Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 258 | 291 | 277 | 296 | 307 | 334 | 369 | 340 | 358 | 429 | 461 | 371 |
| Expenses | 199 | 224 | 223 | 226 | 243 | 265 | 288 | 263 | 280 | 335 | 366 | 295 |
| Operating Profit | 59 | 67 | 53 | 70 | 64 | 69 | 81 | 76 | 78 | 94 | 95 | 76 |
| OPM % | 23% | 23% | 19% | 24% | 21% | 21% | 22% | 22% | 22% | 22% | 21% | 20% |
| Other Income | 7 | 5 | 11 | 5 | 13 | 16 | 14 | 13 | 13 | -1 | 18 | 11 |
| Interest | 1 | 2 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 3 | 4 | 2 |
| Depreciation | 4 | 5 | 5 | 6 | 6 | 6 | 7 | 8 | 8 | 9 | 9 | 10 |
| Profit before tax | 60 | 64 | 58 | 68 | 69 | 76 | 86 | 81 | 81 | 80 | 100 | 76 |
| Tax % | 23% | 24% | 24% | 23% | 28% | 23% | 24% | 24% | 25% | 24% | 25% | 23% |
| Net Profit | 46 | 49 | 44 | 53 | 49 | 58 | 66 | 61 | 61 | 61 | 75 | 58 |
| EPS in Rs | 5.10 | 5.35 | 4.86 | 5.80 | 5.45 | 6.43 | 7.22 | 6.73 | 6.70 | 6.69 | 8.29 | 6.40 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 650 | 649 | 594 | 783 | 966 | 1,133 | 1,306 | 1,587 | 1,618 |
| Expenses | 506 | 516 | 459 | 615 | 761 | 882 | 1,021 | 1,244 | 1,276 |
| Operating Profit | 144 | 133 | 135 | 168 | 205 | 252 | 285 | 343 | 342 |
| OPM % | 22% | 20% | 23% | 21% | 21% | 22% | 22% | 22% | 21% |
| Other Income | 28 | 48 | 15 | 21 | 19 | 30 | 48 | 42 | 41 |
| Interest | 27 | 26 | 7 | 2 | 4 | 6 | 9 | 9 | 10 |
| Depreciation | 9 | 12 | 12 | 12 | 14 | 18 | 25 | 34 | 36 |
| Profit before tax | 135 | 144 | 131 | 174 | 207 | 258 | 299 | 342 | 337 |
| Tax % | -44% | 32% | 27% | 25% | 25% | 24% | 24% | 25% | |
| Net Profit | 193 | 97 | 96 | 130 | 155 | 196 | 226 | 258 | 255 |
| EPS in Rs | 213.05 | 107.23 | 105.89 | 14.38 | 17.05 | 21.59 | 24.90 | 28.41 | 28.08 |
| Dividend Payout % | 0% | 0% | 0% | 10% | 67% | 51% | 8% | 7% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 22% | 18% | 20% | ||
| Compounded Profit Growth | % | 22% | 19% | 12% | ||
| Stock Price CAGR | % | % | % | 76% | ||
| Return on Equity | % | 29% | 29% | 26% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 201 | 270 | 362 | 484 | 531 | 631 | 856 | 1,099 |
| Borrowings | 284 | 145 | 68 | 55 | 9 | 16 | 43 | 81 |
| Other Liabilities | 231 | 205 | 248 | 340 | 589 | 558 | 737 | 813 |
| Total Liabilities | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
| Fixed Assets | 94 | 110 | 102 | 134 | 164 | 255 | 359 | 428 |
| CWIP | 0 | 0 | 2 | 2 | 0 | 5 | 4 | 4 |
| Investments | 81 | 80 | 25 | 312 | 249 | 247 | 267 | 297 |
| Other Assets | 549 | 439 | 558 | 449 | 734 | 716 | 1,023 | 1,282 |
| Total Assets | 725 | 629 | 687 | 897 | 1,148 | 1,223 | 1,654 | 2,012 |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 85 | 188 | 231 | 97 | 177 | 122 | 122 | 117 |
| Cash from Investing Activity | 136 | -28 | -152 | -72 | -13 | -26 | -141 | -110 |
| Cash from Financing Activity | -186 | -168 | -96 | -26 | -154 | -103 | 17 | 5 |
| Net Cash Flow | 36 | -8 | -17 | -1 | 10 | -6 | -1 | 13 |
| Free Cash Flow | 70 | 175 | 225 | 53 | 132 | 32 | -3 | 11 |
| CFO/OP | 63% | 147% | 192% | 72% | 112% | 74% | 65% | 58% |
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 83 | 69 | 36 | 54 | 56 | 70 | 72 |
| Inventory Days | 337 | 208 | 215 | 349 | 348 | 314 | 312 | 247 |
| Days Payable | 36 | 20 | 26 | 43 | 52 | 90 | 87 | 80 |
| Cash Conversion Cycle | 384 | 270 | 258 | 342 | 350 | 280 | 295 | 238 |
| Working Capital Days | -16 | 23 | -0 | 23 | 31 | 44 | 61 | 83 |
| ROCE % | 30% | 32% | 35% | 37% | 43% | 38% | 33% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 74.86% |
| FIIs | 4.65% | 6.14% | 6.38% | 5.84% | 6.52% | 6.85% | 6.94% | 7.12% | 7.14% | 7.13% | 6.86% |
| DIIs | 6.48% | 6.58% | 6.73% | 7.14% | 6.99% | 6.26% | 6.68% | 6.70% | 7.27% | 7.72% | 7.67% |
| Public | 13.87% | 12.28% | 11.88% | 12.02% | 11.48% | 11.90% | 11.38% | 11.16% | 10.57% | 10.14% | 10.61% |
| No. of Shareholders | 2,37,966 | 1,89,674 | 1,81,766 | 1,79,293 | 1,71,329 | 1,83,577 | 1,74,808 | 1,68,589 | 1,49,132 | 1,40,355 | 1,46,500 |
Fundamentals
Market Cap₹ 18,792 Cr.
Current Price₹ 2,070
Stock P/E73.1
Book Value₹ 123
ROCE33.5 %
ROE26.1 %
Dividend Yield0.10 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)20%
Compounded Profit Growth (TTM)12%
Consolidated figures.
Valuation
Market capRs 19,680 Cr
Enterprise valueRs 19,687 Cr
P/E (TTM)77.22x
Price to book30.32x
Price to sales12.16x
EV / EBITDA51.45x
EV / EBIT56.72x
EV / sales12.17x
Price to cash flow160.73x
Earnings yield1.29%
Dividend yield0.51%
P/E, 3-year average56.62x
P/B, 3-year average17.10x
P/E, 5-year average56.62x
P/B, 5-year average17.10x
Profitability
Operating margin (excl. other income)22.22%
Operating margin (incl. other income)24.85%
EBITDA margin23.65%
Pre-tax margin20.82%
Net profit margin15.75%
Net margin, latest quarter15.66%
ROE32.71%
ROCE43.06%
ROA16.53%
ROE, 3-year average30.67%
ROCE, 3-year average38.76%
ROA, 3-year average16.05%
ROE, 5-year average32.27%
ROCE, 5-year average37.02%
ROA, 5-year average15.43%
ROIC (approx.)40.23%
Tax rate23.96%
Other income / net worth4.58%
Growth
Sales growth (latest year)17.34%
Profit growth (latest year)26.66%
Sales CAGR, 3 years24.04%
Sales CAGR, 5 years11.76%
Profit CAGR, 3 years26.81%
Profit CAGR, 5 years0.27%
Sales growth QoQ-19.51%
Profit growth QoQ-22.82%
Sales growth YoY (latest quarter)9.18%
Profit growth YoY (latest quarter)-4.99%
Per share
EPS (TTM)Rs 28.08
EPS (latest year)Rs 21.59
EPS (latest quarter)Rs 6.40
EPS, 3-year averageRs 17.67
EPS, 5-year averageRs 53.23
Book value per shareRs 71.51
Sales per shareRs 178.29
Cash flow per shareRs 13.49
Free cash flow per shareRs 1.21
Dividend per share (latest year)Rs 11.00
Dividend per share, 3-year averageRs 8.00
Dividend per share, 5-year averageRs 8.00
Dividends
Dividend payout50.93%
Dividend payout, 3-year average42.93%
Dividend payout, 5-year average42.93%
Efficiency
Asset turnover0.93x
Fixed asset turnover4.44x
Inventory turnover1.50x
Inventory days243 days
Debtor days56 days
Debtors turnover6.52x
Creditor days80 days
Cash conversion cycle238 days
Working capital days83 days
Leverage
Total debtRs 16 Cr
Cash and bankRs 9 Cr
Net debtRs 7 Cr
Debt to equity0.02x
Net debt / EBITDA0.02x
Interest coverage34.37x
Current ratio (filing 2026-03-31)1.78x
Quick ratio (filing 2026-03-31)1.23x
Trade payables (filing 2026-03-31)Rs 156 Cr
Owners' fund to total sources53.07%
Debt to assets1.32%
Cash flow
Cash from Operating Activity (latest year)Rs 122 Cr
Cash from Investing Activity (latest year)Rs -26 Cr
Cash from Financing Activity (latest year)Rs -103 Cr
Net Cash Flow (latest year)Rs -6 Cr
Free cash flow (latest year)Rs 11 Cr
FCFE (approx.: FCF + change in debt)Rs 18 Cr
Cash from ops / profit, 5 years0.66x
Sales to cash flow9.26x
Statement figures
Net sales (TTM)Rs 1,618 Cr
Net sales (latest year)Rs 1,133 Cr
Sales (latest quarter)Rs 371 Cr
Operating profit excl. other income (latest year)Rs 252 Cr
Operating profit (latest quarter)Rs 76 Cr
Other income (TTM)Rs 41 Cr
EBITDA (TTM)Rs 383 Cr
PBDT (TTM)Rs 373 Cr
Profit before tax (TTM)Rs 337 Cr
Tax (latest year)Rs 62 Cr
Net profit (TTM)Rs 255 Cr
Net profit (latest year)Rs 196 Cr
Net profit (latest quarter)Rs 58 Cr
Depreciation (TTM)Rs 36 Cr
Depreciation (latest quarter)Rs 10 Cr
Interest (TTM)Rs 10 Cr
Cost of goods sold (latest year)Rs 652 Cr
Total expenditure (latest year)Rs 882 Cr
Total income (latest year)Rs 1,163 Cr
Share capitalRs 18 Cr
ReservesRs 631 Cr
Shareholders' fundsRs 649 Cr
Total assetsRs 1,223 Cr
Net blockRs 255 Cr
Capital work in progressRs 5 Cr
InvestmentsRs 247 Cr
ReceivablesRs 174 Cr
InventoryRs 434 Cr
Other liabilitiesRs 558 Cr
Shares outstanding (crore)9.08
Ownership
Promoter holding74.86% (-0.14 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 77.2 is at the 63th percentile of its own 2.9-year range
(median 67.2, low 41.2, high 127.7).
P/B 30.32 is at the 91th percentile (median 21.11).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | INOXINDIA | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +5.0% | -2.8% | +7.8 pts |
| 1 month | +0.1% | -6.8% | +6.9 pts |
| 3 months | +15.9% | -7.6% | +23.5 pts |
| 6 months | +84.5% | +0.4% | +84.1 pts |
| 1 year | +79.2% | -9.9% | +89.1 pts |
| 2 years | +89.3% | -13.6% | +102.8 pts |
44 mutual fund schemes hold about ₹1,189 Cr.
Over three months 12 bought more and 27 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| Abakkus Flexi Cap Fund | 2.66% | 168 | -18% |
| ICICI Pru Energy Opportunities Fund | 1.76% | 145 | -9% |
| DSP India T.I.G.E.R Fund | 1.74% | 112 | -38% |
| ICICI Pru Infrastructure Fund | 1.27% | 109 | -27% |
| UTI Small Cap Fund | 1.50% | 79 | -40% |
| Abakkus Small Cap Fund | 1.83% | 51 | -3% |
| Tata Infrastructure Fund | 2.19% | 45 | -2% |
| Tata Infrastructure Fund | 2.19% | 44 | -2% |
| Aditya Birla SL Large & Mid Cap Fund | 0.70% | 42 | +9% |
| TRUSTMF Small Cap Fund | 1.45% | 41 | +100% |
| ITI Small Cap Fund | 1.07% | 39 | +4% |
| Tata Resources & Energy Fund | 2.27% | 32 | -9% |
| ICICI Pru ELSS-Tax Saver Fund | 0.18% | 26 | -8% |
| Bank of India ELSS Tax Saver Fund | 1.72% | 24 | -17% |
| Union Small Cap Fund | 0.80% | 21 | +40% |
| Canara Rob Small Cap Fund | 0.14% | 20 | +100% |
| Union Small Cap Fund | 0.80% | 19 | +40% |
| Helios Small Cap Fund | 1.25% | 18 | -16% |
| ITI Flexi Cap Fund | 1.11% | 18 | -11% |
| HDFC Dividend Yield Fund | 0.28% | 16 | -5% |
| Union Active Momentum Fund | 2.61% | 14 | +100% |
| Samco Active Momentum Fund | 1.81% | 14 | +100% |
| Motilal Oswal Nifty Microcap 250 Index Fund | 0.50% | 12 | -12% |
| Mahindra Manulife Multi Asset Allocation Fund | 0.96% | 12 | -12% |
| JM Small Cap Fund | 1.05% | 10 | +48% |
Red flags
F-score 6 of 8No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Insider trades
NSE insider and takeover-code disclosures| Date | Who | Role | Side | Shares | Value | How |
|---|---|---|---|---|---|---|
| 2026-02-16 | Ishita Jain | Promoters | other | 2,537,750 | Others | |
| 2026-02-16 | Siddharth Jain | Promoters | other | 2,853,550 | Others | |
| 2025-02-28 | - | - | other | - | ||
| 2025-02-25 | Parag Padmakar Kulkarni | Director | sell | 35,268 | Rs 3.18 Cr | Market Sale |
| 2025-02-24 | Parag Padmakar Kulkarni | Director | sell | 8,222 | Rs 0.75 Cr | Market Sale |
| 2025-02-21 | Parag Padmakar Kulkarni | Director | sell | 10,250 | Rs 0.93 Cr | Market Sale |
| 2025-02-21 | Parag Padmakar Kulkarni | Director | sell | 5,000 | Rs 0.46 Cr | Market Sale |
| 2025-02-20 | Parag Padmakar Kulkarni | Director | sell | 6,374 | Rs 0.58 Cr | Market Sale |
| 2025-02-19 | Parag Padmakar Kulkarni | Director | sell | 10,000 | Rs 0.91 Cr | Market Sale |
| 2025-02-17 | Parag Padmakar Kulkarni | Director | sell | 4,886 | Rs 0.44 Cr | Market Sale |
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.
Latest quarter
Jun 2026Sales ₹371 Cr +9.1% vs Jun 2025.
Net profit ₹58 Cr -4.9%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| HBL Engineering Ltd | 22,406 | 28.0 | 59.3 % |
| KRN Heat Exchanger and Refrigeration Ltd | 9,446 | 97.4 | 16.1 % |
| Esab India Ltd | 8,482 | 41.0 | 64.7 % |
| Subros Ltd | 4,580 | 26.6 | 19.2 % |
| Harsha Engineers International Ltd | 4,234 | 27.4 | 13.0 % |
| Ador Welding Ltd | 2,812 | 23.5 | 22.7 % |
| Diffusion Engineers Ltd | 1,678 | 30.4 | 15.8 % |
| Sahasra Electronic Solutions Ltd | 1,082 | 76.2 | 6.04 % |
| MIC Electronics Ltd | 1,068 | 8.67 % | |
| Tankup Engineers Ltd | 910 | 190 | 19.0 % |
| Vilas Transcore Ltd | 895 | 23.2 | 15.9 % |
| Oriental Rail Infrastructure Ltd | 826 | 17.5 | 12.0 % |
| Technocrats Plasma Systems Ltd | 708 | 47.4 | 67.0 % |
| Hy-Tech Engineers Ltd | 660 | 28.8 | 23.9 % |
| Mallcom (India) Ltd | 589 | 22.0 | 11.6 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2026-06-09 | Dividend - Rs 2 Per Share | |
| 2025-06-04 | Dividend - Rs 2 Per Share |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)