Lata Rungta confirms no share encumbrance in INOX India for FY26

1 min read     Updated on 20 May 2026, 07:47 AM
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Lata Rungta, a member of the Promoter Group of INOX India Limited, declared no encumbrance of shares during FY26 under SEBI regulations. The disclosure includes three entities acting in concert.

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Lata Rungta, a member of the Promoter Group of inox india , has confirmed that she and persons acting in concert have not created any encumbrance on the shares of the company during the financial year ended March 31, 2026. This declaration was submitted to BSE Limited and the National Stock Exchange of India Ltd in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The disclosure confirms that neither Rungta nor the associated parties have directly or indirectly encumbered any shares throughout the specified financial year. The confirmation is a mandatory requirement under the takeover regulations to ensure transparency regarding the holding status of promoter group members.

Persons Acting in Concert

The declaration includes an annexure listing the entities identified as persons acting in concert with Lata Rungta. These entities are categorized under the Promoter Group of INOX India Limited.

Sr. No. Name of the Persons Acting in Concert (PAC) Category (Promoter / Promoter Group)
1 Refron Valves Private Limited Promoter Group
2 Curry Me Up Private Limited Promoter Group
3 Sinnar Steels Private Limited Promoter Group

The submission was addressed to the Audit Committee of INOX India Limited and the respective stock exchanges for their records. The declaration covers the financial period ending March 31, 2026.

Historical Stock Returns for INOX India

1 Day5 Days1 Month6 Months1 Year5 Years
+2.12%+3.39%-2.18%+25.90%+25.57%+55.24%

How might INOX India's promoter group shareholding pattern evolve in FY2027, and are there any indications of potential stake changes by entities like Refron Valves or Sinnar Steels?

Could the clean encumbrance record of INOX India's promoter group strengthen investor confidence and potentially influence the stock's valuation multiples going forward?

Are there any upcoming regulatory changes to SEBI's Takeover Regulations that could alter disclosure requirements for promoter groups like that of INOX India?

INOX India FY26 PAT Rises 19.3% to ₹261 Cr

4 min read     Updated on 20 May 2026, 05:03 AM
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Ashish TScanX News Team
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INOX India reported its highest-ever annual revenue of ₹1,632 Cr in FY26, a 21.2% YoY increase, driven by strong performance across Industrial Gases, LNG, and Cryo-Scientific divisions. Q4 FY26 revenue stood at ₹475 Cr, up 24.2% YoY. The company recommended a final dividend of ₹2 per share and secured a total order backlog of ₹1,514 Cr. Management provided an optimistic outlook for FY27, targeting 18-20% revenue growth and quarterly order bookings of ₹450-500 Cr, while announcing the acquisition of land for a new facility in Kandla.

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INOX India Limited has announced its audited financial results for the quarter and year ended March 31, 2026. The company delivered its highest-ever annual revenue of ₹1,632 Cr in FY26, registering a robust 21.2% year-on-year growth, while Q4 FY26 revenue came in at ₹475 Cr, up 24.2% YoY. The Board has recommended a final dividend of ₹2 per equity share (face value ₹2 each) for FY26, subject to shareholder approval. During the Q4 FY26 earnings conference call, management provided detailed insights into segment performance and future guidance.

Consolidated Financial Highlights

The following table presents the key consolidated financial metrics for Q4 FY26 and the full year FY26:

Particulars: Q4 FY26 Q4 FY25 YoY Change FY26 FY25 YoY Change
Total Revenue (₹ Cr): 475 383 +24.2% 1,632 1,347* +21.2%
Adj. EBITDA (₹ Cr): 108 95 +13.4% 388 323* +20.2%
Adj. PAT (₹ Cr): 72 66 +9.0% 261 219* +19.3%

*Previous year figures are regrouped.

For the quarter, exports accounted for 61% of revenue with export sales at ₹291 Cr. The company secured order inflows totaling ₹504 Cr, taking total order backlog to ₹1,514 Cr. INOX India has acquired land at Kandla for developing a new facility, which will be its 5th manufacturing location.

Segment Performance

The Industrial Gases Division contributed 50% to overall revenue in Q4 FY26, supported by healthy export demand, strong order inflows, and growth across transport tanks, liquid cylinders, and Cryoseal products. During Q4 FY26, the company secured a significant aerospace-related order from a leading US-based private space company for large cryogenic storage tanks. Transport equipment achieved a major milestone in FY26, with annual sales of transport tanks and semi-trailers crossing 300 units for the first time. In disposable cylinders, the company crossed 2 million units dispatched during FY26.

The LNG Division contributed 32% to overall revenue in Q4 FY26 and recorded its highest-ever revenue during FY26. The company received a landmark LNG marine fuel tank order from Cochin Shipyard for LNG-powered vessels, comprising six LNG fuel tanks of 800 cubic meters each. It also received an LCNG station order from Gujarat Gas and dispatched the first batch of 5x1,500 cubic meter tanks for the Bahamas Mini LNG Terminal project. INOX India maintained leadership in the LNG semi-trailer segment, with more than 250 LNG semi-trailers currently operating on Indian roads.

The Cryo-Scientific Division contributed 12% to overall revenue in Q4 FY26. The company received a repeat order from ITER, France, for cryostat panel modification work and completed manufacturing of a Liquid Oxygen tank for submarine-related applications. The Beverage Keg Division contributed 6% to total revenue in Q4 FY26, recording a 31% increase in quantity of kegs sold in FY26 over the previous year. INOX India supplied beverage kegs to Heineken breweries in Bulgaria, Croatia, and Reunion Island, secured its first order from Molson Coors in the United States, and received repeat orders from Germany.

Order Book and Market Data

The following table summarizes key order book parameters and market data:

Parameter: Details
Q4 FY26 Order Inflow: ₹504 Cr
Total Order Backlog: ₹1,514 Cr
Domestic Order Backlog: 63%
Export Order Backlog: 37%
Avg. Order per Quarter (FY26): ₹421 Cr
Avg. Order per Quarter (FY25): ₹383 Cr
Avg. Order Growth: 9.90%
New Facility: Land acquired at Kandla (5th manufacturing location)
Final Dividend Recommended: ₹2 per equity share (face value ₹2 each) for FY26

Management Guidance

During the Q4 FY26 earnings conference call, management shared key guidance across financial performance and operational milestones. The following table summarizes the key guidance parameters:

Guidance Parameter: Details
FY26 EBITDA Margin: 23.80% — in line with or better than previous guidance
FY27 Revenue Growth Target: 18% to 20%
FY27 Quarterly Order Booking Target: INR450 crores to INR500 crores
FY27 Order Book Execution (from current backlog): ~INR1,200 crores of INR1,514 crores
Cryo-Scientific Division (Annual ITER Orders): At least INR50 crores to INR60 crores for next five years
Kandla Facility Commissioning Timeline: Nine to ten months

Management indicated that FY26 EBITDA margins of 23.80% were in line with or better than previous guidance. For FY27, the company targets 18% to 20% revenue growth, with quarterly order bookings expected to grow to INR450 crores to INR500 crores. Approximately INR1,200 crores of the current INR1,514 crores order book is expected to be executed in FY27. The Cryo-Scientific Division expects to secure at least INR50 crores to INR60 crores in orders annually from ITER over the next five years, while the new Kandla facility is expected to be commissioned within nine to ten months.

Historical Stock Returns for INOX India

1 Day5 Days1 Month6 Months1 Year5 Years
+2.12%+3.39%-2.18%+25.90%+25.57%+55.24%

How might INOX India's new Kandla facility strategically position the company to capture incremental export orders beyond the current 37% export backlog mix, and which segments are likely to benefit most?

Given the landmark order from a US-based private space company, what is the potential size of the aerospace cryogenics market for INOX India, and could this evolve into a recurring revenue stream?

With LNG adoption accelerating in Indian marine and road transport sectors, how could upcoming regulatory changes or government infrastructure investments impact INOX India's LNG Division growth trajectory beyond FY27?

More News on INOX India

1 Year Returns:+25.57%