01 — At a Glance
The Cryogenic Tank Maker That Just Printed Record Numbers
- 52-Week High / Low₹1,289 / ₹891
- Q3 FY26 Revenue₹436 Cr
- Q3 FY26 PAT₹68 Cr
- Q3 FY26 EPS (₹)7.49
- Annualised EPS (Q3×4)₹29.96
- Book Value₹108
- Price to Book10.75x
- Dividend Yield0.17%
- Debt / Equity0.10x
- Order Backlog₹1,457 Cr
Auditor’s Opening Note: Inox India closed Q3 FY26 with ₹436 crore revenue (+27% YoY), ₹68 crore adjusted PAT (+32% YoY), and an order backlog of ₹1,457 crore. The company is trading at a P/E of 41.5x. This is not a typo. This is not a scam. This is a small-cap cryogenics company that built hydrogen tanks for ISRO, supplies LNG equipment to 65+ fuelling stations in India, and is quietly winning aerospace contracts in the U.S. Growth is solid. The valuation is… interesting. Let’s discuss.
02 — Introduction
Welcome to the Frozen Frontier: Where Physics Meets Finance
Inox India Limited. Incorporated 1976. Makes cryogenic equipment — tanks, vaporizers, containers, cylinders — for industries that need to store and transport liquids at temperatures so cold, they make January in Delhi look like summer. Hydrogen. Oxygen. LNG. Nitrogen. The stuff that keeps your freezer working and your spacecraft fuelled.
The company operates across three divisions: Industrial Gas (59% of Q2 FY25 revenue), LNG (19%), and Cryo Scientific (18%). Market leader in India with 70–75% share in cryogenic tanks. Listed on NSE and BSE in December 2023. IPO raised ₹145.9 crore, entire issue being an Offer for Sale. Parent is Inox Group, which also operates in air gases and industrial stuff. Promoter is the Jain family (Siddharth Jain, Pavan Kumar Jain, and others), holding 75% of the company throughout.
Q3 FY26 just delivered the highest-ever quarterly revenue in company history: ₹436 crore. Export revenue hit an all-time high of ₹271 crore. EBITDA? ₹102 crore, up 34% YoY. Operating margin: 22%. PAT: ₹68 crore. The numbers are objectively fantastic. The stock, however, is trading at 41.5x P/E and 10.8x book value. So either it’s a screaming growth story that deserves the premium, or it’s the kind of mid-cap that trades on hype and delivery risk. We’re here to figure out which one.
Concall Reality Check (Feb 2026): “Highest-ever quarterly sales.” “Highest-ever quarterly export revenue.” “Highest-ever adjusted EBITDA.” Management said this three times in one quarter. Not to brag. To state facts. The stock responded by going nowhere. Indian equity markets in a nutshell.
03 — Business Model: WTF Do They Even Do?
They Make Really Expensive Thermoses. For Liquid Hydrogen.
Imagine you need to store hydrogen at -253°C. Or oxygen. Or methane. Or any gas that exists only as a liquid at near-absolute-zero temperatures. You call Inox. They design a tank, engineer it according to international standards (ASME, PED, ISO), manufacture it at one of four plants in India (Kalol, Kandla, Silvassa, Savli), and ship it to your country — 100+ countries, including the United States, Saudi Arabia, Netherlands, Brazil, Korea, Australia, and many others.
Revenue splits as follows: ~48% domestic, ~52% exports. Within exports, North America is 37%, Europe 18%, South America 14%, and the rest 31%. The company supplies to big players like Air Liquide (France), Praxair, Linde, ITER (the fusion energy project in France), ISRO, and private aerospace companies. Three business divisions: (1) Industrial Gas: big vertical and horizontal cryogenic tanks for industrial gases. (2) LNG: small-scale LNG equipment — fuelling stations, ISO containers, marine fuel systems, automotive fuel tanks. (3) Cryo Scientific: cryo-bio tanks for vaccines, bio specimens, MRI systems, aerospace propulsion, ITER components, thermal vacuum chambers. Installed capacity: 3,100 Equivalent Tank Units (ETU) for cryogenic tanks. Production capacity for disposable cylinders: 2.4 million units per annum.
Order backlog as of Dec 2025: ₹1,457 crore, with 63% export orders. Typically executed over 3–4 months (standard tanks) to 12–18 months (mega projects). Management’s baseline order inflow run-rate: ₹300–350 crore per quarter, with 1–2 large orders pushing it above ₹500 crore. FY26 target: ₹1,700 crore of order inflows.
Industrial Gas59%Revenue Mix
LNG19%Revenue Mix
Cryo Scientific18%Revenue Mix
Exports52%Revenue Share
Strategic Note: The company is not a commodity play. Each tank is engineered. Some orders are bespoke (aerospace, ITER). Gross margins are protected by large-order formulas that pass through commodity costs. Management claims “commodity doesn’t affect us because maximum big orders, we are taking the orders on the basis of the formulas only.” Translation: base oil, steel prices don’t kill margins. Execution risk does.
💬 Have you ever bought a product where the company had 70%+ market share? Did you trust it more or think ‘huh, where’s the competition?’
04 — Financials Overview
Q3 FY26: The Numbers That Made Analysts Nervous
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