Order Book
₹1,514 crore
+42% YoY
Order book provides strong revenue visibility; 60% from exports.
INOXINDIA
Other
15 May 2026
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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2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY27 revenue growth of 18-20%
Management expects revenue to grow 18-20% in FY27, with quarterly order inflows of ₹450-500 crore.
Management guidance revenueKandla 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).
Management guidance capexData 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.
Management guidance ai_strategyISRO third launchpad order by end of FY27
RFQ expected in one month; order likely placed by end of this fiscal year.
Management guidance growthKey Risks
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.
medium · analyst_questionLumpy order execution in LNG segment
LNG business is project-based with lumpy orders; quarterly revenue can vary significantly.
medium · management_commentaryGeopolitical and tariff headwinds
West Asian conflict and US tariffs pose risks to exports and supply chains, though management believes diversified geographies mitigate impact.
low · management_commentarySlow adoption of LNG trucks in India
Near-term challenges in LNG truck adoption may delay fuel tank orders, though long-term outlook remains positive.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was INOX India's revenue in Q4 FY26?
INOX India reported revenue of ₹461 Cr in Q4 FY26, representing a +21.2% change compared to the same quarter last year.
What guidance did INOX India management give for FY27?
FY27 revenue growth of 18-20%: Management expects revenue to grow 18-20% in FY27, with quarterly order inflows of ₹450-500 crore. 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). 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. ISRO third launchpad order by end of FY27: RFQ expected in one month; order likely placed by end of this fiscal year.
What are the key risks for INOX India in FY27?
Key risks include 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.; 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..
Did INOX India meet its previous quarter's guidance?
Of 1 tracked promise, management 0 met, 0 close, 1 missed.
Where can I read the full INOX India Q4 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.