INOX India Limited (INOXCVA), a leading manufacturer of cryogenic equipment, has reported robust financial results for the first quarter of fiscal year 2026. The company's performance showcases significant growth across key financial metrics, underlining its strong market position and operational efficiency.

Financial Highlights

Segment Performance

The company's growth was driven by strong performances across its various business segments:

Industrial Gases Division

• Contributed 48% to overall revenue
• Secured orders for India's first ultra-high-purity (UHP) ammonia ISO containers
• Received an order for a pioneering CO₂ Battery project for long-duration energy storage
• Obtained key disposable cylinder orders from the US, despite higher import tariffs

LNG Segment

• Accounted for 29% of overall revenue
• Witnessed robust order flow, including supply of numerous fuel tanks to leading OEMs in India
• Capacity expansion underway to meet rising demand from OEMs and fleet operators

Cryo Scientific Division (CSD)

• Secured a new order for Cryostat Thermal Shield (CTS) refurbishment, valued at approximately ₹145.00 crore
• Strengthens long-term involvement with the ITER project
• 90% of fabrication to be carried out in-house

Keg Division

• Received approvals from global brewing giants Heineken and ABInBev
• Obtained approvals from two breweries in Brazil
• Secured a large order from a German company

Order Book and Market Position

INOX India's order book stands strong at ₹1,457.00 crore, with new order inflows of ₹415.00 crore during the quarter. This robust order book reflects positive market confidence and potential in industrial gases application and clean energy sectors.

Management Commentary

Deepak Acharya, Chief Executive Officer of INOX India Ltd, commented on the results: "FY26 has begun on a strong note, with robust order inflows across all divisions. Our Industrial Gases business saw healthy growth, marked by breakthrough orders like India's first UHP Ammonia ISO containers and a pioneering CO₂ battery project. The LNG division continued its growth trajectory with supply of large number of LNG Fuel tanks to OEMs in India. We are committed to become a key catalyst in the LNG mobility space, and have therefore laid out plans for capacity expansion to meet rising demand for LNG fuel tanks."

Future Outlook

With a diversified portfolio and strong market tailwinds, INOX India remains confident in sustaining growth throughout FY26. The company's focus on innovation, capacity expansion, and strategic market positioning across its business segments is expected to drive continued success.

About INOX India Ltd

INOX India Ltd (INOXCVA) is one of the largest manufacturers of Cryogenic Storage, Re-gas and Distribution Systems for LNG, Industrial Gases and Cryo-Scientific applications. With operations in India, Brazil, and Europe, the company serves customers in over 100 countries and is leading India's efforts to use LNG for industrial and automotive applications.

Additional Information

The Board of Directors has taken note of a fine imposed by BSE Limited amounting to ₹52,000.00 (excluding GST and TDS) for non-compliance related to the non-submission of the Annual Secretarial Compliance Report in XBRL format. The company has since complied with the requirements and paid the fine to the exchange.

As INOX India continues to innovate and expand its market presence, the strong Q1 FY26 results set a positive tone for the company's performance in the coming quarters.

INOX India , a prominent player in the industrial gas sector, is set to witness a significant event as shares worth approximately ₹2,000 crore become eligible for trading. This development comes as the six-month lock-in period for a substantial portion of the company's equity is scheduled to end on June 19.

Share Unlock Details

The unlocking involves 1.80 crore shares, representing 20% of INOX India's outstanding equity. This event is likely to attract attention from market participants due to the considerable value and volume of shares becoming available for trading.

Recent Business Developments

In a positive turn of events, INOX India has recently secured orders valued at ₹373.00 crore. These orders are slated for execution in the fiscal year 2026, potentially bolstering the company's future revenue prospects.

Shareholding Pattern

The current shareholding structure of INOX India presents an interesting picture:

The promoters maintain a controlling stake of 75.00% in the company. The remaining 25.00% is distributed among various investor categories, with mutual funds and retail investors holding significant portions.

Market Implications

The unlocking of these shares could potentially impact the stock's liquidity and price dynamics in the short term. Market participants will be closely watching how this additional supply of shares is absorbed by the market.

Investors and analysts may also be keen to observe any changes in the shareholding pattern following this event, particularly given the recent order win and the company's strong promoter backing.