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View Promises →INOX India Limited — Q4 FY26
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...
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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.
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Working capital drag from project orders
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Order Book
₹1,514 crore
+42% YoY
Order book provides strong revenue visibility; 60% from exports.
Transport Tanks Sold
300+ units
First time milestone
Annual sales of transport tanks and semi-trailers exceeded 300 for the first time.
Disposable Cylinders Dispatched
2 million units
+33% YoY
Crossed 2 million units dispatched despite challenging US tariff environment.
Beverage Keg Dispatches
61,000 units
+33% YoY
Volume increased 33% YoY; revenue flat due to mix shift to smaller kegs.
What Changed vs Last Quarter
NEW
Kandla facility commissioning in 9-10 months
New facility near Kandla port will enable manufacturing of ultra-large tanks (8-9m diameter, 60m length, 500 tons weight).
NEW
Data center cooling prototype in 6-12 months
Joint development with a European company for liquid nitrogen-based cooling; meaningful development expected in 6-12 months.
NEW
ISRO third launchpad order by end of FY27
RFQ expected in one month; order likely placed by end of this fiscal year.
UPDATED
FY27 revenue growth of 18-20%
Management expects revenue to grow 18-20% in FY27, with quarterly order inflows of ₹450-500 crore.
DROPPED
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.
DROPPED
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.
DROPPED
Disposable cylinder target of 2 million units for FY26
Management expects to cross the internal target of 2 million disposable cylinder units for FY26.
NEW RISK
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.
NEW RISK
Lumpy order execution in LNG segment
LNG business is project-based with lumpy orders; quarterly revenue can vary significantly.
NEW RISK
Geopolitical and tariff headwinds
West Asian conflict and US tariffs pose risks to exports and supply chains, though management believes diversified geographies mitigate impact.
NEW RISK
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
Management expects revenue to grow 18-20% in FY27, with quarterly order inflows of ₹450-500 crore.
Project orders now constitute >60% of order book, leading to higher contract assets and lower operating cash flow conversion.
View Risks →