Inox India Q1FY27 revenue rises 8.3%, order book hits record
Inox India's Q1FY27 results show an 8.3% revenue increase to ₹382 crore and stable PAT of ₹61 crore. A record order inflow of ₹532 crore expanded the order book to ₹1,686 crore, highlighting strong demand in Industrial Gases and Cryo Scientific segments despite marginal EBITDA growth.
*this image is generated using AI for illustrative purposes only.
Inox India Limited reported consolidated revenue of ₹382 crore for the first quarter ended June 30, 2026, marking an 8.3% increase from ₹352 crore in the same period last year. Profit after tax (PAT) remained stable at ₹61 crore, consistent with the previous year’s figure, while EBITDA rose marginally by 1.4% to ₹90 crore. 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.
| Metric | Q1 FY27 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Total Revenue (₹ crore) | 382 | 352 | 8.3% |
| EBITDA (₹ crore) | 90 | 88 | 1.4% |
| PAT (₹ crore) | 61 | 61 | 0% |
| Export Revenue (₹ crore) | 222 | - | - |
| Order Inflow (₹ crore) | 532 | 415 | 28.4% |
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 growth was robust at 8.3%, EBITDA expansion was modest at 1.4%, suggesting that cost structures or mix shifts may have constrained operating leverage despite higher volumes. 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 likely to drive future earnings. 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.
Historical Stock Returns for INOX India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.65% | -4.17% | -1.94% | +74.60% | +64.05% | +104.31% |
How long will it take for the new Savli facility to reach optimal productivity and reverse the current trend of rising employee costs outpacing revenue?
What is the expected revenue recognition timeline for the record ₹1,686 crore order book, particularly given the long lead times in aerospace and LNG infrastructure projects?
To what extent will the strategic partnership with WAYOUT for water micro-factories contribute to revenue diversification within the next two fiscal years?
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