Future growth expectations in earnings/operating earnings/profits/EPS?

INOX India expects continued growth driven by strong order inflows, especially in LNG, Industrial Gas, and Cryo Scientific segments. Q2 FY26 and H1 FY26 marked the highest ever sales, EBITDA, and PAT margins, indicating an upward earnings trend. Order backlog stood at INR1,485 crores with sustained demand visibility, 63% from exports, 37% domestic. Anticipates 15-20% growth, driven by LNG fuel tanks, LNG fueling stations, and industrial gas projects both domestically and internationally. Margins are expected to improve moderately on a case-by-case basis, especially with LNG and Cryo Scientific

Current/ Expected Orderbook/ Pending Orders?

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 e

Any current/future new fundraising through debt or equity?

The transcript does not mention any current or planned fundraising through debt or equity. As of Q2 FY26, INOX India Limited reported total fund availability of INR 221 crores, which is sufficient to support future capacity expansion, ongoing project execution, and strategic initiatives. There is no indication from the discussion that the company is seeking additional funding via debt or equity in the near term. The management appears confident in achieving growth targets with existing resources and order backlog.

Any current/future capex/capital investment/strategic investment?

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 targ

Future growth expectations in sales/revenue/volumes?

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. Domesti

IN US

Sale is live|00:00:00left today

Inox India LtdQ3 FY25Industrial Products

Inox India Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,918P/E: 52.3Market Cap: ₹13.2K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→INOX India expects continued growth driven by strong order inflows, especially in LNG, Industrial Gas, and Cryo Scientific segments.
→Q2 FY26 and H1 FY26 marked the highest ever sales, EBITDA, and PAT margins, indicating an upward earnings trend.
→Order backlog stood at INR1,485 crores with sustained demand visibility, 63% from exports, 37% domestic.
→Anticipates 15-20% growth, driven by LNG fuel tanks, LNG fueling stations, and industrial gas projects both domestically and internationally.
→Margins are expected to improve moderately on a case-by-case basis, especially with LNG and Cryo Scientific business having better margin profiles.
→The company targets INR1,500-1,600 crores order backlog going forward to achieve FY27 & FY28 growth targets.
→PAT grew 22.9% YoY in Q2 FY26 and 20.9% in H1 FY26, reflecting margin expansion and volume growth, suggesting positive EPS trajectory.
→New product launches, capacity expansions, and increasing global customer base support sustained long-term profitability gains.

3 more insights locked — sign up free to unlock

Fundraise plans

→The transcript does not mention any current or planned fundraising through debt or equity.
→As of Q2 FY26, INOX India Limited reported total fund availability of INR 221 crores, which is sufficient to support future capacity expansion, ongoing project execution, and strategic initiatives.
→There is no indication from the discussion that the company is seeking additional funding via debt or equity in the near term.
→The management appears confident in achieving growth targets with existing resources and order backlog.

Order book

Yes

→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.

Capex plans

Yes

→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.

How does Inox India Ltd rank vs peers in Industrial Products?

Pro feature

1Inox India Ltd

Rev 3Mar 3

See full Industrial Products sector rankings

Want more stocks like Inox India Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio