INOX Air Products IPO (DRHP filed)
INOX Air Products Limited filed its draft red herring prospectus with SEBI on 1 Oct 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 1 Oct 2026
- Days since
- 17
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
INOX Air Products IPO status
INOX Air Products Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 1 Oct 2026 |
|---|---|
| Days since filing | 17 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 50% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
| Retail Investors | Not Less Than 35% of the Net Issue |
INOX Air Products Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹3,048.64 Cr to ₹3,212.87 Cr, and profit after tax rose from ₹880.95 Cr to ₹913.87 Cr. The PAT margin for 31 Mar 2026 was 28.44%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 10,248.86 | 9,449.88 | 8,023.47 |
| Total Income | 3,212.87 | 3,048.64 | 2,773.75 |
| Profit After Tax | 913.87 | 880.95 | 765.69 |
| EBITDA | 1,647.79 | 1,519.65 | 1,331.12 |
| Net Worth | 7,259.75 | 6,359.42 | 5,491.34 |
| Reserve & Surplus | 7,231.13 | 6,330.81 | 5,462.72 |
| Total Borrowings | 1,365.65 | 1,667.31 | 1,448.47 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| ROCE % | 24.45 | 27.58 | 30.24 |
| Debt / Equity | 0.12 | 0.10 | 0.18 |
| RoNW % | 12.59 | 13.85 | 13.94 |
| Pat Margin % | 28.44 | 28.90 | 27.60 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| INOX Air Products Ltd | 1 | — | 17.68 | 17.68 | 12.59% | 140.41 |
| Ellenbarrie Industrial Gases Ltd | 2 | 48.99 | 7.54 | 7.54 | 10.68% | 69.33 |
| Linde India Limited | 10 | 96.31 | 64.37 | 64.37 | 12.87% | 500.28 |
Notes
P/E Ratio: Calculated using the closing market price of equity shares on NSE as of September 29, 2026, divided by Diluted EPS for FY2026. Consolidated financials are used, except for Ellenbarrie, where standalone financials are considered.
Basic EPS: Net restated profit attributable to equity shareholders divided by the weighted average number of Equity Shares outstanding during the period.
Diluted EPS: Net restated profit attributable to equity shareholders divided by the weighted average number of Equity Shares outstanding, adjusted for all dilutive potential Equity Shares.
Return on Net Worth: Restated profit for the year divided by Net Worth.
Net Worth: Includes paid-up share capital, eligible reserves, securities premium and profit/loss balances, after applicable deductions as prescribed under the SEBI ICDR Regulations.
Net Worth Calculation: For the purpose of this analysis, Net Worth includes paid-up equity share capital, interest-free loan from a shareholder and other equity, excluding capital redemption reserve created on account of merger.
NAV per Equity Share: Net Worth at the end of the year divided by the closing number of Equity Shares outstanding.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to utilize the Offer Proceeds for the following Objects.
| Sr | Objective |
|---|---|
| 1 | The INOX Air Products Ltd. IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders. |
About INOX Air Products Limited
INOX Air Products Limited – Incorporated in April 1960, INOX Air Products Limited is an integrated manufacturer and supplier of industrial, medical, electronic and specialty gases in India. The Company offers a comprehensive portfolio of gases, including oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide, as well as medical oxygen, welding mixtures and specialty gas mixtures. Its products cater to a diverse range of industries, including steel, oil and gas, chemicals, healthcare and pharmaceuticals, electronics and semiconductors, solar, glass, automotive and other manufacturing sectors.
The Company operates across the industrial gases value chain through three business verticals: On-site, Merchant, and Packaged and Specialty Gases. These verticals enable the Company to address varying customer requirements through different production, supply and delivery models. As of March 31, 2026, the Company's existing and upcoming On-site gas capacity aggregated 20,388 TPD, while its existing and upcoming Merchant liquid gas capacity aggregated 6,027 TPD. The Company served more than 3,000 customers as of March 31, 2026, with its top 10 customers having an average relationship duration of 15.90 years, based on revenue from operations.
The Company operates across 57 locations in 15 states and one union territory, with infrastructure comprising air separation units, nitrogen generators, hydrogen production units, cylinder filling stations, storage facilities and related assets. As of March 31, 2026, the Company operated a fleet of 739 cryogenic tankers and maintained approximately 140,000 cylinders for the distribution of Packaged and Specialty Gases. Its operations are supported by capabilities spanning engineering, project management, plant operations, logistics and safety, with a strong focus on operational reliability and safe execution.
Since 1999, the Company has been jointly owned by the INOX Group and Air Products Group, combining the INOX Group's local market knowledge and execution capabilities with Air Products' global expertise, technical know-how and experience in industrial gases. With more than six decades of operations in India, the Company has established a diversified and integrated platform serving key segments of the industrial gases market.
As of March 31, 2026, the Company employed 1,845 permanent employees and 1,186 contract labour staff. Its workforce is supported by an experienced management team with expertise spanning the industrial gases value chain, contributing to the Company's operational capabilities and long-standing presence in the Indian market.
Promoters
Pavan Kumar Jain
Siddharth Jain
Prodair Corp.
Inox Chemicals LLP
Siddho Mal Trading LLP
Air Products & Chemicals
Inc. and Air Products Manufacturing Corp.
Contact details
INOX Air Products Ltd.
A - 2 TTC Industrial Area
Off Thane Belapur Road Pawane
Thane Navi Mumbai, Maharashtra, 400710
Tel: +91 22 68860100
Email: secretarial@inoxap.com
Website: https://inoxairproducts.com/
INOX Air Products IPO FAQs
- Has INOX Air Products IPO filed for an IPO?
- INOX Air Products Limited filed its draft red herring prospectus (DRHP) with SEBI on 1 Oct 2026.
- When will the INOX Air Products IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the INOX Air Products IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.