Inox Air Products Limited
- Unlisted share
- Industrials & Engineering
- ISIN INE321A01020
At a glance
Sales
FY26
₹3,034 Cr
+8.8%on FY25What the company earned from its customers in the year.
Profit
FY26
₹914 Cr
+3.7%on FY25What was left after every cost and tax was paid.
Net worth
FY26
₹7,269 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Inox Air Products Limited
- ISIN
- INE321A01020
- Sector
- Industrials & Engineering
- Type of share
- Unlisted equity share
- Indicative price per share
- On request
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Inox Air Products Limited
INOX Air Products makes and supplies industrial, medical, electronic and specialty gases such as oxygen, nitrogen and argon, both from plants built at customers' sites and by tanker to merchant customers; its draft prospectus calls it the largest such company in India by revenue. Founded in 1963 as Industrial Oxygen Company, it has since 1999 been a joint venture between the Jain family's INOX entities and Air Products and Chemicals, Inc. of the United States, whose arm Prodair Corporation holds 49.74%. It filed a draft prospectus for an IPO in September 2026.
Written from: inoxairproducts.com, inoxairproducts.com
Listing status. Draft red herring prospectus dated 30 September 2026 filed for an IPO that is entirely an offer for sale of up to 7,71,56,663 shares by promoter and promoter-group shareholders, with listing proposed on NSE and BSE. Not yet listed. The company's shares were earlier listed and were voluntarily delisted between 1999 and 2000. INOX Air Products Limited draft red herring prospectus dated 30 September 2026
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Industrials & Engineering
- ISIN
- INE321A01020
- Year of incorporation
- 1963
- Headquarters
- Navi Mumbai (Thane), Maharashtra
- Parent / promoter
- Promoters: Pavan Kumar Jain, Siddharth Jain, INOX Chemicals LLP, Siddho Mal Trading LLP (Jain family side) and Prodair Corporation, Air Products and Chemicals, Inc. and Air Products Manufacturing Corporation (Air Products side)
- Key people
- Chairman: Pavan Kumar Jain; Managing Director: Siddharth Jain; CFO: Sandeep Ganesh Divekar
- Permanent employees
- 1,845 people
- Face value per equity share
- ₹1
- Equity shares outstanding
- 51,70,34,850 shares
- CIN
- U24999MH1963PLC012625
- Website
- inoxairproducts.com
Read from: INOX Air Products Limited draft red herring prospectus dated 30 September 2026, unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Profit margincalculated
30.1%
Out of every ₹100 of sales, ₹30.1 was left as profit.
Return on equitycalculated
12.6%
For every ₹100 of the owners' money, the company made ₹12.6 of profit in the year.
Debt to equitycalculated
0.19×
The company has borrowed ₹0.19 for every ₹1 of its owners' money.
- Indicative price
- On request
- No. of shares
- 51,70,34,850
- EPS
- ₹883.76
- Book value per share
- ₹140.58
- Face value
- ₹1
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
INOX Air Products Limited (formerly INOX Air Products Private Limited). As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹2,590 Cr to ₹3,034 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹766 Cr to ₹914 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | 2,589.94 | 2,789.78 | 3,033.93▲9% |
| Other income | 183.81 | 258.86 | 178.94▼31% |
| Total income | 2,773.75 | 3,048.64 | 3,212.87▲5% |
| Depreciation and amortization expense | 231.4 | 264.06 | 346.49▲31% |
| Finance costs | 80.95 | 100.09 | 97.05▼3% |
| Restated profit before tax | 1,018.77 | 1,155.5 | 1,204.25▲4% |
| Restated profit for the year | 765.69 | 880.95 | 913.87▲4% |
| Earnings per share, basic and diluted, on ₹10 shares (₹) (₹) | 740.46 | 851.92 | 883.76▲4% |
Rupees crore unless marked, restated consolidated. The change shown is the latest year against the year before. Read from: INOX Air Products Limited draft red herring prospectus dated 30 September 2026.
Credit rating. CRISIL AA+/Stable (long term) and CRISIL A1+ (short term), reaffirmed; as stated in the draft prospectus (As of 30 September 2026) INOX Air Products Limited draft red herring prospectus dated 30 September 2026
Ownership
Shareholding pattern
Who owns the company
99.5%Promoters and promoter group (total)
- Largest holder
- 99.5%
- Top 2 together
- 100.0%
- Holders named
- 2
- Promoters and promoter group (total)99.48%
- Public0.52%
- Total100.00%
Read from: INOX Air Products Limited draft red herring prospectus dated 30 September 2026
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 4 Sept 2026Bonus shares allotted in the ratio of four new shares for every one held; no money was raised. | Bonus issue | Equity shares | Not stated | Not stated |
Read from: INOX Air Products Limited draft red herring prospectus dated 30 September 2026
Leadership
Management
Pavan Kumar Jain
Chairman and Non-executive Director
Siddharth Jain
Managing Director
Sandeep Ganesh Divekar
Chief Financial Officer
Vishal Madhukant Shah
Company Secretary and Compliance Officer
Ahmed Hababou
Non-executive Director
Juan Miguel Gonzalez Barboteo
Non-executive Director
Dinesh Kanabar
Non-executive Independent Director
Pallavi Shroff
Non-executive Independent Director
Read from: INOX Air Products website, board of directors, INOX Air Products Limited draft red herring prospectus dated 30 September 2026
Corporate calendar
Events
- 30 Sept 2026DRHP filingDraft red herring prospectus filed for an IPO by way of offer for sale of up to 7,71,56,663 sharesOpen
- 4 Sept 2026BonusBoard allotted bonus shares, four for every one heldOpen
- 1 Jul 2026ConversionFresh certificate of incorporation issued on conversion to a public limited companyOpen
- 9 Jun 2026EGMShareholders approved splitting each ₹10 share into ten ₹1 shares and converting the company to a public companyOpen
- 9 Jun 2026DividendBoard approved the 2025-26 dividend of ₹20 per ₹10 shareOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Inox Air Products Limited on WhatsAppIs the price shown for Inox Air Products Limited final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Inox Air Products Limited shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Inox Air Products Limited shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Inox Air Products Limited. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.