Inox India Ltd
Inox India Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Targeting growth of around 15% to 20% in Industrial Gas business fueled by new projects and LNG fuel tanks demand. INOX India expects continued growth driven by strong order inflows, especially in LNG, Industrial Gas, and Cryo Scientific segments.
From Inox India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Targeting growth of around 15% to 20% in Industrial Gas business fueled by new projects and LNG fuel tanks demand.
- Expect order backlog to sustain at INR1,500-1,600 crores, enabling achievement of FY27 and FY28 targets.
- LNG segment growth driven by satellite fueling stations, marine fuel tanks, and new LNG terminal projects, excluding small-scale LNG projects.
- Anticipate increase in Cryo Scientific orders by end November, with more projects expected to contribute to growth.
- Beverage keg business targeting at least 100,000 orders in current year with further scaling potential.
- Domestic demand expected to improve with automobile and consumer durable sectors growth, though GST impact on product cost is minimal.
- Execution timelines on large projects range between 12 to 18 months, supporting steady revenue realization.
- New product additions and expansion into new territories expected to contribute to topline growth.
Profitability & Margins
See what Inox India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- INOX India Limited has ample fund availability of INR 221 crores as of Q2 FY26 to support future capacity expansion and ongoing project execution.
- The company is undertaking capacity expansion initiatives to strengthen its position across LNG, industrial gas, Cryo Scientific, and beverage application segments.
- There are ongoing investments in new products and entering new territories to contribute to top-line growth.
- The company is working closely with ISRO, expecting RFQs by December 2025 and potential orders by year-end, indicating strategic investments in the space sector.
- INOX is also targeting the developing semiconductor ecosystem and fusion energy projects, indicating future strategic investments aligned with sector growth.
- Emphasis on maintaining margins and developing new technology products for semiconductor and LNG sectors points towards sustained capital deployment in innovation and capacity enhancement.
Top-ranked in Industrial Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Inox India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of Q2 FY26, INOX India Limited's order backlog stands at INR 1,485 crores, the highest till date.
- Order backlog breakdown: 45% Industrial Gas, 31% LNG, and 23% Cryo Scientific divisions.
- About 60% of the backlog is expected to be executed by H2 FY26, with the balance carried into the next year.
- Standard industrial gas tanks have a lead time of 3-4 months; nonstandard or big project orders can take up to 12 months.
- Monthly order inflow averages about INR 150-160 crores, projecting a stable backlog around INR 1,500-1,600 crores.
- Expecting potential large orders in Cryo Scientific segment by end of November.
- Anticipated new big LNG orders from Southeast Asian projects, valued around INR 200 crores, likely materializing by end of Q3.
- Order backlog supports expected revenue growth of 15-20% in Industrial Gas segment and sustained expansion across divisions.
Inox India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹461 Cr, net profit ₹75 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Inox India Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Inox India Ltd Q2 FY26 results?
Targeting growth of around 15% to 20% in Industrial Gas business fueled by new projects and LNG fuel tanks demand. INOX India expects continued growth driven by strong order inflows, especially in LNG, Industrial Gas, and Cryo Scientific segments.
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?
INOX India Limited has ample fund availability of INR 221 crores as of Q2 FY26 to support future capacity expansion and ongoing project execution.
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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.