ICICI Securities has issued a buy recommendation for Inox India with an unchanged target price of ₹1,400, following the company's strong quarterly performance. According to the brokerage's research report dated February 16, 2026, Inox India reported revenues of ₹4.3 billion (+29% YoY) and EBITDA of ₹0.9 billion with margins stable at 22%. The company's PAT stood at ₹0.7 billion (+35% YoY), with earnings growth primarily driven by the LNG segment which grew by >2x to ₹1 billion.
The industrial gas segment, forming 60% of the order book, grew 6% YoY, while new order wins during the quarter reached ₹3.9 billion. As reported by ICICI Securities, Inox India has consistently reported order intake above ₹3.5 billion over recent quarters, with the exception of two quarters when it received large orders resulting in higher order intake. The brokerage expects the company to consistently bag new orders above ₹4.5 billion to see earnings growth beyond 20%.
Inox India has demonstrated strong historical performance with >15% CAGR growth over FY20-25. According to ICICI Securities, the company is expected to achieve an 18% earnings CAGR over FY25-27E. The brokerage maintains its bullish stance on the stock, citing the company's strong competitive moat and healthy profitability metrics as key factors supporting their recommendation.
ICICI Securities believes a P/E multiple of 40x is fair for Inox India, compared to the average P/E of 30x for FY27E of their coverage universe. As reported in the research note, this premium valuation is justified by the company's strong competitive position and consistent operational performance. The brokerage maintains its buy rating with an unchanged target price of ₹1,400, reflecting confidence in the company's growth trajectory and market position.
