INOX Air Products Unlisted Shares
INOX Air Products Ltd.
INE321A01020
Incorporation Date: 04-Apr-1963
Listing Status: DRHP Not Filed
About INOX Air Products Unlisted Shares
Overview of INOX Air Products Unlisted Shares
INOX Air Products Private Limited
INOX Air Products Private Limited is one of India's leading manufacturers and suppliers of industrial, medical and specialty gases, with a history dating back to 1963. The company has evolved from an industrial-gas manufacturer into a comprehensive gas-solutions provider, serving core sectors such as steel, metals, manufacturing, chemicals, glass, tyres, electronics, healthcare and food & beverage. Its capabilities span large-scale air separation, on-site gas supply, merchant gases, packaged gases, specialty gases, hydrogen and emerging clean-energy solutions.
🏢 Introduction & Infrastructure
Established: 1963 as Industrial Oxygen Company Private Limited in Pune, Maharashtra.
INOX Air Products: Formed in 1999 through a joint venture between the INOX Group and Air Products & Chemicals, Inc., USA.
Corporate Presence: Navi Mumbai, Maharashtra.
Operating Footprint: 57+ operating locations across 15 states and one Union Territory.
Manufacturing Capacity: More than 5,058 TPD of liquid gases.
Distribution Infrastructure: One of India's largest fleets of cryogenic transport tankers, supporting nationwide gas distribution.
Customer Base: Serves 3,000+ customers across more than 20 industries.
Workforce: More than 1,800 employees across its operations.
Engineering Capability: In-house capabilities for designing, engineering, constructing and operating air-separation and on-site gas-supply systems.
⚙️ Business Model & Operational Verticals
INOX Air Products follows an integrated industrial-gas supply model, providing gases through on-site plants, standalone manufacturing facilities and packaged-gas distribution.
1. On-Site Gas Supply — Core Vertical
Designs, builds and operates air-separation plants at or near customer facilities.
Supplies gases directly through pipelines.
Primarily serves large customers in steel, metals, chemicals and other energy-intensive industries.
Operates under long-term contracts, including 15–20 year Take-or-Pay arrangements in several on-site projects.
2. Merchant Gas Supply
Produces and distributes industrial gases from standalone manufacturing plants.
Supplies gases in liquid and gaseous forms.
Serves more than 20 end-market segments.
Supply agreements generally span multiple years and can include energy- and inflation-linked pricing.
3. Packaged Gases
Supplies industrial and medical gases in high-pressure cylinders.
Offers liquid gases through specialised containers such as Microcyls and Portacryos.
Serves smaller industrial customers, healthcare institutions and specialised applications.
4. Specialty & Ultra-High-Purity Gases
High-purity gases
Specialty gas mixtures
Electronic-grade gases
Calibration gases
Gases for advanced manufacturing and electronics applications
5. Hydrogen & Clean-Energy Solutions
Hydrogen production and supply systems.
Green hydrogen projects for industrial applications.
Hydrogen infrastructure and mobility-related solutions.
Gasification and carbon-capture related capabilities.
👥 Management Structure
INOX Air Products is backed by the Jain family-led INOX Group and operates through a professional management structure with expertise in industrial gases, engineering, manufacturing and energy solutions.
Siddharth Jain — Director
Pavan Jain — Director
Supported by professional teams across engineering, manufacturing, operations, sales, distribution, safety, technology and customer service.
The company also benefits from the technical and global industrial-gas expertise associated with its long-standing relationship with Air Products & Chemicals.
📦 Key Product & Gas Portfolio
| Product / Solution | Key Application |
|---|---|
| Industrial Oxygen | Steel, metals, manufacturing and chemical processes |
| Industrial Nitrogen | Inerting, manufacturing and process applications |
| Argon | Welding, metallurgy and specialised industrial processes |
| Hydrogen | Industrial processes, refining, mobility and clean-energy applications |
| Helium | Healthcare, electronics and specialised applications |
| Carbon Dioxide | Food & beverage, industrial and process applications |
| Nitrous Oxide | Medical and specialised applications |
| Acetylene | Welding and cutting applications |
| Specialty Gas Mixtures | Calibration, electronics and specialised industrial applications |
| Ultra-High-Purity Gases | Semiconductor, electronics and advanced manufacturing |
🏭 Manufacturing & Engineering Capabilities
Large-scale Air Separation Units (ASUs) for production of oxygen, nitrogen and argon.
Engineering and project-execution capabilities for on-site gas plants.
Liquid-gas manufacturing and distribution infrastructure.
Packaged-gas filling and distribution facilities.
Specialty-gas and ultra-high-purity gas production capabilities.
Cryogenic transportation and storage infrastructure.
Experience in setting up very large gas plants for major steel and industrial customers.
Capability to provide design, engineering, construction and operation of customer-specific gas-supply systems.
🔬 Technology & Innovation
Expertise in air separation and gas purification technologies.
Development of high-purity and specialty gases for advanced industries.
Green hydrogen production and industrial hydrogen solutions.
Total Gas Management solutions for emerging manufacturing sectors such as solar PV.
Development of carbon-capture and gasification solutions.
Focus on improving energy efficiency, reliability and sustainability across customer operations.
Recent expansion into ultra-high-purity electronic-grade gases, supporting India's growing electronics and semiconductor ecosystem.
🌐 Customer & Industry Ecosystem
INOX Air Products serves a diversified customer base across:
Iron & Steel
Non-ferrous Metals
Chemicals & Petrochemicals
Glass
Tyres
Manufacturing
Electronics
Healthcare
Food & Beverage
Solar PV Manufacturing
Energy & Infrastructure
Its business model allows it to serve both large industrial customers requiring continuous on-site gas supply and smaller customers through merchant and packaged-gas channels.
🌱 Key Business Developments & Capabilities
Commissioned large-scale air-separation facilities for major steel customers.
Established long-term on-site gas-supply relationships with major industrial companies.
Commissioned a 2,000 TPD Air Separation Unit at SAIL Bokaro, its largest ASU.
Developed a green hydrogen plant for the float-glass industry.
Entered Total Gas Management services for India's solar PV manufacturing sector.
Commissioned an ultra-high-purity electronic-grade nitrous oxide plant.
Expanded capabilities in hydrogen, carbon capture and other clean-energy technologies.
⭐ Key Business Highlights
More than six decades of experience in India's industrial and medical gases industry.
One of India's largest industrial and medical gas manufacturers.
57+ operating locations across 15 states and one Union Territory.
More than 5,058 TPD liquid-gas manufacturing capacity.
Serves 3,000+ customers across 20+ industries.
Integrated model covering on-site, merchant and packaged gas supply.
Strong engineering capabilities in designing and operating large-scale air-separation plants.
Diversified portfolio spanning industrial, medical, specialty and ultra-high-purity gases.
Expanding into green hydrogen, carbon capture, gasification and clean-energy infrastructure.
Long-standing strategic association with Air Products & Chemicals, alongside the INOX Group's industrial and engineering capabilities.
Insights of INOX Air Products Unlisted Shares
INOX Air Products Limited – Strategic Insights & Financial Overview
Financial Snapshot (Consolidated)
| Metric (in ₹ Cr.) | FY25 | FY26 | YoY Growth (%) |
| Net Revenue from Operations | 2,789.78 | 3,033.93 | +8.75% |
| EBITDA | 1,472.17 | 1,642.17 | +11.55% |
| Profit After Tax (PAT) | 880.95 | 913.87 | +3.74% |
Executive Insights
- ₹3,000 Cr Top-Line Milestone: Consolidated operational revenue crossed ₹3,033.93 Cr in FY26, representing a historic high for the company
. - Balance Sheet Strength: Maintains a net debt-free status and holds an AA+/Stable credit rating from CRISIL
. - Operating Network & Scale: Operates 55+ industrial gas manufacturing units across 17 states with a liquid production capacity exceeding 6,000 TPD, serving over 3,000 industrial and medical clients
. - Corporate Restructuring & IPO Preparation: Converted from a Private Limited to a Public Limited company on July 1, 2026, and received in-principle Board approval to initiate an Initial Public Offering (IPO) via an Offer for Sale (OFS)
. - Capital Restructuring: Executed a 10:1 stock split followed by a 4:1 bonus share issue, expanding the paid-up equity base to 51.70 Cr shares (face value ₹1 per share)
.
Key Developments
- Clean Energy Integration: Signed a 75 MW hybrid renewable energy PPA with Serentica Renewables to power four major Air Separation Units (ASUs)
. - Green Logistics: Introduced India’s first PESO-approved LNG-fuelled cryogenic road tanker, equipped with a 450-liter Kryopower tank to reduce CO₂ emissions by up to 25%
. - Specialty Gas Infrastructure: Commissioned a PESO-licensed Specialty Gases Warehouse in Tirunelveli (Tamil Nadu) to store Silane and Nitrous Oxide for the solar cell ecosystem, and commissioned an Ultra High Purity (UHP) Liquid Oxygen Plant in Hosur
. - Plant Commissionings: Successfully commissioned a 200 TPD ASU in Bengaluru (Karnataka) and 280 TPD ASUs for Tata Steel in Ludhiana (Punjab)
. - Anchor Partnerships: Renewed long-term supply arrangements with SAIL Salem Steel Plant and signed an MoU with IPICOL (Government of Odisha) for setting up a 2x1800 TPD ASU at Tata Steel's Meramandali facility
.
Future Plans
- Semiconductor Hub: Developing a specialized Electronic Specialty Gas Hub at Dholera, Gujarat, to manufacture and supply UHP Nitrogen, Oxygen, Argon, and Hydrogen for semiconductor fabrication and OSAT facilities
. - Solar PV Ecosystem Integration: Executing a 20-year Build-Own-Operate (BOO) agreement with Premier Energies for an ASU in Naidupeta, alongside long-term gas supply contracts with ReNew Photovoltaics (Dholera) and Grew Energy (Narmadapuram)
. - Under-Implementation Project Pipeline:
- Large-Scale ASUs: 2x1800 TPD plants for Tata Steel (Meramandali), a 200 TPD plant in Vizag (Andhra Pradesh), a 200 TPD plant in Dholera (Gujarat), and a 350 TPD cryo plant for Lloyds Metals & Energy (Ghugus, Maharashtra)
. - Onsite & High-Purity Units: 4,000 nm³/hr Nitrogen plant with liquefier for Micron (Gujarat), 4,190 nm³/hr Nitrogen plant for TACC Ltd (Dewas), a 3,000 nm³/hr VPSA plant for Hindustan Zinc (Dariba), and a UHP Ammonia purification facility in Tirunelveli
.
- Renewable Power Expansion: Constructing a 12 MWp captive solar power project in Dechu, Rajasthan, to lower power costs
.
Financial Charts of INOX Air Products Unlisted Shares
Balance Sheet of INOX Air Products Unlisted Shares
Profit and Loss of INOX Air Products Unlisted Shares
Ancillary of INOX Air Products Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of INOX Air Products Unlisted Shares
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How to buy INOX Air Products Ltd.?
Below are three ways through which you can purchase INOX Air Products Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy INOX Air Products Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell INOX Air Products Ltd.?
Below are three ways through which you can sell INOX Air Products Ltd.:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell INOX Air Products Ltd., please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of INOX Air Products Ltd.?
We provide a two way quote on all the shares we deal in. Your buy price for INOX Air Products Ltd. is ₹1700 and your sell price for INOX Air Products Ltd. is ₹1100. The price is based on our estimates and market conditions.
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What is the lock-in period of INOX Air Products Ltd.?
The lock-in period for INOX Air Products Ltd. varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of INOX Air Products Ltd.
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of INOX Air Products Ltd.
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the INOX Air Products Ltd. price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of INOX Air Products Ltd.. The price is also determined from the most recent funding round for INOX Air Products Ltd.. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of INOX Air Products Ltd.?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of INOX Air Products Ltd. with us kindly click here.
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What are the financials of INOX Air Products Ltd.?
The financials of INOX Air Products Ltd. which includes the P/L of INOX Air Products Ltd. and the Balance Sheet of INOX Air Products Ltd. is in the financials section (Click on link).
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Where can I find the annual report of INOX Air Products Ltd.?
The annual report of INOX Air Products Ltd. is available in the annual report section (Click on link).
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Is buying INOX Air Products Ltd. legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on INOX Air Products Ltd.?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on INOX Air Products Ltd. and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on INOX Air Products Ltd. once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source INOX Air Products Ltd.?
At Altius Investech, our approach to sourcing INOX Air Products Ltd. unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of INOX Air Products Ltd. unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying INOX Air Products Ltd. from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
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