INOX India Ltd announced robust financial results for Q3 FY26 (ending December 31, 2025). Quarterly Revenue surged by 27.4% YoY to ₹436 Cr, driven by record export sales of ₹271 Cr (62% of total revenue). Adjusted EBITDA grew 34.2% YoY to ₹102 Cr, and Adjusted PAT increased by 32.4% YoY to ₹68 Cr. The company also secured significant order inflows totaling ₹392 Cr.
Q3 FY26 Financial Highlights
INOX India Limited (INOXCVA) announced its unaudited financial results for the third quarter ending December 31, 2025, showing sustained execution momentum across its diversified businesses. The company reported its highest-ever Quarterly Revenue, Adjusted EBITDA, and Export Revenue in Q3 FY26.
- Total Revenue for Q3 FY26 was ₹436 Cr, marking a 27.4% year-on-year (YoY) growth.
- Adjusted EBITDA for the quarter rose 34.2% YoY to ₹102 Cr.
- Adjusted Profit After Tax (PAT) increased by 32.4% YoY to ₹68 Cr (compared to ₹51 Cr in Q3 FY25).
Stellar Export Performance and Order Book
Export performance was a key driver for the quarter. Export Revenue reached a record high of ₹271 Cr, contributing 62% to the total quarterly revenue, reflecting strong international demand for INOXCVA’s engineered cryogenic solutions.
The company secured new order inflows of ₹392 Cr during the quarter, resulting in a healthy total order book standing at ₹1,457 Cr as of February 12, 2026. This signifies positive market confidence in sectors like clean energy and industrial gases.
Nine Months FY26 Performance Summary
For the nine months ended December 31, 2025, the financial growth solidified:
- Revenue grew 20.0% YoY to ₹1,157 Cr (compared to ₹964 Cr in 9M FY25).
- Adjusted EBITDA rose 23.0% YoY to ₹281 Cr.
- Adjusted PAT increased by 23.7% YoY to ₹189 Cr.
- Export Revenue for the nine months was ₹679 Cr, contributing 59% to the total revenue for the period.
Segment-Wise Performance Highlights
The company detailed strong execution across its core business verticals:
Industrial Gases (IG) Division (59% of quarterly revenue)
The IG segment secured significant international orders, including an order from a leading US-based aerospace customer for two 1,000 cubic meter cryogenic storage tanks, and orders for nearly 20,000 liquid nitrogen containers under the Cryoseal brand. The division also secured orders exceeding 7 lakh disposable cylinders from a major US customer.
LNG Segment (25% of quarterly revenue)
The LNG division secured an order for two 150 cubic meter marine fuel tanks from a European customer and orders for two 500 cubic meter storage tanks for an LNG terminal project in Africa. Furthermore, the company commissioned a fully automated production line for LNG fuel tanks at its Kalol facility.
Cryo Scientific Division (CSD) (13% of quarterly revenue)
CSD received repeat orders from ITER, France, covering complex installation works for cryogenic lines and thermal shields. The company marked key milestones, including cooling down the Magnet Cold Test Bench to 4 Kelvin.
KEG Division (1.4% of quarterly revenue)
The Keg Division achieved a strategic milestone by receiving its first-ever order from Heineken for the supply of kegs to the European market. The company is now approved by global breweries representing over 40% of the global beer market, including AB InBev and Molson Coors.
CEO Commentary on Outlook
Deepak Acharya, Chief Executive Officer, highlighted that the strong results reflect sustained execution and deepening customer engagements globally. He expressed confidence that the company is well-positioned to capitalize on opportunities across clean energy, scientific research, and industrial gas applications. INOXCVA was also recognized with the “Most Impactful ESG Initiative” and “Innovation in Distribution” awards at the Gasworld Global Innovation Awards.
Standalone Financial Summary (Q3 FY26 vs. Q3 FY25)
On a standalone basis, the results mirrored the strong consolidated performance:
| Metric | Q3 FY26 (₹ Lakh) | Q3 FY25 (₹ Lakh) | YoY Change |
| Revenue from Operations | 41,885.54 | 33,201.08 | 26.16% |
| Profit After Tax | 5,910.00 | 5,731.19 | 3.12% |
Accounting Note: New Labour Codes
The company has accounted for the estimated incremental liability due to the implementation of the New Labour Codes. This resulted in an estimated increase in liability for Gratuity and Compensated absences amounting to ₹129.38 lakh and ₹195.00 lakh, respectively, accounted for as Employee Benefits Expense.
Source: BSE
