INOXCVA IPO: The Good and The Bad

About the company

It is a leading cryogenic equipment manufacturer and specialises in making tanks. It offers end-to-end solutions for equipment and systems operating in cryogenic conditions.

IPO details

Post IPO

Financial history

Strengths of INOXCVA

- It is the largest Indian cryogenic equipment supplier by revenue. - Repeat customers accounted for 49 per cent of its FY23 revenue.

Weaknesses of INOXCVA

Its top 10 clients accounted for 47 per cent of FY23 revenue. - It has a high cash conversion cycle (147 days in FY23) and has to rely on debt for working capital requirements.

Risk report

Is INOXCVA free from reliance on huge working capital for day-to-day affairs? No. The company's business affairs are working capital intensive.