Inox India Ltd.

•

₹ 1,930.20.34%

2026-08-21

inoxcva.comBSE: 544046NSE: INOXINDIA

Market Cap₹ 17,452 Cr.

Current Price₹ 1,930

High / Low₹ 2,120 / 1,068

Stock P/E0.0

Book Value₹ 131

Price to Book9.43

Dividend Yield0.10 %

ROCE32.3 %

ROE24.9 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

PROS

Company has delivered good profit growth of 21.0% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 36.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
Company has delivered good sales growth of 21.5% CAGR over last 5 years

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.48x)
Total debt has risen sharply - up 110.0% year on year
Stock is trading at 9.4x its book value
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (7.2%)
Expensive relative to growth - PEG of 2.4

* 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	414.00	59.26	144157.42	0.34	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	4036.95	81.07	48102.80	0.50	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	918.35	85.11	45410.65	0.64	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2148.50	57.25	31264.94	0.33	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	948.95	67.08	21581.31	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	TRITURBINE	580.20	54.85	18444.47	0.73	51.10	-20.65	442.70	19.23	35.95	11.59
7.	AZAD	2764.05	128.44	17850.72	0.00	35.16	19.46	172.60	25.90	12.28	37.29
8.	INOXINDIA	1922.85	68.48	17452.46	0.10	580.72	850.16	3707.90	991.77	33.54	20.46
9.	LLOYDSENGG	92.20	63.94	14300.58	0.27	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1776.30	631.59	13344.93	0.11	-108.25	-406.36	1723.44	383.99	18.56	3.27
11.	ELECON	451.65	42.93	10135.02	0.44	70.35	-59.90	520.56	6.11	22.27	20.96
12.	KRN	1517.15	102.44	9931.03	0.00	32.90	164.84	252.32	118.87	21.21	19.44

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	294	248	275	270	292	304	332	369	327	356	419	455	357
	226	193	215	218	222	239	262	287	252	280	329	361	295
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	8	7	5	12	6	13	9	12	12	10	8	13	11
Interest	1	1	1	2	2	3	2	1	1	2	3	3	1
Depreciation	3	4	5	5	5	6	6	7	7	8	8	8	8
	72	58	59	56	68	69	77	86	80	78	79	100	73
Tax %	24.52%	24.54%	23.88%	23.86%	22.32%	27.89%	25.84%	24.27%	24.47%	25.18%	25.09%	25.53%	22.88%
Net Profit	55	44	45	43	53	49	57	65	60	59	59	74	56
	6	5	5	5	6	5	6	7	7	6	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

: 294
: 226
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 1
Depreciation: 3
: 72
Tax %: 24.52%
Net Profit: 55
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 248
: 193
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 1
Depreciation: 4
: 58
Tax %: 24.54%
Net Profit: 44
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 275
: 215
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 1
Depreciation: 5
: 59
Tax %: 23.88%
Net Profit: 45
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 270
: 218
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 2
Depreciation: 5
: 56
Tax %: 23.86%
Net Profit: 43
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 292
: 222
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 2
Depreciation: 5
: 68
Tax %: 22.32%
Net Profit: 53
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 304
: 239
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 3
Depreciation: 6
: 69
Tax %: 27.89%
Net Profit: 49
: 5
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 332
: 262
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 2
Depreciation: 6
: 77
Tax %: 25.84%
Net Profit: 57
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 369
: 287
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 1
Depreciation: 7
: 86
Tax %: 24.27%
Net Profit: 65
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 327
: 252
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 1
Depreciation: 7
: 80
Tax %: 24.47%
Net Profit: 60
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 356
: 280
Operating Profit: —
OPM %: —
Other Income: 10
Interest: 2
Depreciation: 8
: 78
Tax %: 25.18%
Net Profit: 59
: 6
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 419
: 329
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 3
Depreciation: 8
: 79
Tax %: 25.09%
Net Profit: 59
: 7
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 455
: 361
Operating Profit: —
OPM %: —
Other Income: 13
Interest: 3
Depreciation: 8
: 100
Tax %: 25.53%
Net Profit: 74
: 8
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 357
: 295
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 1
Depreciation: 8
: 73
Tax %: 22.88%
Net Profit: 56
: 1
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 18
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	297	448	639	640	587	777	950	1,087	1,296	1,557	1,587
	264	345	495	508	460	612	745	851	1,010	1,224	1,265
Operating Profit	48	116	155	148	150	186	225	268	325	380	—
OPM %	16	26	24	23	26	24	24	25	25	24	—
Other Income	15	13	12	16	23	21	20	32	39	47	43
Interest	26	28	27	25	7	2	3	5	8	9	10
Depreciation	9	9	9	11	11	11	13	17	24	31	32
	12	27	-83	116	132	173	208	246	300	337	330
Tax %	-0	5	71	39	27	26	25	24	25	25	25
Net Profit	12	26	-24	71	97	128	156	186	225	252	248
EPS	14	28	-26	78	11	14	17	21	25	28	—
Dividend Payout %	0	0	-4	3	0	11	64	54	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	1	3	-3	8	11	14	17	21	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	1	3	-3	8	11	14	17	21	25	28	—

Mar 2017

: 297
: 264
Operating Profit: 48
OPM %: 16
Other Income: 15
Interest: 26
Depreciation: 9
: 12
Tax %: -0
Net Profit: 12
EPS: 14
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2018

: 448
: 345
Operating Profit: 116
OPM %: 26
Other Income: 13
Interest: 28
Depreciation: 9
: 27
Tax %: 5
Net Profit: 26
EPS: 28
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2019

: 639
: 495
Operating Profit: 155
OPM %: 24
Other Income: 12
Interest: 27
Depreciation: 9
: -83
Tax %: 71
Net Profit: -24
EPS: -26
Dividend Payout %: -4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -3

Mar 2020

: 640
: 508
Operating Profit: 148
OPM %: 23
Other Income: 16
Interest: 25
Depreciation: 11
: 116
Tax %: 39
Net Profit: 71
EPS: 78
Dividend Payout %: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 8

Mar 2021

: 587
: 460
Operating Profit: 150
OPM %: 26
Other Income: 23
Interest: 7
Depreciation: 11
: 132
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

: 777
: 612
Operating Profit: 186
OPM %: 24
Other Income: 21
Interest: 2
Depreciation: 11
: 173
Tax %: 26
Net Profit: 128
EPS: 14
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2023

: 950
: 745
Operating Profit: 225
OPM %: 24
Other Income: 20
Interest: 3
Depreciation: 13
: 208
Tax %: 25
Net Profit: 156
EPS: 17
Dividend Payout %: 64
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2024

: 1,087
: 851
Operating Profit: 268
OPM %: 25
Other Income: 32
Interest: 5
Depreciation: 17
: 246
Tax %: 24
Net Profit: 186
EPS: 21
Dividend Payout %: 54
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 21

Mar 2025

: 1,296
: 1,010
Operating Profit: 325
OPM %: 25
Other Income: 39
Interest: 8
Depreciation: 24
: 300
Tax %: 25
Net Profit: 225
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

: 1,557
: 1,224
Operating Profit: 380
OPM %: 24
Other Income: 47
Interest: 9
Depreciation: 31
: 337
Tax %: 25
Net Profit: 252
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

: 1,587
: 1,265
Operating Profit: —
OPM %: —
Other Income: 43
Interest: 10
Depreciation: 32
: 330
Tax %: 25
Net Profit: 248
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:: 17%
5 Years:: 22%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 21%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 68%

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 28%
3 Years:: 28%
Last Year:: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	231	257	232	303	399	516	567	652	877	1,111
	134	150	225	139	60	43	0	5	33	70
Trade Payables	34	27	22	15	18	40	60	127	134	153
	284	324	208	186	234	304	508	441	582	649
Total Liabilities	691	767	697	651	720	920	1,154	1,244	1,644	2,000
ASSETS	-	-	-	-	-	-	-	-	-	-
	100	94	93	105	99	130	161	251	355	375
Capital Work in Progress	0	1	0	0	2	2	0	5	4	0
	320	305	119	125	69	356	293	291	312	341
	148	173	218	160	146	318	407	429	471	468
	0	0	0	0	0	0	130	173	255	325
Cash & Bank	4	22	62	58	200	8	55	5	3	21
	118	172	204	205	204	106	107	91	243	469
Total Assets	691	767	697	651	720	920	1,154	1,244	1,644	2,000
Total Debt	256	262	284	145	60	43	0	5	33	70
Net Working Capital	63	-38	33	174	224	366	393	386	500	708
Contingent Liabilities	166	206	157	220	146	134	194	178	291	249
Book Value per Share	264.30	293.13	266.07	343.62	449.32	58.81	64.50	73.87	98.59	124.37
Face Value	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00	2.00	2.00
Total Debt	256	262	284	145	60	43	0	5	33	70
Net Working Capital	63	-38	33	174	224	366	393	386	500	708
Contingent Liabilities	166	206	157	220	146	134	194	178	291	249
Book Value per Share	264.30	293.13	266.07	343.62	449.32	58.81	64.50	73.87	98.59	124.37
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
: 231
: 134
Trade Payables: 34
: 284
Total Liabilities: 691
: 100
Capital Work in Progress: 0
: 320
: 148
: 0
Cash & Bank: 4
: 118
Total Assets: 691
Total Debt: 256
Net Working Capital: 63
Contingent Liabilities: 166
Book Value per Share: 264.30
Face Value: 10.00
Total Debt: 256
Net Working Capital: 63
Contingent Liabilities: 166
Book Value per Share: 264.30
Face Value: 10.00

Mar 2018

Equity Capital: 9
: 257
: 150
Trade Payables: 27
: 324
Total Liabilities: 767
: 94
Capital Work in Progress: 1
: 305
: 173
: 0
Cash & Bank: 22
: 172
Total Assets: 767
Total Debt: 262
Net Working Capital: -38
Contingent Liabilities: 206
Book Value per Share: 293.13
Face Value: 10.00
Total Debt: 262
Net Working Capital: -38
Contingent Liabilities: 206
Book Value per Share: 293.13
Face Value: 10.00

Mar 2019

Equity Capital: 9
: 232
: 225
Trade Payables: 22
: 208
Total Liabilities: 697
: 93
Capital Work in Progress: 0
: 119
: 218
: 0
Cash & Bank: 62
: 204
Total Assets: 697
Total Debt: 284
Net Working Capital: 33
Contingent Liabilities: 157
Book Value per Share: 266.07
Face Value: 10.00
Total Debt: 284
Net Working Capital: 33
Contingent Liabilities: 157
Book Value per Share: 266.07
Face Value: 10.00

Mar 2020

Equity Capital: 9
: 303
: 139
Trade Payables: 15
: 186
Total Liabilities: 651
: 105
Capital Work in Progress: 0
: 125
: 160
: 0
Cash & Bank: 58
: 205
Total Assets: 651
Total Debt: 145
Net Working Capital: 174
Contingent Liabilities: 220
Book Value per Share: 343.62
Face Value: 10.00
Total Debt: 145
Net Working Capital: 174
Contingent Liabilities: 220
Book Value per Share: 343.62
Face Value: 10.00

Mar 2021

Equity Capital: 9
: 399
: 60
Trade Payables: 18
: 234
Total Liabilities: 720
: 99
Capital Work in Progress: 2
: 69
: 146
: 0
Cash & Bank: 200
: 204
Total Assets: 720
Total Debt: 60
Net Working Capital: 224
Contingent Liabilities: 146
Book Value per Share: 449.32
Face Value: 10.00
Total Debt: 60
Net Working Capital: 224
Contingent Liabilities: 146
Book Value per Share: 449.32
Face Value: 10.00

Mar 2022

Equity Capital: 18
: 516
: 43
Trade Payables: 40
: 304
Total Liabilities: 920
: 130
Capital Work in Progress: 2
: 356
: 318
: 0
Cash & Bank: 8
: 106
Total Assets: 920
Total Debt: 43
Net Working Capital: 366
Contingent Liabilities: 134
Book Value per Share: 58.81
Face Value: 2.00
Total Debt: 43
Net Working Capital: 366
Contingent Liabilities: 134
Book Value per Share: 58.81
Face Value: 2.00

Mar 2023

Equity Capital: 18
: 567
: 0
Trade Payables: 60
: 508
Total Liabilities: 1,154
: 161
Capital Work in Progress: 0
: 293
: 407
: 130
Cash & Bank: 55
: 107
Total Assets: 1,154
Total Debt: 0
Net Working Capital: 393
Contingent Liabilities: 194
Book Value per Share: 64.50
Face Value: 2.00
Total Debt: 0
Net Working Capital: 393
Contingent Liabilities: 194
Book Value per Share: 64.50
Face Value: 2.00

Mar 2024

Equity Capital: 18
: 652
: 5
Trade Payables: 127
: 441
Total Liabilities: 1,244
: 251
Capital Work in Progress: 5
: 291
: 429
: 173
Cash & Bank: 5
: 91
Total Assets: 1,244
Total Debt: 5
Net Working Capital: 386
Contingent Liabilities: 178
Book Value per Share: 73.87
Face Value: 2.00
Total Debt: 5
Net Working Capital: 386
Contingent Liabilities: 178
Book Value per Share: 73.87
Face Value: 2.00

Mar 2025

Equity Capital: 18
: 877
: 33
Trade Payables: 134
: 582
Total Liabilities: 1,644
: 355
Capital Work in Progress: 4
: 312
: 471
: 255
Cash & Bank: 3
: 243
Total Assets: 1,644
Total Debt: 33
Net Working Capital: 500
Contingent Liabilities: 291
Book Value per Share: 98.59
Face Value: 2.00
Total Debt: 33
Net Working Capital: 500
Contingent Liabilities: 291
Book Value per Share: 98.59
Face Value: 2.00

Mar 2026

Equity Capital: 18
: 1,111
: 70
Trade Payables: 153
: 649
Total Liabilities: 2,000
: 375
Capital Work in Progress: 0
: 341
: 468
: 325
Cash & Bank: 21
: 469
Total Assets: 2,000
Total Debt: 70
Net Working Capital: 708
Contingent Liabilities: 249
Book Value per Share: 124.37
Face Value: 2.00
Total Debt: 70
Net Working Capital: 708
Contingent Liabilities: 249
Book Value per Share: 124.37
Face Value: 2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34	79	59	164	227	94	169	122	106	92
Cash from Investing	-8	-56	-22	-2	-160	-70	-10	-26	-124	-88
Cash from Financing	-27	-22	-5	-167	-95	-25	-153	-102	19	7
	-1	1	33	-5	-28	-0	6	-6	1	12
Free Cash Flow	29	79	53	142	220	52	128	8	-20	51
OCF / Net Profit	2.69	3.08	-2.49	2.32	2.33	0.74	1.08	0.65	0.47	0.36
Cumulative 5-Year FCF	0	0	0	0	522	545	595	550	388	219
OCF / Net Profit	2.69	3.08	-2.49	2.32	2.33	0.74	1.08	0.65	0.47	0.36
Cumulative 5-Year FCF	0	0	0	0	522	545	595	550	388	219

Mar 2017

: 34
Cash from Investing: -8
Cash from Financing: -27
: -1
Free Cash Flow: 29
OCF / Net Profit: 2.69
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.69
Cumulative 5-Year FCF: 0

Mar 2018

: 79
Cash from Investing: -56
Cash from Financing: -22
: 1
Free Cash Flow: 79
OCF / Net Profit: 3.08
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.08
Cumulative 5-Year FCF: 0

Mar 2019

: 59
Cash from Investing: -22
Cash from Financing: -5
: 33
Free Cash Flow: 53
OCF / Net Profit: -2.49
Cumulative 5-Year FCF: 0
OCF / Net Profit: -2.49
Cumulative 5-Year FCF: 0

Mar 2020

: 164
Cash from Investing: -2
Cash from Financing: -167
: -5
Free Cash Flow: 142
OCF / Net Profit: 2.32
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.32
Cumulative 5-Year FCF: 0

Mar 2021

: 227
Cash from Investing: -160
Cash from Financing: -95
: -28
Free Cash Flow: 220
OCF / Net Profit: 2.33
Cumulative 5-Year FCF: 522
OCF / Net Profit: 2.33
Cumulative 5-Year FCF: 522

Mar 2022

: 94
Cash from Investing: -70
Cash from Financing: -25
: -0
Free Cash Flow: 52
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 545
OCF / Net Profit: 0.74
Cumulative 5-Year FCF: 545

Mar 2023

: 169
Cash from Investing: -10
Cash from Financing: -153
: 6
Free Cash Flow: 128
OCF / Net Profit: 1.08
Cumulative 5-Year FCF: 595
OCF / Net Profit: 1.08
Cumulative 5-Year FCF: 595

Mar 2024

: 122
Cash from Investing: -26
Cash from Financing: -102
: -6
Free Cash Flow: 8
OCF / Net Profit: 0.65
Cumulative 5-Year FCF: 550
OCF / Net Profit: 0.65
Cumulative 5-Year FCF: 550

Mar 2025

: 106
Cash from Investing: -124
Cash from Financing: 19
: 1
Free Cash Flow: -20
OCF / Net Profit: 0.47
Cumulative 5-Year FCF: 388
OCF / Net Profit: 0.47
Cumulative 5-Year FCF: 388

Mar 2026

: 92
Cash from Investing: -88
Cash from Financing: 7
: 12
Free Cash Flow: 51
OCF / Net Profit: 0.36
Cumulative 5-Year FCF: 219
OCF / Net Profit: 0.36
Cumulative 5-Year FCF: 219

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	13.74	28.14	-26.37	77.83	107.05	14.14	17.21	20.51	24.80	27.81
Book Value (₹)	264.30	293.13	266.07	343.62	449.32	58.81	64.50	73.87	98.59	124.37
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 (₹)	2.42	3.81	-1.63	8.97	11.90	15.40	18.66	22.37	27.42	31.20
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	15.48%	25.78%	24.29%	23.14%	25.57%	23.93%	21.58%	21.71%	22.06%	21.38%
Net Margin %	4.05%	5.68%	-3.75%	11.04%	16.54%	16.52%	16.45%	17.12%	17.36%	16.21%
ROE %	5.10%	10.10%	-9.43%	25.53%	27.00%	27.26%	27.92%	29.64%	28.76%	24.94%
ROCE %	7.92%	10.72%	-10.52%	28.78%	30.13%	33.37%	36.43%	39.65%	38.21%	32.27%
	1.89%	3.50%	-3.27%	10.48%	14.17%	15.64%	15.06%	15.53%	15.59%	13.85%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	87	85	79	84	79	45	40	51	60	68
Inventory Days	152	130	112	108	95	109	139	140	127	110
Payable Days	119	61	37	24	25	31	43	71	83	77
	120	155	154	168	149	122	136	120	104	102
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	1.07x	0.98x	1.18x	0.46x	0.15x	0.08x	0.00x	0.01x	0.04x	0.06x
Interest Coverage (x)	1.48x	1.97x	-2.02x	5.67x	20.22x	100.72x	63.00x	46.77x	37.89x	39.51x
	1.19x	0.90x	1.08x	1.54x	1.76x	1.99x	1.72x	1.72x	1.69x	1.84x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-7.37%	50.72%	42.69%	0.21%	-8.21%	32.20%	22.27%	14.49%	19.24%	20.13%
Operating Profit Growth %	-20.83%	143.08%	33.82%	-4.56%	1.46%	23.73%	20.99%	19.13%	21.33%	16.81%
Net Profit Growth %	122.40%	104.83%	-193.70%	395.20%	37.54%	32.07%	21.75%	19.13%	20.93%	12.13%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	21.75%	19.13%	20.93%	12.13%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	59.49x	40.31x	42.17x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.51x	10.14x	9.43x
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	-0.16x	41.33x	28.00x	28.16x

Mar 2017

EPS (₹): 13.74
Book Value (₹): 264.30
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.42
Operating Margin %: 15.48%
Net Margin %: 4.05%
ROE %: 5.10%
ROCE %: 7.92%
: 1.89%
Debtor Days: 87
Inventory Days: 152
Payable Days: 119
: 120
Debt to Equity (x): 1.07x
Interest Coverage (x): 1.48x
: 1.19x
Revenue Growth %: -7.37%
Operating Profit Growth %: -20.83%
Net Profit Growth %: 122.40%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 28.14
Book Value (₹): 293.13
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.81
Operating Margin %: 25.78%
Net Margin %: 5.68%
ROE %: 10.10%
ROCE %: 10.72%
: 3.50%
Debtor Days: 85
Inventory Days: 130
Payable Days: 61
: 155
Debt to Equity (x): 0.98x
Interest Coverage (x): 1.97x
: 0.90x
Revenue Growth %: 50.72%
Operating Profit Growth %: 143.08%
Net Profit Growth %: 104.83%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): -26.37
Book Value (₹): 266.07
Dividend per Share (₹): 1.00
Cash EPS (₹): -1.63
Operating Margin %: 24.29%
Net Margin %: -3.75%
ROE %: -9.43%
ROCE %: -10.52%
: -3.27%
Debtor Days: 79
Inventory Days: 112
Payable Days: 37
: 154
Debt to Equity (x): 1.18x
Interest Coverage (x): -2.02x
: 1.08x
Revenue Growth %: 42.69%
Operating Profit Growth %: 33.82%
Net Profit Growth %: -193.70%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 77.83
Book Value (₹): 343.62
Dividend per Share (₹): 2.00
Cash EPS (₹): 8.97
Operating Margin %: 23.14%
Net Margin %: 11.04%
ROE %: 25.53%
ROCE %: 28.78%
: 10.48%
Debtor Days: 84
Inventory Days: 108
Payable Days: 24
: 168
Debt to Equity (x): 0.46x
Interest Coverage (x): 5.67x
: 1.54x
Revenue Growth %: 0.21%
Operating Profit Growth %: -4.56%
Net Profit Growth %: 395.20%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 107.05
Book Value (₹): 449.32
Dividend per Share (₹): 0.00
Cash EPS (₹): 11.90
Operating Margin %: 25.57%
Net Margin %: 16.54%
ROE %: 27.00%
ROCE %: 30.13%
: 14.17%
Debtor Days: 79
Inventory Days: 95
Payable Days: 25
: 149
Debt to Equity (x): 0.15x
Interest Coverage (x): 20.22x
: 1.76x
Revenue Growth %: -8.21%
Operating Profit Growth %: 1.46%
Net Profit Growth %: 37.54%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 14.14
Book Value (₹): 58.81
Dividend per Share (₹): 1.50
Cash EPS (₹): 15.40
Operating Margin %: 23.93%
Net Margin %: 16.52%
ROE %: 27.26%
ROCE %: 33.37%
: 15.64%
Debtor Days: 45
Inventory Days: 109
Payable Days: 31
: 122
Debt to Equity (x): 0.08x
Interest Coverage (x): 100.72x
: 1.99x
Revenue Growth %: 32.20%
Operating Profit Growth %: 23.73%
Net Profit Growth %: 32.07%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 17.21
Book Value (₹): 64.50
Dividend per Share (₹): 11.00
Cash EPS (₹): 18.66
Operating Margin %: 21.58%
Net Margin %: 16.45%
ROE %: 27.92%
ROCE %: 36.43%
: 15.06%
Debtor Days: 40
Inventory Days: 139
Payable Days: 43
: 136
Debt to Equity (x): 0.00x
Interest Coverage (x): 63.00x
: 1.72x
Revenue Growth %: 22.27%
Operating Profit Growth %: 20.99%
Net Profit Growth %: 21.75%
: 21.75%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: -0.16x

Mar 2024

EPS (₹): 20.51
Book Value (₹): 73.87
Dividend per Share (₹): 11.00
Cash EPS (₹): 22.37
Operating Margin %: 21.71%
Net Margin %: 17.12%
ROE %: 29.64%
ROCE %: 39.65%
: 15.53%
Debtor Days: 51
Inventory Days: 140
Payable Days: 71
: 120
Debt to Equity (x): 0.01x
Interest Coverage (x): 46.77x
: 1.72x
Revenue Growth %: 14.49%
Operating Profit Growth %: 19.13%
Net Profit Growth %: 19.13%
: 19.13%
P/E (x): 59.49x
P/B (x): 16.51x
Dividend Yield %: 0.90%
: 41.33x

Mar 2025

EPS (₹): 24.80
Book Value (₹): 98.59
Dividend per Share (₹): 2.00
Cash EPS (₹): 27.42
Operating Margin %: 22.06%
Net Margin %: 17.36%
ROE %: 28.76%
ROCE %: 38.21%
: 15.59%
Debtor Days: 60
Inventory Days: 127
Payable Days: 83
: 104
Debt to Equity (x): 0.04x
Interest Coverage (x): 37.89x
: 1.69x
Revenue Growth %: 19.24%
Operating Profit Growth %: 21.33%
Net Profit Growth %: 20.93%
: 20.93%
P/E (x): 40.31x
P/B (x): 10.14x
Dividend Yield %: 0.20%
: 28.00x

Mar 2026

EPS (₹): 27.81
Book Value (₹): 124.37
Dividend per Share (₹): 2.00
Cash EPS (₹): 31.20
Operating Margin %: 21.38%
Net Margin %: 16.21%
ROE %: 24.94%
ROCE %: 32.27%
: 13.85%
Debtor Days: 68
Inventory Days: 110
Payable Days: 77
: 102
Debt to Equity (x): 0.06x
Interest Coverage (x): 39.51x
: 1.84x
Revenue Growth %: 20.13%
Operating Profit Growth %: 16.81%
Net Profit Growth %: 12.13%
: 12.13%
P/E (x): 42.17x
P/B (x): 9.43x
Dividend Yield %: 0.17%
: 28.16x

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