Inox India Ltd

Q1 FY26Industrial Products

Inox India Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,930

Market cap₹17.6K Cr

P/E68.4

Updated23 Aug 2026

Read4 min read

The short version

Industrial Gas (IG) segment expected growth: steady 15%-17%, aided by addition of new products contributing an extra 5-6%. The company expects revenue growth of around 18% to 20% for FY '26.

From Inox India Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

- Industrial Gas (IG) segment expected growth: steady 15%-17%, aided by addition of new products contributing an extra 5-6%. - Overall company revenue growth target for FY '26: 18%-20%. - LNG segment projected growth: more than 20% in coming years, driven by OEM demand, marine equipment, small-scale LNG terminals. - Keg business to see substantial order inflow post global approvals; FY '26 revenue contribution expected around 5%-10%. - Cryo Scientific division growth supported by ongoing ITER project orders; potential for continued orders. - Mini-LNG terminals and fueling stations expected to pick up from early next year with government and private sector projects. - Capacity expansion underway to meet increasing demand in LNG fuel tanks (targeting 5,000-6,000 tanks per year, scaling to 30,000-40,000 in 3-5 years). - Export orders contribute ~63% of backlog, indicating strong global demand. Overall, INOX India is poised for robust multi-segment growth driven by new product launches, market approvals, and capacity expansions.

Profitability & Margins

The company expects revenue growth of around 18% to 20% for FY '26.
EBITDA growth is anticipated to be higher than revenue growth, with a 19% increase reported in Q1 FY '26.
Industrial Gas sector is expected to grow steadily at around 15% to 17%, supported by new product additions.
LNG segment projected growth exceeds 20% over the next 3-4 years due to rising demand from OEMs, marine equipment, and LNG terminals.
Cryo Scientific Division may see one-off large orders like the INR145 crore ITER order, with potential for more orders in upcoming quarters.
Beer keg segment is in early ramp-up with global approvals secured, expected to multiply revenue 3-4 times over the next 3-4 years.
The company is optimistic about margin expansion but maintaining fixed margins due to competitive market conditions.
Capex of around INR80 crores targeted for capacity expansions, supporting future growth.

See what Inox India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Current year's targeted capex is around INR 80 crores.
Capex focus includes expansion of the Kandla facility for manufacturing large vessels (1,500 cubic meter capacity).
Capex also allocated for existing plants at Kalol and Savli to enhance capacity.
For LNG fuel tank capacity expansion:
- Serial production line at Kalol plant is being augmented to produce 500-600 tanks/month (up to 5,000-6,000 tanks/year).
- Planning an additional large facility to meet anticipated future demand of 30,000-40,000 fuel tanks in 3-5 years.
- An expansion costing INR 5-6 crores at Kalol for LNG fuel tanks is underway.
Savli plant investments continue with the aim to increase production from INR 200 crores last year to INR 300-350 crores this year.
Overall, potential future strategic investment for a very large LNG fuel tank manufacturing facility is under consideration.

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Fundraising & Capital Structure

INOX India Limited has not explicitly mentioned any current or upcoming fundraising through debt or equity in the provided transcript.
The company reported a total fund availability of INR 275 crores as of Q1 FY '26, which they consider adequate to fund future growth and expansion.
Capex plans for the current year are around INR 80 crores, aimed at facility expansions at Kandla, Kalol, and Savli plants, indicating the company is funding expansion through internal accruals or existing funds.
There is no direct mention of any planned issuance of new debt or equity in the discussion or Q&A.
Overall, based on the disclosed information, no immediate fundraising through debt or equity is indicated; the company appears to be relying on internal funds for growth and capex.

See what Inox India Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Order backlog as on June 30, 2025: INR 1,457 crores
- 45% from Industrial Gas segment
- 32% from LNG segment
- 23% from Cryo Scientific Division
Export portion of total order backlog: ~63%
Total order inflow during Q1 FY '26: INR 415 crores
- 44% from Industrial Gas
- 20% from LNG
- 35% from Cryo Scientific segment
Expectation of better execution and ramp-up in order flows in the coming quarters, particularly from Highview Power projects starting early next year
LNG mini-terminals and small-scale LNG terminals have a promising pipeline, with discussions ongoing and expected orders by early next year
Continued order flow from ITER projects and other global customers expected over next quarters
Beer keg segment expected to scale up following global approvals with incremental orders anticipated in next 1-2 years

Inox India Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹461 Cr, net profit ₹75 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Inox India's management said in earlier quarters

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Frequently Asked Questions

What were Inox India Ltd Q1 FY26 results?

Industrial Gas (IG) segment expected growth: steady 15%-17%, aided by addition of new products contributing an extra 5-6%. The company expects revenue growth of around 18% to 20% for FY '26.

What is Inox India Ltd share price analysis?

Inox India Ltd currently shows a neutral. The stock trades at a P/E of 68.4 with a market cap of ₹17,585 Cr. Investors should review the full earnings analysis for detailed insights.

Is Inox India Ltd planning capital expenditure?

Current year's targeted capex is around INR 80 crores.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.