// Workers AI · dad joke modeWhat did INOXCVA say to its date? "You're a gas
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| Type | Public |
|---|---|
| BSE: 544032 NSE: INOXINDIA | |
| Industry | Cryogenic equipment manufacturing |
| Founded | December 21, 1976 (as Baroda Oxygen Limited) |
| Founder | Pavan Jain |
| Headquarters | , Gujarat, India |
Area served | Worldwide (exports to 66 countries) |
| Key people | Pavan Jain (Chairman) Siddharth Jain (Non-executive director) Parag Kulkarni (Executive director) |
| Products | Cryogenic storage tanks, LNG systems, cryo-scientific equipment, beverage kegs |
| Revenue | ₹13.54 billion (FY2024–25, consolidated) |
| ₹2.24 billion (FY2024–25, consolidated) | |
Number of employees | 1,016 (31 October 2023) |
| Parent | Inox Group |
| Website | inoxcva |
INOX India Limited, which does business as INOXCVA, is an Indian manufacturer of cryogenic equipment, headquartered in Vadodara, Gujarat. It is a manufacturer of vacuum-insulated cryogenic tanks, producing storage tanks, transport equipment and turnkey systems for industrial gases, liquefied natural gas (LNG), hydrogen and scientific research applications.[1][2] The company was incorporated in 1976 as Baroda Oxygen Limited and renamed INOX India Limited in 1987. It is part of the INOX Group of the Jain family.[1] Its shares have been listed on the Bombay Stock Exchange and the National Stock Exchange of India since December 2023.[3]
History
[edit]INOX India Limited was incorporated as Baroda Oxygen Limited in Gujarat on 21 December 1976, receiving its certificate of commencement of business in April 1979. It was renamed INOX India Limited in March 1987, converted into a private limited company in 2015, and re-converted into a public limited company in 2022 ahead of its listing.[1] The company's founder, Pavan Jain, a chemical engineering graduate of the Indian Institute of Technology Delhi, has been associated with the business since 1979 and built it into one of the world's leading cryogenic tank manufacturers by revenue. The INOX group's wider association with industrial gases dates to 1963, when Jain's father, Devendra Kumar Jain, founded the Industrial Oxygen Company in Pune.[4] INOXCVA supplied the cryogenic fuel storage and filling system for the Indian Space Research Organisation (ISRO) Second Launch Pad built in 1999, and in 2023 was described as having worked with liquid hydrogen since that time.[5] The company was the first Indian firm to design and manufacture a trailer-mounted hydrogen transport tank, developed jointly with ISRO.[6] In December 2023, the company completed an initial public offering of 22,110,955 equity shares — entirely an offer for sale by the promoter family — at ₹627–660 per share, aggregating ₹1,459.32 crore and valuing the company at approximately ₹5,990 crore. The shares were listed on the BSE and NSE on 21 December 2023. It was the first public issue from the INOX group since Inox Leisure's listing, and the company describes itself as India's first listed cryogenic solutions company. Following the offer, the promoters' stake fell from 99.3 per cent to about 74.9 per cent.[1][2][7]
Operations
[edit]INOXCVA designs, engineers, manufactures and installs vacuum-insulated equipment for storing, transporting and distributing cryogens such as liquid oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide and LNG, across the temperature range of 2–200 kelvin. Its portfolio spans standard cryogenic tanks, engineered packaged systems and large turnkey projects, and it also manufactures stainless-steel beverage kegs.[1][6] The company operates through three business verticals — industrial gases, LNG, and cryo-scientific — supplemented by a beverage-kegs business. In FY2023–24, industrial gases contributed about 63 per cent of revenue and LNG about 28 per cent.[8] Its manufacturing facilities are located at Kalol in Gujarat, the Kandla SEZ in Gujarat, and Silvassa in the union territory of Dadra and Nagar Haveli and Daman and Diu; a fourth plant was inaugurated at Savli, near Vadodara, in 2023–24, which the company describes as India's largest cryogenic equipment manufacturing facility. It has overseas subsidiaries in Brazil and the Netherlands and exports to 66 countries, with exports accounting for roughly half of revenue.[1][8][9][6]
Scientific research
[edit]The cryo-scientific division supplies customised cryogenic storage and distribution systems for research applications. The company has supplied equipment to ISRO, built the cryogenic fuel storage and filling system for its Second Launch Pad, and supplied cryolines for the ITER nuclear fusion project in France, one of the few Indian companies participating in the project; it has also received orders for refurbishing vacuum vessel thermal shield panels for ITER.[5][6][8] Other work includes the development of an indigenous MRI cryostat and the export of liquid-hydrogen storage tanks to South Korea.[9]
Clean energy
[edit]INOXCVA supplies small-scale LNG infrastructure, including storage, distribution, fuelling stations and transport tanks, and has partnered with Adani Total Gas on LNG ecosystem development in India. In 2024–25 it secured a turnkey contract to build a mini-LNG terminal in the Bahamas and an order from Highview Power of the United Kingdom for tanks for the world's first commercial-scale liquid air energy storage (LAES) facility. It was the first Indian company to receive IATF 16949 certification for cryogenic fuel tanks.[9][4]
Financials
[edit]As of April 2025[update] For financial year 2024–25, INOXCVA reported consolidated revenue of ₹1,354 crore (up 16.2 per cent year-on-year), EBITDA of ₹330 crore and profit after tax of ₹224 crore, with record order booking of ₹1,533 crore and an order backlog of ₹1,356 crore at year end. Export revenue was ₹692 crore, about 53 per cent of total income. The company is net-debt free.[10][11]
See also
[edit]References
[edit]- 1 2 3 4 5 6 "Basis of Allotment — Initial Public Offering of Inox India Limited" (PDF). BSE. 20 December 2023. Retrieved 30 September 2026.
- 1 2 "Cryogenic tank maker InoxCVA sets Rs 627-660 price band for Rs 1,459-crore IPO". ABP Live. Press Trust of India. 12 December 2023. Retrieved 30 September 2026.
- ↑ "Annual Report 2023-24" (PDF). INOX India Limited. Retrieved 30 September 2026.
- 1 2 "Investor Relations". INOX India Limited. Retrieved 30 September 2026.
- 1 2 Kulkarni, Parag (23–24 January 2023). "Cryogenic hydrogen storage and delivery technologies — INOXCVA experience". Proceedings of the National Theme Meeting on Hydrogen Energy and Technology. Mumbai: Bhabha Atomic Research Centre. Retrieved 30 September 2026.
- 1 2 3 4 "IPO Note: Inox India Limited" (PDF). Motilal Oswal. 13 December 2023. Retrieved 30 September 2026.
- ↑ "INOX India IPO — anchor investors pick Rs 438 crore worth shares". Moneycontrol. 13 December 2023. Retrieved 30 September 2026.
- 1 2 3 "INOX India Ltd Announces Q4 & Full Year FY24 Results" (Press release). INOX India Limited. 13 May 2024. Retrieved 30 September 2026.
- 1 2 3 "Sustainability Report FY2024-25" (PDF). INOX India Limited. 17 September 2025. Retrieved 30 September 2026.
- ↑ "INOX India announces Q4 and FY25 Results" (Press release). INOX India Limited. 15 May 2025. Retrieved 30 September 2026.
- ↑ "Annual Report 2024-25" (PDF). INOX India Limited. 31 March 2025. Retrieved 30 September 2026.