Any current/future new fundraising through debt or equity?

As of December 2024, INOX India Limited has a comfortable net free cash balance of INR 293 crores. This cash position provides adequate room to raise debt in the future if needed. During the call, the management did not mention any specific plans for immediate new fundraising through debt or equity. They indicated flexibility and readiness to expand capacity and respond to orders quickly, implying potential future capital requirements. Currently, no explicit announcements regarding upcoming fundraising through debt or equity were made.

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

INOX India invested around INR 80 to 100 crores in Capex last year and plans a similar investment in the current year. The company is prepared with sufficient infrastructure and capacity for the next 2 years, with readiness for expansion if large orders come. Infrastructure improvements include the fully ready Savli plant for beverage kegs and the upcoming commissioning of the Cryoshop plant by end of March. Further Capex will be undertaken quickly to respond to higher order volumes when needed. Capacity expansion and infrastructure build-out ongoing to support planned growth; expected to comp

Future growth expectations in sales/revenue/volumes?

The company targets an 18%-20% year-on-year revenue growth, with a 20% increase expected for FY '26. Order book stands strong at around INR 1,340 crores with more orders expected, supporting smooth revenue growth next year. Q4 is expected to outperform Q3 historically, with planned revenues of over INR 400 crores to achieve annual targets. LNG segment is seen as a major growth driver, with several large orders and projects underway globally. Beverage kegs segment targets scaling up to 300,000 kegs within 1-2 years, though scale-up has been slower initially due to approval processes.

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

INOX India anticipates revenue growth of 18% to 20% year-on-year for FY '26 and beyond, sustaining this as a medium-term guidance. EBITDA margins are expected to remain stable in the range of 21% to 25%, with potential slight improvement driven by large mega-projects. The order book is strong with INR 1,340 crore for the next year, and additional orders under negotiation, supporting robust execution. LNG segment and cryogenic business are key growth drivers, with significant global demand and strategic projects underway, including the Bahamas LNG order. Long-term growth supported by expansion

Current/ Expected Orderbook/ Pending Orders?

Current order backlog as of December 31, 2024: INR 1,341 crores. Order composition: 45% Industrial Gas, 36% LNG, 19% Cryo-Scientific division. Exports form 63% of total order backlog. Around 125 LNG trailers backlog currently at production, capacity being increased. Pending stations: 8 to 10 fueling stations awaiting resolution of land acquisition/customer issues, expected by end of March. Additional 15 to 20 fueling station tenders expected soon from GAIL and BPCL; private companies also interested, with 50 to 75 new stations anticipated next year. Large ongoing orders include maj

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Inox India LtdQ4 FY26Industrial Products

Inox India Ltd Q4 FY26 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

→The company targets an 18%-20% year-on-year revenue growth, with a 20% increase expected for FY '26.
→Order book stands strong at around INR 1,340 crores with more orders expected, supporting smooth revenue growth next year.
→Q4 is expected to outperform Q3 historically, with planned revenues of over INR 400 crores to achieve annual targets.
→LNG segment is seen as a major growth driver, with several large orders and projects underway globally.
→Beverage kegs segment targets scaling up to 300,000 kegs within 1-2 years, though scale-up has been slower initially due to approval processes.
→Emerging areas like liquid air storage, small-scale LNG terminals, semiconductor-related tanks, and steel plant expansions indicate robust future opportunities.
→The company has invested in infrastructure capacity expansions, ready to support increased business for the next 2 years without immediate Capex increments.
→Recurring business and service components are being explored to smoothen lumpiness in order inflows.

Margin guidance

Category 3

→INOX India anticipates revenue growth of 18% to 20% year-on-year for FY '26 and beyond, sustaining this as a medium-term guidance.
→EBITDA margins are expected to remain stable in the range of 21% to 25%, with potential slight improvement driven by large mega-projects.
→The order book is strong with INR 1,340 crore for the next year, and additional orders under negotiation, supporting robust execution.
→LNG segment and cryogenic business are key growth drivers, with significant global demand and strategic projects underway, including the Bahamas LNG order.
→Long-term growth supported by expansion in steel plants, semiconductor industry, and green energy projects (e.g., liquid air storage).
→Management confident of doubling EBITDA in 3 to 4 years, targeting INR 500-600 crore EBITDA, though maintaining realistic EBITDA multiple due to international competition.
→Q4 typically sees the highest revenues and profits, supporting the annual targets.
→Overall EPS is expected to grow on the back of steady revenue and margin expansion.

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Fundraise plans

→As of December 2024, INOX India Limited has a comfortable net free cash balance of INR 293 crores.
→This cash position provides adequate room to raise debt in the future if needed.
→During the call, the management did not mention any specific plans for immediate new fundraising through debt or equity.
→They indicated flexibility and readiness to expand capacity and respond to orders quickly, implying potential future capital requirements.
→Currently, no explicit announcements regarding upcoming fundraising through debt or equity were made.

Order book

Yes

→Current order backlog as of December 31, 2024: INR 1,341 crores.
→Order composition: 45% Industrial Gas, 36% LNG, 19% Cryo-Scientific division.
→Exports form 63% of total order backlog.
→Around 125 LNG trailers backlog currently at production, capacity being increased.
→Pending stations: 8 to 10 fueling stations awaiting resolution of land acquisition/customer issues, expected by end of March.
→Additional 15 to 20 fueling station tenders expected soon from GAIL and BPCL; private companies also interested, with 50 to 75 new stations anticipated next year.
→Large ongoing orders include major LNG projects like The Bahamas (15,000 metric storage facility) and Highview Power in the UK.
→Pipeline orders for FY '26 expected to be substantially good; next year revenue target at least 20% higher than current year-end.

Capex plans

Yes

→INOX India invested around INR 80 to 100 crores in Capex last year and plans a similar investment in the current year.
→The company is prepared with sufficient infrastructure and capacity for the next 2 years, with readiness for expansion if large orders come.
→Infrastructure improvements include the fully ready Savli plant for beverage kegs and the upcoming commissioning of the Cryoshop plant by end of March.
→Further Capex will be undertaken quickly to respond to higher order volumes when needed.
→Capacity expansion and infrastructure build-out ongoing to support planned growth; expected to complete by end of March.
→The company is also investing in certifications and approvals as strategic enablers, e.g., FSSC 22000 and IATF certifications.
→No specific large future Capex quantified, but flexibility to scale up quickly based on new big orders.

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

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1Inox India Ltd

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