Subscribe to Inox India Ltd: KR Choksey

KR Choksey, IPO report on Inox India Ltd

INOX India Limited (INOX CVA), a prominent manufacturer of cryogenic equipment, was one of the leading cryogenic tank manufacturers in the world by revenues in FY23. The Company has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. Its offering 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. The Company is a part of the INOX Group (including companies in the industrial gas sector), with revenues of INR 31,760 Mn in FY23. As of September 2023, the company's order book was at INR 10,366 Mn.

Valuation and Outlook

We are positive about the Company’s outlook considering its consistent track record, strong parentage, entry barriers due to the highly regulated nature of the sector, and healthy cash generation. Therefore, we recommend rating the Inox India Ltd. IPO as 'SUBSCRIBE'.

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