🧊 At a Glance
Inox India’s stock may have cooled off from its ₹1,507 highs to ₹1,212, but the cryogenic tank maker’s financials are anything but frozen. Over FY21–FY25, the company has expanded revenue from ₹595 crore to ₹1,306 crore — more than2.2x growth, all while maintaining OPMs in the 21–23% range and posting23% CAGR in profits. The question is: with a PE nearing 50 and ROCE melting faces at 38%, is the party just getting started… or are we late to the ice bucket challenge?
🏢 About Inox India Ltd
- Founded:1976
- HQ:Vadodara, Gujarat
- BSE Code:544046
- NSE Symbol:INOXINDIA
- Speciality:Cryogenic tanks, green hydrogen systems, industrial gas equipment
- Market Cap:₹11,000+ Cr
- Promoter Holding:75% (unchanged)
You know how every other infra company brags about “robust pipeline”?Well,Inox India literally builds
them — cold, steel, insulated ones.
🧑💼 Key Managerial Personnel
| Name | Designation |
|---|---|
| Deepak Acharya | CEO |
| Sudhir Sethi | Chief People Officer |
| Pavan Logar | CFO |
| Bhumika Joshi | General Manager |
Management has a combinedice-age of experiencein cryogenics. No pun.
📊 Financial Performance (FY21–FY25)
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | OPM % | ROCE % | Dividend Payout % |
|---|---|---|---|---|---|---|
| FY21 | 595 | 97 | 107.40 | 23 | 33 | 0% |
| FY22 | 783 | 130 | 14.38 | 21 | 35 | 10% |
| FY23 | 966 | 155 | 17.05 | 21 | 37 | 67% |
| FY24 | 1,133 | 196 | 21.59 | 22 | 43 | 51% |
| FY25 | 1,306 | 226 | 24.90 | 22 | 38 | 52% |
🤯 Translation:
- Revenue grew2.2x
- Profits grew2.3x
- ROCE never dipped below 33%
- Dividend payout has become“mature midcap behaviour”
🌍 Segment-Wise: What They Actually Sell
🔹 Industrial Gas Division (~59% revenue)
Cryogenic tanks, storage systems, distribution equipment for industrial gases — includinggreen hydrogen. In short, they make the cold storage for the hot ESG trend.
🔸 Oil & Gas and LNG
