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INOX India Limited (INOXINDIA) Fair Value & Analysis

Industrials · IN · Market cap ₹173B

II INOX India Limited INOXINDIA · NSE
Price₹1,951
Fair Value₹479.22
Upside-75.4%
Quality53/100
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Expensive Growth
Solidly profitable · 16.3% net margin
generates free cash flow
0.10% dividend yield
Trails peers (5/13)
Wide moat 72/100
Evidence: High Range ₹200.87 – ₹812.32 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from ₹483.02 to ₹479.22 (−0.8%) since Aug 6, 2026. Share price −1.5% over the past month.

A solid business, but screening 75% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹812.32). The favourable scenario is already priced in.
  • The model range is unusually wide (₹200.87 to ₹812.32). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (3 years)

₹2,094 ₹808.11 Fair Value ₹479.22 Dec 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

32‑month range ₹808.11 – ₹2,094 · fair‑value band ₹200.87 – ₹812.32 · the ₹1,951 price screens above the ₹479.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

INOX India Limited (INOXINDIA) currently trades at ₹1,951, while our model-based Fair Value estimate is ₹479.22, implying the stock looks roughly 75.4% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, INOX India Limited generated revenue of ₹15.9B at a net margin of 16.3%. Revenue grew 24.7% year over year. It earns a return on equity of 25.9%. Net debt stands at ₹576M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹200.87 (bear case) to ₹812.32 (bull case); at ₹1,951, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 83% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -67% fair-value upside, at -75%, INOXINDIA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (₹10.85 to ₹1,237). Read the values as a conservative anchor, not as a price target.
Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹199.91 ₹288.32 ₹2,023 76
Growth DCF ₹7.08 ₹11.78 ₹20.37 72
Gordon GGM ₹18.36 ₹38.18 ₹60.57 70
All 25 models by family
DCF Models
FCF DCF ₹7.25 ₹10.85 ₹20.45 38
Owner Earnings ₹308.39 ₹660.82 ₹1,368 31
5Y Revenue Exit ₹164.58 ₹362.74 ₹687.11 39
5Y EBITDA Exit ₹252.91 ₹559.85 ₹1,025 41
5Y P/E Exit ₹310.21 ₹706.46 ₹1,213 38
10Y Revenue Exit ₹107.78 ₹293.03 ₹592.59 36
10Y EBITDA Exit ₹177.61 ₹451.00 ₹955.86 37
10Y P/E Exit ₹217.35 ₹553.48 ₹1,131 35
Earnings-Based
Graham-Dodd ₹193.21 ₹1,237 ₹1,729 54
Lynch FV ₹358.21 ₹511.72 ₹665.24 50
PEG = 1.0 ₹358.21 ₹511.72 ₹665.24 46
EPV ₹234.50 ₹273.15 ₹306.97 59
Dividend Discount
Gordon GGM ₹18.36 ₹38.18 ₹60.57 70
DDM Multi-Stage ₹18.36 ₹32.20 ₹40.07 61
Multiples
P/E Multiple ₹447.51 ₹596.68 ₹745.85 63
P/S Multiple ₹260.80 ₹347.73 ₹434.66 58
P/B Multiple ₹362.27 ₹483.02 ₹603.78 55
EV/EBIT ₹431.08 ₹573.91 ₹716.74 53
EV/EBITDA ₹366.37 ₹487.63 ₹608.89 54
EV/Revenue ₹221.65 ₹315.54 ₹409.43 43
Asset-Based
NCAV (Graham) ₹61.57 ₹82.50 ₹123.13 50
Growth DCF
Growth DCF ₹7.08 ₹11.78 ₹20.37 72
Economic Profit
Residual Income ₹199.91 ₹288.32 ₹2,023 76
ROIC Compounder ₹286.62 ₹415.41 ₹598.35 67
Growth Earnings
Growth-Adj P/E ₹506.65 ₹723.78 ₹940.92 68

Widest divergence: Growth Earnings (₹723.78) versus Growth DCF (₹11.78). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹15.9B
Revenue growth (YoY) +24.7%
Net margin 16.3%
Return on equity 25.9%
Free cash flow ₹28.3M FY2025
P/E ratio 68.7
More key figures
Operating margin 16.7%
EPS (TTM) ₹28.38
Dividend yield 0.1%
EPS growth (YoY) +14.9%
Net debt ₹576M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 89

Profitability 65
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 99
Price trend over the last 3–12 months (market factor)
52W Momentum 93
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

INOX India Limited manufactures and supplies cryogenic liquid storage and transport tanks for gas companies and engineering, procurement, and construction (EPC) companies in India and internationally. It also offers industrial gas equipment comprising storage and transport tanks, microbulk units, vaporizers and piping, and oil and gas equipment.

Full company description

INOX India Limited manufactures and supplies cryogenic liquid storage and transport tanks for gas companies and engineering, procurement, and construction (EPC) companies in India and internationally. It also offers industrial gas equipment comprising storage and transport tanks, microbulk units, vaporizers and piping, and oil and gas equipment. In addition, the company provides liquid nitrogen containers, bio-series containers, and low-pressure storage tanks; cylinders for gases, including refrigerants, LPG, and helium balloon cylinders. Further, it offers cryogenic process technologies, cryogenic propulsion systems, and satellite and launch facilities, as well as fusion (ITER) and superconductivity. Additionally, the company engages in the installation of equipment and systems for cryogenic conditions, standard cryogenic tanks and equipment, bespoke technology, equipment and solutions, as well as the operation of projects used in industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, construction, and pharmaceuticals. Furthermore, it provides industrial applications, LNG infrastructure, horsepower, automotive industry applications systems, and LNG equipment, as well as beer kegs. The company serves aviation and aerospace, construction and cement, cryo scientific research, dairy and livestock, electronics, fertilizer and chemical, food and beverages, material handling, glass and ceramics, health care and life sciences, hydrogen, industrial gas, LNG and LCNG, metal processing, oil and gas, refining, petrochemical, paper and pulp, pharmaceuticals, power and utilities, rubber, steel and mining, water and water treatment, and entertainment and event sectors. INOX India Limited was incorporated in 1976 and is headquartered in Vadodara, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

INOX India Limited reported revenue of ₹15.8B in FY2025 versus ₹7.6B in FY2021, a compound +20.1%/yr. Reported net income was ₹2.6B in FY2025, compounding +18.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
₹15.8B
Latest YoY
+23.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.1%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.7%
Revenue +20.1%/yr
FY21 ₹7.6B
FY22 ₹9.4B
FY23 ₹11.1B
FY24 ₹12.8B
FY25 ₹15.8B
Net income +18.6%/yr
FY21 ₹1.3B
FY22 ₹1.5B
FY23 ₹2.0B
FY24 ₹2.3B
FY25 ₹2.6B

INOXINDIA screens 75% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "INOX India Limited Fair Value". https://www.fairvalue-calculator.com/stock/INOXINDIA

Peer Group

Specialty Industrial Machinery · 805 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 53 · Below median
Fair Value upside −75% · Bottom 25%
Return on equity (TTM) 26% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth 25% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 68.7× · Pricier than 75% of peers
P/B 15.49× · Pricier than 75% of peers
P/S (TTM) 10.91× · Pricier than 75% of peers
P/FCF 64.2× · Pricier than 75% of peers
EV/EBITDA 52.4× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 22
PAST 100 · sector 28
HEALTH 0 · sector 95
DIVIDEND 2 · sector 27

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc 1GEV €899.80 €186.93 -79%
1SIE 1SIE €281.75 €91.93 -67%
SMNS SMNS C$31.76 C$22.75 -28%
Atlas Copco AB ATCOA kr 210.00 kr 112.59 -46%
Sandvik AB SAND kr 358.60 kr 193.01 -46%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥39.17 ¥22.68 -42%
ABB India Limited ABB ₹7,645 ₹1,322 -83%
Cummins India Limited CUMMINSIND ₹5,315 ₹1,355 -75%
Bharat Heavy Electricals Limited BHEL ₹421.70 ₹96.51 -77%
Siemens Limited SIEMENS ₹4,019 ₹746.83 -81%

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Frequently asked questions

Is INOX India Limited (INOXINDIA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹479.22 versus a price of ₹1,951, about −75% (overvalued).
What is the fair value of INOXINDIA?
Our model-based fair value for INOX India Limited is ₹479.22 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹1,951.
What is the quality score of INOXINDIA?
INOX India Limited has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of INOX India Limited (INOXINDIA)?
INOX India Limited reported trailing-twelve-month revenue of about ₹15.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of INOXINDIA?
The net profit margin of INOX India Limited is about 16.3%, meaning it keeps roughly 16.3% of revenue as net income. Based on the latest reported figures.
Does INOX India Limited pay a dividend?
INOX India Limited currently shows a dividend yield of about 0.10% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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