Inox India Limited reported consolidated revenue of ₹370 crore for the first quarter ended June 30, 2026, marking a year-on-year increase from ₹340 crore in the same period last year. However, profit after tax (PAT) declined to ₹58.10 crore from ₹61.10 crore YoY, while EBITDA edged lower to ₹75.90 crore from ₹76.10 crore. EBITDA margin contracted to 20.46% from 22.42% in the year-ago period, reflecting cost pressures even as top-line growth remained positive. More significantly, the company recorded its highest-ever quarterly order inflow of ₹532 crore, expanding its total order book to a record ₹1,686 crore, providing substantial revenue visibility for subsequent quarters. The strong order inflow was primarily driven by the Industrial Gases division, which saw a 116.4% year-on-year surge in orders, offsetting declines in other segments.

The Board of Directors approved the unaudited financial results on August 3, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory Auditors SRBC & COLLP issued a limited review report on the standalone and consolidated financial statements under Standard on Review Engagements (SRE) 2410. The financials include results from wholly owned subsidiaries INOXCVA Comercio E Industria De Equipmentos Criogenicos Ltda. and INOXCVA Europe B.V., alongside the holding company. Management noted that total expenses increased to 76.5% of revenue from 74.9% in Q1FY26, largely due to lower sales volumes in certain segments and higher employee costs from new facility ramp-ups at Savli.

Segment Performance and Order Wins

The Industrial Gases division contributed 53% of total revenue, bolstered by a major order from the space exploration industry for large cryogenic storage tanks and six additional units from the same customer. This segment accounted for ₹385 crore of the ₹532 crore total order inflow, representing 72% of new bookings. The LNG Division accounted for 22% of revenue, benefiting from improved economic viability of LNG as a transportation fuel due to declining global prices. The company secured multiple orders for LNG fuelling stations and commenced installation activities for a mini-LNG terminal project in The Bahamas. However, LNG order inflow declined slightly by 1.7% YoY to ₹83 crore.

The Cryo Scientific Division contributed 20% of revenue, highlighted by a prestigious order from CERN for specialized cryogenic modules for particle physics research and a repeat order from ITER in France. In the stainless-steel keg segment, the company expanded its approved customer base to include Heineken, AB InBev, and Molson Coors, representing over 40% of global beer market volumes. Additionally, the company entered the semiconductor infrastructure space by securing initial orders for transportation tanks for semiconductor manufacturing facilities in Dholera.

The following table summarizes the key financial and operational metrics for the quarter:

Strategic Developments and Certifications

Inox India entered into a strategic partnership with WAYOUT, Sweden, to manufacture modular water micro-factories in India, extending its capabilities into sustainable industrial solutions. The company also received AS9100D aerospace quality certification, enabling it to manufacture components for onboard flight applications. Additionally, a partnership with ITM SLS Baroda University was established to create a skill development center focused on semiconductor pipeline fabrication and orbital welding, supporting India's Semiconductor Mission. The company maintains a net debt-free balance sheet with approximately ₹331 crore in free cash, supported by strong working capital management and advance realizations from customers.

What the Numbers Show

While top-line revenue growth remained positive on a year-on-year basis, the contraction in EBITDA margin to 20.46% from 22.42% and the decline in PAT to ₹58.10 crore from ₹61.10 crore indicate that cost pressures weighed on profitability during the quarter. The increase in employee costs by 23.0% YoY, outpacing revenue growth, reflects investments in new manufacturing facilities at Savli which are currently undergoing productivity stabilization. However, the surge in order inflow to ₹532 crore—significantly outpacing current quarterly revenue—indicates a strong pipeline effect. With export orders exceeding ₹1,140 crore, the company is well-positioned to capitalize on global demand in aerospace, LNG infrastructure, and scientific cryogenics, reducing dependency on domestic cyclicality.

Inox India Limited will host a conference call on Tuesday, August 4, 2026, at 11:00 am IST to discuss its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026 (Q1FY27). The session offers investors a direct channel to engage with senior management regarding the company’s operational and financial performance for the period. This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with notifications submitted to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd (NSE) on July 28, 2026. Jaymeen Patel, Company Secretary & Compliance Officer, signed the intimation.

Conference Call Details

The event is coordinated by ICICI Securities and will be led by key executives from Inox India Limited. The following management representatives are scheduled to participate:

Access Information

Investors can join the conference call using the provided contact details. A Diamond Pass registration link is also available for attendees.

For further clarifications, participants may contact the call coordinators at ICICI Securities:

• Jaideep Goswami, Head of Equities
• Mohit Kumar
• Nidhi Shah
• Rushad Kapadia
• Seema Sehgal
• Minali Ginwala