Working capital drag from project orders
Project orders now constitute >60% of order book, leading to higher contract assets and lower operating cash flow conversion.
INOXINDIA / Q4-FY26 / risks
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INOX India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Lumpy order execution in LNG segment
LNG business is project-based with lumpy orders; quarterly revenue can vary significantly.
Geopolitical and tariff headwinds
West Asian conflict and US tariffs pose risks to exports and supply chains, though management believes diversified geographies mitigate impact.
Slow adoption of LNG trucks in India
Near-term challenges in LNG truck adoption may delay fuel tank orders, though long-term outlook remains positive.