Inox India Limited is a leading Indian manufacturer of cryogenic equipment, specializing in storage and transportation solutions for industrial gases, including liquid nitrogen, oxygen, argon, and emerging applications like green hydrogen. Founded in 1986, the company has built a strong reputation for engineering excellence and serves sectors such as healthcare, energy, steel, and electronics. With rising demand for clean energy infrastructure and industrial gas usage, Inox India is well-positioned for long-term growth. This article provides a fact-based analysis of its financials and estimates a realistic Inox India share price target for 2026 through 2030.
Core Business: Design, engineering, and manufacturing of cryogenic tanks, vaporizers, pipelines, and turnkey gas distribution systems
Key Clients: Linde, Air Products, Air Liquide, Tata Steel, JSW, and government healthcare projects
Growth Driver: Rising demand for industrial gases and green hydrogen infrastructure
Listed On: BSE (532847) and NSE (INOXINDIA)
Inox India: Key Financial Snapshot
Metric
Value
Market Capitalization
₹10,568.96 Cr
Enterprise Value
₹10,596.30 Cr
Current Share Price
₹1,164 (approx.)
P/E (TTM)
43.77
P/B (TTM)
10.53
Book Value (TTM)
₹110.63
EPS (TTM)
₹26.60
ROE
28.76%
ROCE
38.21%
Dividend Yield
0.17%
Sales Growth (YoY)
19.24%
Profit Growth (YoY)
20.93%
Cash Reserves
₹5.76 Cr
Debt
₹33.10 Cr
Face Value
₹2
No. of Shares
9.08 Cr
Shareholding Pattern
Category
Holding (%)
Promoters
75.00%
Public (Retail)
10.59%
Domestic Institutions (DII)
7.27%
Foreign Institutions (FII)
7.14%
Others
0%
Promoter holding remains stable at 75%, reflecting strong founder control and long-term commitment.
Inox India Share Price Target Forecast (2026–2030)
Based on strong fundamentals, sector tailwinds, historical valuation, and earnings momentum, we estimate the following realistic price ranges:
Year
Target Price Range (₹)
2026
₹1,250 – ₹1,450
2027
₹1,350 – ₹1,600
2028
₹1,450 – ₹1,750
2029
₹1,550 – ₹1,900
2030
₹1,650 – ₹2,100
Year-wise Breakdown
Inox India Share Price Target 2026
Year
Share Price Target 1
Share Price Target 2
2026
₹1,250
₹1,450
Strong ROCE (38.21%) and profit growth (20.93%) justify a premium valuation.
Order book visibility remains robust due to industrial gas and hydrogen ecosystem expansion.
High P/B (10.5x) limits explosive upside but supports steady re-rating with execution.
Inox India Share Price Target 2027
Year
Share Price Target 1
Share Price Target 2
2027
₹1,350
₹1,600
Green hydrogen policy push in India could accelerate demand for cryogenic storage.
Expansion into export markets (the Middle East, Southeast Asia) may diversify revenue.
If margins hold, P/E of 40–45x remains sustainable for a niche engineering player.
Inox India Share Price Target 2028
Year
Share Price Target 1
Share Price Target 2
2028
₹1,450
₹1,750
Capacity expansion in Vadodara and new product lines (e.g., mobile cryo tanks) should boost scale.
Recurring service & maintenance contracts add stability to revenue mix.
Continued promoter confidence (75% stake) reduces governance risk.
Inox India Share Price Target 2029
Year
Share Price Target 1
Share Price Target 2
2029
₹1,550
₹1,900
By 2029, Inox could become a key enabler of India’s National Green Hydrogen Mission.
Rising industrial automation and medical oxygen demand support long-term tailwinds.
Execution consistency will be critical to justify high multiples.
Inox India Share Price Target 2030
Year
Share Price Target 1
Share Price Target 2
2030
₹1,650
₹2,100
As a market leader in a specialized niche, Inox benefits from high entry barriers and technical expertise.
However, low cash reserves (₹5.76 Cr) and working capital intensity require monitoring.
Realistic 2030 target assumes EPS of ₹45–50 and P/E of 35–42x.
Strengths vs Risks
✅ Strengths
Industry-leading ROCE (38.21%) and ROE (28.76%)
Near debt-free balance sheet with strong order execution
Monopoly-like position in India’s cryogenic equipment space
Strategic alignment with green hydrogen and industrial gas trends
⚠️ Risks
High valuation (P/B > 10x) leaves little room for execution misses
Low cash reserves relative to working capital needs
Customer concentration risk – top clients include global gas majors
Cyclical exposure to capex cycles in steel, oil & gas, and healthcare
Investment Suitability
Factor
Assessment
Risk Profile
Moderate to High
Time Horizon
Long-term (5+ years)
Volatility
Moderate
Dividend/Income
Minimal (0.17% yield)
Ideal Investor
Growth-focused, believes in India’s industrial & clean energy transition
FAQs
A realistic range is ₹1,250 to ₹1,450, based on current earnings growth and sector momentum.
We estimate ₹1,650 to ₹2,100 by 2030, assuming consistent execution and policy support for green hydrogen.
Reliable forecasts beyond 2030 are not possible. Such long-term projections are highly speculative and not supported by verifiable data.
Promoters hold 75% of the company, indicating strong founder control. The remaining stake is held by public and institutional investors.
Yes, but the dividend yield is very low at 0.17%. The company prioritizes reinvestment over payouts.
The stock corrected due to valuation concerns (P/B > 10x) and profit-taking after a strong rally in prior quarters.
It offers strong exposure to India’s industrial gas and green hydrogen ecosystem, but comes with high valuation risk. Suitable for investors with a long-term horizon who understand niche engineering businesses.
Final Verdict
Inox India is a high-quality, niche engineering company with exceptional return ratios and strategic relevance to India’s clean energy future. While its high P/B ratio demands flawless execution, its leadership in cryogenics and alignment with national priorities make it a compelling long-term holding. Our 2026–2030 price targets (₹1,250–₹2,100) reflect steady growth with moderate re-rating potential, not speculative upside. Investors should monitor order inflows, cash flow generation, and export progress closely.
📌 Disclaimer: These targets are for educational purposes only and are not investment advice. Always consult a SEBI-registered advisor before investing.
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
