INOX India Limited
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Business & moat
Business Snapshot
Moat Analysis
Narrow moat from intangible assets and scale; constrained by INR1,500 crore order book lumpiness and sub-20% ROCE vs 12% WACC.
Performance & outlook
Quarterly Score
Growth Prospects
FY27 base-case growth 18-20%
Management & drivers
Guidance Tracker
Key Variables
Order book composition (project vs standard mix) — The order book has structurally shifted from standard products toward large, long-lead projects. This transition, while positive for revenue quality and value per order, introduces higher working capital needs and lumpier cash conversion cycles, as evidenced b