INOX India posted a strong Q2 FY27 performance with revenue up 26.6% YoY to ₹467 crore and a record order backlog of ₹2,268 crore. Growth was fueled by diverse segments including Industrial Gas, Beverage Kegs, and new strategic entries into semiconductor facility infrastructure. With export orders accounting for nearly 72% of the backlog, the company shows significant revenue visibility for the coming quarters.
INOX India Reports Strong Q2 Growth and Record Order Backlog
Q2 FY27 Revenue rose 26.6% YoY to ₹467 crore.
Q2 FY27 Profit After Tax (PAT) climbed 7.8% YoY to ₹66 crore.
Reader Takeaway: Strong export-led order momentum meets emerging semiconductor demand, offset by margin compression due to higher project costs.
What just happened
INOX India released its Q2 FY27 results, reporting a solid revenue growth of 26.6% to ₹467 crore compared to the same period last year. The company recorded an EBITDA of ₹100 crore, reflecting a 10.8% increase, while Profit After Tax (PAT) saw a steady rise of 7.8% to ₹66 crore. Most notably, the firm secured a record-high order backlog of ₹2,268 crore, underpinned by ₹1,028 crore in new order inflows during the quarter.
Why this matters
The company’s performance highlights the success of its diversified business model. Industrial Gas Solutions remains the primary revenue driver at 61% of total sales, supported by long-term commitments in the space sector. Additionally, the massive 446% growth in the Beverage Keg segment and the strategic entry into the semiconductor facility space in Dholera demonstrate successful expansion into high-growth, specialized engineering markets.
The backstory
INOX India has consistently focused on expanding its export footprint, which now contributes 60% of quarterly revenue. The company recently deepened its technical expertise by launching "SemiOrbit," an orbital welding skill center, to support its infrastructure work in the semiconductor industry.
What changes now
Revenue visibility remains robust as export orders alone make up ₹1,628 crore of the total backlog. The three-year global supply agreement for beverage kegs provides a stable revenue stream, while the semiconductor segment is expected to become a more significant contributor to the top line as the Dholera facility project advances.
Risks to watch
While the order book is at a record high, investors should monitor the company's ability to maintain healthy margins as project complexity increases. Supply chain management and execution timelines for long-gestation projects in the semiconductor and space sectors will be critical for future profitability.
What to track next
The market will be watching the execution velocity of the ₹2,268 crore order backlog and the scaling of the semiconductor project vertical as an alternative to its traditional Industrial Gas business.