INOX India Limited: history, ownership, mission, how it works & makes money

From a specialist in cryogenic storage and LNG systems founded over 30 years ago to a key constituent of the merged entertainment and engineering powerhouse PVR INOX after the January-February 2023 NCLT-approved merger, INOX India Limited has evolved into a diversified cryogenics leader that now underpins operations ranging from hydrogen transport tanks developed with ISRO to multiplex-backed growth (PVR INOX operated 1,749 screens across 355 properties in 111 cities as of December 2024); organized under the restructured Inox Group (Pavan Jain faction) with Deepak Acharya as CEO and Siddharth Jain as Executive Director, the company runs three divisions-Industrial Gas, LNG and Cryo Scientific-across manufacturing sites in Kalol, Kandla SEZ and Silvassa, serving marquee clients like Air Liquide and Hyundai E&C while growing its export mix from 50% in FY24 to 64% in FY25, commanding an estimated 60-75% share in India's microbulk and bulk cryogenic tank market and targeting an 18-20% revenue surge to reach ₹2,600 crore in FY26 with strategic bets on renewables, BESS (initial projects and a 2 GW ambition) and a 10x scale-up in LNG fuel tank production.

INOX India Limited (INOXINDIA.NS): Intro

• Founded: over 30 years ago (engineering & cryogenic systems specialist).
• Listed: ticker INOXINDIA.NS (pre-merger identity).
• Core competencies: cryogenic storage tanks, LNG regasification & distribution, industrial-gas handling, cryo-scientific equipment.

• Post-merger entity: PVR INOX Limited-the combined group of former INOX India/INOX Leisure and PVR Cinemas.
• INOX India's historical promoter/Group links were consolidated into the new listed entity; the combined company operates cinema exhibition and legacy industrial-engineering businesses under PVR INOX.

• Engineering & Projects: Turnkey design, fabrication and installation of cryogenic storage tanks, LNG vaporizers, regas units and distribution networks for industrial clients and terminals.
• Product Manufacturing: Manufacture and supply of cryogenic equipment (storage vessels, valves, vaporizers) and industrial gas handling components.
• Services & Aftermarket: Maintenance, spares, commissioning, testing and service contracts for industrial gas and LNG installations.
• Cinema & Consumer-facing operations (PVR INOX): Box-office ticketing, food & beverage (F&B), advertising, corporate events, premium formats (IMAX, 4DX, RPX), retail partnerships and real-estate lease income from multiplex sites.

• Project contracts and equipment sales (industrial & LNG clients).
• Service, maintenance and long-term O&M contracts for cryogenic plants and terminals.
• Box-office ticket sales and distribution revenue (films screened across the multiplex network).
• F&B sales, advertising and premium format surcharges at multiplexes.
• Leasing and facility-related income from owned/operated properties.

• Engineering-to-execution heritage provides strong project delivery capabilities for large cryogenic and LNG installations.
• Merger synergies: scale in exhibition (box-office, F&B, advertising), combined real-estate leverage and cross-selling across multiplex portfolio.
• Premium formats and marquee properties (IMAX, megaplexes) drive higher per-screen revenues and customer frequency.

INOX India Limited (INOXINDIA.NS): History

• Ownership structure (as of 31-Mar-2025): part of the Pavan Jain-led Inox Group reorganization; active family management participation.
• Key management: Deepak Acharya - Chief Executive Officer; Siddharth Jain - Executive Director.
• Manufacturing footprint: three facilities - Kalol (Gujarat), Kandla SEZ (Gujarat), Silvassa (Dadra & Nagar Haveli).
• Business divisions: Industrial Gas, LNG, Cryo Scientific.
• Longstanding customers: Air Liquide Global E&C Solutions, Hyundai Engineering & Construction, ISRO.
• Export contribution: 50% of sales in FY24 rising to 64% in FY25, indicating accelerating international sales.

• How it makes money: engineering, procurement and construction (EPC) contracts and sales of cryogenic equipment, LNG systems and industrial gas infrastructure to domestic and international clients; project execution plus aftermarket services and spares.
• Revenue drivers: large EPC contracts, export projects (notably lifted export share to 64% in FY25), and repeat orders from strategic customers.

INOX India Limited (INOXINDIA.NS): Ownership Structure

• Mission and values emphasize sustainable cryogenic solutions, quality assurance, customer satisfaction and technological leadership (notably hydrogen transport tanks developed in collaboration with ISRO).
• Commitment to environmental sustainability via hydrogen storage/distribution and LNG/clean-energy enabling equipment.
• Strong ethical governance, long-standing client relationships and continuous R&D investment.

• Sale of cryogenic equipment: vacuum-insulated storage tanks, transport tanks (rail/road), vaporizers and associated skids to industrial gas companies and end users.
• Turnkey engineering, procurement and construction (EPC) contracts and project execution for liquefied gas storage and regasification facilities.
• After-sales services: maintenance, testing, certification, retrofits and spares-high-margin recurring revenue for installed base.
• R&D-driven product licensing and specialized solutions (e.g., hydrogen transport tanks developed with ISRO) aimed at new clean-energy markets.
• Strategic supply relationships with global engineering firms and OEM customers (e.g., Air Liquide), supporting large contract flows and export opportunities.

INOX India Limited (INOXINDIA.NS): Mission and Values

• Mission: To design, manufacture and deliver reliable cryogenic solutions that enable safe storage, movement and application of industrial gases and LNG, supporting energy transition and scientific advancement.
• Core values: Safety, engineering excellence, global quality standards, customer-centricity, sustainable operations.

• Manufacturing footprint: Kalol (Gujarat), Kandla SEZ (Gujarat), Silvassa (Dadra & Nagar Haveli) - enabling export-oriented production and cost efficiency.
• Export orientation: Grew from 50% of sales in FY24 to 64% in FY25, reflecting expanding global order books and higher share of international project revenues.

• Equipment manufacture & sales - cryogenic tanks, LNG modules, ISO containers and road tankers (one-time and project sales).
• Engineering, procurement & construction (EPC) and turnkey project delivery - especially for LNG and large industrial gas installations.
• After-sales services - maintenance contracts, spare parts, retrofits and modernization for installed base.
• Export orders & international projects - higher-margin projects driven by global demand for small-scale LNG and cryogenic solutions.

• Vertical integration in manufacturing and testing to reduce lead times and control quality.
• Focus on modular, small-scale LNG solutions to capture distributed-energy and marine bunkering demand.
• Strategic placement in Kandla SEZ and Silvassa to optimize export logistics and duty benefits.
• Diversification across industrial, energy and scientific markets to smooth cyclical demand.

• Export percentage of total sales (FY25: 64%).
• Order backlog and project pipeline size for LNG and industrial gas EPC projects.
• Utilization rates at Kalol, Kandla SEZ and Silvassa plants.
• Gross margin by division (equipment vs EPC vs services).

INOX India Limited (INOXINDIA.NS): How It Works

• Core activities: design, engineering, shop fabrication, site installation, testing & commissioning, and long-term service contracts.
• Three operational divisions: Industrial Gas, LNG, and Cryo Scientific-each supplying equipment, turnkey systems and aftermarket services.
• Revenue mix includes domestic contracting projects, exports of cryogenic vessels/equipment, and aftermarket spares & services.

• Industrial Gas division: supplies cryogenic tanks, storage and distribution systems (air separation downstream, O2/N2/Ar containment) to gas producers and heavy industrial clients; a major contributor to consolidated revenues.
• LNG division: designs and supplies storage tanks, vaporizers, truck/rail cryogenic equipment and small-scale LNG solutions for import terminals, bunkering and distribution-addressing both domestic projects and international orders.
• Cryo Scientific division: provides customized low-temperature equipment, turnkey lab and research cryogenic distribution systems, and instrumentation for scientific institutes and specialty industrial applications.
• Exports: INOX India expanded international sales-export contribution rose from 50% in FY24 to 64% in FY25-diversifying revenue and improving foreign-currency denominated order intake.
• Key customers and long-term contracts: marquee clients such as Air Liquide Global E&C Solutions, Hyundai Engineering & Construction and ISRO underpin large-ticket projects and recurring aftermarket demand.

• In-house engineering and fabrication capacity enables control over lead times, cost and quality, increasing margin capture on projects.
• Export-focused strategy and certifications (international pressure-vessel standards, LNG codes) allow bidding on global EPC and equipment contracts.
• Aftermarket services and long-term maintenance contracts provide recurring revenue and help smooth project-revenue volatility.
• Customer relationships with global engineering houses and public-sector agencies deliver repeat business and large order pipelines.

INOX India Limited (INOXINDIA.NS): How It Makes Money

• Cryogenic equipment (microbulk, bulk tanks, valves, transfer systems): dominant share in India; steady aftermarket spares, installation and maintenance margins.
• Renewables (solar EPC, O&M, project development): targeted to contribute ~₹1,800 crore of FY26 revenues.
• Battery Energy Storage Systems (BESS): initial projects plus roadmap to 2 GW installations; FY26 BESS revenue target ₹10-12 crore.
• LNG fuel tanks & systems: plan to scale production 10x to meet marine and transport demand driven by regulatory push.
• Beverage kegs (NSF-certified stainless steel): new growth vertical aimed at ~10% of total revenue by FY27.