Inox India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Inox India Ltd trades at ₹1,980, in a confirmed uptrend and 15 weeks into that stage. That is +39.8% against its own 200-day average. It sits at 99% of a 52-week range of ₹1,089 to ₹1,988. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 28 straight weeks.

Today the stock is in a confirmed uptrend — week 15 of stage 2, confirmed. At ₹1,980 it trades +39.8% versus its 200-day average and sits at 99% of its 52-week range (₹1,089–₹1,988).

Against the market, two honest reads. Cumulative: over the last 2.6 years the stock moved +117% while the NIFTY 500 moved +21% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 28 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 93rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Inox India Ltd trades at 69.9× P/E, at the pricey end of its own range (93rd percentile). Its long-run median P/E is 51.4×, measured across 2.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 69.9× is at the pricey end of its own range (93rd percentile), against a long-run median of 51.4× measured over 2.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +14.1% against a +60.3% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Inox India Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +24.9% (single-quarter readings) while profit growth is decelerating from its peak at +13.6% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 11 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

61.1/100 — rank 1 of 4 in Industrial Gas · 97% evidence confidence

Inox India Ltd scores 61.1 out of 100 against the 4 companies it is compared with in Industrial Gas, ranking 1. Price leads the evidence: RS versus the benchmark is 50.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 15.9 + 21.6 + 3.6 + 20 = 61.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Inox India Ltd reported ₹461 Cr of revenue in the Mar 26 quarter, +24.9% year on year. That is the 7th straight quarter of year-on-year growth. Over 7 years it has compounded at 13.6% a year. The last full year, FY26, came in at ₹1,587 Cr. The last four reported quarters add to ₹1,588 Cr.

Inox India Ltd reported ₹461 Cr of revenue in the Mar 26 quarter, +24.9% year on year. That is the 7th straight quarter of year-on-year growth. Over 7 years it has compounded at 13.6% a year. The last full year, FY26, came in at ₹1,587 Cr. The last four reported quarters add to ₹1,588 Cr.

FY26 revenue came in at ₹1,587 Cr (+21.5% on the year), capping 7 years at 13.6% compound. The latest quarter (Mar 26) printed ₹461 Cr, +24.9% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +21.2% growth against the decade's 13.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +21.6% over the last 4 quarters against +18.3%/yr over the last 8 — accelerating; TTM profit +14.2% vs +14.7%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (−1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Inox India Ltd's operating margin is 21.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 20.0% to 23.0%. The current quarter sits inside that band.

Inox India Ltd's operating margin is 21.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 20.0% to 23.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, −1.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 20.0%–23.0%.

🚨 Why the margin moved: operating margin went −1.4 pp year on year while gross margin went −2.8 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +13.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Inox India Ltd earned ₹75.0 Cr of net profit in the Mar 26 quarter, +13.6% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹258 Cr. The 7-year compound rate is 4.2%. That is 16.3% of the quarter's revenue. The same quarter a year earlier earned ₹66.0 Cr.

Inox India Ltd earned ₹75.0 Cr of net profit in the Mar 26 quarter, +13.6% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹258 Cr. The 7-year compound rate is 4.2%. That is 16.3% of the quarter's revenue. The same quarter a year earlier earned ₹66.0 Cr.

Mar 26 profit was ₹75.0 Cr, +13.6% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹258 Cr (+14.2%), and the 7-year compound rate is 4.2%.

Why profit moved: revenue contributed +24.9% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +14.6% vs revenue +21.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 53% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 53% of Inox India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹117 Cr of operating cash against ₹258 Cr of profit. After ₹103 Cr of capital spending, ₹14.0 Cr was left as free cash.

FY26: operating cash of ₹117 Cr against reported profit of ₹258 Cr, leaving free cash of ₹14.0 Cr after ₹103 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 53% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 53%: the cash cycle tightened 20 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 4.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹345 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Inox India Ltd's cash conversion cycle runs 238 days in FY26, down from 258 days in FY21. Capital spending ran ₹345 Cr over the last 3 years. At FY26 sales of ₹1,587 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹1,035 Cr sits inside the business at any moment.

FY26: debtors at 72 days, inventory at 247 days — roughly 8.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 238 days, tighter than FY21's 258.

The full loop: cash goes out to suppliers and production on day 0; stock waits 247 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 80 days — netting out to the 238-day cycle.

In money terms: at FY26 sales of ₹1,587 Cr, each day of the cycle holds about ₹4.3 Cr — so the 238-day loop keeps roughly ₹1,035 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹345 Cr over the last 3 fiscal years against ₹77.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 33% and the ROIC − WACC spread is +15.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Inox India Ltd earns a ROCE of 33% in FY26. That is up from a trough of 30% in FY20. Return on invested capital clears the cost of that capital by +15.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.3% net margin on 0.79× asset turns.

FY26 ROCE is 33%, recovered from a FY20 trough of 30% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 16.3% net margin × 0.79× asset turns × 1.80× balance-sheet leverage ≈ 23.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 27.2% − 12.0% = a +15.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.07.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Inox India Ltd carries total debt of ₹81.0 Cr against shareholder equity of ₹1,118 Cr as of Mar 26, a debt-to-equity of 0.07 — effectively unlevered. On the annual view that ratio went from 0.02 in FY23 to 0.07 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹81.0 Cr against shareholder equity of ₹1,118 Cr — a debt-to-equity of 0.07. On the annual view, debt-to-equity went from 0.02 (FY23) to 0.07 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Inox India Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.5 points over the same window, to 6.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +0.9 points over 8 quarters to 7.7%; Foreign institutions: +0.5 points over 8 quarters to 6.9%; Promoters: −0.1 points over 8 quarters to 74.9%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Inox India Ltd: the Z-score reads 9.45. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 9.45 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 9.45.

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