This smallcap stock surges 15% on heavy volumes in a weak market

INOX India said it achieved a historic milestone by becoming India's first cryogenic equipment manufacturer to receive the prestigious IATF 16949 certification for cryogenic fuel tank manufacturing.

Shares of INOX India surged 15 per cent to Rs 1,044.70 on the BSE in Thursday’s intra-day trade amid heavy volumes after the company achieved a historic milestone by becoming India’s first cryogenic equipment manufacturer to receive the prestigious IATF 16949 certification for cryogenic fuel tank manufacturing. The certification, issued by Bureau Veritas Certification covers the design and manufacturing of vacuum insulated cryogenic fuel tanks.

 

At 11:34 am; INOX India, the smallcap stock, was quoting 12 per cent higher at Rs 1,010 on the BSE in an otherwise weak market. In comparison, the BSE Sensex was down 0.01 per cent at 74,595, and, BSE Smallcap index slipped 1.9 per cent at 44,212.

 

This achievement strengthens INOX India's position as a qualified supplier to automotive original equipment manufacturers (OEMs), opening new opportunities in the growing market for liquefied natural gas (LNG)-powered vehicles.

 

The IATF 16949 certification, a mandatory requirement for automotive OEM suppliers, validates INOX India's commitment to maintaining the highest quality management standards in the automotive industry. This certification positions INOX India as a pioneer in bridging the gap between cryogenic technology and automotive applications, particularly in the growing LNG fuel tank sector in India, as well as opens the door for entering the global market of heavy duty vehicle fuel tanks. 

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INOX India is one of the largest manufacturers of Cryogenic Storage, Regas and Distribution Systems for LNG, Industrial Gases and Cryo-Scientific applications with operations in India, Brazil & Europe. The company is leading India’s efforts in adoption of LNG for industrial and automotive purposes.

 

In the past six months, INOX India underperformed the market by falling 15 per cent, as compared to 9 per cent decline in the BSE Sensex. However, the stock beat BSE Smcallcap index, which fell 21 per cent during the same period. It had hit a 52-week low of Rs 848.65 on February 19, 2025.

 

In the October to December quarter (Q3FY25), INOX India secured order inflows totalling Rs 493 crore, taking total order book to Rs 1,341 crore, underscoring strong market confidence in the industrial gases, and clean energy domains, globally.

 

The company said it has benefitted from the new-age energy domains, particularly in Liquid Air Storage and Mini LNG Terminals, which resulted in a substantial order inflow this quarter. The uptick in the LNG segment depicts immense growth potential as it gains traction as a sustainable alternative transit fuel, relevant to marine as well as surface transportation.

 

The Industrial Gases division continued to be the largest revenue contributor, accounting for 68 per cent of total revenue. During the quarter, a significant contract from Highview Power, UK was received for their upcoming Liquid Air Storage (LAES) facility, which is also the first instance of cryogenic tanks being used at industrial scale for the storage of clean energy. The traction in the Hydrogen space underscores tremendous growth opportunities for the Company, INOX India said.