INOX India (INOXINDIA) Q3 25/26 earnings summary

Executive summary

• Achieved record quarterly revenue of ₹436 Cr in Q3 FY26, with highest-ever export revenue at ₹271 Cr, representing 62% of total revenue, driven by strong demand across industrial gas, LNG, and beverage keg segments.

• The company operates globally in over 100 countries, focusing on customized cryogenic equipment, clean energy, hydrogen, LNG, and fusion energy, with major contributions to projects like ITER and ISRO.

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

• Strategic wins included major orders from global aerospace, marine, and beverage clients, and significant recognition for ESG and innovation.

• Maintained a diversified business model with a strong export orientation and focus on high-value, technologically complex products.

Financial highlights

• Q3 FY26 consolidated revenue reached ₹436 Cr, up 27.4% YoY; adjusted EBITDA was ₹102 Cr (23.4% margin), up 34.2% YoY; adjusted PAT was ₹68 Cr, up 32.4% YoY.

• 9M FY26 revenue was ₹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; export revenue for 9M FY26 was ₹679 Cr, up 35.8% YoY.

• Order backlog as of Dec 31, 2025, stood at ₹1,457 Cr (63% exports, 37% domestic).

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

Outlook and guidance

• Management expects strong order inflows in Q4 and FY27, targeting 18%-20% growth, supported by a robust pipeline and capacity expansion.

• Strong demand outlook for hydrogen and LNG driven by global decarbonization, policy support, and infrastructure gaps.

• Execution for H2 FY26 is on track, with potential to exceed ₹900 Cr revenue in the second half.

• Guidance remains conservative due to lumpy orders, but upside exists from large project wins.

• Order backlog remains robust at ₹1,457 Cr, supporting aggressive growth potential.