INOX India (INOXINDIA) Q4 24/25 earnings summary

Executive summary

• Achieved record annual revenue of ₹1,354 Cr for FY25, up 16.2% year-over-year, with Q4 revenue rising 33% to ₹383 Cr and robust order inflow totaling ₹1,533 Cr.

• EBITDA reached an all-time high of ₹330 Cr, with PAT at ₹224 Cr for FY25; Q4 EBITDA was ₹95 Cr and PAT ₹66 Cr, reflecting strong operational performance.

• Export revenue share increased to 53% in Q4 and FY25, with 64% of the order book from exports.

• Major orders included LNG tanks for a glass company, ammonia ISO tanks, and first supply to a US semiconductor plant; significant contributions from industrial gas, LNG, and Cryo Scientific divisions.

• Successfully commissioned the Savli and Saudi plants, with the Savli plant surpassing ₹200 Cr turnover in its first year.

Financial highlights

• Q4 FY25 total income: ₹383 Cr, up 33% YoY; EBITDA: ₹95 Cr, up 51.9%; PAT: ₹66 Cr, up 55.5%.

• FY25 income: ₹1,354 Cr, up 16.2% YoY; EBITDA: ₹330 Cr, up 18.3%; PAT: ₹224 Cr, up 15.4%.

• EPS for FY25 was ₹24.90 (basic), up from ₹21.59 in FY24.

• Zero net debt at FY-end, with a cash surplus of ₹261 Cr and strong liquidity.

• Final dividend of ₹2 per equity share recommended for FY25.

Outlook and guidance

• Targeting FY26 revenue growth of 18%-20%, EBITDA margin of 22%-24%, and PAT margin of 15%-18%.

• Focus on expanding LNG, hydrogen, helium, semiconductors, and ammonia sectors, with continued innovation in product development.

• Segment growth guidance: 16%-18% for industrial gas, over 20% for LNG and Cryo Scientific divisions.

• Stainless steel keg division expected to become a meaningful contributor, with revenue projected to reach ₹70-100 Cr in FY26.

• Order inflow momentum expected to continue, with quarterly inflows of ₹350-400 Cr.