INOX India Limited, incorporated in 1976, offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. The company has established itself as a prominent player in the highly specialized field of vacuum insulated cryogenic equipment, with operations spanning across India, Brazil, and Europe. The company was one of the leading cryogenic tank manufacturers in the world by revenues in 2021 and has been the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2022.
With over 30 years of experience offering solutions across design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions, INOX India has developed comprehensive expertise in handling extremely low temperatures. The company operates from its headquarters in Vadodara and has grown to become a global leader in the cryogenic industry through strategic acquisitions and organic growth.
INOX India operates through multiple business divisions, with the Industrial Gas segment being the primary revenue contributor. The Industrial Gas division accounts for 59% of Q2 FY25 revenue and designs, manufactures, and installs cryogenic tanks and systems for the storage, transportation, and distribution of industrial gases, including green hydrogen and oxygen.
The company's product portfolio encompasses a wide range of cryogenic solutions. Their offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction. Additionally, the company manufactures a range of cryogenic equipment utilized in global scientific research projects.
The company has an extensive variety of cryogens, including helium, hydrogen, nitrogen, oxygen, argon, CO2, N2O, LNG, and ethylene, among others. The company also specializes in crafting NSF approved varieties of sustainable industrial packaging, including industrial containers and beverage kegs.
INOX India has demonstrated robust financial performance in recent years. The company has a market capitalization of ₹11,415 Crore as of recent data. For Q2 FY25, the company reported total revenue of ₹320 Crore, up by 21% YoY, with PAT increasing by 10% YoY to ₹50.1 Crore. The company also reported highest-ever quarterly order inflow at ₹366 Crore, up by 21% YoY.
The company's annual financial performance for FY24 showed strong growth. Operating income during the year rose 17.1% on a year-on-year basis, while the company's operating profit increased by 22.5% YoY during the fiscal. Net profit for the year grew by 26.7% YoY, with net profit margins during the year growing from 16.0% in FY23 to 17.3% in FY24.
The company maintains a strong balance sheet with the company being almost debt-free. The company has delivered good profit growth of 22.9% CAGR over the last 5 years and maintains a good return on equity (ROE) track record with 3 Years ROE of 30.2%. The company has also been maintaining a healthy dividend payout of 56.9%.
- Market Cap: ₹11,415 Crore (as of recent data)
- Q2 FY25 Revenue: ₹320 Crore (up 21% YoY)
- Q2 FY25 PAT: ₹50.1 Crore (up 10% YoY)
- Q2 FY25 EBITDA: ₹77.3 Crore (up 17.7% YoY)
- FY24 Net Profit Growth: 26.7% YoY
- 5-Year Profit CAGR: 22.9%
- 3-Year ROE: 30.2%
- Dividend Payout: 56.9%
INOX India is well-positioned to capitalize on the growing demand for clean energy solutions. The demand for cryogenic equipment across geographies is expected to be driven by the increased demand for cleaner fuels such as LNG and hydrogen due to the global focus on reducing carbon emissions from conventional energy sources. The company is well-positioned to capture this global market growth with its in-house technology as well as its LNG product range that includes the entire value chain.
The company is particularly focused on hydrogen applications, which represent a significant growth opportunity. In hydrogen, the company's engineering teams are developing products and systems in complex industry environments like hydrogen storage, transportation, and distribution to address the need for large-scale movements of liquid hydrogen. Notably, the company was the first Indian company to manufacture a trailer mounted hydrogen transport tank, which was designed jointly with the Indian Space Research Organisation (ISRO).
Recent order wins demonstrate the company's strong market position. In June 2024, INOX India secured ₹373 Crore orders across cryogenic segments, including a major ITER contract, highlighting the company's ability to secure large-scale international projects.
The company benefits from experienced leadership with deep industry expertise. The company's Chief Executive Officer Mr. Deepak Acharya joined the company in 1992 and has approximately 30 years of experience in the cryogenic engineering and high vacuum technology industry. He oversees the strategic growth opportunities, engineering developments, business expansion, and new energy strategies and related functions of the company.
The company maintains strong governance practices and continues to invest in research and development to maintain its technological leadership in the cryogenic equipment sector. With its strong financial position, growing order book, and strategic positioning in emerging clean energy markets, INOX India appears well-positioned for continued growth in the evolving energy landscape.
