Buy INOX India; target of Rs 1240: JM Financial

Buy

JM Financial's research report on INOX India

INOX is India’s largest manufacturer of cryogenic equipment with 30+ years of experience in cryogenic equipment and systems. It operates in three business divisions – Industrial Gas, LNG, and Cryo Scientific Division (CSD). The company has recently ventured into the manufacturing of stainless steel beverage kegs, and has set up a facility in Savli with an investment of INR 2bn. This business is expected to ramp up to 10% of revenues by FY27E. When compared to Indian peers, INOX’s FY24 revenues at INR 11.3bn, were ~4x of its nearest competitor (VRV Asia Pacific) and 6x of the other (Cryolor).

Outlook

We initiate coverage with a BUY rating and a target price of INR 1,240 at 37x Mar’27E EPS.

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INOX India - 03042025 - JM