid infrastructure and supply chain constraints. 3. Dependence on a few large international contracts (e.g., U.S. space order, CERN, ITER) creates concentration risk if project timelines shift. 4. Regulatory and compliance costs in new markets (e.g., labor code liabilities of ₹129 crores) may impact profitability in the near term.
📋 Recent Filings
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Announcement 29 August 2026INOX India clarified to BSE that recent trading volume increases in its securities are not due to undisclosed information, stating all material update...
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Announcement 13 August 2026INOX India Limited announced a scheduled investor meeting with Motilal Oswal on August 22, 2026, for one-on-one discussions. The company confirmed no ...
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🔴 Financial Results 10 August 2026INOX India reported total income of **[amount context mismatch] crores** (+8.3% YoY) and PAT of **[amount context mismatch] crores** (flat YoY) for Q1...
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Announcement 4 August 2026INOX India Limited announced the audio recording of its conference call held on 4 August 2026 to discuss Q1FY27 results, inviting analysts and investo...
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🟡 Board Meeting 3 August 2026INOX India's board approved unaudited Q1 FY27 results showing 8.3% YoY revenue growth to ₹382 Cr, with PAT at ₹61 Cr and export revenue at 58% of tota...
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🔴 Financial Results 3 August 2026INOX India reported Q1 FY27 revenue of **₹1632 crores**, up 8.3% YoY, with EBITDA at **₹258 crores** and PAT at **₹31 crores** (15.8% margin). Order b...
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🔴 Financial Results 3 August 2026INOX India reported Q1 FY27 revenue of ₹382 Cr, up 8.3% YoY, with PAT at ₹61 Cr and EBITDA at ₹90 Cr (1.4% YoY growth). Export revenue contributed 58%...
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Announcement 28 July 2026INOX India announced that its Q1FY27 results conference call will be held on August 4, 2026 at 11:00 am IST to discuss unaudited standalone and consol...
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share transfer 10 July 2026INOX India Limited received compliance certificates from KFin Technologies, its registrar and share transfer agent, confirming adherence to SEBI's Reg...
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🔴 Insider Trading 1 July 2026INOX India Limited disclosed on July 1, 2026 that Executive Director Parag Padmakar Kulkarni sold 71,000 equity shares, representing 0.078% of total e...
🧠 Analyst's Read
INOX India is transitioning into a high-growth, export-driven capital goods exporter with structural tailwinds in aerospace, semiconductors, and clean energy. While near-term margin pressures and execution risks remain, the record order book, global certifications, and strategic partnerships position it for multi-year value creation. Investors should monitor Savli utilization trends, margin recovery catalysts, and progress on hydrogen and fusion initiatives as next key catalysts.
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 2026-09-01.
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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