Inox India shares have surged 25% over the past month and gained in seven of the last eight trading sessions, making it one of the top gainers following reports of massive oversubscription in the initial public offering of US-based SpaceX. According to reports from The Economic Times, the stock's rally was driven by investor attention to what could be its local equipment supplier. The benchmark Nifty50 closed 0.1% lower during the same session, highlighting the stock's outperformance amid broader market weakness. Recent trading data shows the stock trading in a range of ₹1,850-₹1,868 with a 20-day average delivery of 31.75%, while the book value per share stands at ₹123.13. The stock is currently trading within its 52-week range of ₹1,692.00 to ₹1,980.00 with a market capitalization of ₹171.688 billion. Inox India shares have risen 64% since the start of the year, significantly outperforming the Nifty50's 11.2% year-to-date decline.
The strong response to SpaceX's reportedly oversubscribed IPO has drawn significant attention to Inox India, one of the few Indian companies operating in the related space equipment segment. As reported by The Economic Times, Gaurav Sharma, head of research at Globe Capital Market, noted that SpaceX is reportedly targeting a valuation of $1.7-1.8 trillion, which has sparked investor interest in potential equipment suppliers. The company's CEO Deepak Acharya revealed during the fourth-quarter earnings call that they received a significant aerospace order worth approximately ₹200 crore from a leading US-based private space company during Q4, with expectations of more high-value orders in Q1 FY 27. The company emphasized that "aerospace cryogenic systems are not short-term trends, but a long-term structural opportunity" and that they are well-positioned to capitalize on these opportunities through their engineering expertise and expanding global presence.
Investor interest is being supported by Inox India's robust operational performance, with exports continuing to be a key growth driver. According to The Economic Times, the company secured order inflows worth ₹504 crore during the quarter, taking its total order backlog to ₹1,514 crore. Export revenue stood at ₹291 crore and contributed 61% of total quarterly revenue. The company delivered its highest-ever annual revenue of ₹1,632 crore for FY26, up 21.2% year-on-year, with annual export revenue at ₹971 crore, accounting for 59% of total revenue. Sunny Agrawal, head of research at SBI Securities, highlighted that the company is expanding into new segments including data centres, nitrogen supply and distillery kegs, which support its growth outlook.
Latest financial data shows Inox India's consolidated net sales reached ₹460.65 crore in March 2026, representing a 24.7% year-on-year growth, while standalone net sales stood at ₹455.46 crore, up 23.38% year-on-year. For FY26, the company delivered adjusted EBITDA of ₹388 crore, up 20.2%, and adjusted PAT of ₹261 crore, up 19.3%. According to Moneycontrol, ICICI Securities has issued a buy rating with a target price of ₹1,400, indicating significant upside potential from current levels. The company's strong financial performance and growth trajectory continue to attract analyst attention despite valuation concerns.
Despite strong fundamentals, analysts express caution about the stock's recent performance. According to The Economic Times, Agrawal noted that management has guided for 15-20% growth per year, and after the recent rally, the stock is trading at a relatively rich valuation of about 56 times one-year forward earnings. The stock has risen 26% in the past week and is over 67% up in 2026 so far. Agrawal suggests investors may consider waiting for a correction before fresh entry, as some profit-taking and cooling-off in the stock could follow once SpaceX gets listed. Not everyone is convinced by the valuation, with Morningstar noting that SpaceX appears "significantly overvalued" and suggesting investors may find more attractive entry opportunities after the stock begins trading.
