Inox India

In Q1 FY26, Inox India reported a robust financial performance with revenue reaching ₹352 crores, marking a 16.17% year-over-year growth. EBITDA stood at ₹89 crores, increasing by 19.4% YoY, while Profit After Tax (PAT) grew by 18.9% YoY to ₹61 crores. The company's total funds available as of June 30, 2025, were ₹275 crores, providing ample liquidity for future growth initiatives.

The Industrial Gas segment, contributing 48% to Q1 income and 45% to the order backlog, demonstrated steady momentum. A key highlight was the dispatch of India's first ultra-high purity ammonia ISO containers, specifically designed for the semiconductor and solar panel sectors. The company also launched India's first CO2 battery storage application, securing an initial order from an Italian company for a project in India. These innovations, along with notable orders for disposable cylinders from the U.S., underscore the company's focus on high-purity applications and export success.

The LNG segment, accounting for 29% of Q1 income and 32% of the order backlog, is experiencing strong growth. The company streamlined its LNG fuel tank production, supplying approximately 145 tanks to major OEM manufacturers during the quarter. Regulatory changes, such as allowing LNG as fuel for mobile pressure vessels and facilitating fueling station development (e.g., Adani and Ambani collaboration), are expected to further accelerate LNG adoption. Inox India anticipates LNG segment growth to exceed 20% in the coming years.

The Cryo Scientific Division, contributing 19% to Q1 income and 23% to the order backlog, secured a major order for the Cryostat Thermal Shield valued at approximately ₹145 crores for the prestigious ITER project. Approximately 90% of the fabrication and assembly work for this 2-year project will be carried out in-house. This order, while significant, is seen as a testament to Inox India's proven track record and credibility at the ITER site, with expectations for more orders in the future quarters.

The beverage keg division is expanding its global footprint, securing global approval from Heineken and engaging with local players across South America, Australia, and South Africa. New distributors have been appointed in the UK, Germany, and U.S. While current volumes are below internal expectations, the company is optimistic about scaling the business, targeting at least 100,000 kegs this year and aiming for 3-4 times its current size in the next 3-4 years.

Inox India has planned a capital expenditure of approximately ₹80 crores for FY26. This investment will primarily support the expansion of its Kandla facility for large vessels and upgrades at its Kalol and Savli plants. Specifically, ₹5-6 crores are allocated for LNG fuel tank capacity expansion. The company's total available funds of ₹275 crores as of Q1 FY26 provide adequate liquidity to support these growth and expansion initiatives.

The company maintains a positive outlook, targeting an 18-20% turnover increase for FY26. Management expects the Industrial Gas sector to grow by 15-17% and the LNG segment by over 20%. Inox India is actively pursuing opportunities in new areas like CO2 battery storage and ultra-high purity ammonia containers, while also preparing for upcoming tenders in the space sector, where cryogenic contributions are expected to be 15-20% of large projects. The company is strategically aligned with India's 'Make in India, Make for the World' vision.