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Revenue
₹461 Cr
verified against source
Revenue YoY
21.2%
reported change
EBITDA
₹380 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
INOX India delivered a strong FY26 with revenue of ₹1,632 crore (+21.2% YoY) and EBITDA margin of 23.8%, driven by record LNG segment sales, a landmark aerospace order worth ₹200 crore from a US private space company, and over 2 million disposable cylinders dispatched despite US tariff headwinds. The order book stands at ₹1,514 crore (60% export), providing high visibility. Management guided for 18-20% revenue growth in FY27, with quarterly order inflows of ₹450-500 crore. Key growth drivers include marine LNG (Cochin Shipyard order), beverage keg approvals from global brewers, and a new Kandla facility for ultra-large tanks. Risks include working capital drag from rising project orders (60% of mix) and lumpy order execution.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 18-20% in FY27, with quarterly order inflows of ₹450-500 crore.
- New facility near Kandla port will enable manufacturing of ultra-large tanks (8-9m diameter, 60m length, 500 tons weight).
- Joint development with a European company for liquid nitrogen-based cooling; meaningful development expected in 6-12 months.
- RFQ expected in one month; order likely placed by end of this fiscal year.
Risks flagged
- Project orders now constitute >60% of order book, leading to higher contract assets and lower operating cash flow conversion.
- LNG business is project-based with lumpy orders; quarterly revenue can vary significantly.
- West Asian conflict and US tariffs pose risks to exports and supply chains, though management believes diversified geographies mitigate impact.
- Near-term challenges in LNG truck adoption may delay fuel tank orders, though long-term outlook remains positive.
Key quotes
- We have backlog of around 1,514 cr out of which the order from the aerospace company is around 200 crores and going forward in Q1 or maybe Q2 we are expecting few more orders of similar nature and similar value very soon.
- Our project orders are now increasing a lot and we have the order book of more than 1,000 crores in projects... that is why little bit contract assets is increasing and it will remain like this only because project orders are increasing now.
- We have signed an MOU with European company to jointly develop liquid nitrogen based cooling solution for the data center. This is currently an early stage R&D lead initiative and we expect meaningful development over the next 6 to 12 months.
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