Order Backlog
₹1,457 Cr
+12% QoQ
Order backlog provides strong revenue visibility; 63% from exports.
INOXINDIA
Other
20 Jan 2026
INOX India Limited — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Disposable Cylinder Orders (Q3)
700,000 units
+40% YoY
Record quarterly order from US customer; 9-month volume exceeds entire FY25.
LNG Semi-Trailer Market Share
85%
Flat YoY
Over 250 LNG semi-trailers now operating in India, commanding dominant market share.
Liquid Nitrogen Container Orders (Q3)
20,000 units
+100% YoY
Highest ever quarterly order intake for CryoSil brand; 9-month orders exceed 50,000 units.
Management Guidance
FY27 revenue growth target of 18-20%
Management expects to continue 18-20% revenue growth in FY27, driven by strong order pipeline and capacity expansion.
Management guidance revenueOrder inflow target of ~₹1,700 crore for FY26
Management expects to meet the planned order inflow target of around ₹1,700 crore for FY26.
Management guidance growthKeg order book target of 80,000-100,000 units by Q4 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 guidance growthDisposable cylinder target of 2 million units for FY26
Management expects to cross the internal target of 2 million disposable cylinder units for FY26.
Management guidance growthKey Risks
Lumpy order dependency
Order inflows are dependent on large, lumpy orders which can cause quarterly volatility; management acknowledged that standard orders are ~300-350 crore per quarter.
medium · analyst_questionSlow ramp-up in keg business
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.
medium · data_observationDelays in international LNG bids
Small-scale LNG bids in Indonesia, Philippines, and Andaman are progressing slowly; management noted tenders are still under active consideration without firm timelines.
low · management_commentaryGross margin volatility
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.
low · analyst_questionNotable 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.
Frequently Asked Questions
What was INOX India's revenue in Q3 FY26?
INOX India reported revenue of ₹429 Cr in Q3 FY26, representing a +27% change compared to the same quarter last year.
What guidance did INOX India management give for FY27?
FY27 revenue growth target of 18-20%: Management expects to continue 18-20% revenue growth in FY27, driven by strong order pipeline and capacity expansion. Order inflow target of ~₹1,700 crore for FY26: Management expects to meet the planned order inflow target of around ₹1,700 crore for FY26. Keg order book target of 80,000-100,000 units by Q4 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. Disposable cylinder target of 2 million units for FY26: Management expects to cross the internal target of 2 million disposable cylinder units for FY26.
What are the key risks for INOX India in FY27?
Key risks include Lumpy order dependency — Order inflows are dependent on large, lumpy orders which can cause quarterly volatility; management acknowledged that standard orders are ~300-350 crore per quarter.; Slow ramp-up in keg business — 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.; Delays in international LNG bids — Small-scale LNG bids in Indonesia, Philippines, and Andaman are progressing slowly; management noted tenders are still under active consideration without firm timelines.; Gross margin volatility — 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..
Did INOX India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full INOX India Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.