Inox India Ltd Q1 FY26 – Freezer Kings of Cryogenic Capitalism 🧊🚀
1. At a Glance
Inox India isn’t about multiplex popcorn; it’s about freezing gases so cold even Antarctica feels jealous. From LNG fueling stations to hydrogen tanks for ISRO, they’re basically the Tupperware of Cryogenics. With exports making up 52% of revenue and order backlog at ₹1,178 Cr, this ₹10,500 Cr market-cap company is riding the hydrogen + space + beer keg trifecta.
2. Introduction
You know how your fridge keeps milk cold? Inox India does that – but for oxygen, hydrogen, and LNG at -160°C. Established in 1976, the company quietly became the cryogenic godfather of India, supplying to industries as diverse as space, steel, pharma, and even breweries (yes, Heineken and AB InBev approved them in 2025).
Their claim to fame? India’s first hydrogen transport tank (with ISRO) and cryogenic parts for the ITER fusion project. Basically, if the world runs on clean fuels or launches rockets, there’s a chance Inox made the tank.
IPOed in Dec 2023, stock’s already priced at a chilly P/E of 46x. Investors treat it like a cryogenic Tesla, even though its business is more steel tanks than silicon chips. But hey, in the “hydrogen economy” hype cycle, even a storage tank gets to act like a SaaS company.
3. Business Model – WTF Do They Even Do?
Inox India has three divisions, each fancier than the last:
Industrial Gas (59% of revenue) Cryogenic tanks & systems for gases like oxygen, nitrogen, and green hydrogen. Clients include every steel mill, fertilizer plant, and hospital with an ICU.
LNG (19%) From ISO containers to LNG fuel stations and vehicle-mounted tanks. Market share? A monopolistic 65–70% in LNG fueling stations. Basically, if you see an LNG pump in India, odds are it’s theirs.
Cryo Scientific (18%) The sexy division. MRI cryostats, fusion energy components, thermal vacuum chambers for space simulation. Supplied to ITER (fusion energy), ISRO, and even South Korea’s hydrogen plant.
So yeah – they freeze stuff, store stuff, and sometimes launch it into space.
4. Financials Overview
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹340 Cr
₹296 Cr
₹369 Cr
+14.9%
-7.9%
EBITDA
₹76 Cr
₹70 Cr
₹81 Cr
+8.6%
-6.2%
PAT
₹61.1 Cr
₹53 Cr
₹66 Cr
+15.3%
-7.4%
EPS (₹)
6.73
5.80
7.22
+16.0%
-6.8%
Commentary: Revenues are growing like your freezer ice – slowly but steadily. Margins are steady at ~22%. No fireworks, no disasters – just cold, hard consistency.
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Guys , You have a very Funny and interesting take on Companies , stocks and the way you present it with wit and humour is simply awesome. Money well spent while enrolling here . If you have any other product – do let me know.