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]
Business Divison[1]1. Industrial Gas(59% of Q2FY25 revenue)The division designs, manufactures, and installs cryogenic tanks and systems for the storage, transportation, and distribution of industrial gases, including green hydrogen and oxygen.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | PTC Industries | 18015.00 | 429.81 | 27009.08 | 0.00 | 18.14 | 4.79 | 124.63 | 72.21 | 7.74 | 410.62 | 19.11 | 62.84 | 18.14 | 19.05 | 4.98 | 0.13 |
| 2. | HBL Engineering | 969.40 | 40.65 | 26871.28 | 0.10 | 387.26 | 364.85 | 1222.90 | 134.74 | 27.33 | 2750.81 | 33.04 | 661.00 | 405.02 | 13.54 | 15.29 | 0.04 |
| 3. | Inox India | 1123.30 | 43.45 | 10195.46 | 0.18 | 58.61 | 15.54 | 355.56 | 17.14 | 36.97 | 1384.10 | 21.81 | 234.63 | 57.11 | 10.15 | 15.23 | 0.10 |
| 4. | Esab India | 6091.50 | 51.04 | 9376.66 | 1.07 | 79.20 | 27.36 | 381.55 | 12.67 | 70.03 | 1438.78 | 17.54 | 183.72 | 54.97 | 22.50 | 29.15 | 0.01 |
| 5. | Subros | 909.55 | 36.93 | 5933.52 | 0.29 | 40.74 | 11.86 | 879.83 | 6.22 | 19.95 | 3487.52 | 9.15 | 160.69 | 40.74 | 5.12 | 8.46 | 0.02 |
| 6. | KRN Heat Exchan | 758.35 | 79.84 | 4713.65 | 0.00 | 18.02 | 46.39 | 152.07 | 66.93 | 20.75 | 510.32 | 16.18 | 59.04 | 18.02 | 8.92 | 12.41 | 0.06 |
| 7. | Harsha Engg Intl | 386.45 | 30.13 | 3518.40 | 0.26 | 36.44 | 25.83 | 378.34 | 7.31 | 12.14 | 1455.54 | 12.84 | 116.77 | 36.44 | 2.68 | 6.53 | 0.24 |
| – | Median: 37 Co. | 329.6 | 30.13 | 387.76 | 0.0 | 5.98 | 16.85 | 96.05 | 12.67 | 19.73 | 224.14 | 12.08 | 15.96 | 5.98 | 3.2 | 9.19 | 0.21 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 236 | 275 | 332 | 294 | 292 | 327 | 235 | 270 | 369 | 248 | 304 | 356 |
Expenses | 184 | 215 | 262 | 226 | 222 | 252 | 193 | 218 | 288 | 193 | 239 | 280 |
Operating Profit | 51 | 61 | 70 | 68 | 70 | 75 | 42 | 52 | 81 | 56 | 64 | 75 |
Other Income | 5 | 5 | 16 | 8 | 6 | 12 | 7 | 12 | 13 | 7 | 13 | 12 |
Profit before tax | 53 | 59 | 77 | 72 | 68 | 80 | 43 | 56 | 86 | 58 | 69 | 78 |
Tax % | 25% | 24% | 26% | 25% | 22% | 24% | 24% | 24% | 24% | 25% | 28% | 25% |
Net Profit | 40 | 45 | 57 | 55 | 53 | 60 | 33 | 43 | 65 | 44 | 49 | 59 |
EPS in Rs | 4.37 | 4.95 | 6.31 | 6.01 | 5.86 | 6.65 | 3.61 | 4.73 | 7.18 | 4.82 | 5.45 | 6.46 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
Sales | 639 | 640 | 587 | 777 | 950 | 1,087 | 1,296 | 1,384 |
Expenses | 495 | 508 | 452 | 611 | 744 | 850 | 1,010 | 1,082 |
Operating Profit | 144 | 132 | 135 | 165 | 206 | 238 | 286 | 302 |
Other Income | -190 | 20 | 15 | 21 | 19 | 30 | 46 | 53 |
Interest | 27 | 25 | 7 | 2 | 3 | 5 | 8 | 6 |
Depreciation | 9 | 11 | 11 | 11 | 13 | 17 | 24 | 28 |
Profit before tax | -83 | 116 | 132 | 173 | 208 | 246 | 300 | 322 |
Net Profit | -24 | 71 | 97 | 128 | 156 | 186 | 225 | 241 |
EPS in Rs | -26.37 | 77.83 | 107.05 | 14.14 | 17.21 | 20.51 | 24.80 | 26.60 |
Dividend Payout % | 0% | 0% | 0% | 11% | 67% | 54% | 8% | – |
Standalone figures in ₹ crores
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
Reserves | 232 | 303 | 399 | 516 | 567 | 658 | 883 | 986 |
Borrowings | 284 | 145 | 60 | 43 | 6 | 13 | 41 | 97 |
Other Liabilities | 221 | 197 | 252 | 343 | 562 | 555 | 702 | 787 |
Total Liabilities | 747 | 654 | 720 | 920 | 1,154 | 1,244 | 1,644 | 1,888 |
Fixed Assets | 93 | 104 | 99 | 130 | 161 | 251 | 355 | 371 |
Gross Block | 120.54 | 142.32 | 146.84 | 189.71 | 232.63 | 341.63 | 468.02 | – |
Accumulated Depreciation | 27.68 | 37.82 | 48.22 | 59.70 | 71.82 | 90.44 | 112.82 | – |
CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 1 |
Investments | 119 | 125 | 69 | 356 | 293 | 291 | 312 | 322 |
Other Assets | 535 | 425 | 550 | 432 | 699 | 697 | 973 | 1,195 |
Total Assets | 747 | 654 | 720 | 920 | 1,154 | 1,244 | 1,644 | 1,888 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 59 | 164 | 226 | 94 | 169 | 122 | 106 |
Cash from Investing Activity | -22 | -2 | -160 | -70 | -10 | -26 | -124 |
Cash from Financing Activity | -5 | -167 | -95 | -25 | -153 | -102 | 19 |
Net Cash Flow | 33 | -5 | -28 | -0 | 6 | -6 | 1 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
Debtor Days | 87 | 81 | 69 | 37 | 50 | 58 | 72 |
Inventory Days | 330 | 208 | 217 | 345 | 352 | 324 | 300 |
Days Payable | 33 | 19 | 27 | 43 | 52 | 96 | 85 |
Cash Conversion Cycle | 384 | 270 | 260 | 339 | 350 | 286 | 286 |
Working Capital Days | -16 | 21 | -1 | 22 | 34 | 45 | 66 |
ROCE % | – | 28% | 30% | 33% | 36% | 39% | 37% |
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Stock Analysis
INOX India Limited is a company specializing in cryogenic solutions, offering design, engineering, manufacturing, and installation of equipment for cryogenic conditions.
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