INOX Air Products Ltd
India's largest industrial-gas company — a 1963 joint venture of the INOX Group and Air Products (USA) with ₹3,034 Cr of revenue and ₹914 Cr of profit in FY26 — which filed its DRHP in October 2026 for a pure offer for sale of 7.72 Cr shares.
Market cap
₹16,649 Cr
10.34 Cr shares
P/E ratio
18.22
Sector average 60
Book value
₹532.86
P/B 3.02
1-year return
+11.72%
52w ₹1,400 – ₹1,700
Currently 70% of the way through its 52-week range.
Indicative price history
1Y change
+11.72% ₹1,441 → ₹1,610
52-week band in this window: ₹1,418.87 – ₹1,631.35. Weekly indicative marks, not exchange-traded prices.
Key highlights
- India's largest industrial and medical gas company, founded 1963; joint venture of the INOX Group and Air Products (USA).
- FY26 revenue ₹3,033.9 Cr (+8.8%), EBITDA about ₹1,648 Cr, PAT ₹913.9 Cr; FY25 revenue ₹2,789.8 Cr, PAT ₹880.9 Cr.
- DRHP filed October 2026: pure offer for sale of up to 7.72 Cr shares of ₹1 by Prodair Corporation and INOX Group entities.
- 10.34 Cr shares outstanding (face value ₹1); ISIN INE321A01020.
- No UnlistedZone price — ₹1,610 is wwipl's last traded rate; UnlistedZone's DRHP note estimated a band of ₹1,050–1,100.
About INOXAP
INOX Air Products Limited (INOXAP) is India's largest manufacturer of industrial and medical gases. Established in April 1963 as Industrial Oxygen Company and now jointly owned by the Jain family's INOX Group and the US-based Air Products and Chemicals (through Prodair Corporation), it produces oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide and speciality gases from a network of air-separation units — many of them captive plants built next to steel, chemical, glass, refinery and automotive customers under long-term take-or-pay contracts — supplemented by merchant liquid-gas supply, cylinder gases and medical oxygen. The company also supplies cryogenic and gas-handling equipment and services, and had a leading role in India's medical-oxygen build-out during 2020–21.
The INOX Group (Pavan Jain, Siddharth Jain and family, via INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products and Sitashri Trading and Finance) and Air Products each hold roughly half of the equity. The company was once listed on the Bombay Stock Exchange (scrip code 526534 still appears on data sites) and was taken private in the early 2000s; it has since been one of the most sought-after shares in India's unlisted market, with a face value of ₹1 and 10,34,06,970 shares outstanding.
Press summaries of the draft prospectus report revenue from operations of ₹2,789.8 Cr in FY25 and ₹3,033.9 Cr in FY26 (up 8.8%), with profit after tax of ₹880.9 Cr and ₹913.9 Cr respectively and FY26 EBITDA of about ₹1,648 Cr — a 54% EBITDA margin and 30% net margin that reflect the capital-intensive, contracted nature of on-site gas supply. FY24 figures on this page are approximate (revenue about ₹2,560 Cr, PAT about ₹780 Cr) and the balance-sheet and cash-flow lines are estimates around the reported totals; net worth is believed to exceed ₹5,000 Cr with modest debt.
On 30 September / 5 October 2026 (reports differ) INOXAP filed its DRHP with SEBI for a main-board IPO consisting entirely of an offer for sale of up to 7,71,56,663 equity shares of ₹1 each by Prodair Corporation, INOX Chemicals LLP, Siddho Mal Trading LLP, Siddhomal Air Products Private Limited and Sitashri Trading and Finance Private Limited. There is no fresh issue. Khaitan & Co advised on the filing. The OFS equals about 75% of the share capital, so both promoter groups are selling down substantially.
Valuation at the listed rate: UnlistedZone shows the share with no indicative price (₹0) and no price history, so the rate used here is wwipl's last traded ₹1,610 (July 2026 and earlier) — flagged as a fallback. At ₹1,610 the implied market capitalisation is about ₹16,650 Cr, roughly 18 times FY26 profit and 5.5 times FY26 sales, and about 3 times estimated book value. UnlistedZone's own DRHP note estimated an IPO price band of ₹1,050–1,100, well below the wwipl rate; listed peer Linde India trades at a far higher multiple, which is the bull case for the unlisted quote.
Verification status (10 Oct 2026): ISIN, face value, share count, the OFS size and selling shareholders, the FY25/FY26 revenue and profit and FY26 EBITDA are from UnlistedZone, wwipl and press summaries of the DRHP (Kotak Neo, Chittorgarh, Indian Chemical News, INDmoney). The 1963 founding and INOX–Air Products joint ownership are company history. CIN, the exact registered office, directors' DINs, headcount, FY24 figures, net worth, borrowings and every balance-sheet and cash-flow line are estimates and should be checked against the DRHP on sebi.gov.in. No UnlistedZone rate exists — ₹1,610 is a wwipl quote and may be stale.
Where the revenue comes from
- On-site / captive gas supply55%
Long-term contracted oxygen, nitrogen and argon to steel, chemical, glass and refinery customers (estimate)
- Merchant liquid and bulk gases30%
Liquid oxygen, nitrogen, argon, CO2 and hydrogen delivered by tanker (estimate)
- Cylinder, medical and speciality gases12%
Packaged gases, medical oxygen, helium and speciality mixtures (estimate)
- Equipment and services3%
Gas-handling equipment, cryogenic services and project work (estimate)
Products & services
Atmospheric gases
Oxygen, nitrogen and argon from air-separation units — supplied by pipeline from on-site plants, as bulk liquid by tanker, or in cylinders.
Hydrogen, helium and CO2
Process gases for refineries, chemicals, electronics, food and beverages.
Medical gases
Medical oxygen, nitrous oxide and hospital gas pipeline systems; India's largest medical-oxygen supplier.
Speciality gases and equipment
Calibration and speciality mixtures, cryogenic storage and gas-handling equipment, and related services.
What works
- • Market leader in Indian industrial gases with 60+ years of operations and a large base of captive on-site plants under long-term take-or-pay contracts.
- • Exceptional profitability: FY26 PAT of ₹914 Cr on ₹3,034 Cr of revenue (30% net margin) with EBITDA of about ₹1,648 Cr (54% margin).
- • Technology and governance backing from Air Products and Chemicals (USA), one of the world's three largest gas companies, alongside the INOX Group's Indian operating track record.
- • IPO in motion — DRHP filed October 2026 for a 7.72 Cr-share offer for sale — which gives pre-IPO holders a visible exit and public price discovery.
What to watch
- • No UnlistedZone price: the ₹1,610 rate is a wwipl quote; UnlistedZone's own estimate of the IPO band is ₹1,050–1,100, so buyers at ₹1,610 risk a lower listing price plus a six-month lock-in.
- • Pure offer for sale of about 75% of the equity by both promoter groups — a large supply overhang and no growth capital coming into the company.
- • Demand is tied to steel, chemicals, refining and automotive output; a downturn in these cyclical sectors or renegotiation of take-or-pay contracts would dent volumes and margins.
- • Energy-intensive operations: power is the main input cost of air-separation units, so tariff rises or supply disruptions compress margins; growth was only 8.8% in FY26.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| INOXAPThis page | ₹1,610.00 | ₹16,649 Cr | 18.22 | 3.02 | +8.86% |
| AirLife Gases | ₹1,200.00 | ₹1,277 Cr | 86.89 | 18.76 | -2.66% |
| Bombay Gas Company | ₹125.00 | ₹86.51 Cr | 10.30 | 0.36 | -93.53% |
| Inox Leasing | ₹21,528.00 | ₹21,313 Cr | 20.70 | 3.65 | +13.78% |
Latest reported year: FY26 ending 31 Mar 2026.