INOXINDIA
Micro CapINOX India Limited
Industrials
INOX India is a world leader in customized cryogenic equipment, with 30+ years of experience and a global customer base across 100+ countries. It serves Industrial Gas, LNG, and Cryo Scientific divisions, focusing on clean energy initiatives like LNG, Liquid Hydrogen, and Fusion Energy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +25% YoY · PAT +14% YoY · +7% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹461 Cr | +24.9% | +7.5% |
| EBITDA | ₹95 Cr | +17.3% | +1.1% |
| Operating margin | 21.0% | -100 bps | -100 bps |
| PAT | ₹75 Cr | +13.6% | +22.9% |
| PAT margin | 16.3% | -162 bps | +205 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
INOX India reported highest ever FY26 Revenue of ₹1632 Cr and Adjusted EBITDA of ₹388 Cr. Q4FY26 saw highest Revenue of ₹475 Cr, highest Order Booking of ₹504 Cr, and highest Export Revenue of ₹291 Cr, indicating strong momentum.
INOX India delivered robust FY26 performance with record revenue and EBITDA, driven by strong order booking in Q4. Strategic focus on LNG, Hydrogen, and Fusion energy positions it well for future growth, despite slight margin compression due to new facility stabilization and project mix.
Revenue by Segment (Q4FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Cryogenic Hydrogen Demand
Hydrogen demand projected to exceed 6 million tons per annum by 2030, requiring significant cryogenic infrastructure investment.
Small-Scale LNG Market
100 MTPA global potential in small-scale LNG demand, valued at $10 billion in 2023 and projected to reach $16 billion by 2028.
LNG for Clean Mobility
PNGRB estimates LNG fuelled trucks to increase from 50,000 in 2030 to 500,000 in 2040 in a GTB scenario.
Fusion Energy Ecosystem
ITER cryogenic operations ramping up, First Plasma expected in 2035, with DEMO reactors and commercial fusion opportunities emerging.
New Cryo Tank Manufacturing Facility
New Cryo tank mfg. facility & other products started at Savli, which is currently under productivity stabilization.
Global Decarbonization Push
Hydrogen is part of net-zero goals across mobility, steel, refining, and chemicals, creating massive cryogenic logistics demand.
Supportive Policy Environment
Initiatives like National Green Hydrogen Mission, EU’s REPowerEU, US’s IRA, are fueling hydrogen ecosystem build-outs.
Rising Global LNG Demand
Shell forecasts LNG demand to rise ~60% by 2040, largely due to cost-driven fuel switching and emissions goals in heavy sectors.
Mini-LNG Terminals for Islands
Mini-LNG Terminals offer a game-changer for island nations facing extreme electricity costs and energy security risks.
Tariff Pressure on Disposable Cylinders
Dispatch of 2Mn+ Disposable Cylinder in FY26 despite tariff Pressure.
Productivity Stabilization at New Facility
New Cryo tank mfg. facility at Savli is under productivity stabilization, impacting employee costs and depreciation.
Higher Material Cost in Q4FY26
Material cost is higher 43.9% in Q4FY26 against 40.9% in Q4FY25, varying on job-to-job basis.
Project Execution & Revenue Recognition
Increase in Contract Assets due to sales recognition under POCM for big long lead projects with invoicing at a very later stage.
Receivables Management
Trade receivable increased from Mar’25 due to few sales on higher credit terms and increased revenue.
Arbitration Costs
Exceptional exp. of Rs 8 Cr related to std. procedural cost awarded against the company in a US arbitration case in FY26.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company provides both YoY and QoQ comparisons for revenue, EBITDA, and PAT, which are crucial for assessing both annual growth trends and sequential momentum in project execution and order inflows in the Industrials sector.
Revenue
FY26 Revenue ₹1632 Cr (+21.2% YoY); Q4FY26 Revenue ₹475 Cr (+24.2% YoY).
Adjusted EBITDA
FY26 Adjusted EBITDA ₹388 Cr (+20.2% YoY); Q4FY26 Adjusted EBITDA ₹108 Cr (+13.4% YoY).
Adjusted EBITDA Margin
FY26 Adjusted EBITDA Margin 23.8% (vs 24.0% FY25); Q4FY26 Adjusted EBITDA Margin 22.7% (vs 24.8% Q4FY25).
Adjusted PAT
FY26 Adjusted PAT ₹261 Cr (+19.3% YoY); Q4FY26 Adjusted PAT ₹72 Cr (+9.0% YoY).
Propelling Clean Energy Future
Offers end-to-end solutions for Liquid Hydrogen storage and transportation, LNG infrastructure, and critical equipment for fusion research.
Commitment to Innovation
Continual innovation and new product introductions to meet emerging industry needs have been the hallmark of INOXCVA's LNG journey.
Global Leadership Vision
Vision to be the world's best integrated cryogenic solutions enterprise with a leadership position across products and markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Savli Plant Productivity & Margins | New Cryo tank mfg. facility at Savli is under productivity stabilization, impacting Q4FY26 margins. | Improvement in margins and efficiency as the new Savli plant stabilizes and ramps up production. |
| Order Backlog Conversion | Order Backlog of ₹1514 Cr in Q4FY26, with highest Q4 order booking of ₹504 Cr. | Consistent execution of the strong order backlog into revenue, indicating efficient project management. |
| LNG Segment Growth Momentum | Highest ever LNG Segment Revenue ₹457 Cr in FY26, with Q4FY26 revenue share at 32%. | Continued strong growth in the LNG segment, particularly in small-scale, marine, and mobility applications. |
| Export Revenue Contribution | Q4FY26 Highest Export Revenue ₹291 Cr, representing 61% of total revenue. | Sustained high export revenue contribution and further diversification across international geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +29.1% / mo · near 52W high
Technical chart
INOXINDIAweekly · 3Y+42.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 77. Wait for confirmation.
- SMA20 rising (~22.6% over last month) — short-term momentum positive.
- RSI(14) at 77 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 58% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 17/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -31.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%. Key concern: ROCE trend is -4.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Industrials: 98th pctile, median 68 · Micro: 97th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -4.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 58.00
- P/B
- 13.54
- EV/EBITDA
- 40.26
- Market Cap
- 15098.00Cr
Profitability
- ROE
- 26.10%
- ROCE
- 33.50%
- ROA
- 15.60%
- Dividend Y
- 0.12%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 22.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 38.11×
- Altman Z
- 8.82
- Book Value
- 123.00
Cash Flow
- FCF Yield
- 0.05%
- FCF Positive Y
- 7/5
- OCF
- 117.00 Cr
- EPS TTM
- 28.41
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.