INOX India Limited
NSE: INOXINDIAOther Industrial Products
Share price
₹2,039.30
-2.05% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
66
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹18,354 Cr
P/E ratio
71.4
P/B ratio
16.6
ROCE
33.5%
ROE
26.1%
Dividend yield
0.1%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 19.9% over the past year, and 13.8% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales held steady, near 21.1% over the last three years.
Whether it grew faster than its sector
It grew 13.8% a year against a sector median of 10.6% — 3.2 percentage points faster.
Room to re-rate, or risk of de-rating
Too little price history yet to compare it with its own past.
Whether growth justifies the valuation
Priced at 3.8 times its growth rate, on earnings growth of 19%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| INOX India Limited — this one | 19%/yr | 71.4× | ₹3.8 |
| HBL Engineering Limited | 105%/yr | 25.3× | — |
| KRN Heat Exchanger and Refrigeration Limited | — | 90.4× | — |
| Esab India Limited | 13%/yr | 36.2× | ₹2.8 |
| Subros Limited | 53%/yr | 25.1× | ₹0.47 |
| Harsha Engineers International Limited | 4%/yr | 26.0× | ₹6.5 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Other Industrial Products), it ranks 3 of 15 on returns, 6 of 15 on growth, 3 of 15 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 33.5% on capital, ahead of 80% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹635 crore of cash from the business, spent ₹410 crore on plant and equipment, and returned ₹261 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 8 years, about 84 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 23 days for its cash to waiting 83 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Order inflow beat the guided quarterly run rate, while revenue growth stayed below the full-year target after delayed dispatches.
Announced 3 Aug 2026 · Consolidated · Unaudited
Revenue
₹371 Cr
Revenue vs last year
+9.1%
Revenue vs last quarter
-19.6%
Net profit
₹58 Cr
Profit vs last year
-4.8%
Profit vs last quarter
-22.6%
Net margin
15.7%
EPS
₹6.40
Earnings call transcript · 4 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹18,354 Cr
- Prev close
- ₹2,039.30
- 52w High
- ₹2,340
- 52w Low
- ₹1,068
- Enterprise value
- ₹18,115 Cr
- Beta
- 0.7
- Price CAGR 1y
- 77.0%
- Price CAGR 3y
- —
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 12.8%
- PEG ratio
- 3.8
- P/E ratio
- 71.4
- P/B ratio
- 16.6
- EV / EBITDA
- 52.8
- Industry P/E
- 25.2
- ROCE
- 33.5%
- ROCE 5y average
- 37.2%
- ROE
- 26.1%
- Debt / Equity
- 0.1
- Interest coverage
- 39.0
- Dividend yield
- 0.1%
- ROE 3y average
- 29.0%
- ROE last year
- 26.0%
Annual P&L
- Annual revenue
- ₹1,587 Cr
- Annual profit
- ₹258 Cr
- Operating margin
- 22.0%
- Net profit margin
- 16.3%
- EBITDA margin
- 21.6%
- Sales growth 3y
- 18.0%
- Sales growth 5y
- 21.7%
- Profit growth 3y
- 19.0%
- Profit growth 5y
- 22.0%
- EPS
- ₹28.4
- Sales growth TTM
- 20.0%
- Profit growth TTM
- 12.0%
- Dividend payout
- 7.0%
Quarter P&L
- Sales latest quarter
- ₹371 Cr
- Profit latest quarter
- ₹58 Cr
- YoY quarterly sales growth
- 9.2%
- YoY quarterly profit growth
- -4.9%
- OPM latest quarter
- 20.5%
Balance Sheet
- Book Value
- ₹124
- Face Value
- ₹2.0
- Total debt
- ₹81 Cr
- Total cash
- ₹23 Cr
- Borrowings
- ₹81 Cr
- Reserves / Equity
- 61.1
Cash Flow
- Operating cash flow
- ₹117 Cr
- Free cash flow
- ₹11 Cr
- FCF yield
- 0.0%
- Net cash flow
- ₹13 Cr
Shareholding
- Promoter holding
- 74.9%
- FII holding
- 6.9%
- DII holding
- 7.7%
- Public holding
- 10.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| HBL Engineering | 762.45 | 26.4 | 21,135 | 0.39 | 109.1 | -25.1 | 638.0 | 6.0 | 59.3 |
| Inox India | 2,082.00 | 73.5 | 18,897 | 0.10 | 58.1 | -5.0 | 370.8 | 9.2 | 33.5 |
| KRN Heat Exchan | 1,484.20 | 100.2 | 9,715 | 0.00 | 32.9 | 164.9 | 252.3 | 118.9 | 16.0 |
| Esab India | 5,627.00 | 41.8 | 8,662 | 1.33 | 56.1 | 37.1 | 421.1 | 19.6 | 64.7 |
| Subros | 675.50 | 25.6 | 4,407 | 0.44 | 41.5 | 1.7 | 1,032.1 | 17.5 | 19.2 |
| Harsha Engg Intl | 460.40 | 27.1 | 4,192 | 0.33 | 37.4 | -1.4 | 457.4 | 25.2 | 13.0 |
| Ador Welding | 1,552.10 | 22.6 | 2,701 | 1.48 | 27.4 | 890.5 | 308.6 | 23.2 | 22.7 |
| Median | 342.55 | 26.2 | 562 | 0.00 | 6.2 | 10.2 | 69.5 | 16.7 | 16.2 |
Competes with: Ador Welding Limited, Beardsell Limited, Delta Manufacturing Limited, Diffusion Engineers Limited, Esab India Limited, HBL Engineering Limited, Harsha Engineers International Limited, Hy-Tech Engineers Limited, KRN Heat Exchanger and Refrigeration Limited, Kirloskar Industries Limited, MIC Electronics Limited, Mallcom (India) Limited, Oriental Rail Infrastructure Limited, PTC Industries Limited, Subros Limited, WH Brady & Company Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 308 | 258 | 291 | 277 | 296 | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 |
| Expenses | 237 | 199 | 224 | 223 | 226 | 243 | 265 | 288 | 263 | 280 | 335 | 366 | 295 |
| Material Cost | 143 | 132 | 183 | 204 | 150 | ||||||||
| Change in Inventories | -8.66 | 18 | 21 | -10.00 | -5.60 | ||||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 14 | 0.08 | ||||||||
| Employee Cost | 34 | 34 | 40 | 38 | 42 | ||||||||
| Other Expenses | 95 | 96 | 91 | 119 | 109 | ||||||||
| Operating Profit | 72 | 59 | 67 | 53 | 70 | 64 | 69 | 81 | 76 | 78 | 94 | 95 | 76 |
| OPM % | 23 | 23 | 23 | 19 | 24 | 21 | 21 | 22 | 22 | 22 | 22 | 21 | 20 |
| Other Income | 8 | 7 | 5 | 11 | 5 | 13 | 16 | 14 | 13 | 13 | -1 | 18 | 11 |
| Exceptional items (within Other Income) | 0 | 2.00 | -8.49 | 3.21 | 0 | ||||||||
| Interest | 1 | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 4 | 2 |
| Depreciation | 4 | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 10 |
| Profit before tax | 76 | 60 | 64 | 58 | 68 | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Tax % | 25 | 23 | 24 | 24 | 23 | 28 | 23 | 24 | 24 | 25 | 24 | 25 | 23 |
| Net Profit | 57 | 46 | 49 | 44 | 53 | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| EPS in Rs | 6.29 | 5.10 | 5.35 | 4.86 | 5.80 | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 | 6.40 |
| Diluted EPS in Rs | 6.71 | 6.68 | 6.67 | 8.27 | 6.38 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 650 | 649 | 594 | 783 | 966 | 1,133 | 1,306 | 1,587 | 1,618 |
| Expenses | 506 | 516 | 459 | 615 | 761 | 882 | 1,021 | 1,244 | 1,276 |
| Material Cost | 663 | ||||||||
| Change in Inventories | 20 | ||||||||
| Purchases of Stock-in-Trade | 14 | ||||||||
| Employee Cost | 146 | ||||||||
| Other Expenses | 401 | ||||||||
| Operating Profit | 144 | 133 | 135 | 168 | 205 | 252 | 285 | 343 | 342 |
| OPM % | 22 | 20 | 23 | 21 | 21 | 22 | 22 | 22 | 21 |
| Other Income | 28 | 48 | 15 | 21 | 19 | 30 | 48 | 42 | 41 |
| Exceptional items (within Other Income) | -3.28 | ||||||||
| Interest | 27 | 26 | 7 | 2 | 4 | 6 | 9 | 9.23 | 10 |
| Depreciation | 9 | 12 | 12 | 12 | 14 | 18 | 25 | 34 | 36 |
| Profit before tax | 135 | 144 | 131 | 174 | 207 | 258 | 299 | 342 | 337 |
| Tax % | -44 | 32 | 27 | 25 | 25 | 24 | 24 | 25 | |
| Net Profit | 193 | 97 | 96 | 130 | 155 | 196 | 226 | 258 | 255 |
| EPS in Rs | 213 | 107 | 106 | 14 | 17 | 22 | 25 | 28 | 28 |
| Diluted EPS in Rs | 28 | ||||||||
| Dividend Payout % | 0 | -0 | -0 | 10 | 67 | 51 | 8 | 7 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 22%
- 3 years
- 18%
- TTM
- 20%
Compounded profit growth
- 10 years
- —
- 5 years
- 22%
- 3 years
- 19%
- TTM
- 12%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- —
- 1 year
- 77%
Return on equity
- 10 years
- —
- 5 years
- 29%
- 3 years
- 29%
- Last year
- 26%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 201 | 270 | 362 | 484 | 531 | 631 | 856 | 1,099 |
| Borrowings | 284 | 145 | 68 | 55 | 9 | 16 | 43 | 81 |
| Other Liabilities | 231 | 205 | 248 | 340 | 589 | 558 | 737 | 813 |
| Total Liabilities | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
| Fixed Assets | 94 | 110 | 102 | 134 | 164 | 255 | 359 | 428 |
| CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 4 |
| Investments | 81 | 80 | 25 | 312 | 249 | 247 | 267 | 297 |
| Other Assets | 549 | 439 | 558 | 449 | 734 | 716 | 1,023 | 1,282 |
| Total Assets | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,655 | 2,012 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 85 | 188 | 231 | 97 | 177 | 122 | 122 | 117 |
| Cash from Investing Activity | 136 | -28 | -152 | -72 | -13 | -26 | -141 | -110 |
| Cash from Financing Activity | -186 | -168 | -96 | -26 | -154 | -103 | 17 | 5 |
| Net Cash Flow | 36 | -8 | -17 | -1 | 10 | -6 | -1 | 13 |
| Free Cash Flow | 70 | 175 | 225 | 53 | 132 | 32 | -3 | 11 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 83 | 69 | 36 | 54 | 56 | 70 | 72 |
| Inventory Days | 337 | 208 | 215 | 349 | 348 | 314 | 312 | 247 |
| Days Payable | 36 | 20 | 26 | 43 | 52 | 90 | 87 | 80 |
| Cash Conversion Cycle | 384 | 270 | 258 | 342 | 350 | 280 | 295 | 238 |
| Working Capital Days | -16 | 23 | -0 | 23 | 31 | 44 | 61 | 83 |
| ROCE % | 30 | 32 | 35 | 37 | 43 | 38 | 33 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
42.00
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-239inr_cr
2026-03-31
order book, Rs crore
1,686inr_cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
2,07,08,411inr
2026-03-31
News
News and filings about INOX India Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- Ador Welding Limited
- Beardsell Limited
- Delta Manufacturing Limited
- Diffusion Engineers Limited
- Esab India Limited
- HBL Engineering Limited
- Harsha Engineers International Limited
- Hy-Tech Engineers Limited
- KRN Heat Exchanger and Refrigeration Limited
- Kirloskar Industries Limited
- MIC Electronics Limited
- Mallcom (India) Limited
- Oriental Rail Infrastructure Limited
- PTC Industries Limited
- Subros Limited
- WH Brady & Company Limited
Uses as raw material
- stainless steel plate and sheet (SS 304/316)
Depends on the price of
- steel
Sells to
- Adani Total Gas · LNG and LCNG equipment and services under preferred-partner agreement
- IRM Energy Limited · LNG storage, distribution and transportation equipment
- Linde India Limited · cryogenic tanks and systems for industrial gas storage and distribution
- Navin Fluorine International Limited · industrial gas cryogenic tanks and equipment
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Other Industrial Products
- Classification
- Capital Goods › Other Industrial Products
- ISIN
- INE616N01034
Plants
- Inox India Brazil unit
- Kalol Unit · Kalol, Gujarat
- Kandla SEZ Unit · Gandhidham / Kandla, Gujarat
- Savli Unit · Savli, Vadodara, Gujarat
- Silvassa Unit · Silvassa, Dadra and Nagar Haveli and Daman and Diu
News impact
Big market events that reach INOX India Limited, and how the effect spreads.
15 Sept, 18:54 IST · Market event · medium impact
MIC Electronics sets up arm for Defence, aerospace business
MIC Electronics formed a new company for defence and aerospace work like electronic warfare and cyber tools, which could lift its tiny loss-making shares, while bigger rivals are unaffected.
Who it hits first
- MIC Electronics has formed a dedicated subsidiary for defence and aerospace work focused on electronic warfare, AI-based defence technology and cybersecurity - a new growth avenue, but with no disclosed investment, orders, partners or timelines, so near-term revenue impact is zero and the arm will likely consume cash before it earns any.
Who may gain
- MIC Electronics shareholders may see a short-term sentiment lift as the market prices a defence-growth option; no other listed company gains any direct business from this announcement.
Along the supply chain
Downstream
No downstream effect - there are no products, deliveries or customers yet, so nobody depending on MIC faces any change.
Upstream
No upstream effect - the new arm has placed no component or material orders yet, and the knowledge graph records no suppliers for MIC Electronics.
Where demand moves
Business
No business demand moves: the subsidiary has no orders yet, so no supplier gains sales and no customer faces any change - MIC's existing LED-display and electronics orders continue as before.
Capital
A small pool of theme-chasing money may bid up MIC's thinly traded shares for a few sessions; no meaningful rotation into or out of larger defence or capital-goods names is expected.
How it spreads across sectors
Capital Goods
Negligible - MIC is a micro-cap, so one subsidiary changes no sector orders, margins or outlook.
Defence
Sentiment-only - another small electronics player entering defence tech validates the indigenisation theme, but listed primes and equipment makers see no order or margin impact.
When it plays out
Immediate
MIC shares may pop 1-3% on thin volumes as theme buyers react; larger peers barely move.
Medium term
Over 1-6 months the arm must show execution - team, approvals, pilot orders - or the market writes it off as an announcement without substance.
Short term
Gains fade within 1-4 weeks unless MIC discloses capital, hiring, certifications or order bids for the new arm.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 9 Jun 2026 | unspecified | ₹2 |
|---|---|---|
| 4 Jun 2025 | unspecified | ₹2 |
Splits, bonuses & buybacks
- daily-prices repair: 6 rows from NSE's archive (replace 2, delete 0, insert 4), 2024-01-15..2026-02-01 (docs/flat_day_repair.md)1× · 15 Jan 2024
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call4 Aug 2026
- Results presentation30 Jun 2026
- Annual report · 2025-261 Jun 2026
- Earnings call13 May 2026
- Earnings call13 Feb 2026
- Earnings call6 Nov 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.