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 shareand a frostymarket cap of ₹11,020 crore, this cryogenics king just reported another quarter that’ll make even liquid nitrogen blush.

ForQ2FY26, the company pulled in₹371 crore in revenue,₹92 crore in EBITDA, and₹62 crore in PAT, backed by anorder backlog of ₹1,485 crore— the highest ever. Year-on-year, revenue is up16.8%, while profit zoomed19.9%, proving that the coldest gases bring the warmest returns.

ROCE? A toasty38%. ROE? A heartwarming29%. Debt-to-equity ratio? Practically negligible at0.05.But before you get carried away, note the P/E: a chilly46x— so expensive, it’s practically oxygen on Mount Everest.

Still, when a company’s exporting cryogenic tanks to100+ countries, including forhydrogen 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 since1976, 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 at22%.That’s like running a refrigerator empire in the middle of the Sahara.

And get this — it’s thefirst Indian company to make a trailer-mounted hydrogen transport tank, designed withISRO. 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 acryogenic engineering powerhousedivided into three profit-making divisions:

1. Industrial Gas (59% of Q2FY25 revenue)– The bread and butter.They make tanks, vaporizers, and systems for storing and transporting industrial gases likeoxygen, nitrogen, and green hydrogen.In short: they bottle air and sell it profitably.
2. LNG (19%)– The clean energy dream.They make LNG storage systems, ISO containers, vehicle-mounted tanks, and fueling stations.With a65–70% market sharein LNG fueling stations, Inox basically owns the pipelines of tomorrow’s energy network.
3. Cryo Scientific (18%)– The nerd’s paradise.Here, they cater toMRI machines, fusion reactors, and space projects.Clients includeITER, ISRO, and Hyundai Engineering.Think of this as their “science fiction” division — except it’s real, profitable, and freezing.

Their exports form52% of revenue, split as follows:North America 37%, Europe 18%, South America 14%, and others 31%.So yes, while some companies can’t cross state lines, Inox India is chilling across continents.

4. Financials Overview

Annualised EPS = ₹6.70 × 4 = ₹26.8At a CMP of ₹1,214, theP/E = 45.3x— a premium