Inox India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,881 Cr
- P/E
- 65.63
- ROE
- 26.13%
- PEG
- 3.40
- Price to sales
- 10.44
- Debt to equity
- 0.07
- 52W high / low
- ₹2,296 / ₹1,073
- Sales growth (5Y)
- 21.73%
- EBITDA margin
- 21.13%
- Net profit margin
- 16.39%
- Promoter holding
- 74.86%
- Sales (last year)
- ₹1,618 Cr
Incorporated in 1976, Inox India Limited offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions[1]Inox India specializes in supplying cryogenic equipment, particularly tanks. The company offers comprehensive solutions for equipment and systems operating in cryogenic conditions.[2]
Guidance scorecard · Q1 FY27 call
What Inox India Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
10–20%- The company is confident of achieving 18% to 20% growth in revenue for FY27 despite first-half macro disruptions.
- Growth is expected to accelerate in the second half, especially with large aerospace orders beginning execution in Q3/Q4 and continuing into next year.
- Industrial gas sector expected to grow at 15% to 18%, driven by domestic steel, semiconductor, chemical, petroleum, and healthcare industries.
- Keg business utilization expected to ramp from 30% to 50-60% by year-end, backed by approvals from major global breweries.
- Semiconductor orders are growing with skill development programs underway, although exact order value is uncertain.
- LNG segment has potential growth supported by lower LNG prices, fueling stations, and marine sector developments.
2 more points from Inox India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Inox India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The Kandla manufacturing plant is under full-speed construction; civil work and major machinery orders are in place, with operations expected to start by December 2026 or January 2027.
- The Savli facility is operational with both Cryo and keg shops in full production, though not yet at full utilization.
- Capacity expansions include investments in aerospace, LNG, industrial gases, semiconductors, and scientific research sectors.
- Investment in a semiconductor skill development center in partnership with ITM SLS Baroda University to build a skilled talent pipeline.
- Partnership with Wayout of Sweden to manufacture modular water microfactories in India, leveraging engineering capabilities beyond traditional cryogenic applications.
2 more points from Inox India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Inox India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of June 30, 2026, INOX India Limited's order book stood at INR 1,686 crores, the highest in the company's history.
- Over INR 1,140 crores of this order book comprises export orders, indicating strong international presence.
- The company secured approximately INR 532 crores in quarterly order inflow recently, including orders from aerospace, LNG, industrial gases, semiconductor, and Cryo-Scientific divisions.
- Out of the total order book, about INR 400 crores are from the aerospace segment, with the balance from industrial gas, LNG, and Cryo-Scientific divisions.
2 more points from Inox India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Inox India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Inox India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 235 | 308 | 258 | 291 | 277 | 296 | 307 | 334 | 369 | 340 | 358 | 429 | 461 |
| Expenses + | 195 | 237 | 199 | 224 | 223 | 226 | 243 | 265 | 288 | 263 | 280 | 335 | 366 |
| Operating Profit | 40 | 72 | 59 | 67 | 53 | 70 | 64 | 69 | 81 | 76 | 78 | 94 | 95 |
| OPM % | 17% | 23% | 23% | 23% | 19% | 24% | 21% | 21% | 22% | 22% | 22% | 22% | 21% |
| Other Income + | 6 | 8 | 7 | 5 | 11 | 5 | 13 | 16 | 14 | 13 | 13 | -1 | 18 |
| Interest | 2 | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 4 |
| Depreciation | 3 | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 9 |
| Profit before tax | 41 | 76 | 60 | 64 | 58 | 68 | 69 | 76 | 86 | 81 | 81 | 80 | 100 |
| Tax % | 25% | 25% | 23% | 24% | 24% | 23% | 28% | 23% | 24% | 24% | 25% | 24% | 25% |
| Net Profit + | 31 | 57 | 46 | 49 | 44 | 53 | 49 | 58 | 66 | 61 | 61 | 61 | 75 |
| EPS in Rs | 3.37 | 6.29 | 5.10 | 5.35 | 4.86 | 5.80 | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 |
Financials of Inox India Ltd
Profit & Loss
Annual income statement trend
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 650 | 649 | 594 | 783 | 966 | 1,133 | 1,306 | 1,587 |
| Expenses + | 506 | 516 | 459 | 615 | 761 | 882 | 1,021 | 1,254 |
| Operating Profit | 144 | 133 | 135 | 168 | 205 | 252 | 285 | 333 |
| OPM % | 22% | 20% | 23% | 21% | 21% | 22% | 22% | 21% |
| Other Income + | 28 | 48 | 15 | 21 | 19 | 30 | 48 | 52 |
| Interest | 27 | 26 | 7 | 2 | 4 | 6 | 9 | 9 |
| Depreciation | 9 | 12 | 12 | 12 | 14 | 18 | 25 | 34 |
| Profit before tax | 135 | 144 | 131 | 174 | 207 | 258 | 299 | 342 |
| Tax % | -44% | 32% | 27% | 25% | 25% | 24% | 24% | 25% |
| Net Profit + | 193 | 97 | 96 | 130 | 155 | 196 | 226 | 258 |
| EPS in Rs | 213.05 | 107.23 | 105.89 | 14.38 | 17.05 | 21.59 | 24.90 | 28.41 |
| Dividend Payout % | 0% | 0% | 0% | 10% | 67% | 51% | 8% | 7% |
Financials of Inox India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 201 | 270 | 362 | 484 | 531 | 631 | 856 | 1,099 |
| Borrowings + | 284 | 145 | 68 | 55 | 9 | 16 | 43 | 81 |
| Other Liabilities + | 231 | 205 | 248 | 340 | 589 | 558 | 737 | 817 |
| Total Liabilities | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,016 |
| Fixed Assets + | 94 | 110 | 102 | 134 | 164 | 255 | 359 | 428 |
| CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 4 |
| Investments | 81 | 80 | 25 | 312 | 249 | 247 | 267 | 297 |
| Other Assets + | 549 | 439 | 558 | 449 | 734 | 716 | 1,023 | 1,286 |
| Total Assets | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,016 |
Financials of Inox India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 85 | 188 | 231 | 97 | 177 | 122 | 122 | 117 |
| Cash from Investing Activity + | 136 | -28 | -152 | -72 | -13 | -26 | -141 | -110 |
| Cash from Financing Activity + | -186 | -168 | -96 | -26 | -154 | -103 | 17 | 5 |
| Net Cash Flow | 36 | -8 | -17 | -1 | 10 | -6 | -1 | 12 |
| Free Cash Flow | 70 | 175 | 225 | 53 | 132 | 32 | -3 | 11 |
| CFO/OP | 63% | 147% | 192% | 72% | 112% | 74% | 65% | 59% |
Financials of Inox India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 83 | 69 | 36 | 54 | 56 | 70 | 72 |
| Inventory Days | 337 | 208 | 215 | 349 | 348 | 314 | 312 | 247 |
| Days Payable | 36 | 20 | 26 | 43 | 52 | 90 | 87 | 80 |
| Cash Conversion Cycle | 384 | 270 | 258 | 342 | 350 | 280 | 295 | 238 |
| Working Capital Days | -16 | 23 | -0 | 23 | 31 | 44 | 62 | 151 |
| ROCE % | 30% | 32% | 35% | 37% | 43% | 38% | 34% |
Guidance history
How Inox India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
79 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +53.6% | 87% |
| Last 6 months | +27.7% | 80% |
| Last 3 months | −2.5% | 63% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Inox India Ltd: 0.4 × 87 + 0.4 × 80 + 0.2 × 63 = 79.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Inox India Ltd's management said in earlier quarters
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