INOX India Ltd Achieves Record FY26 Revenue and Strong Order Growth

INOX India Ltd announced its fiscal year 2026 results, reporting a record annual revenue of ₹1,632 crore. The fourth quarter also saw strong performance, with revenue reaching ₹475 crore. The company's substantial order backlog of ₹1,514 crore and robust export growth highlight increasing demand for its cryogenic solutions. Execution of its planned new manufacturing facility will be key to sustaining this momentum.

Financial Performance Highlights

The company achieved record revenues for both the fourth quarter and the full fiscal year ending March 31, 2026. Full-year FY26 revenue reached ₹1,632 crore, marking a strong 21.2% year-on-year growth. Revenue for Q4 FY26 was ₹475 crore, up 24.2% from the previous year. Export revenues were a record ₹971 crore for FY26, accounting for 59% of total revenue. Q4 FY26 exports contributed ₹291 crore, or 61% of the quarterly total. Adjusted EBITDA for FY26 grew 20.2% year-on-year to ₹388 crore, and Adjusted Profit After Tax (PAT) rose 19.3% year-on-year to ₹261 crore. The company also secured significant order inflows of ₹504 crore in Q4 FY26, growing its total order backlog to ₹1,514 crore. A dividend of ₹2 per share for FY26 has been recommended, pending shareholder approval.

Growth Drivers and Strategic Expansion

These financial results underscore the robust demand for INOX India's cryogenic solutions in both domestic and international markets. The company's focus on high-growth sectors, including aerospace and LNG marine fuel, is driving significant order wins. The planned expansion with a new manufacturing facility at Kandla demonstrates proactive capacity building to support anticipated future demand.

Company Profile and Key Orders

INOX India is a leading manufacturer of cryogenic tanks and equipment used for industrial gases, LNG, medical oxygen, and other cryogenic applications. The company serves vital sectors such as industrial gases, oil & gas, chemicals, pharmaceuticals, and the growing aerospace industry. Recently, INOX India secured a significant order for large cryogenic storage tanks from a leading US-based private space company.

Investor and Future Outlook

Shareholders may benefit from the recommended ₹2 per share dividend for FY26, subject to approval. The planned expansion at the Kandla facility is set to increase manufacturing capacity, supporting future revenue growth. Diversification into promising segments like aerospace and LNG marine fuel tanks also lessens dependence on any single sector. The strong order backlog offers clear visibility for upcoming revenue and earnings.

Risk Factors

No specific risks were explicitly detailed in the company's filing for this reporting period.

Competitive Landscape

INOX India operates within the specialized cryogenic equipment sector. A notable peer is Linde India, a major player in industrial gases that also offers cryogenic solutions. For FY26, INOX India reported revenues of ₹1,632 crore and a backlog of ₹1,514 crore. In comparison, Linde India's reported annual revenues for FY23 were approximately ₹2,400 crore, reflecting different scales and market positions within the broader industrial gas and cryogenic supply chain.

Market Context

No specific external market context metrics were identified for inclusion in this report.

Looking Ahead

Investors will be watching for shareholder approval of the recommended ₹2 per share dividend for FY26. Progress and timely commissioning of the new manufacturing facility at Kandla will be important. Successful execution and delivery of large cryogenic orders, including those from the US aerospace firm and Cochin Shipyard, are also key. Future order inflows, particularly in LNG marine fuel and aerospace sectors, will be a significant indicator.