Inox India’s key products/revenue segments include Engineering Goods, Job Work, Scrap and Export Incentives for the year ending 31-Mar-2024.
Financials
For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 342.06 crore, up 6.89% from last quarter Total Income of Rs 320 crore and up 15.89 % from last year same quarter Total Income of Rs 295.17 crore. The company has reported net profit after tax of Rs 58.39 crore in the latest quarter. The company’s top management includes Mr.Pavan Kumar Jain, Mr.Siddharth Jain, Mr.Parag Kulkarni, Ms.Ishita Jain, Mr.Amit Advani, Ms.Girija Balakrishnan, Mr.Richard Boocock, Mr.Shrikant Somani. Company has K C Mehta & Co. LLP as its auditors. As on 31-12-2024, the company has a total of 9 crore shares outstanding.
Investment Rationale
JM Financial has initiated coverage on Inox India with a BUY rating and a target price of Rs 1,240 at 37x Mar?27E EPS; driven by an (1) EPS CAGR of 16%, (2) average RoE/RoCE of 30%/26%, and (3) average OCF/PAT and FCF/PAT conversion of 79% and 42% respectively through FY24-27E. However, opportunities in (1) semiconductors, (2) LNG trucking and (3) full ramp up of the kegs business, suggest upside risks.
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