INOX India (INOXINDIA) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of ₹436 Cr in Q3 FY26, up 27.4% YoY, with highest-ever export revenue at ₹271 Cr, representing 62% of total revenue.

• Order backlog as of Dec 31, 2025, stood at ₹1,457 Cr, with 63% from exports, ensuring strong revenue visibility.

• Diversified business model, global customer base, and focus on clean energy, hydrogen, LNG, and fusion energy underpin long-term growth prospects.

• Recognized for impactful ESG initiatives and innovation, including awards at Gasworld Global Innovation Awards and India's first LNG-powered cryogenic tanker.

• Strong contributions to major projects like ITER, ISRO, and entry into semiconductor and data center cooling markets.

Financial highlights

• Q3 FY26 consolidated revenue: ₹436 Cr (up 27.4% YoY); adjusted EBITDA: ₹102 Cr (up 34.2% YoY); adjusted PAT: ₹68 Cr (up 32.4% YoY).

• 9M FY26 consolidated revenue: ₹1,157 Cr (up 20% YoY); adjusted EBITDA: ₹281 Cr (up 23% YoY); adjusted PAT: ₹189 Cr (up 23.7% YoY).

• Export revenue in Q3 FY26 was ₹271 Cr, representing 62% of total revenue; 9M FY26 export revenue was ₹679 Cr, up 35.8% YoY.

• Adjusted EBITDA margin for Q3 FY26: 23.4%; adjusted PAT margin: 15.6%.

• Earnings per share (Q3 FY26): Basic ₹6.69, Diluted ₹6.67.

Outlook and guidance

• Targeting 18%-20% growth for FY27, supported by strong order pipeline, capacity expansion, and robust demand for hydrogen and LNG.

• Small-scale LNG and clean mobility sectors expected to drive future growth, with policy targets for LNG fuel stations and trucks.

• Guidance remains conservative due to lumpy nature of large orders and market uncertainties.

• Confident in exceeding execution targets for Q4 and maintaining growth momentum.

• Management expects positive momentum from India’s bilateral agreements and ongoing global demand.