INOX India (INOXINDIA) Q4 25/26 earnings summary

Executive summary

• Achieved record revenue of ₹1,632 Cr in FY26 (up 21.2% YoY), with Q4 revenue at ₹475 Cr (up 24.2% YoY), driven by strong performance across industrial gas, LNG, Cryo-Scientific, and beverage keg segments.

• Adjusted EBITDA for FY26 reached ₹388 Cr (23.8% margin), and adjusted PAT was ₹261 Cr (16.0% margin), both showing strong growth year-over-year.

• Export revenue share increased to 62% in Q4FY26, with exports contributing 59% of FY26 revenue, reflecting robust international demand.

• Order backlog at FY26-end stood at ₹1,514 Cr, with significant new orders from aerospace, marine LNG, and scientific projects, providing revenue visibility.

• Diversified business model and expanding global presence supported growth despite global uncertainties and logistics challenges.

Financial highlights

• Q4 FY26 total income/revenue was ₹475 Cr, up 24.2% YoY, with highest-ever quarterly revenue and order booking.

• FY26 total income/revenue reached ₹1,632 Cr (+21.2% YoY); adjusted EBITDA ₹388 Cr (margin 23.8%); adjusted PAT ₹261 Cr (+19.3% YoY).

• Export revenue for FY26 was ₹971 Cr (59% of total, up 37.7% YoY).

• Order book at March 31, 2026 stood at ₹1,514 Cr, with 60% exports and 37% domestic.

• Board recommended a dividend of ₹2 per share for FY26.

Outlook and guidance

• Targeting 18%-20% revenue growth for FY27, with quarterly order inflow expected at ₹450-500 Cr.

• Strong order backlog, capacity expansion at Kandla, and growing high-value product share to support growth.

• LNG and Cryo-Scientific divisions expected to outpace overall company growth, with optimism for clean energy, hydrogen, and scientific infrastructure.