Inox India Ltd - Stock Valuation and Financial Performance

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.