INOX India Ltd. announced robust consolidated results for Q3FY26, achieving record high figures for Revenue (₹436 Cr), Adjusted EBITDA (₹102 Cr), and Export Revenue (₹271 Cr). The company is strongly positioned to capitalize on massive growth opportunities in the Hydrogen, LNG, and Cryo Scientific sectors, supported by significant order backlog maintenance and strong engineering capabilities.
Q3FY26 Consolidated Financial Highlights
INOX India Ltd. reported outstanding financial performance in the third quarter of FY26 (Q3FY26), marked by all-time high figures across key metrics when compared year-over-year (YoY) against Q3FY25:
- Revenue: Reached a record ₹436 Cr, marking a 27.4% YoY increase.
- Adjusted EBITDA: Hit an all-time high of ₹102 Cr, up 34.2% YoY.
- Export Revenue: Achieved a record ₹271 Cr, representing 62% of total revenue.
- PAT (Adjusted): Stood at ₹68 Cr, an increase of 32.3% YoY.
For the nine months ended FY26 (9MFY26), Total Income grew 20.0% YoY to ₹1,157 Cr, with Adjusted EBITDA rising 23.0% to ₹281 Cr.
Segment Revenue Analysis
The Industrial Gas (IG) segment remains the core revenue driver, contributing 59% of the Q3FY26 revenue (₹261 Cr), growing from 57% in Q2FY26. The LNG segment accounted for 25% (₹107 Cr), while Cryo Scientific contributed 24% (₹55 Cr) in the 9MFY26 average calculation.
Order Backlog Strength
The consolidated order backlog remained robust at ₹1,457 Cr as of Q3FY26. While slightly lower than Q2FY26 due to high revenue realization during the quarter, the company maintains a strong forward-looking pipeline:
- The Export Order Backlog stood at ₹918 Cr, comprising 63% of the total.
- The Cryo-Scientific segment continues to grow its backlog share, reaching 25% in Q3FY26.
Key Growth Drivers and Future Focus Areas
INOX India highlighted several secular trends fueling its future growth across its core business divisions:
Hydrogen Potential
The case for Cryogenic Hydrogen is strong, driven by Soaring Demand (projected to exceed 6 million tons per annum by 2030), the Decarbonization Push, and significant Policy Tailwinds, including the National Green Hydrogen Mission. INOX emphasizes its established capability in Liquid Hydrogen solutions since 1999.
LNG Market Tailwinds
The transition toward LNG is supported by its cost-competitiveness (Cheaper alternative to diesel) and reduced emissions (25-30% less CO2). The market potential in Small-Scale LNG is projected to grow from $10 billion in 2023 to $16 billion by 2028. The company is actively involved across the entire LNG value chain, from liquefaction plants to fuel stations.
Cryo Scientific & Fusion Energy
INOX is leveraging its expertise in cryogenic infrastructure for advanced scientific projects, including major contributions to ITER, providing critical equipment like 4km of complex jacketed piping. The company also supports the Indian space program (ISRO) with critical launchpad and testing solutions.
Operational Excellence and Market Position
The company underscores its foundation built on Engineering Expertise, Global Quality Standards (multiple international certifications like ASME U & R Stamp, DOT 39, and EN 13458), and a Sizeable Manufacturing Infrastructure across 4 existing facilities in India.
INOXCVA maintains a vision: To be the world’s best integrated cryogenic solutions enterprise with a leadership position across products and markets, supported by resilient revenues derived from multiple geographies, sectors, and products.
Source: BSE
