Inox India Limited | Globe Capital Market LTD.
Inox India Limited
Price Band
₹627 to ₹660
IPO Issue Period
Dec 14, 2023 to Dec 18, 2023
Issue Size
₹1,459.32 Cr
Face value
₹2 per share
Fresh issue
Offer for sale
₹1,459.32 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
Dec 21, 2023

ICICI Securities Limited
Axis Capital Limited

Inox India Limited manufactures and supplies cryogenic equipment. The company’s business comprises three divisions: 1). Industrial Gas: The division designs, produces, and installs cryogenic tanks and systems for the storage, transportation, and distribution of industrial gases, including green hydrogen and oxygen. 2). LNG: This division designs, manufactures, supplies, and installs both standard and engineered equipment for LNG storage, distribution, and transportation, as well as small-scale LNG infrastructure solutions that are suitable for industrial, marine, and automotive applications. 3). Cryo Scientific: This department provides equipment and turnkey solutions for scientific and industrial research involving cryogenic distribution with a focus on technology-intensive applications.

The product portfolio 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. In the six months ending September 30, 2023, and Fiscal 2023, Fiscal 2022 and Fiscal 2021, the company provided its equipment and systems to 1,255 domestic and 254 international customers across our three divisions. The company’s major customers include Air Liquide Global E&C Solutions India Private Limited, Caribbean LNG Inc, 2G Energy Inc, ISRO, Hyundai Engineering and Construction Co Ltd, and many more. By September 2023, the company exported products and services to 66 countries, including the United States, Saudi Arabia, the Netherlands, Brazil, Korea, the United Arab Emirates, Australia, and Bangladesh. The manufacturing facilities are in Kalol, Kandla Special Economic Zone (Kandla SEZ), and Silvassa in the Union Territory of Dādra and Nagar Haveli. As of September 2023, the company’s order book comprises ₹10,36.60 Cr.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 984.19 803.71 608.99
Profit After Tax 152.71 130.49 96.1
EPS 16.83 14.38 10.59
OPM (%) 20.8% 21.7% 21.5%
PATM (%) 15.5% 16.2% 15.8%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
Inox India Ltd. 5,990* 660* 10.81 39.22 778.4 128.3
Carborundum Universal Ltd. 22,661 1,192 7.92 49.12 4,670.0 441.7
Linde India Ltd. 49,417 5,794 15.22 118.26 2,759.6 410.4
Solar Industries India Ltd. 59,866 6,616 20.94 74.07 6,770.0 851.6


*Market cap @upper band of Rs. 660/-

  • Leading Indian supplier and exporter of cryogenic equipment and equipment (Source: CRISIL Report, November 2023): exports constituted 62.18% and 45.83% of our revenues from operations in the six months ended September 30, 2023 and in Fiscal 2023;
  • Large portfolio of specialized cryogenic equipment engineered to global quality standards: Installed Capacity of 3,100 Equivalent Tank Units (which are cryogenic storage tanks of 10,000 litres), 2.4 million disposable cylinders, 14 certifications from United States, Europe, Australia and other international markets;
  • Diversified domestic and international customer base across industry sectors: 1,201 domestic customers and over 228 international customers;
  • Strong product development and engineering focus: 419 engineers, appoint scientists of varied experience and expertise at our R&D facility;
  • Healthy financial performance to support growth;
  • Its consolidated total income has increased at a CAGR of 27.13% from ₹ 6,089.92 million in Fiscal 2021 to ₹ 9,841.99 million in Fiscal 2023. Its consolidated total income was ₹ 5,799.95 million in the six months ended September 30, 2023;
  • In the six months ended September 30, 2023, and in Fiscal 2023, Fiscal 2022 and Fiscal 2021, its consolidated profit after tax was ₹ 1,033.37 million, ₹ 1,527.14 million, ₹ 1,304.98 million and ₹ 961.07 million; and

Experienced Promoters, Management Team and Skilled Workforce: Employees: 1,016 as on October 31, 2023; 419 engineers and 144 welders. Pavan Kumar Jain: 30 Years of Experience, Siddharth Jain: 18 years of experience, Parag Kulkarni: 30 Years of Experience, Deepak Acharya: 30 Years of Experience

  • Carry out the Offer for Sale of up to 22,110,955 Equity Shares by the Selling Shareholders; and
  • Achieve the benefits of listing the Equity Shares on the Stock Exchanges. Further, the Company expects that the proposed listing of its Equity Shares will enhance the visibility and brand image as well as provide a public market for the Equity Shares in India. The Selling Shareholders will be entitled to the entire Offer proceeds after deducting the Offer expenses and relevant taxes.

At the upper price, the stock is valued at P/E multiple of 39.22 times. Based on FY24 earnings, the issue appears fully priced. Investors may consider to subscribe for the medium to long term.

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