2 weeks Ago By Moneycontrol
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. For all recommendations report, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management.
Moneycontrol.com advises users to check with certified experts before taking any investment decisions. INOX India - 03042025 - JM.
