INOX India (INOXINDIA) Q2 25/26 earnings summary

Executive summary

• Achieved record consolidated sales of ₹723 Cr in H1 FY26, with highest-ever LNG division sales exceeding ₹190 Cr and an order backlog of ₹1,485 Cr as of September 2025, reflecting strong execution and global demand across segments.

• Global leader in cryogenic equipment, serving over 100 countries with a diversified product portfolio across industrial gas, LNG, and cryo-scientific segments.

• Strong focus on clean energy, hydrogen, LNG, and fusion energy, with significant orders from international clients in space, semiconductor, and power sectors.

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

• Export revenue contributed 57% in Q2 and 56% in H1, reflecting strong international demand.

Financial highlights

• Q2 FY26 consolidated revenue: ₹371 Cr (up 16% YoY); EBITDA: ₹92 Cr (up 18% YoY); PAT: ₹62 Cr (up 22.9% YoY).

• H1 FY26 revenue: ₹723 Cr (up 16.3% YoY), EBITDA: ₹180 Cr (up 18.7% YoY), PAT: ₹122 Cr (up 20.9% YoY), all highest-ever.

• EBITDA margin for H1 FY26 stood at 24.9%, with PAT margin at 16.9%.

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

• Maintained a debt-free balance sheet with net cash and bank balances of ₹221 Cr as of September 2025.

Outlook and guidance

• Strong order backlog and robust demand in clean energy, LNG, and hydrogen infrastructure support aggressive growth potential.

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

• Expecting large orders in cryoscientific and LNG segments in Q3.

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

• Policy tailwinds and global decarbonization efforts expected to drive further demand for cryogenic solutions.