Inox India, a story worth looking?

About Inox India Limited

Established in 1976, Inox India Limited has been a stalwart in manufacturing and supplying cryogenic equipment. With a rich history spanning over four decades, the company operates through three distinctive divisions: Industrial Gas, LNG and Cryo Scientific.

The diverse product portfolio includes standard cryogenic tanks, beverage kegs, bespoke technology, equipment, and solutions. Additionally, the company undertakes large-scale turnkey projects across various industries, including industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals, and construction.


Established Reputation: Inox India Limited boasts a strong and established reputation as a leading manufacturer and supplier of cryogenic equipment.

Diverse Product Portfolio: The company’s product range spans across various industries, including industrial gases, LNG, green hydrogen, and healthcare, providing diversification and revenue stability.

Global Reach: With exports to 66 countries, Inox has a robust global presence, tapping into markets such as the United States, Saudi Arabia, the Netherlands, Brazil, and more.

Comprehensive Divisions: The three divisions (Industrial Gas, LNG, and Cryo Scientific) contribute to a comprehensive and versatile business model, catering to different technological and industrial needs.


Market Dependence: Inox’s performance is subject to market conditions, and any downturn in sectors like energy, steel, or aviation could impact its financials.

Regulatory Challenges: The company operates in a sector that may be influenced by evolving regulations, and changes in compliance requirements could pose challenges.

Global Economic Factors: Economic fluctuations globally can impact demand for industrial equipment, affecting Inox’s export-oriented business.

Technological Changes: Rapid technological advancements may require continual investment in research and development to stay competitive, posing a risk of obsolescence.

Disc. : Invested since IPO


Quarterly Results



Impact of this patent could be understood via this article, though not a detailed one;


I’ve recently published a post on Inox India on substack ( Posting the excerpts here to further the discussion on the stock:

Cryogenics: Cryogenics is the scientific study of materials and their behavior at extremely low temperatures typically below -150°C (123 K). Cryogenic gases have a very low density at room temperature; thus, require a high-pressure vessel to store gasses in large quantities.

In India, there are three players which deal in cryogenic tanks i.e. Inox India, VRV Color, and Cryolor. Inox is the market leader in the segment with over 4x revenue as its nearest competitor VRV Color.

Three Business Segments: * i.e. Industrial Gases, LNG, and Cryo Scientific

MoU with Adani Total Gas

  • “preferred partner” status for the delivery of LNG and LCNG equipment and services with Adani Total Gas. A long-term contract where Inox and Adani intend to collaborate on engineering, design, and planning.
    • Adani Total Gas is building out this LNG infrastructure, Inox to facilitate fast-track setting up of LNG stations across the country
    • In the coming two to three years, they will be expanding heavily, especially in the fueling station, LCNG station, satellite station, and maybe the convergence of their mining and cement trucks to LNG as a fuel.

  • Though the numbers are not clear but could become a substantial driver of LNG business. Order booking has already started. Worked with them earlier on three stations, they were having, (helped them in starting those stations because they were having some issues with the station which was delivered by some other companies) and recently received five fueling stations from them (con call Q3FY2024)

Green Hydrogen Optionality

Inox is currently focusing on solutions for hydrogen fueling infrastructure, storage, distribution, etc. As per the company update, they have already:

  • Manufactured trailer mounted Hydrogen transport tank, designed jointly with ISRO
  • Produced & supplied liquid Hydrogen tank to 2 customers in South Korea

Looking good on chart as well: