Any current/future new fundraising through debt or equity?

As of March 31, 2025, INOX India Limited has zero total debt and a cash surplus of INR 261 crores. The company currently has adequate room to raise debt in the future if needed. There was no specific mention of any ongoing or planned new fundraising through debt or equity during the earnings call. Management appears focused on organic growth and achieving revenue and margin targets without indicating immediate capital raising plans.

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

The capex for the current financial year FY '26 is planned to be around INR 80 crores (Page 20). The Savli plant has been successfully commissioned and is operating at high capacity, including new lines for IMO tanks which will help take bigger orders (Pages 20-21). Focus on manufacturing different piping pieces and products for growing sectors like semiconductor industry (Page 14). Engaged in strategic efforts for adjacencies such as heat exchangers, vaults, and toolboxes, with expected good orders by Q1 or Q2 of FY '26 (Page 21). Aggressive bidding planned for major upcoming projects

Future growth expectations in sales/revenue/volumes?

INOX India expects overall revenue growth of around 18% to 20% for FY '26. Industrial Gas (IG) sector projected to grow 16% to 18%. LNG and Cryo Scientific Divisions (CSD) anticipated to grow over 20%. Stainless steel keg division expected to become a meaningful contributor to top line. Order momentum is strong with a backlog of INR1,356 crores and quarterly inflow around INR350-400 crores. Growth driven by increasing demand in helium, hydrogen, semiconductor, ammonia applications, and air separation plants. LNG market is expanding with ongoing addition of fueling stations and rising OEM requi

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

INOX India targets revenue growth of around 18% to 20% for FY '26, maintaining strong EBITDA margins of 22%-24% and PAT margin of 15%-18%. Industrial Gas (IG) segment expected to grow 16%-18%, with growth driven by semiconductor, steel, hydrogen, helium, ammonia, and air separation plant equipment. LNG and Cryo Scientific Division (CSD) anticipated to grow over 20%, bolstered by large projects and increased LNG fueling stations. Expansion in steel industry and semiconductor manufacturing investments are strong growth drivers. Company confident of meeting FY '28 revenue targets based on

Current/ Expected Orderbook/ Pending Orders?

Current order backlog: Approximately INR 1,356 crores. Average quarterly order intake: Around INR 350 to 400 crores. Order pipeline for FY '26 and '27 is robust, with momentum maintained in project orders. Large upcoming orders expected in Q1 or Q2 FY '26, including a significant scientific project, though smaller than ITER but still substantial. Ongoing orders include LNG fueling stations (7-8 under execution) and a big order from Petronet pending dispatch due to land issues. Multiple bids for LNG terminal projects in the Philippines, Indonesia, Andaman, and progress on the Bahamas project (~

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Inox India LtdQ1 FY25Industrial Products

Inox India Ltd Q1 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

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→INOX India expects overall revenue growth of around 18% to 20% for FY '26.
→Industrial Gas (IG) sector projected to grow 16% to 18%.
→LNG and Cryo Scientific Divisions (CSD) anticipated to grow over 20%.
→Stainless steel keg division expected to become a meaningful contributor to top line.
→Order momentum is strong with a backlog of INR1,356 crores and quarterly inflow around INR350-400 crores.
→Growth driven by increasing demand in helium, hydrogen, semiconductor, ammonia applications, and air separation plants.
→LNG market is expanding with ongoing addition of fueling stations and rising OEM requirements.
→New large orders expected from the scientific community and expanded LNG and IMO tank production capacity will further boost volumes.
→The company aims to capitalize on the expanding steel industry, semiconductor sector, and clean energy initiatives (hydrogen storage).

Margin guidance

Category 3

→INOX India targets revenue growth of around 18% to 20% for FY '26, maintaining strong EBITDA margins of 22%-24% and PAT margin of 15%-18%.
→Industrial Gas (IG) segment expected to grow 16%-18%, with growth driven by semiconductor, steel, hydrogen, helium, ammonia, and air separation plant equipment.
→LNG and Cryo Scientific Division (CSD) anticipated to grow over 20%, bolstered by large projects and increased LNG fueling stations.
→Expansion in steel industry and semiconductor manufacturing investments are strong growth drivers.
→Company confident of meeting FY '28 revenue targets based on a healthy order pipeline (~INR1,356 crores backlog) with INR350-400 crores quarterly order inflows.
→New product segments like stainless steel beer kegs expected to become meaningful contributors.
→Management optimistic about winning significant new scientific projects and capitalizing on clean energy trends.

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Fundraise plans

→As of March 31, 2025, INOX India Limited has zero total debt and a cash surplus of INR 261 crores.
→The company currently has adequate room to raise debt in the future if needed.
→There was no specific mention of any ongoing or planned new fundraising through debt or equity during the earnings call.
→Management appears focused on organic growth and achieving revenue and margin targets without indicating immediate capital raising plans.

Order book

Yes

→Current order backlog: Approximately INR 1,356 crores.
→Average quarterly order intake: Around INR 350 to 400 crores.
→Order pipeline for FY '26 and '27 is robust, with momentum maintained in project orders.
→Large upcoming orders expected in Q1 or Q2 FY '26, including a significant scientific project, though smaller than ITER but still substantial.
→Ongoing orders include LNG fueling stations (7-8 under execution) and a big order from Petronet pending dispatch due to land issues.
→Multiple bids for LNG terminal projects in the Philippines, Indonesia, Andaman, and progress on the Bahamas project (~50-60% engineering completed).
→Growth driven by expanding sectors like semiconductor, steel, healthcare, ammonia, hydrogen, and helium industries.

Capex plans

Yes

→The capex for the current financial year FY '26 is planned to be around INR 80 crores (Page 20).
→The Savli plant has been successfully commissioned and is operating at high capacity, including new lines for IMO tanks which will help take bigger orders (Pages 20-21).
→Focus on manufacturing different piping pieces and products for growing sectors like semiconductor industry (Page 14).
→Engaged in strategic efforts for adjacencies such as heat exchangers, vaults, and toolboxes, with expected good orders by Q1 or Q2 of FY '26 (Page 21).
→Aggressive bidding planned for major upcoming projects like the Indian Government's third space launch pad and large science projects globally (Pages 19-20).
→Intent to expand production capacity to produce IMO tanks in higher volumes (hundreds annually) leveraging the new facility (Page 21).

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

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