INOX India (INOXINDIA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 achieved record revenue of ₹349 Cr, up 18.2% YoY, with EBITDA at ₹83 Cr and PAT at ₹57 Cr, driven by strong order inflows and major projects in LNG and industrial gas solutions.

• Order inflows reached ₹493 Cr, raising the order backlog to ₹1,341 Cr, with exports contributing 51% of revenue.

• Management remains confident in achieving 18%-20% annual growth, supported by a healthy order backlog and expanding capacity.

• Notable orders include the largest Mini LNG Terminal in the Bahamas, LNG trailers for India, and a Liquid Air Tank for the UK.

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

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%, with PAT margin at 16.3%.

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

• EPS (consolidated, basic) for Q3 FY25 was ₹6.43, up from ₹5.35 in Q3 FY24.

Outlook and guidance

• Management guided for 18%-20% annual revenue growth for FY25 and FY26, with EBITDA margins expected in the 21%-26% range.

• Q4 FY25 revenue is expected to exceed ₹400 Cr, driven by strong order execution and customer-specific dispatches.

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

• Emphasis on clean energy, hydrogen infrastructure, and fusion energy projects.

• Order backlog as of December 2024 was ₹1,341 Cr, with a strong pipeline for FY26.