Key facts
- Inox India shares surged over 12% on Wednesday due to investor interest in SpaceX's IPO.
- The company has received a significant aerospace order valued at approximately Rs 200 crore.
- Inox India's FY26 revenue reached Rs 1,632 crore, up 21.2% year-on-year.
- Analysts advise caution due to the stock trading at 56 times one-year forward earnings.
- SpaceX's IPO aims to raise $75 billion with a targeted valuation of $1.75 trillion.
Shares of Inox India experienced a significant surge, climbing over 12% on Wednesday, driven by investor attention drawn to the initial public offering of US-based SpaceX. The strong response to SpaceX's IPO has highlighted Inox India as a potential local equipment supplier within the space ecosystem.
Inox India disclosed that it secured a significant aerospace order from a leading U.S.-based private space company, valued at approximately Rs 200 crore, and anticipates additional high-value orders. Management stated that aerospace cryogenic systems represent a long-term structural opportunity for the company.
Beyond aerospace, Inox India is expanding into segments such as data centers, nitrogen supply, and distillery kegs, providing additional growth levers, according to Sunny Agrawal, Head of Research at SBI Securities. However, Agrawal noted that after the recent rally, the stock is trading at a rich valuation of about 56 times one-year forward earnings, with management guiding for 15-20% annual growth. He believes investors may be better off waiting for a correction before making fresh purchases.
SpaceX's IPO is scheduled to be priced on June 11, with trading set to commence on the Nasdaq on June 12. The company is looking to raise $75 billion, which would value it at approximately $1.75 trillion. Despite enormous investor enthusiasm, SpaceX reported a net loss of $4.94 billion on $18.67 billion revenue for 2025. Morningstar noted that the company appears 'significantly overvalued'.
Inox India reported strong Q4 FY26 results, with revenue rising 24.2% year-on-year to Rs 475 crore. Adjusted EBITDA grew 13.4% to Rs 108 crore, and adjusted profit after tax (PAT) increased 9% to Rs 72 crore. Annual revenue for FY26 reached Rs 1,632 crore, up 21.2% year-on-year, with export revenue accounting for 59% of the total.