INOX Air Products IPO

INOX Air Products makes and supplies industrial gases — oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide — along with medical oxygen, welding mixtures and specialty gas mixtures. As at 31 March 2026 it sold to more than 3,000 customers across over 20 end-use industries, including steel, oil and gas, chemicals, healthcare and pharmaceuticals, electronics and semiconductors, solar, glass and automotive. It ran facilities at 57 locations across 15 states and one union territory: air separation units, nitrogen generators, hydrogen production units, cylinder filling stations and storage infrastructure. Gas reaches customers three ways — On-site plants built at a customer's own works, Merchant liquid gas delivered by cryogenic tanker, and Packaged and Specialty Gases sold in cylinders. The DRHP claims a 22.4% share of the Indian market for Fiscal 2026, citing the CRISIL Report.

Three delivery routes earn the revenue. On-site plants are built, owned and operated at a customer's site under contracts typically running 15 to 20 years with take-or-pay terms; ₹870.30 crore, or 28.69% of FY2026 revenue, came from those long-term On-site contracts, across 41 commissioned contracts and 10 under execution. Merchant (over 1,800 customers) and Packaged and Specialty Gases (over 1,900) buy under three-to-seven-year contracts or purchase orders. Separating air is electricity-hungry and the plants are capital-hungry: power and fuel cost ₹674.15 crore in FY2026, 22.22% of revenue (24.08% in FY2025, 24.64% in FY2024), and investing outflow was ₹877.55 crore in FY2026. The structural constraint is that an On-site plant is tied to one customer's works and earns only while that works keeps running.