INOX India (INOXINDIA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income was ₹467.34 crore, up 26.6% YoY; H1 total income reached ₹848.93 crore, up 17.7% and a record.

• Q2 order inflows totaled ₹1,028 crore and backlog reached a record ₹2,268 crore, including ₹1,628 crore of export orders and 72% export-related backlog.

• Broad cryogenic demand and aerospace, space, LNG, scientific-research and beverage-sector wins supported growth, while pricing, order mix and logistics costs weighed on profit growth.

Financial highlights

• Q2 FY27 revenue from operations was ₹456 crore, up 27.4% YoY; total income was ₹467.34 crore, up 26.6%.

• Q2 EBITDA was ₹100 crore, up 10.8%, with a 21.3% margin; PAT was ₹66 crore, up 7.8%, with a 14.2% margin.

• H1 FY27 total income was ₹848.93 crore, up 17.7%; EBITDA was ₹189 crore, up 6.2%, and PAT was ₹127 crore, up 3.6%.

• H1 EBITDA and PAT margins were 22.3% and 14.9%, respectively; Q2 margins were 21.3% and 14.2%.

• Q2 export revenue was ₹279 crore, 60% of revenue; H1 exports were ₹501 crore, 59% of revenue.

Outlook and guidance

• Management expects growth of at least 18%-20%, with faster growth possible if larger opportunities materialize; timely execution, productivity, working-capital discipline and quality remain priorities.

• Record backlog, up 50% from ₹1,514 crore at March 2026, provides revenue visibility; management expects margin pressure from freight and strategic pricing to be non-structural.

• Around 15%-20% of the nearly ₹1,000 crore U.S. aerospace order is expected to be completed in FY27, with most of the balance targeted for FY28; some slippage is possible.

• Private-sector space orders projected by customers could represent ₹2,000-3,000 crore over 3-5 years; these are opportunities, not booked orders.

• Two larger semiconductor bid results were expected in 4-6 weeks; data-center cooling prototype development was expected to take 6-8 months.