INOX India (INOXINDIA) Q2 25/26 earnings summary

Executive summary

• Achieved highest-ever sales, EBITDA, and PAT margins in Q2 and H1 FY2026, with record order backlog, reflecting strong execution and global demand across segments.

• Leading global provider of customized cryogenic equipment with over 30 years of experience and operations in 100+ countries.

• Focused on clean energy initiatives, including LNG, liquid hydrogen, and fusion energy, with robust innovation and product development.

• Strong order inflow from diverse sectors, including major contracts in industrial gas, LNG, and scientific applications.

• India's robust economic growth, government initiatives, and global demand for engineering products support long-term growth vision.

Financial highlights

• Q2 FY2026 total income: ₹371 Cr, up 16% YoY; EBITDA: ₹92 Cr, up 18% YoY; PAT: ₹62 Cr, up 22.9% YoY.

• H1 FY2026 total income: ₹723 Cr, up 16.3% YoY; EBITDA: ₹180 Cr, up 18.7% YoY; PAT: ₹122 Cr, up 20.9% YoY.

• Order backlog as of September 30, 2025: ₹1,485 Cr, with 63% exports and 37% domestic.

• Export revenue share increased to 57% in Q2 FY26, up from 52% in Q2 FY25.

• Total fund availability: ₹221 Cr, supporting future expansion and projects.

Outlook and guidance

• Confident of achieving full-year order book and revenue targets, with H2 typically contributing 55% of annual targets.

• Strong demand outlook for hydrogen and LNG driven by global decarbonization, policy support, and infrastructure gaps.

• Mini-LNG terminals and small-scale LNG solutions expected to drive growth, especially in island and remote markets.

• Beverage keg business poised for growth with major approvals and bids for large orders; targets for 100,000–150,000 kegs this year.

• Semiconductor and electronics segment expected to grow, with 8–10% of current order book and strong future potential.