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Swing Capital

Inox India Ltd

NSE: INOXINDIA BSE: 544046

Incorporated in 1976, Inox India Limited offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions[1]Inox India specializes in supplying cryogenic equipment, particularly tanks. The company offers comprehensive solutions for equipment and systems operating in cryogenic conditions.[2]

₹1,400
52W: ₹1031 — ₹1620
PE 49.9 · Book ₹125 · +1020% vs book
Market Cap₹12,707 Cr
Stock P/E49.9Price to Earnings
ROCE32.4%Return on Capital
ROE25%Return on Equity
Div. Yield0.14%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 21.3% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 27.1%
  • +Company has been maintaining a healthy dividend payout of 23.0%

Weaknesses

  • −Stock is trading at 11.1 times its book value
  • −Working capital days have increased from 90.8 days to 161 days

Shareholding Pattern

Promoters75%
FIIs7.13%
DIIs7.72%
Public10.14%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%75%75%75%75%75%75%75%
FIIs6.38%5.84%▼0.56.52%▲0.76.85%▲0.36.94%▲0.17.12%▲0.27.14%▲0.07.13%▼0.0
DIIs6.73%7.14%▲0.46.99%▼0.16.26%▼0.76.68%▲0.46.7%▲0.07.27%▲0.67.72%▲0.5
Public11.88%12.02%▲0.111.48%▼0.511.9%▲0.411.38%▼0.511.16%▼0.210.57%▼0.610.14%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales275270292304332369327356419455
Expenses215218222239262288252280329361
Operating Profit61527064708175759094
OPM %22%19%24%21%21%22%23%21%21%21%
Net Profit45435349576560595974
EPS ₹4.954.735.865.456.317.186.656.466.518.18

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,557Cr, up 20.1% YoY. OPM at 21%.

Debt Position

Borrowings at ₹75Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Institutional Flow

DIIs: 7.72% (+1.24pp change). FIIs: 7.13% (+2.48pp change). Promoters hold 75%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 32% (Mar 2026). Working capital days: 161.

Valuation

PE 49.9x with 32.4% ROCE. Price is 1020% above book value of ₹125. Dividend yield: 0.14%.

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