As Elon Musk’s SpaceX targets a Nasdaq listing on June 12, INOX India has emerged as an unlikely domestic proxy, and its stock has already moved sharply in anticipation.
Key Takeaways
- According to Reuters, Bloomberg, and roadshow materials reported as of June 11, 2026, SpaceX is targeting a Nasdaq listing on June 12 under the ticker SPCX, seeking to raise $75 billion at a $1.75 trillion valuation, which would make it the largest IPO in financial history if completed as reported.
- INOX India secured a ~₹200 crore aerospace order from a leading US-based private space company in Q4 FY26 for large cryogenic storage tanks.
- Shares have gained approximately 25% over the past month, hitting fresh 52-week highs in the week ending June 10, 2026, amid heavy volumes.
- FY26 revenue rose 21.2% YoY to ₹1,632 crore, the highest ever, with export revenue up 37.7% to ₹971 crore.
- Market is split between investors pricing in a structural space-tech opportunity and those flagging sentiment-led overheating at approximately 58–59x trailing P/E.
Why SpaceX’s Listing Is Reverberating in India
The SpaceX IPO, reported to be priced at $135 per share on June 11 with trading expected to begin on Nasdaq under ticker SPCX on June 12, according to Reuters and Goldman Sachs roadshow disclosures, is shaping up to be unlike any public offering before it.
Reuters reports SpaceX is targeting a $75 billion raise across 556.6 million shares at a $1.75 trillion valuation, with 21 banks participating and Goldman Sachs as lead underwriter. All figures are subject to final confirmation at the pricing stage.
For context, Saudi Aramco’s 2019 offering raised $25.6 billion and held the previous record; SpaceX’s reported deal size is nearly three times that figure.
The scale of investor interest has pushed Indian markets to search for domestic companies with genuine exposure to the global aerospace and space infrastructure boom.
INOX India, a Vadodara-based cryogenic equipment maker listed on NSE as INOXCVA, has emerged as the clearest domestic beneficiary, though understanding why requires looking past the headline SpaceX narrative.
The Cryogenic Connection: What Exactly Did INOX Win?
During Q4 FY26, INOX India secured a significant aerospace-related order from a leading US-based private space company for large cryogenic storage tanks, specifically 1,500-cubic-metre units, reinforcing its growing positioning in global aerospace cryogenic infrastructure.
The total order value is approximately ₹200 crore, as disclosed in the company’s Q4 FY26 earnings call. Management guided for additional high-value orders in Q1 FY ’27.
While neither INOX India nor exchange filings have officially named SpaceX as the client, the timing and nature of the order, large cryogenic storage tanks for a US private space company directly ahead of the reported SpaceX IPO, has fuelled significant investor speculation and the resulting stock re-rating.
This move into space-grade cryogenic infrastructure represents a strategic evolution in product mix rather than a one-off contract win.
INOX India Q4 and FY26 Financial Snapshot
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹475 Cr | ₹383 Cr | +24.2% |
| Adjusted EBITDA | ₹108 Cr | ₹95 Cr | +13.4% |
| Adjusted PAT | ₹72 Cr | ₹66 Cr | +9% |
| Export Revenue | ₹291 Cr | — | 61% of revenue |
| Order Inflows | ₹504 Cr | — | Record quarter |
| Order Backlog | ₹1,514 Cr | — | — |
Source: INOX India Q4 FY26 audited results, board approved May 12, 2026
| Metric | FY26 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹1,632 Cr | ₹1,347 Cr | +21.2% |
| Adjusted EBITDA | ₹388 Cr | ₹323 Cr | +20.2% |
| Adjusted PAT | ₹261 Cr | ₹219 Cr | +19.3% |
| Export Revenue | ₹971 Cr | ₹705 Cr | +37.7% |
Source: INOX India FY26 audited results, board approved May 12, 2026
For FY27, management targets 18–20% revenue growth and plans to execute ₹1,200 crore from its current ₹1,514 crore order backlog.
Stock Performance at a Glance
| Parameter | Value |
|---|---|
| NSE Symbol | INOXINDIA |
| CMP (June 10, 2026 Close) | ₹1,891.60 |
| 52-Week High | ₹1,980.00 (10-Jun-2026) |
| 52-Week Low | ₹1,065.00 (18-Aug-2025) |
| 1-Month Gain | ~25% |
| 2026 YTD Gain | ~64% |
| Trailing P/E | ~58–59x |
| Market Cap | ₹16,719.54 Cr |
| Promoter Holding | 75.0% |
| Ex-Dividend Date | June 9, 2026 — ₹2/share final dividend |
Analyst View: Growth Intact, But Market Is Split
According to Sunny Agrawal, Head of Research at SBI Securities, investor interest in INOX India has picked up significantly ahead of the reported SpaceX listing. Beyond aerospace, the company is also expanding into data centres, nitrogen supply, semiconductor-grade ultra-high-purity gas containers, and LNG marine tanks, providing multiple growth levers well beyond the SpaceX-driven excitement.
“Management has guided for 15–20% growth per year, and after the recent rally, the stock is trading at a relatively rich valuation of about 56 times one-year forward earnings,” Agrawal noted, advising investors to wait for a correction before fresh entry.
Critically, market participants are now split. One side is pricing in a structural multi-decade space-tech supply chain opportunity. The other is flagging sentiment-led overheating, where the pace of stock re-rating has outstripped near-term earnings upgrades, a pattern typical of thematic rallies. The divergence between a ~25% one-month price move and single-digit PAT growth in Q4 FY26 captures this tension precisely.
Key Risks to Watch
| Risk | What It Means |
|---|---|
| Valuation compression | If FY27 earnings disappoint, 58–59x P/E unwinds sharply |
| Order timing delay | Expected aerospace contracts in Q1 FY27 are not yet confirmed |
| Post-IPO sentiment reversal | Reported SpaceX listing removes the anticipation premium |
| Global funding slowdown | Capital-intensive space projects depend on sustained VC and government flows |
| Expectation fatigue | Near-term execution may lag behind long-term storytelling if pipeline visibility stays limited |
SpaceX’s Own Financials: Bullish Story, Thin Earnings Floor
Despite enormous investor enthusiasm, the reported SPCX valuation demands scrutiny. SpaceX reported a Q1 2026 net loss of $4.28 billion and carries an accumulated deficit of $41.3 billion, per figures cited in its publicly filed S-1.
The reported valuation, which media comparisons place larger than Microsoft and trailing only Apple and Nvidia, has more than doubled since the December 2025 tender offer, according to market reports.
Elon Musk controls 42% of equity and 85% of voting power per the S-1 filing. Specific lockup terms have not been disclosed; standard technology IPO lockups at this scale typically run 90 to 180 days from the listing date.
Morningstar flagged the stock as “significantly overvalued” ahead of the reported listing, while bulls point to Starlink’s subscriber base, defence contracts, and AI-related business through the xAI merger as the long-term thesis.
Market analysts have estimated that if SpaceX lists as reported and qualifies for fast-track Nasdaq 100 inclusion, forced mechanical buying from QQQ index funds could range between $22–27 billion in the weeks following listing, though this timeline depends on final index committee decisions.
INOX India’s Broader Growth Runway
The SpaceX connection is real but one part of a larger structural story. INOX also received its first marine fuel tank order from Cochin Shipyard during Q4 FY26, for LNG-powered ships being built for the world’s third-largest shipping company.
The company expects ₹50–60 crore in annual orders from ITER, the international nuclear fusion project, for five years. Its new Kandla facility is planned for commissioning within 9–10 months, and the semiconductor division is being expanded with new plants targeting ₹80–100 crore through ultra-high-purity gas containers.
Additionally, since April 2026, INOX India has received fresh orders worth ₹322 crore across Industrial Gas (₹242 crore), LNG (₹39 crore), and Cryo-Scientific Solutions (₹38 crore) segments, per NSE exchange disclosures, signalling that order momentum has continued well into Q1 FY27.
Bottom Line
INOX India sits at the intersection of industrial engineering and emerging space-tech demand, making it a genuine, not manufactured, beneficiary of global aerospace growth.
Record revenues, a ₹1,514 crore order backlog, strong export momentum, and multi-segment expansion make the fundamental case credible. But the current rally reflects anticipation of a space economy still taking shape, and near-term execution may lag behind long-term storytelling if FY27 order confirmations are delayed.
At approximately 58–59x trailing earnings, the stock has already priced in considerable optimism. The reported SpaceX listing on June 12 removes the biggest near-term catalyst, and with it, the clearest entry opportunity may come in the volatility that follows, not before it.
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