INOX India (INOXINDIA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 achieved record revenue of ₹349 Cr, up 18.2% YoY, and EBITDA of ₹83 Cr, with robust profit growth and strong order inflows across all business segments.

• Major contracts secured included the largest Mini LNG Terminal in the Bahamas, a landmark Liquid Air Tank order in the UK, LNG trailers for India, and a 2KL LH² tank for New Zealand.

• Exports contributed 51% of Q3 FY25 revenue, with export sales at ₹179 Cr and a balanced export-domestic mix.

• Maintained leadership in cryogenic equipment, serving over 100 countries with integrated manufacturing and service facilities.

• Order inflows for the quarter were ₹493 Cr, raising the order book to ₹1,341 Cr.

Financial highlights

• Q3 FY25 revenue was ₹349 Cr, up 18.2% YoY; EBITDA rose 17% to ₹83 Cr; PAT increased 17.4% to ₹57 Cr.

• 9MFY25 revenue reached ₹971 Cr, up 10.7% YoY; EBITDA grew 8.6% to ₹235 Cr; PAT up 4.3% to ₹158 Cr.

• EBITDA margin for Q3 FY25 was approximately 23.8%-23.9%; PAT margin was 16.3%.

• Net cash position stood at ₹293 Cr as of December 2024; company remains debt-free with strong liquidity.

• Order backlog as of December 31, 2024, was ₹1,341 Cr; 63% of backlog is export orders.

Outlook and guidance

• Management reiterated 18%-20% annual revenue growth guidance for FY25 and expects to maintain this pace in FY26 and beyond.

• Q4 revenue is projected at a minimum of ₹400 Cr, with confidence in achieving full-year targets due to strong order execution.

• Focus on expanding LNG and hydrogen value chains, targeting growth in Asian and global markets, and leveraging product innovation.

• EBITDA margins are expected to improve slightly with more mega-projects in the order mix, maintaining a 21%-26% range.

• No significant seasonality; H2 typically stronger but not by a wide margin.