In short: Baron (India Fund): "India's largest manufacturer and exporter of cryogenic equipment" — storage and transport tanks plus distribution systems for industrial gases and LNG — with "approximately 60% domestic market share" across steel, medical and electronics end markets. Two demand engines: energy security, since it is "well positioned to benefit from India's increasing focus on… providing LNG storage and transport solutions, as the nation aims to reduce dependence on Middle East energy imports"; and exports "driven by global supply chain diversification," with "marquee clients such as Air Liquide, Linde, and Air Products." Project evidence: "a mini-LNG terminal in the Bahamas" and "a cryogenic storage supply contract with a leading space exploration company, which we believe is SpaceX." Model: "15% to 20% compounded revenue and EBITDA growth over the next three to five years."
INOX India makes cryogenic equipment: the heavily insulated tanks and systems needed to store and move gases that only stay liquid at extremely low temperatures, including liquefied natural gas and industrial gases. It has around 60% of the Indian market.
Baron's first reason is energy security. India wants to import less oil from the Middle East and more gas from elsewhere, and every LNG cargo needs tanks, terminals and transport equipment at the receiving end. The second is exports: as global companies spread their supply chains beyond one country, an Indian manufacturer with a reputation for quality wins work, and INOX already supplies Air Liquide, Linde and Air Products.
Two recent contracts illustrate the direction — a small LNG terminal in the Bahamas, and a cryogenic storage contract with what Baron believes is SpaceX, which needs vast quantities of super-cooled propellant. They model 15-20% compound growth in revenue and profits over three to five years.
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