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Revenue
₹429 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹102 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Inox India delivered a record quarter with total income of ₹436 crore (+27% YoY), the highest ever quarterly sales, driven by strong execution across industrial gas, LNG, and cryoscientific segments. Export revenue hit a record ₹271 crore (+34% YoY), supported by robust demand for cryogenic storage, liquid cylinders, and disposable cylinders. EBITDA margin expanded to 23.4% (+120bps YoY) due to favorable product mix and operating leverage. Order backlog stands at ₹1,457 crore (63% exports), providing strong visibility. Management guided for 18-20% revenue growth in FY27, with potential upside from large orders in aerospace, LNG, and space projects. Key risks include lumpy order dependency and slower ramp-up in the keg business.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to continue 18-20% revenue growth in FY27, driven by strong order pipeline and capacity expansion.
- Management expects to meet the planned order inflow target of around ₹1,700 crore for FY26.
- Management expects to achieve an order book of 80,000 to 100,000 keg units by March 2026, with sales of 60,000-70,000 units in Q4.
- Management expects to cross the internal target of 2 million disposable cylinder units for FY26.
Risks flagged
- Order inflows are dependent on large, lumpy orders which can cause quarterly volatility; management acknowledged that standard orders are ~300-350 crore per quarter.
- Keg plant utilization remains low at 25-30% despite approvals from major brewers; order book of 65,000-70,000 units is well below annual capacity of 300,000 units.
- Small-scale LNG bids in Indonesia, Philippines, and Andaman are progressing slowly; management noted tenders are still under active consideration without firm timelines.
- Gross margins can fluctuate by 2-3% due to product mix and project-specific factors; management indicated this is normal and not a structural concern.
Key quotes
- We are absolutely on track and we can perform perhaps better than this.
- We are very positive about increasing order flow and we wish that you will see substantial good results in Q4 and next year going forward.
- For such a huge requirement there are very few manufacturers in the world who can really handle their requirements. So they have to depend on us at least 50% of their requirement will be ours that much I can tell you.
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