About INOX Air Products Ltd.
Incorporated in April 196, INOX Air Products Limited is an integrated manufacturer and supplier of industrial, medical, electronic and specialty gases in India. The Company offers a broad portfolio of gases, including oxygen, nitrogen, argon, hydrogen, carbon dioxide, acetylene, helium, silane, ammonia and nitrous oxide, along with medical oxygen, welding mixtures and specialty gas mixtures. Its products serve diverse industries including steel, oil and gas, chemicals, healthcare and pharmaceuticals, electronics and semiconductors, solar, glass, automotive and other manufacturing sectors.
The Company operates across the industrial gases value chain through three business verticals, namely On-site, Merchant and Packaged and Specialty Gases, catering to different customer requirements and delivery models. As of March 31, 2026, its existing and upcoming On-site gas capacity aggregated to 20,388 TPD, while existing and upcoming Merchant liquid gas capacity aggregated to 6,027 TPD. The Company served more than 3,000 customers as of March 31, 2026, with its top 10 customers having an average relationship duration of 15.90 years based on revenue from operations.
The Company operates facilities across 57 locations in 15 states and one union territory, comprising air separation units, nitrogen generators, hydrogen production units, cylinder filling stations, storage facilities and related infrastructure. As of March 31, 2026, it operated a fleet of 739 cryogenic tankers and maintained approximately 140,000 cylinders for Packaged and Specialty Gases distribution. Its operations are supported by capabilities across engineering, project management, plant operations, logistics and safety, along with a focus on operational reliability and safety.
The Company has been jointly owned since 1999 by the INOX Group and Air Products Group, combining local market knowledge and execution capabilities with global industrial gases expertise and technical know-how. The Company has operated in India for more than six decades and has developed a diversified and integrated platform across key industrial gases markets.
As of March 31, 2026, the Company had 1,845 permanent employees and 1,186 contract labour staff, supported by an experienced management team with expertise across the industrial gases value chain.
Competitive Strengths
- Strong corporate lineage and experienced leadership team.
- Long-standing customer relationships supported by contracted revenue.
- Diversified and integrated business platform across three business verticals.
- Strong manufacturing and distribution infrastructure with pan-India presence.
- Proven project execution, operational excellence and supply chain capabilities.
- Leading market position across key segments of the industrial gases value chain.
