AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - INOX India to hold one-on-one virtual investor meet with JM Financial AMC on 19 September 2026.
Source: Bse
INOX India Limited (INOXINDIA)
Micro CapIndustrials stocks · Micro cap · NSE
INOX India Limited is an advanced engineering company specializing in cryogenic equipment manufacturing and precision engineering. It serves global aerospace, LNG, industrial gases, semiconductor, and scientific research sectors, alongside a beverage keg business and new ventures like water microfactories. The company leverages strong engineering and manufacturing capabilities.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result03 Aug, 11:57 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -2.0% / mo · MACD −
Stock trend: 44
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INOXINDIAD candles · FIT view+27.6%Latest close ₹1930.10 on 2026-10-21
Bar
-3.6%
RSI
39
MACD hist
-16.65
52W pos
68%
2026-10-21O ₹2001.80H ₹2015.90L ₹1899.70C ₹1930.10Vol 2.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INOXINDIANifty India ManufacturingNifty 500
- INOXINDIA
- -7.8%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -1.3 pp
Chart stats
21 Oct 2026- From 52W high
- -17.5%
- 52W range position
- 68%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹45.8 Cr
- 20D price channel
- ₹1,899.7 - ₹2,202.2
₹2,339.5
₹1,068.2 - ₹2,339.5
₹87.1
Latest completed session
20-session average
44.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.1% · PAT -4.9% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-74.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -5% YoY · margin compression · Rev +9% YoY
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹371 Cr | +9.1% | -19.5% |
| EBITDA | ₹76 Cr | +0.0% | -20.0% |
| Operating margin | 20.0% | -200 bps | -100 bps |
| PAT | ₹58 Cr | -4.9% | -22.7% |
| PAT margin | 15.6% | -231 bps | -64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 70.20
- P/B
- 16.16
- EV/EBITDA
- 47.99
- Market Cap
- 18060.00Cr
Profitability
- ROE
- 26.10%
- ROCE
- 33.50%
- ROA
- 15.42%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 34.20×
- Altman Z
- 8.83
- Book Value
- 123.00
Cash Flow
- FCF Yield
- 0.04%
- FCF Positive Y
- 7/5
- OCF
- 117.00 Cr
- EPS TTM
- 28.08
Shareholding
- Promoter Hold
- 74.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 371-19.5% vs prev
Net Profit
₹ CrLatest: 58.0-22.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 39.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.1% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 81% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.6%
3M return
-7.8%
6M return
+22.9%
1Y return
+58.0%
RS 1D
0
RS 20D
-2
Sector rank
#2
Industry rank
#22
Stage evidence
- Price is 8.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.3%.
50-DMA
price below
200-DMA
price above
S2 entered
07 Apr 2026
S2 age
139 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 173.16-2.57%
RS vs Nifty 500173
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth14/25
Quality18/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -74.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
70.2
PB
16.2
EV/EBITDA
48.0
ROE
26.1%
ROCE
33.5%
FCF Yield
0.0%
Debt/Equity
0.1
MoS
-74.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-74.9%
Previous: -81.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹278.77
-592.4% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,103.54
-74.9% MoS
PEG
3.38
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KSB
Micro
Ksb Limited
Industrial Machinery
match 59
51
51.7
18.4%
-36%
FAIR VALUE
KIRLOSBROS
Micro
Kirloskar Brothers Limited
Industrial Machinery
match 59
47
33.6
17.3%
+7%
FAIR VALUE
KIRLPNU
Micro
Kirloskar Pneumatic Company Limited
Industrial Machinery
match 56
59
32.2
22.6%
+23%
FAIR VALUE
ELGIEQUIP
Large
Elgi Equipments Limited
Industrial Machinery
match 56
52
39.2
19.0%
+2%
FAIR VALUE
KRN
Micro
KRN Heat Exchanger and Refrigeration Limited
Industrial Machinery
match 56
36
93.2
14.1%
-84%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T15:16:54.363Z
Management commentary snapshot
Q1 FY27 saw record order inflow of INR532 crores, pushing the total order book to an all-time high of INR1,686 crores. Revenue grew 8.3% YoY to INR382 crores, but missed internal targets due to logistics issues. EBITDA grew 1.4% YoY to INR90 crores, with PAT flat at INR61 crores.
The strong order book and new growth avenues like aerospace and semiconductors support the long-term thesis. However, Q1 revenue missed targets due to external logistics issues, and EBITDA/PAT growth lagged revenue, indicating near-term execution and margin pressures. Management maintains full-year growth guidance, which requires significant H2 acceleration.
Growth engines
Space Exploration & Aerospace
Secured significant orders for 14 large cryogenic storage tanks from the space exploration industry. Received AS9100D aerospace quality certification, enabling supply of onboard flight components.
Semiconductor Ecosystem
Received orders for storage and transport equipment for semiconductor manufacturing facilities in Dholera. Partnered to establish a skill development center for semiconductor pipeline fabrication.
LNG Solutions
Secured multiple orders for LNG fueling stations and semi-trailers. Bahamas mini LNG terminal project progressing, with 2 additional orders in nearby islands.
Cryo-Scientific Division
Secured prestigious orders from CERN for specialized cryogenic modules and from ITER France for fusion energy research programs.
Capacity and execution
Kandla Facility
Civil work is under construction, major machines ordered. Expected to start operations by December end or mid-January.
Savli Facility
Both Cryo shop and keg shop are under full production now.
Beverage Keg Capacity
Has capacity to manufacture 300,000 kegs.
Tailwinds
Global Clean Energy & Infrastructure Investments
Long-term investments in clean energy, industrial infrastructure, aerospace, semiconductor manufacturing, and scientific research continue to gain momentum globally.
Indian Economic Growth & Policy Support
India stands out with robust domestic demand, sustained infrastructure spending, manufacturing-led growth, and supportive policies like Make in India and Semiconductor Mission.
Lower LNG Prices
Decline in global LNG prices has improved economic viability of LNG as a transition fuel, leading to renewed momentum in LNG fueling infrastructure.
Aerospace Sector Boom
Huge expansion globally and significant capex by startup companies in India indicate a booming aerospace sector.
Headwinds
Geopolitical Uncertainties & Trade Policies
Global economy navigates dynamic landscape shaped by geopolitical uncertainties, evolving trade policies, and regional conflicts influencing business sentiments.
Logistics Disruptions & High Freight Rates
Q1 revenue was impacted by INR32-35 crores due to logistics issues, including tremendous increase in freight rates and ship unavailability, which continued into July.
Project Delays
Big LNG and Cryo-Scientific projects are getting delayed due to customer delays, statutory/regulatory approvals, and geopolitical situations.
Highview Power Project Delay
New project initiation for Highview Power is slightly delayed due to regulatory issues at their end.
Risk radar
Execution Delays
Q1 revenue missed targets due to logistics issues, and management noted continued disruptions in July, posing a risk to full-year guidance.
Project Materialization
Large LNG and Cryo-Scientific projects are experiencing delays due to external factors, impacting order realization and revenue recognition timelines.
Beverage Keg Utilization
The beverage keg facility is not fully utilized, currently at ~30%, with a target of 50-60% by year-end, indicating slower ramp-up than desired.
Competition in New Segments
While management dismisses smaller players, the growing private space sector and semiconductor market could attract more capable competitors over time.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Management explicitly provided YoY growth figures for total income, EBITDA, and PAT. The business involves project execution and can have seasonal variations, making YoY a more appropriate and stable comparison for performance assessment.
Sector KPIs management disclosed
Order Inflow
Highest ever quarterly order inflow of approximately INR532 crores.
Order Book
Total order book reached around INR1,686 crores, the highest in company's history. Export order book exceeds INR1,140 crores.
Revenue Growth
Total income stood at INR382 crores, representing a growth of approximately 8.3% year-on-year.
EBITDA Growth
EBITDA stood at INR90 crores, registering a growth of 1.4% year-on-year.
Management forward view
FY27 Growth Guidance Maintained
Management is confident in achieving the 18% to 20% revenue growth target for FY27, despite Q1 challenges, expecting issues to stabilize.
Aerospace Order Execution Timeline
Execution of large aerospace orders will start in Q3/Q4 FY27, with most actual dispatches and project completion-based revenue carried into FY28.
Semiconductor Pipeline Business Potential
Management sees great potential for the semiconductor pipeline business in India due to a shortage of skilled workers, which their new skill center aims to address.
Water Microfactory Commercialization
The first module's design is complete, construction expected in 6-8 months, followed by testing. Mass manufacturing in India aims for competitive pricing for domestic and global markets.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 8.3% YoY (Q1 FY27) | Acceleration in H2 FY27 to meet the 18-20% full-year guidance, indicating resolution of logistics issues and project execution. |
| Kandla Facility Commissioning | Civil work ongoing, major machines ordered | Start of operations by December end or mid-January, as planned, to support increased order book execution. |
| Beverage Keg Utilization | ~30% | Ramp-up to 50-60% utilization by year-end, signaling stronger traction from global brewery partners and improved profitability. |
| Order Inflow from LNG & Cryo-Scientific | Flat order booking in Q1 FY27 for these segments | Materialization of bidded projects in the next one or two quarters to maintain anticipated growth in these segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
55 docs text-extracted · 20 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Industrials: 98th pctile, median 68 · Micro: 96th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -4.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching INOX India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - INOX India to hold one-on-one virtual investor meet with ITUS Capital on 11 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep - Intimation of Allotment of Shares pursuant to Company''s Employees Stock Option Plan.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - INOX India secured multiple orders worth ₹939 crore since May 21 across Industrial Gas, LNG and Cryo-scientific segments.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.