Revenue and Profit Growth Trajectory
Inox India’s net sales have shown a robust upward trend, increasing from ₹965.90 crores in March 2023 to ₹1,306.00 crores by March 2025. This represents a compound growth rate of approximately 16.1% annually, reflecting strong market demand and operational expansion. Total operating income mirrored this growth, with no other operating income reported during this period.
Operating profit before depreciation and interest (PBDIT) excluding other income rose from ₹204.36 crores in March 2023 to ₹284.15 crores in March 2025, maintaining a healthy operating margin around 21.7% to 22.1%. Including other income, operating profit increased to ₹325.36 crores in March 2025, up from ₹224.54 crores two years prior.
Profit before tax (PBT) advanced steadily from ₹206.94 crores in March 2023 to ₹298.92 crores in March 2025, while profit after tax (PAT) grew from ₹154.74 crores to ₹226.03 crores over the same timeframe. The PAT margin improved modestly from 16.0% to 17.3%, signalling effective cost management alongside revenue growth.
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Cost Structure and Margins
The company’s expenditure profile reveals rising raw material costs, which increased from ₹489.45 crores in March 2023 to ₹586.60 crores in March 2025. Despite this, total expenditure excluding depreciation rose at a slower pace, indicating operational efficiencies. Employee costs also increased steadily, reflecting workforce expansion or wage inflation.
Other expenses climbed from ₹250.15 crores to ₹334.30 crores, consistent with the company’s growth trajectory. Notably, Inox India reported no power, manufacturing, or selling and distribution expenses during these years, which may reflect accounting classifications or operational specifics.
Interest expenses remained modest, rising from ₹3.68 crores in March 2023 to ₹8.54 crores in March 2025, while depreciation increased in line with asset additions. The company recorded exceptional items of ₹7.17 crores in March 2025, impacting gross profit but not distorting core operational performance.
Balance Sheet Strength and Asset Management
Inox India’s shareholder funds have strengthened significantly, rising from ₹549.48 crores in March 2023 to ₹873.69 crores in March 2025. This growth is supported by reserves increasing from ₹531.33 crores to ₹855.54 crores, indicating retained earnings accumulation and capital retention.
The company has successfully reduced its total debt from ₹43.38 crores in March 2022 to ₹33.10 crores in March 2025, with no long-term borrowings reported in the latest years. This deleveraging enhances financial stability and reduces interest burden.
Asset base expansion is evident, with total assets growing from ₹1,147.81 crores in March 2023 to ₹1,653.60 crores in March 2025. Net block (fixed assets net of depreciation) increased substantially, reflecting capital investments in infrastructure and capacity.
Current assets also rose sharply, driven by increases in inventories, sundry debtors, and current investments, supporting operational liquidity. Net current assets improved to ₹512.37 crores by March 2025, up from ₹391.99 crores two years earlier.
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Cash Flow and Liquidity Trends
Operating cash flow has remained positive and relatively stable, with ₹121 crores generated in March 2025, closely matching the previous year’s ₹122 crores. Cash flow after working capital changes stood at ₹185 crores in March 2025, consistent with prior years, indicating steady operational cash generation despite fluctuations in working capital.
Investing activities show increased outflows in March 2025 at ₹140 crores, reflecting capital expenditure and asset acquisitions. Financing activities returned positive cash inflows of ₹17 crores in the latest year, reversing prior years’ outflows, possibly due to debt repayments or equity movements.
Despite these movements, net cash position remained relatively flat, with closing cash and cash equivalents at ₹3 crores in March 2025, down slightly from ₹4 crores the previous year. This suggests a balanced approach to liquidity management amid growth investments.
Summary of Historical Performance
Overall, Inox India has exhibited a solid financial performance over the past three years, characterised by consistent revenue growth, expanding profitability, and improving margins. The company’s balance sheet has strengthened with rising net worth and controlled debt levels, while asset investments have supported operational expansion.
Cash flow metrics indicate prudent liquidity management, balancing operational cash generation with capital expenditure and financing activities. Earnings per share have increased from ₹17.05 in March 2023 to ₹24.91 in March 2025, reflecting enhanced shareholder value.
These trends position Inox India as a company on a steady growth path, with improving fundamentals and financial health that may appeal to investors seeking exposure to the industrial products sector.
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