INOX India hosted its Q3 & 9M FY’26 Earnings Call on February 13, 2026, reporting robust execution momentum, with total income reaching INR 436 crores in Q3 (27% Y-o-Y growth) and INR 1,157 crores for 9M FY’26 (20% Y-o-Y growth). The order backlog stands strong at INR 1,457 crores, underpinned by significant wins across Industrial Gas Solutions and LNG segments, signaling high revenue visibility.
Q3 FY’26 Financial Highlights
Management reported sustained execution momentum across all key segments. For the third quarter ending December 31, 2025:
- Total Income: Stood at INR 436 crores, marking a 27% Y-o-Y growth and the highest-ever quarterly sales.
- Export Revenue: Quarter saw the highest-ever quarterly export revenue of INR 271 crores.
- Adjusted EBITDA: Increased by 34% Y-o-Y to INR 102 crores, reflecting improved operational efficiency.
- Adjusted Profit After Tax (PAT): Grew 32% Y-o-Y to INR 68 crores.
For the first 9 months of FY ’26:
- Total Income: Reached INR 1,157 crores, growing 20% Y-o-Y.
- Adjusted EBITDA: Stood at INR 281 crores (23% Y-o-Y growth).
- Adjusted PAT: Registered a growth of 23.7% Y-o-Y at INR 189 crores.
As of the reporting date, the total order backlog was robust at INR 1,457 crores, with 63% from exports and 37% domestic. Total fund availability was INR 160 crores.
Segmental Performance Deep Dive
Industrial Gas Solutions
This segment delivered an outstanding performance, driven by record order wins:
- Cryogenic Storage: Received an order from a leading U.S.-based aerospace company for 2 cryogenic storage tanks (1,000 cubic meters each).
- Cryoseal Containers: Achieved the highest-ever quarterly order intake close to 20,000 units in Q3. Orders for the first 9 months exceeded 50,000 units.
- Liquid Cylinders: Secured orders for over 1,700 units in Q3, accumulating over 2,300 units in 9 months.
- Disposable Cylinders: Secured a high-value order exceeding 7 lakh disposable cylinders from a U.S. customer despite tariffs.
LNG Solutions
The LNG segment continued its strong trajectory, supported by rising adoption:
- Marine Fuel: Received an order for 2 LNG marine fuel tanks (150 cubic meters each) from a European customer.
- LNG Storage: Secured orders for 2 LNG storage tanks (500 cubic meters each) for terminal projects in Africa.
- Domestic Market: Crossed a milestone of over 250 LNG semi-trailers operating on Indian roads, holding an 85% market share. Introduced a 48 cubic meter LNG semi-trailer with DOT approval in the U.S.
- Manufacturing: Commissioned a fully automated serial production line for LNG fuel tanks at the Kalol plant.
The group company, INOX Air Products, flagged off its first PESO-approved LNG-powered cryogenic tanker.
Cryo-Scientific and Beverage Kegs
- Cryo-Scientific Division: Continued receiving repeat orders from ITER, France, including work on cryo lines and shimming plates. The team successfully cooled the Magnet Cold Test Bench to 4 kelvin.
- Beverage Kegs: Received its first-ever order from Heineken for the European market. The company is now approved by global breweries representing over 40% of the global beer market (including Heineken, AB InBev, and Molson Coors).
Outlook and Operational Details
Management stated they are planning for capacity augmentation initiatives, expecting a continued global growth momentum.
- FY’27 Guidance: Management tentatively targets 18% to 20% growth for FY ’27.
- Order Execution: Execution timelines vary: standard tanks take 3 to 4 months, complex projects up to 8 months, and very large projects like the Bahamas deal may take 1 year to 18 months.
- Margin Commentary: Gross margin fluctuation of plus/minus 3% is considered normal. Export margins are typically 2% to 3% higher than domestic sales.
- Capacity Utilization: Kalol/Kandla facilities are 85-90% utilized, Silvassa at 90%. The Savli Cryo plant is at 70%, while the Savli keg plant utilization is low at 25% to 30%.
New Opportunities Discussed
Management confirmed active engagement in several high-potential areas:
- Space Sector: Actively bidding for ISRO projects, including the lunar project (RFQ expected before March), engine test facilities, and propellant tank manufacturing. The company supplied ground equipment for ISRO’s second launch pad.
- Data Center Cooling: In discussions with a German IT firm to develop a small prototype cooling system, expecting developments within 6 to 8 months, anticipating substantial margins.
- Aerospace Client Revenue Growth: Responding to investor estimates, management indicated they are ready for revenue from the top U.S. aerospace client to scale up by 2x, 3x, or even 5x, as few global manufacturers can handle the required high-quality, time-constrained deliveries.
Source: BSE
