Inox India

Inox India reported a strong Q3 FY26, with total income reaching INR 436 crores, marking a 27% year-on-year growth. This performance was driven by robust execution across key segments, resulting in the highest-ever quarterly sales. Adjusted EBITDA for the quarter stood at INR 102 crores, up 34% year-on-year, reflecting improved operating efficiency and a favorable product mix. Adjusted profit after tax (PAT) also saw a significant increase of 32% year-on-year, reaching INR 68 crores.

The Industrial Gas segment delivered an outstanding performance in Q3 FY26, characterized by record order wins and volume growth. A notable achievement was securing an order from a leading U.S.-based aerospace company for two 1,000 cubic meter cryogenic storage tanks. The company also recorded its highest-ever quarterly order intake for liquid nitrogen containers (Cryoseal) with nearly 20,000 units, surpassing the volume achieved in the entire previous financial year. Demand for liquid cylinders remained exceptionally strong, with over 1,700 units ordered in Q3, bringing the cumulative 9-month figure to over 2,300 units.

The LNG segment continued its strong growth trajectory, supported by the increasing adoption of LNG as a clean fuel. In Q3, Inox India received an LNG marine fuel tank order from a European customer for two 150 cubic meter tanks. The company also secured orders for LNG storage tanks for terminal projects in Africa, comprising two 500 cubic meter tanks from South Korean customers. In India, Inox India crossed a milestone of over 250 LNG semi-trailers operating on roads, commanding an 85% market share. The company also commissioned a fully automated serial production line for LNG fuel tanks at its Kalol plant to meet automotive OEM requirements.

The Cryo-Scientific Division strengthened its position as a trusted partner for complex global scientific infrastructure projects, continuing to receive repeat orders from ITER, France. During the quarter, orders were received for the installation of X, Y, and W cryo lines, refurbishment of lower cryostat thermal shields, and fabrication/installation of bio shield shimming plates. Inox India successfully completed several highly precise milestones at the ITER site, including cooling down the Magnet Cold Test Bench to 4 Kelvin and installing Sector 3 inside the Tokamak pit, reinforcing its technical expertise in mission-critical cryogenic applications.

The beverage keg business achieved important strategic wins in Q3 FY26. Inox India received its first-ever order from Heineken for keg supply to the European market, marking a significant entry into the region. Furthermore, the company secured approval from Molson Coors of USA, adding to existing approvals from Heineken and AB InBev. With these approvals, Inox India is now approved by global breweries representing over 40% of the global beer market, positioning its keg business for significant scale-up opportunities in the coming years.

Inox India operates four plants, with Kalol and Kandla facilities operating at 85-90% utilization, and Silvassa also at nearly 90%. The Savli plant, which houses both a cryo plant and a keg plant, has its cryo plant at 70% utilization, but the keg plant is currently at 25-30% utilization. Management expects keg plant utilization to improve, targeting 80,000 to 1 lakh orders by March-end. The company has ample headroom to support future capacity expansion and is looking to expand facilities at both Savli and Kandla as opportunities increase, with expansion taking approximately a year to complete.