1. At a Glance
When your business literally depends on freezing gases and your profits are red hot, you know something is cooking — or rather, cooling — at Inox India Ltd.
At a crisp ₹1,214 per share and a frosty market cap of ₹11,020 crore, this cryogenics king just reported another quarter that’ll make even liquid nitrogen blush.
For Q2FY26, the company pulled in ₹371 crore in revenue, ₹92 crore in EBITDA, and ₹62 crore in PAT, backed by an order backlog of ₹1,485 crore — the highest ever. Year-on-year, revenue is up 16.8%, while profit zoomed 19.9%, proving that the coldest gases bring the warmest returns.
ROCE? A toasty 38%. ROE? A heartwarming 29%. Debt-to-equity ratio? Practically negligible at 0.05.
But before you get carried away, note the P/E: a chilly 46x — so expensive, it’s practically oxygen on Mount Everest.
Still, when a company’s exporting cryogenic tanks to 100+ countries, including for hydrogen fuel, ITER fusion energy, and South Korean liquid hydrogen plants, investors are bound to get high on helium.
2. Introduction – Coolest Kid on the Block
Cryogenics — sounds like science fiction until you realise Inox India’s been doing it since 1976, back when “liquid nitrogen” sounded more like a supervillain’s weapon.
From cryogenic tanks and LNG terminals to space-grade hydrogen transport units, this company is literally bottling the future — at temperatures that could kill a polar bear.
Inox India operates where physics, engineering, and insanity intersect. The firm designs, builds, and installs tanks that can safely hold gases colder than your ex’s heart — at -196°C — and still make profits warm enough to keep shareholders smiling.
The company serves diverse industries — industrial gases, LNG, hydrogen, medical imaging, fusion energy, and aerospace — and yet, manages to keep its operational margin at 22%.
That’s like running a refrigerator empire in the middle of the Sahara.
And get this — it’s the first Indian company to make a trailer-mounted hydrogen transport tank, designed with ISRO. Somewhere in Bengaluru, a rocket scientist is quietly nodding in approval.
The magic formula? 3 manufacturing facilities (Kalol, Kandla SEZ, Silvassa), 1,255 domestic customers, and 254 international ones who like their gases cold and their orders on time.
3. Business Model – WTF Do They Even Do?
Inox India’s business model is as layered as an onion dipped in liquid nitrogen.
At its core, the company is a cryogenic engineering powerhouse divided into three profit-making divisions:
- Industrial Gas (59% of Q2FY25 revenue) – The bread and butter.
They make tanks, vaporizers, and systems for storing and transporting industrial gases like oxygen, nitrogen, and green hydrogen.
In short: they bottle air and sell it profitably. - LNG (19%) – The clean energy dream.
They make LNG storage systems, ISO containers, vehicle-mounted tanks, and fueling stations.
With a 65–70% market share in LNG fueling stations, Inox basically owns the pipelines of tomorrow’s energy network. - Cryo Scientific (18%) – The nerd’s paradise.
Here, they cater to MRI machines, fusion reactors, and space projects.
Clients include ITER, ISRO, and Hyundai Engineering.
Think of this as their “science fiction” division — except it’s real, profitable, and freezing.
Their exports form 52% of revenue, split as
