Inox India Ltd.

•

₹ 1,930.20.34%

2026-08-21

inoxcva.comBSE: 544046NSE: INOXINDIA

Market Cap₹ 17,541 Cr.

Current Price₹ 1,924

High / Low₹ 2,120 / 1,068

Stock P/E68.8

Book Value₹ 128

Price to Book9.61

Dividend Yield0.10 %

ROCE33.5 %

ROE26.1 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

PROS

Company has delivered good profit growth of 21.5% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 38.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 29.6%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 21.7% CAGR over last 5 years

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.53x)
Total debt has risen sharply - up 110.0% year on year
Valuation is stretched - P/E of 68.8 is well above its own 5-year median (41.3)
Stock is trading at 9.6x its book value
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BHEL	418.50	59.91	145724.35	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	4024.55	80.82	47955.05	0.50	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	966.60	89.58	47796.52	0.61	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2081.95	55.47	30296.51	0.34	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	951.90	67.29	21648.40	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	AZAD	2827.20	131.38	18258.55	0.00	35.16	19.46	172.60	25.90	12.28	37.29
7.	TRITURBINE	569.95	53.88	18118.62	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
8.	INOXINDIA	1932.55	68.83	17540.50	0.10	580.72	850.16	3707.90	991.77	33.54	20.46
9.	LLOYDSENGG	92.99	64.48	14423.11	0.27	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1724.35	613.12	12954.64	0.12	-108.25	-406.36	1723.44	383.99	18.56	3.27
11.	KRN	1502.65	101.46	9836.12	0.00	32.90	164.84	252.32	118.87	21.21	19.44
12.	ELECON	428.75	40.76	9621.15	0.47	70.35	-59.90	520.56	6.11	22.27	20.96

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	308	258	291	277	296	307	334	369	340	358	429	461	371
	237	199	224	223	226	243	265	288	263	280	334	366	306
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	8	7	5	11	5	13	9	13	13	11	7	15	11
Interest	1	1	2	2	2	3	2	1	1	2	3	4	2
Depreciation	4	4	5	5	6	6	6	7	8	8	9	9	10
	76	60	64	58	68	69	76	86	81	81	80	100	76
Tax %	24.61%	23.48%	23.95%	23.63%	22.51%	27.86%	23.09%	24.25%	24.10%	25.06%	24.40%	24.70%	23.17%
Net Profit	0	0	0	0	53	49	58	66	61	61	61	75	58
	6	5	5	5	6	5	6	7	7	7	7	8	1
Equity Capital	18	18	18	18	18	18	18	18	18	18	18	18	18
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	18	18	18	18	18	18	18	18	18	18	18	18	18
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 308
: 237
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 1
Depreciation: 4
: 76
Tax %: 24.61%
Net Profit: 0
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 258
: 199
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 4
: 60
Tax %: 23.48%
Net Profit: 0
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 291
: 224
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 2
Depreciation: 5
: 64
Tax %: 23.95%
Net Profit: 0
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 277
: 223
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 2
Depreciation: 5
: 58
Tax %: 23.63%
Net Profit: 0
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 296
: 226
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 2
Depreciation: 6
: 68
Tax %: 22.51%
Net Profit: 53
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 307
: 243
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 3
Depreciation: 6
: 69
Tax %: 27.86%
Net Profit: 49
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 334
: 265
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 2
Depreciation: 6
: 76
Tax %: 23.09%
Net Profit: 58
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 369
: 288
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 1
Depreciation: 7
: 86
Tax %: 24.25%
Net Profit: 66
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 340
: 263
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 1
Depreciation: 8
: 81
Tax %: 24.10%
Net Profit: 61
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 358
: 280
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 2
Depreciation: 8
: 81
Tax %: 25.06%
Net Profit: 61
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 429
: 334
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 3
Depreciation: 9
: 80
Tax %: 24.40%
Net Profit: 61
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 461
: 366
Operating Profit: —
OPM %: —
Other Income: 15
Interest: 4
Depreciation: 9
: 100
Tax %: 24.70%
Net Profit: 75
: 8
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 371
: 306
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 2
Depreciation: 10
: 76
Tax %: 23.17%
Net Profit: 58
: 1
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	433	559	643	649	595	783	966	1,133	1,306	1,587	1,618
	422	523	500	516	466	615	762	883	1,021	1,246	1,287
Operating Profit	27	49	154	176	151	189	225	282	325	388	—
OPM %	6	9	24	27	25	24	23	25	25	24	—
Other Income	16	13	10	43	22	21	20	31	41	47	43
Interest	41	28	27	25	7	2	4	6	9	9	10
Depreciation	23	9	9	12	12	12	14	18	25	34	36
	-38	11	117	138	133	174	207	258	299	342	337
Tax %	0	88	-50	34	27	25	25	24	24	25	24
Net Profit	-38	1	176	92	97	130	155	196	226	258	255
EPS	-41	2	212	108	11	14	17	22	25	28	—
Dividend Payout %	0	0	0	2	0	10	65	51	8	7	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	-4	0	21	11	11	14	17	22	25	28	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	-4	0	21	11	11	14	17	22	25	28	—

Mar 2017

: 433
: 422
Operating Profit: 27
OPM %: 6
Other Income: 16
Interest: 41
Depreciation: 23
: -38
Tax %: 0
Net Profit: -38
EPS: -41
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -4

Mar 2018

: 559
: 523
Operating Profit: 49
OPM %: 9
Other Income: 13
Interest: 28
Depreciation: 9
: 11
Tax %: 88
Net Profit: 1
EPS: 2
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 0

Mar 2019

: 643
: 500
Operating Profit: 154
OPM %: 24
Other Income: 10
Interest: 27
Depreciation: 9
: 117
Tax %: -50
Net Profit: 176
EPS: 212
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21

Mar 2020

: 649
: 516
Operating Profit: 176
OPM %: 27
Other Income: 43
Interest: 25
Depreciation: 12
: 138
Tax %: 34
Net Profit: 92
EPS: 108
Dividend Payout %: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2021

: 595
: 466
Operating Profit: 151
OPM %: 25
Other Income: 22
Interest: 7
Depreciation: 12
: 133
Tax %: 27
Net Profit: 97
EPS: 11
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2022

: 783
: 615
Operating Profit: 189
OPM %: 24
Other Income: 21
Interest: 2
Depreciation: 12
: 174
Tax %: 25
Net Profit: 130
EPS: 14
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2023

: 966
: 762
Operating Profit: 225
OPM %: 23
Other Income: 20
Interest: 4
Depreciation: 14
: 207
Tax %: 25
Net Profit: 155
EPS: 17
Dividend Payout %: 65
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2024

: 1,133
: 883
Operating Profit: 282
OPM %: 25
Other Income: 31
Interest: 6
Depreciation: 18
: 258
Tax %: 24
Net Profit: 196
EPS: 22
Dividend Payout %: 51
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22

Mar 2025

: 1,306
: 1,021
Operating Profit: 325
OPM %: 25
Other Income: 41
Interest: 9
Depreciation: 25
: 299
Tax %: 24
Net Profit: 226
EPS: 25
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 25

Mar 2026

: 1,587
: 1,246
Operating Profit: 388
OPM %: 24
Other Income: 47
Interest: 9
Depreciation: 34
: 342
Tax %: 25
Net Profit: 258
EPS: 28
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28

TTM

: 1,618
: 1,287
Operating Profit: —
OPM %: —
Other Income: 43
Interest: 10
Depreciation: 36
: 337
Tax %: 24
Net Profit: 255
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 22%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 21%
3 Years:: 19%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 70%

RETURN ON EQUITY

10 Years:: 29%
5 Years:: 30%
3 Years:: 30%
Last Year:: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	9	9	9	18	18	18	18	18
	10	10	201	270	363	484	531	626	850	1,090
	334	174	225	139	60	43	0	5	33	70
Trade Payables	55	27	24	16	17	40	62	124	138	156
	415	547	216	192	237	311	537	450	615	679
Total Liabilities	824	768	674	627	687	897	1,148	1,223	1,654	2,012
ASSETS	-	-	-	-	-	-	-	-	-	-
	276	96	94	110	102	134	164	255	359	428
Capital Work in Progress	0	1	0	0	2	2	0	5	4	4
	127	84	81	80	25	312	249	247	267	297
	291	177	222	161	146	323	413	434	493	478
	0	0	0	0	0	0	143	174	252	313
Cash & Bank	6	22	66	58	202	9	62	9	21	23
	124	387	212	217	210	118	117	99	257	468
Total Assets	824	768	674	627	687	897	1,148	1,223	1,654	2,012
Total Debt	547	262	284	145	60	43	0	5	33	70
Net Working Capital	-49	-33	37	179	226	370	392	393	506	680
Contingent Liabilities	167	206	157	220	146	134	194	178	291	249
Book Value per Share	21.15	21.39	230.94	307.86	409.92	55.34	60.54	70.92	95.60	122.05
Face Value	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00	2.00	2.00
Total Debt	547	262	284	145	60	43	0	5	33	70
Net Working Capital	-49	-33	37	179	226	370	392	393	506	680
Contingent Liabilities	167	206	157	220	146	134	194	178	291	249
Book Value per Share	21.15	21.39	230.94	307.86	409.92	55.34	60.54	70.92	95.60	122.05
Face Value	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00	2.00	2.00

Mar 2017

Equity Capital: 9
: 10
: 334
Trade Payables: 55
: 415
Total Liabilities: 824
: 276
Capital Work in Progress: 0
: 127
: 291
: 0
Cash & Bank: 6
: 124
Total Assets: 824
Total Debt: 547
Net Working Capital: -49
Contingent Liabilities: 167
Book Value per Share: 21.15
Face Value: 10.00
Total Debt: 547
Net Working Capital: -49
Contingent Liabilities: 167
Book Value per Share: 21.15
Face Value: 10.00

Mar 2018

Equity Capital: 9
: 10
: 174
Trade Payables: 27
: 547
Total Liabilities: 768
: 96
Capital Work in Progress: 1
: 84
: 177
: 0
Cash & Bank: 22
: 387
Total Assets: 768
Total Debt: 262
Net Working Capital: -33
Contingent Liabilities: 206
Book Value per Share: 21.39
Face Value: 10.00
Total Debt: 262
Net Working Capital: -33
Contingent Liabilities: 206
Book Value per Share: 21.39
Face Value: 10.00

Mar 2019

Equity Capital: 9
: 201
: 225
Trade Payables: 24
: 216
Total Liabilities: 674
: 94
Capital Work in Progress: 0
: 81
: 222
: 0
Cash & Bank: 66
: 212
Total Assets: 674
Total Debt: 284
Net Working Capital: 37
Contingent Liabilities: 157
Book Value per Share: 230.94
Face Value: 10.00
Total Debt: 284
Net Working Capital: 37
Contingent Liabilities: 157
Book Value per Share: 230.94
Face Value: 10.00

Mar 2020

Equity Capital: 9
: 270
: 139
Trade Payables: 16
: 192
Total Liabilities: 627
: 110
Capital Work in Progress: 0
: 80
: 161
: 0
Cash & Bank: 58
: 217
Total Assets: 627
Total Debt: 145
Net Working Capital: 179
Contingent Liabilities: 220
Book Value per Share: 307.86
Face Value: 10.00
Total Debt: 145
Net Working Capital: 179
Contingent Liabilities: 220
Book Value per Share: 307.86
Face Value: 10.00

Mar 2021

Equity Capital: 9
: 363
: 60
Trade Payables: 17
: 237
Total Liabilities: 687
: 102
Capital Work in Progress: 2
: 25
: 146
: 0
Cash & Bank: 202
: 210
Total Assets: 687
Total Debt: 60
Net Working Capital: 226
Contingent Liabilities: 146
Book Value per Share: 409.92
Face Value: 10.00
Total Debt: 60
Net Working Capital: 226
Contingent Liabilities: 146
Book Value per Share: 409.92
Face Value: 10.00

Mar 2022

Equity Capital: 18
: 484
: 43
Trade Payables: 40
: 311
Total Liabilities: 897
: 134
Capital Work in Progress: 2
: 312
: 323
: 0
Cash & Bank: 9
: 118
Total Assets: 897
Total Debt: 43
Net Working Capital: 370
Contingent Liabilities: 134
Book Value per Share: 55.34
Face Value: 2.00
Total Debt: 43
Net Working Capital: 370
Contingent Liabilities: 134
Book Value per Share: 55.34
Face Value: 2.00

Mar 2023

Equity Capital: 18
: 531
: 0
Trade Payables: 62
: 537
Total Liabilities: 1,148
: 164
Capital Work in Progress: 0
: 249
: 413
: 143
Cash & Bank: 62
: 117
Total Assets: 1,148
Total Debt: 0
Net Working Capital: 392
Contingent Liabilities: 194
Book Value per Share: 60.54
Face Value: 2.00
Total Debt: 0
Net Working Capital: 392
Contingent Liabilities: 194
Book Value per Share: 60.54
Face Value: 2.00

Mar 2024

Equity Capital: 18
: 626
: 5
Trade Payables: 124
: 450
Total Liabilities: 1,223
: 255
Capital Work in Progress: 5
: 247
: 434
: 174
Cash & Bank: 9
: 99
Total Assets: 1,223
Total Debt: 5
Net Working Capital: 393
Contingent Liabilities: 178
Book Value per Share: 70.92
Face Value: 2.00
Total Debt: 5
Net Working Capital: 393
Contingent Liabilities: 178
Book Value per Share: 70.92
Face Value: 2.00

Mar 2025

Equity Capital: 18
: 850
: 33
Trade Payables: 138
: 615
Total Liabilities: 1,654
: 359
Capital Work in Progress: 4
: 267
: 493
: 252
Cash & Bank: 21
: 257
Total Assets: 1,654
Total Debt: 33
Net Working Capital: 506
Contingent Liabilities: 291
Book Value per Share: 95.60
Face Value: 2.00
Total Debt: 33
Net Working Capital: 506
Contingent Liabilities: 291
Book Value per Share: 95.60
Face Value: 2.00

Mar 2026

Equity Capital: 18
: 1,090
: 70
Trade Payables: 156
: 679
Total Liabilities: 2,012
: 428
Capital Work in Progress: 4
: 297
: 478
: 313
Cash & Bank: 23
: 468
Total Assets: 2,012
Total Debt: 70
Net Working Capital: 680
Contingent Liabilities: 249
Book Value per Share: 122.05
Face Value: 2.00
Total Debt: 70
Net Working Capital: 680
Contingent Liabilities: 249
Book Value per Share: 122.05
Face Value: 2.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	54	83	85	188	231	97	177	122	122	117
Cash from Investing	5	88	143	-5	-159	-75	-12	-25	-139	-110
Cash from Financing	-55	-169	-186	-168	-96	-26	-154	-103	17	5
	4	2	42	15	-24	-4	11	-6	-0	12
Free Cash Flow	54	83	77	161	231	53	135	15	-12	18
OCF / Net Profit	-1.45	62.00	0.48	2.04	2.37	0.74	1.14	0.62	0.54	0.45
Cumulative 5-Year FCF	0	0	0	0	606	605	656	595	421	209
OCF / Net Profit	-1.45	62.00	0.48	2.04	2.37	0.74	1.14	0.62	0.54	0.45
Cumulative 5-Year FCF	0	0	0	0	606	605	656	595	421	209

Mar 2017

: 54
Cash from Investing: 5
Cash from Financing: -55
: 4
Free Cash Flow: 54
OCF / Net Profit: -1.45
Cumulative 5-Year FCF: 0
OCF / Net Profit: -1.45
Cumulative 5-Year FCF: 0

Mar 2018

: 83
Cash from Investing: 88
Cash from Financing: -169
: 2
Free Cash Flow: 83
OCF / Net Profit: 62.00
Cumulative 5-Year FCF: 0
OCF / Net Profit: 62.00
Cumulative 5-Year FCF: 0

Mar 2019

: 85
Cash from Investing: 143
Cash from Financing: -186
: 42
Free Cash Flow: 77
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.48
Cumulative 5-Year FCF: 0

Mar 2020

: 188
Cash from Investing: -5
Cash from Financing: -168
: 15
Free Cash Flow: 161
OCF / Net Profit: 2.04
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.04
Cumulative 5-Year FCF: 0

Mar 2021

: 231
Cash from Investing: -159
Cash from Financing: -96
: -24
Free Cash Flow: 231
OCF / Net Profit: 2.37
Cumulative 5-Year FCF: 606
OCF / Net Profit: 2.37
Cumulative 5-Year FCF: 606

Mar 2022

: 97
Cash from Investing: -75
Cash from Financing: -26
: -4
Free Cash Flow: 53
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 605
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 605

Mar 2023

: 177
Cash from Investing: -12
Cash from Financing: -154
: 11
Free Cash Flow: 135
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 656
OCF / Net Profit: 1.14
Cumulative 5-Year FCF: 656

Mar 2024

: 122
Cash from Investing: -25
Cash from Financing: -103
: -6
Free Cash Flow: 15
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 595
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 595

Mar 2025

: 122
Cash from Investing: -139
Cash from Financing: 17
: -0
Free Cash Flow: -12
OCF / Net Profit: 0.54
Cumulative 5-Year FCF: 421
OCF / Net Profit: 0.54
Cumulative 5-Year FCF: 421

Mar 2026

: 117
Cash from Investing: -110
Cash from Financing: 5
: 12
Free Cash Flow: 18
OCF / Net Profit: 0.45
Cumulative 5-Year FCF: 209
OCF / Net Profit: 0.45
Cumulative 5-Year FCF: 209

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	-41.35	1.48	212.45	108.25	108.06	14.38	17.05	21.59	24.90	28.41
Book Value (₹)	21.15	21.39	230.94	307.86	409.92	55.34	60.54	70.92	95.60	122.05
Dividend per Share (₹)	0.00	0.00	1.00	2.00	0.00	1.50	11.00	11.00	2.00	2.00
Cash EPS (₹)	-1.56	1.18	20.41	11.45	12.04	15.71	18.58	23.59	27.66	32.12
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	6.01%	8.71%	23.91%	27.08%	25.45%	24.10%	21.16%	22.08%	21.80%	21.46%
Net Margin %	-8.45%	0.24%	27.33%	14.17%	16.39%	16.67%	16.02%	17.29%	17.31%	16.25%
ROE %	-84.03%	6.95%	153.59%	37.61%	29.93%	29.85%	29.42%	32.85%	29.91%	26.11%
ROCE %	0.58%	9.33%	37.28%	35.68%	32.58%	36.10%	38.46%	43.78%	39.40%	33.54%
	-4.61%	0.17%	24.39%	14.14%	14.84%	16.48%	15.14%	16.53%	15.71%	14.07%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	54	68	77	83	80	44	42	51	59	65
Inventory Days	240	152	113	108	94	109	139	136	130	112
Payable Days	104	85	39	26	25	31	43	67	83	76
	191	135	152	165	149	123	138	120	106	101
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	28.49x	13.47x	1.36x	0.52x	0.16x	0.09x	0.00x	0.01x	0.04x	0.06x
Interest Coverage (x)	0.08x	1.40x	5.27x	6.43x	20.35x	75.96x	57.16x	46.46x	35.98x	38.04x
	0.92x	0.92x	1.08x	1.55x	1.77x	1.99x	1.69x	1.72x	1.67x	1.78x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-5.92%	29.27%	15.02%	0.87%	-8.37%	31.61%	23.40%	17.34%	15.23%	21.52%
Operating Profit Growth %	303.53%	83.26%	214.49%	14.26%	-13.90%	24.63%	19.04%	25.41%	15.54%	19.26%
Net Profit Growth %	56.59%	103.58%	0.00%	-47.71%	6.00%	33.87%	18.58%	26.67%	15.32%	14.10%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	18.57%	26.67%	15.32%	14.10%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	56.50x	40.14x	41.27x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.20x	10.46x	9.61x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.90%	0.20%	0.17%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	-0.19x	39.31x	27.92x	27.55x

Mar 2017

EPS (₹): -41.35
Book Value (₹): 21.15
Dividend per Share (₹): 0.00
Cash EPS (₹): -1.56
Operating Margin %: 6.01%
Net Margin %: -8.45%
ROE %: -84.03%
ROCE %: 0.58%
: -4.61%
Debtor Days: 54
Inventory Days: 240
Payable Days: 104
: 191
Debt to Equity (x): 28.49x
Interest Coverage (x): 0.08x
: 0.92x
Revenue Growth %: -5.92%
Operating Profit Growth %: 303.53%
Net Profit Growth %: 56.59%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 1.48
Book Value (₹): 21.39
Dividend per Share (₹): 0.00
Cash EPS (₹): 1.18
Operating Margin %: 8.71%
Net Margin %: 0.24%
ROE %: 6.95%
ROCE %: 9.33%
: 0.17%
Debtor Days: 68
Inventory Days: 152
Payable Days: 85
: 135
Debt to Equity (x): 13.47x
Interest Coverage (x): 1.40x
: 0.92x
Revenue Growth %: 29.27%
Operating Profit Growth %: 83.26%
Net Profit Growth %: 103.58%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 212.45
Book Value (₹): 230.94
Dividend per Share (₹): 1.00
Cash EPS (₹): 20.41
Operating Margin %: 23.91%
Net Margin %: 27.33%
ROE %: 153.59%
ROCE %: 37.28%
: 24.39%
Debtor Days: 77
Inventory Days: 113
Payable Days: 39
: 152
Debt to Equity (x): 1.36x
Interest Coverage (x): 5.27x
: 1.08x
Revenue Growth %: 15.02%
Operating Profit Growth %: 214.49%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 108.25
Book Value (₹): 307.86
Dividend per Share (₹): 2.00
Cash EPS (₹): 11.45
Operating Margin %: 27.08%
Net Margin %: 14.17%
ROE %: 37.61%
ROCE %: 35.68%
: 14.14%
Debtor Days: 83
Inventory Days: 108
Payable Days: 26
: 165
Debt to Equity (x): 0.52x
Interest Coverage (x): 6.43x
: 1.55x
Revenue Growth %: 0.87%
Operating Profit Growth %: 14.26%
Net Profit Growth %: -47.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 108.06
Book Value (₹): 409.92
Dividend per Share (₹): 0.00
Cash EPS (₹): 12.04
Operating Margin %: 25.45%
Net Margin %: 16.39%
ROE %: 29.93%
ROCE %: 32.58%
: 14.84%
Debtor Days: 80
Inventory Days: 94
Payable Days: 25
: 149
Debt to Equity (x): 0.16x
Interest Coverage (x): 20.35x
: 1.77x
Revenue Growth %: -8.37%
Operating Profit Growth %: -13.90%
Net Profit Growth %: 6.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 14.38
Book Value (₹): 55.34
Dividend per Share (₹): 1.50
Cash EPS (₹): 15.71
Operating Margin %: 24.10%
Net Margin %: 16.67%
ROE %: 29.85%
ROCE %: 36.10%
: 16.48%
Debtor Days: 44
Inventory Days: 109
Payable Days: 31
: 123
Debt to Equity (x): 0.09x
Interest Coverage (x): 75.96x
: 1.99x
Revenue Growth %: 31.61%
Operating Profit Growth %: 24.63%
Net Profit Growth %: 33.87%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 17.05
Book Value (₹): 60.54
Dividend per Share (₹): 11.00
Cash EPS (₹): 18.58
Operating Margin %: 21.16%
Net Margin %: 16.02%
ROE %: 29.42%
ROCE %: 38.46%
: 15.14%
Debtor Days: 42
Inventory Days: 139
Payable Days: 43
: 138
Debt to Equity (x): 0.00x
Interest Coverage (x): 57.16x
: 1.69x
Revenue Growth %: 23.40%
Operating Profit Growth %: 19.04%
Net Profit Growth %: 18.58%
: 18.57%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: -0.19x

Mar 2024

EPS (₹): 21.59
Book Value (₹): 70.92
Dividend per Share (₹): 11.00
Cash EPS (₹): 23.59
Operating Margin %: 22.08%
Net Margin %: 17.29%
ROE %: 32.85%
ROCE %: 43.78%
: 16.53%
Debtor Days: 51
Inventory Days: 136
Payable Days: 67
: 120
Debt to Equity (x): 0.01x
Interest Coverage (x): 46.46x
: 1.72x
Revenue Growth %: 17.34%
Operating Profit Growth %: 25.41%
Net Profit Growth %: 26.67%
: 26.67%
P/E (x): 56.50x
P/B (x): 17.20x
Dividend Yield %: 0.90%
: 39.31x

Mar 2025

EPS (₹): 24.90
Book Value (₹): 95.60
Dividend per Share (₹): 2.00
Cash EPS (₹): 27.66
Operating Margin %: 21.80%
Net Margin %: 17.31%
ROE %: 29.91%
ROCE %: 39.40%
: 15.71%
Debtor Days: 59
Inventory Days: 130
Payable Days: 83
: 106
Debt to Equity (x): 0.04x
Interest Coverage (x): 35.98x
: 1.67x
Revenue Growth %: 15.23%
Operating Profit Growth %: 15.54%
Net Profit Growth %: 15.32%
: 15.32%
P/E (x): 40.14x
P/B (x): 10.46x
Dividend Yield %: 0.20%
: 27.92x

Mar 2026

EPS (₹): 28.41
Book Value (₹): 122.05
Dividend per Share (₹): 2.00
Cash EPS (₹): 32.12
Operating Margin %: 21.46%
Net Margin %: 16.25%
ROE %: 26.11%
ROCE %: 33.54%
: 14.07%
Debtor Days: 65
Inventory Days: 112
Payable Days: 76
: 101
Debt to Equity (x): 0.06x
Interest Coverage (x): 38.04x
: 1.78x
Revenue Growth %: 21.52%
Operating Profit Growth %: 19.26%
Net Profit Growth %: 14.10%
: 14.10%
P/E (x): 41.27x
P/B (x): 9.61x
Dividend Yield %: 0.17%
: 27.55x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	75.00	75.00	75.00	75.00	75.00	75.00	75.00	75.00	74.86
	6.38	5.84	6.52	6.85	6.94	7.12	7.14	7.13	6.86
	6.73	7.14	6.98	6.25	6.68	6.70	7.27	7.73	7.67
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	11.89	12.03	11.49	11.90	11.38	11.17	10.59	10.14	10.60

Jun 2024

: 75.00
: 6.38
: 6.73
Government: 0.00
Public: 11.89

Sep 2024

: 75.00
: 5.84
: 7.14
Government: 0.00
Public: 12.03

Dec 2024

: 75.00
: 6.52
: 6.98
Government: 0.00
Public: 11.49

Mar 2025

: 75.00
: 6.85
: 6.25
Government: 0.00
Public: 11.90

Jun 2025

: 75.00
: 6.94
: 6.68
Government: 0.00
Public: 11.38

Sep 2025

: 75.00
: 7.12
: 6.70
Government: 0.00
Public: 11.17

Dec 2025

: 75.00
: 7.14
: 7.27
Government: 0.00
Public: 10.59

Mar 2026

: 75.00
: 7.13
: 7.73
Government: 0.00
Public: 10.14

Jun 2026

: 74.86
: 6.86
: 7.67
Government: 0.00
Public: 10.60

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - INOX India Limited has informed the Exchange about Schedule of meet
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-10 - INOX India Limited has informed the Exchange about Transcript

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC