INOX India share price rebounds from 52-week low. Do you own?

INOX India share price on Tuesday's session witnessed some value buying at lower levels during a volatile trading session, which helped the stock rebound from its intraday low levels. INOX India share price today opened at ₹893.15 apiece on the NSE, the stock touched an intraday low of ₹892.60 per share, and an intraday high of ₹911.25 per share.

Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities explained that INOX India share price has rebounded from its 52-week low, and its immediate support is at ₹875. If this level breaks, the stock may see further downside towards ₹850 and ₹810. However, if ₹875 holds, the stock has the potential to move towards ₹900- ₹925, with further upside possible beyond ₹950. Investors should watch this support level closely and consider a buy-on-dips strategy if it holds, while keeping a strict stop-loss in case of further weakness.

Q3 Results

Inox India, a midcap entity in the engineering sector, has recently announced its financial performance for the quarter ending December 2024. The company indicated in its exchange filing that the revenue for the quarter hit an all-time high of ₹349 crore, representing an 18.2% increase compared to the previous year.

The EBITDA for this quarter was recorded at ₹83 crore, which is a growth of 17%. The Profit After Tax (PAT) climbed to ₹57 crore, demonstrating a year-on-year growth of 17.4%.

Exports contributed to 51% of the quarterly revenue in Q3FY25, with export sales reported at ₹179 crore, indicating sustained international demand. The company achieved order inflows amounting to ₹493 crore, bringing the total order book to ₹1,341 crore, highlighting strong market confidence in the industrial gases and clean energy sectors on a global scale.

According to Trendlyne data, INOX India has seen a significant decline in its share price, dropping by 23.99% over the past year. This performance has notably underperformed its sector by 124.26%.

Sachin Gupta, Senior Research Analyst at 5paisa highlighted that Technically, the stock experienced a sharp decline in the previous weeks after breaking support at the 1060 level, reaching a 52-week low of 884.20 during the January series. Following this, the stock showed some rebound but failed to sustain the move and again faced selling pressure.

On the daily chart, the stock has formed a bearish flag pattern breakdown, indicating a continuation of the downward trend. The momentum indicator, RSI (14), is at 32 with a negative crossover, suggesting further bearish movement. Additionally, the stock is trading below both its 100-day and 200-day moving averages, signaling bearish sentiment.

Based on this structure, we expect further bearish movement in INOX India if it falls below the 884 level. On the downside, support is seen around the 845 and 830 levels, while on the upside, resistance is around the 950 level.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.