Inox India Q1 FY27 earnings call

Inox India achieved its highest ever quarterly order inflow of approximately INR 532 crores in Q1 FY27, contributing to a record total order book of INR 1,686 crores as of June 30, 2026. The export order book alone exceeds INR 1,140 crores, underscoring the company's growing global acceptance and providing strong revenue visibility for the coming quarters. This robust order book positions the company well for sustained growth, balancing both domestic and international projects.

The company made significant strides in new strategic areas, securing orders for 8 large 1500 cubic meter cryogenic storage tanks from the space exploration industry, with 6 more repeat orders. The acquisition of AS9100D aerospace quality certification now enables Inox India to manufacture on-flight components, expanding its addressable market beyond ground support equipment. In the semiconductor sector, initial orders for storage and transport equipment for Dholera facilities were received, and a skill development center was established with ITM SLS Baroda University to address talent shortages in pipeline fabrication.

The LNG Solutions business witnessed encouraging developments, securing multiple orders from fueling stations (Sabarmati Gas, Ultra Gas, BPCL) and for LNG semi-trailers. The Bahamas mini LNG terminal project is progressing, with installation activities underway, and new marine LNG fuel tank orders were secured from Cochin Shipyard. The Cryo-Scientific Division had a particularly satisfactory quarter, securing prestigious orders from CERN for specialized cryogenic modules and from ITER France, reinforcing its position in advanced scientific research.

The beverage keg business continued its steady progress, executing orders from global customers like Heineken and ORBEN Germany. The company aims to increase utilization from 30% to 50-60% by year-end. Inox India also partnered with Wayout of Sweden to manufacture modular water microfactories in India, designed to convert various water sources into safe drinking water and reduce plastic waste, demonstrating leverage of engineering capabilities beyond traditional cryogenic applications.

For Q1 FY27, total income stood at INR 382 crores, an 8.3% YoY growth, with EBITDA at INR 90 crores, growing 1.4% YoY, and PAT at INR 61 crores, flat YoY. These figures were impacted by logistics disruptions, which prevented the dispatch of INR 32-35 crores worth of equipment due to increased freight rates and ship unavailability. Despite this, EBITDA margins remained healthy at 23.5%, falling within the company's guidance range of 21-24%.

The Kandla facility is progressing rapidly, with civil work ongoing and major equipment ordered, targeting operational commencement by December end or mid-January 2027. Management remains confident in achieving its 18-20% revenue growth guidance for FY27, supported by a strong order backlog, diversified customer base, and continued investments in technology and new growth platforms across clean energy, industrial infrastructure, aerospace, and semiconductors.