Inox India Ltd - Stock Valuation and Financial Performance

BSE: 544046 | NSE: INOXINDIA | Engineering - Industrial Equipments | Small Cap

Inox India Share Price

1,323.25 -39.75 -2.92%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on Inox India

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Semi Strong

Inox India stock performance -

mw4me loader
P/E Ratio (SA):
64.34
Market Cap:
11,976.2 Cr.
52-wk low:
802.2
52-wk high:
1,507.2

Is Inox India Ltd an attractive stock to invest in?

1. Is Inox India Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Inox India Ltd is a good quality company.

2. Is Inox India Ltd undervalued or overvalued?

The key valuation ratios of Inox India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Inox India Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Inox India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Inox India:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Inox India Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 4.4%2.6%4.4%15%25.3%16.7%22%24%27.1%29.7%-
Value Creation
Index
-0.7-0.8-0.70.10.90.20.60.81.01.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3193212974506456405877779501,0851,085
Sales YoY Gr.-0.5%-7.4%51.5%43.5%-0.8%-8.2%32.2%22.3%14.3%-
Adj EPS 1.4-0.10.46.312.67.110.713.717.120.320.5
YoY Gr.--104.9%NA1702.9%99.4%-43.4%50.1%27.9%25.2%18.5%-
BVPS (₹) 36.327.426.429.326.634.444.958.864.573.973.9
Adj Net
Profit
13-0.63.257.311464.797124155184186
Cash Flow from Ops. 42.687.133.578.759.516422794.3169125-
Debt/CF from Ops. 5.32.57.63.34.80.90.30.500-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 14.6%11%22.7%14.3%
Adj EPS 34.3%10%23.8%18.5%
BVPS8.2%22.7%18%14.5%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
3.9-0.21.322.74523.42726.427.829.227.8
Op. Profit
Mgn %
11.71611.222.922.320.72321.321.721.920.2
Net Profit
Mgn %
4.1-0.21.112.717.710.116.51616.41717.2
Debt to
Equity
0.70.91.111.20.50.20.1000
Working Cap
Days
328367353248217224222182205220166
Cash Conv.
Cycle
17916418418216917715813615515771

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 27.80%

Sales growth is growing at healthy rate in last 3 years 22.69%

Net Profit is growing at healthy rate in last 3 years 23.79%

Sales growth is not so good in last 4 quarters at 7.82%

Latest Financials - Inox India Ltd.

Standalone Consolidated
TTM EPS (₹) 20.5 21.6
TTM Sales (₹ Cr.) 1,085 1,131
BVPS (₹.) 73.9 70.9
Reserves (₹ Cr.) 652 626
P/BV 17.86 18.61
PE 64.34 61.10
From the Market
52 Week Low / High (₹) 802.20 / 1507.20
All Time Low / High (₹) 802.20 / 1507.20
Market Cap (₹ Cr.) 11,976
Equity (₹ Cr.) 18.2
Face Value (₹) 2
Industry PE 71.4

Management X-Ray of Inox India:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

Login/Register to view analysis.

Analyst's Notes

Key Ratios of Inox India

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales3193212974506456405877779501,085
Operating Expenses 286270264347502508452612745849
Manufacturing Costs5852526212510638127143148
Material Costs149147106186241280245336423474
Employee Cost 31343947546260727597
Other Costs 47376751826011077104131
Operating Profit 335033103143132135165205236
Operating Profit Margin (%) 10.4%15.7%11.1%22.9%22.2%20.6%23.0%21.3%21.6%21.8%
Other Income 18101513121615212032
Interest 1720262827257235
Depreciation 10109991111111317
Exceptional Items 0-780-52-20140000
Profit Before Tax 25-481227-83116132173208246
Tax 9801-594635445259
Profit After Tax 16-561226-247197128156186
PAT Margin (%) 4.9%-17.4%4.2%5.7%-3.7%11.0%16.5%16.5%16.5%17.2%
Adjusted EPS (₹)1.7-6.11.42.8-2.67.810.714.117.220.5
Dividend Payout Ratio (%)6%-2%0%0%-4%3%0%11%64%54%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 330249240266241312408534585671
Share Capital 10999999181818
Reserves 321240231257232303399516567652
Minority Interest0000000000
Debt19918824323825692604305
Long Term Debt6978109885960000
Short Term Debt13011013415019786604305
Trade Payables33353427231518406079
Others Liabilities 144156174236177233234304508465
Total Liabilities 7076286917676976517209201,1541,220

Fixed Assets

Gross Block165167172113121142147190233333
Accumulated Depreciation55647219283848607282
Net Fixed Assets110103100949310599130161251
CWIP 0101002205
Investments 25318132030511912569356293291
Inventories134109148173218160146318407429
Trade Receivables80638412514914311278130159
Cash Equivalents 61442262582008557
Others Assets12415735465662922810778
Total Assets 7076286917676976517209201,1541,220

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 438734795916422794169125
PBT 25-481227-83116132173208246
Adjustment 151024577227234-303
Changes in Working Capital 1341-22-21-7731117-5214-62
Tax Paid -10-8-3-4-7-7-28-23-53-61
Cash Flow From Investing Activity 2-27-8-56-22-2-160-70-10-29
Capex -23-4-6-5-8-15-7-42-46-93
Net Investments -9000517055-893361
Others 115-23-1-102-2113-2086132
Cash Flow From Financing Activity -59-62-27-22-5-167-95-25-153-102
Net Proceeds from Shares 0-32-330000000
Net Proceeds from Borrowing 2511000-1390000
Interest Paid -17-21-26-28-27-25-7-1-3-5
Dividend Paid -10000-1-2-5-104-100
Others -66-2031623-2-86-19-453
Net Cash Flow -15-1-1133-5-2806-6
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)4.7-19.245.110.1-9.4325.532727.2627.9229.64
ROCE (%)7.37-5.47.9210.72-10.5228.7830.1333.3736.4339.65
Asset Turnover Ratio0.470.50.470.620.880.950.860.950.920.91
PAT to CFO Conversion(x)2.69N/A2.833.04N/A2.312.340.731.080.67
Working Capital Days
Receivable Days86798785788379454049
Inventory Days13713415213011110895109139141
Payable Days818511960382525314354

Inox India Ltd Stock News

Inox India Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Inox India on 12-Jul-2024 16:01 is ₹1,323.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Jul-2024 16:01 the market cap of Inox India stood at ₹11,976.2.
The latest P/E ratio of Inox India as of 12-Jul-2024 16:01 is 64.34.
The latest P/B ratio of Inox India as of 12-Jul-2024 16:01 is 17.86.
The 52-week high of Inox India is ₹1,507.2 and the 52-week low is ₹802.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Inox India is ₹1,085 ( Cr.) .

About Inox India Ltd

The company was originally incorporated as a public limited company under the Companies Act, 1956 with the name “Baroda Oxygen Limited” at Gujarat, pursuant to a certificate of incorporation dated December 21, 1976, issued by the RoC and received a certificate of commencement of business from the RoC on April 18, 1979. Subsequently, the name of the company was changed from “Baroda Oxygen Limited” to “INOX India Limited”, pursuant to a fresh certificate of incorporation issued by the RoC, recording the change in name on March 23, 1987. Further, the name of the company was changed from “INOX India Limited” to “INOX India Private Limited”, upon conversion into a private limited company, and a certificate of incorporation dated May 22, 2015, was issued by the RoC. The name of the company was subsequently changed to “INOX India Limited”, upon re-conversion into a public limited company, pursuant to a resolution passed by its Board on May 23, 2022, and a resolution passed by its Shareholders on June 15, 2022. A fresh certificate of incorporation dated July 14, 2022 was issued by the RoC consequent to the reconversion of the Company into a public limited company.

The company is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023. It has over 30 years of experience offering solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. Its offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction. In addition, it manufactures a range of cryogenic equipment utilised in global scientific research projects.  The company is well positioned to capture this global market growth with its inhouse technology as well as its LNG product range that includes the entire value chain. In hydrogen, its engineering teams are developing products and systems in complex industry environments like hydrogen storage, transportation and distribution to address the need for large scale movements of liquid hydrogen. It produced and shipped a 238kl liquid hydrogen storage tank for a liquid hydrogen plant in South Korea. It has also recently produced and shipped four 311kl liquid hydrogen storage tanks for another customer in South Korea for the construction of three liquid hydrogen plants.

Business area of the company

The company’s industrial Gas division manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases like such as green hydrogen, oxygen, nitrogen, argon, carbon dioxide (CO2), hydrogen and provides after-sales services. The company’s LNG division manufactures, supplies and installs standard and engineered equipment for LNG storage, distribution and transportation as well as small-scale LNG infrastructure solutions suitable for industrial, marine and automotive applications. Besides, the company’s Cryo Scientific division provides equipment for technology intensive applications and turnkey solutions for scientific and industrial research involving cryogenic distribution.

Awards, accreditations or recognitions

  • 2019: Received ISO 9001: 2015, ISO 14001: 2015 and 45001:2018 certification from Bureau Veritas for the company’s Kalol main plant and CSD plant, Kandla plant and Vadodara office in relation to the management systems.
  • 2020: Awarded to the company’s Kandla SEZ unit highest export award in the category of engineering and metallurgical products for the year 2018-19 by the Ministry of Commerce and Industry, Department of Commerce, Government of India.
  • 2020: Received production quality assurance notification from Technicka inspekcia, a.s. in relation to LNG dispenser.
  • 2021: Awarded a certificate of recognition as a two star export house by the Directorate General of Foreign Trade, Ministry of Commerce and Industry, Government of India.
  • 2021: Awarded for outstanding contribution and continued growth in the field of Exim Trade and providing opportunities for national growth through exports and imports by the Exim Club, association of exporters and importers.
  • 2022: Received T1 authorised economic operator certificate (importer and exporter) from the Central Board of Indirect Taxes and Customs, Ministry of Finance, Government of India.
  • 2023: Received T2 authorised economic operator certificate (importer and exporter) from the Central Board of Indirect Taxes and Customs, Ministry of Finance, Government of India.

Major events and milestones

  • 1993: Implementation of the project for manufacturing of cryogenic tanks by the company.
  • 1996: Started use of trademark “CRYOSEAL”.
  • 2001: Started use of trademark “PORTACRYO” for vacuum super insulated tanks used for storage of liquid gases.
  • 2004: Received DOT 39 certification from Department of Transportation, USA for export of its products to the USA.
  • 2006: Development of critical cryogenic equipment including thermo vacuum chamber, trailer mounted hydrogen transport tank and cryogenic equipment’s for second launch pad for Indian Space Research Organisation at its various sites.
  • 2007: Establishment of new facility at Kandla special economic zone, Gujarat.
  • 2007: Acquisition of disposable gas cylinder manufacturing unit located at Silvassa after amalgamation of Refron Cylinders Limited with the Company.
  • 2007: Setting up of air separation unit in Bokaro Steel Plant of a large steel company in India.
  • 2009: Entered into a tripartite agreement with two large companies for providing LNG cargo handling services.
  • 2009: Obtained factory license for operationalization of its service division at Kalol facility.
  • 2011: Establishment of Subsidiary “INOXCVA Comercio e Industria de Equipamentos Criogenicos Ltda.” in Brazil.
  • 2014: Establishment of the company’s Subsidiary “INOXCVA Europe B.V.” in the Netherlands primarily to develop the business of INOX group in the Netherlands.
  • 2014: Supply of its tanks and re-gasification systems to a company in Chile.
  • 2015: Manufactured and supplied LNG fuel gas tanks to a marine gas engineering company for its project in Germany.
  • 2015: Development of LIN shielded liquid hydrogen tank and manufacturing and supply of 40 cubic meter liquid nitrogen shielded hydrogen tank to a premier space research organization in India.
  • 2017: Supply of LNG fuel tanks for 785C trucks to a USA based manufacturing company for use in their program.
  • 2018: Manufacturing, installation and commissioning of 6.5 meter diameter COMNAVAC thermal vacuum system for a premier space research organization in India.
  • 2019: Installation of its mini LNG terminal, which includes two 1,000 cubic meter vacuum insulated storage tanks, in Scotland, United Kingdom.
  • 2019: Commissioning of LNG dispensing station in Dahej, Gujarat.
  • 2019: Commissioning of CNG cascade filling facility in Nagpur, Maharashtra.
  • 2020: Supply of its 300KL and 500 KL cryogenic tanks to Air Liquide in the United Kingdom for providing oxygen service.
  • 2021: Entered into a memorandum of understanding with a Japanese conglomerate for, inter alia, exploring business opportunities in relation to establishing a virtual LNG pipeline.
  • 2021: Completion of manufacturing of cryolines and warmlines for an India based project of an institute involved in plasma research.
  • 2021: Manufacturing of LNG dispenser, which is among the only two LNG dispensers to have received certificate of approval from the Indian authorities.
  • 2022: Manufacturing of 238 cubic meter capacity liquid hydrogen tank.
  • 2022: Awarded equipment supply contract for setting up of mini LNG terminal for Caribbean LNG Inc, Antigua, West Indies.
  • 2023: Order from Larsen & Toubro Limited for cryogenic equipment to be installed in submarines.
  • 2023: Installation of LNG tanks at Caribbean LNG Antigua site.
  • 2023: Entered into a memorandum of understanding with Adani Total Gas Limited with respect to establishing LNG/LCNG stations, LNG satellite stations etc.
  • 2023: Completion of and commencement of production at the Savli facility.
  • 2023: Successful completion of the manufacturing of an MRI cryostat and integration of the same with the MRI magnet and delivery to the Inter-University Accelerator Centre.
  • 2023: Successful completion of the liquid hydrogen plant vacuum evacuation and mechanical installation of four liquid hydrogen tanks of 311 m3 supplied to South Korea.
  • 2023: Entered into a contract with ITER International Fusion Energy Organization, France for repair/refurbishment of the ITER thermal shield and vacuum vessel sectors.


Read More Read Less
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.