Earnings Update
INOX India Reports Record FY26 Revenue Growth with Strong LNG and Export Momentum
NSE
inoxindia
BSE
544046
INOX India Ltd (INOXCVA) reported its highest-ever annual and quarterly revenue for FY26, driven by strong export demand, LNG infrastructure execution, aerospace orders, and healthy order inflows. The company also recommended a dividend of ₹2 per share for FY26.
PRICE-SENSITIVE TRIGGER
Event: Q4 FY26 and FY26 audited financial results announcement
Type: Earnings Update
Impact: Positive
Immediate Effect: Strong revenue growth, improved profitability, rising exports, and robust order backlog reinforce business momentum across LNG, industrial gas, aerospace, and cryogenic infrastructure segments
Key Metrics:
- Q4 FY26 Revenue: ₹475 Crore
- Q4 FY26 Adj. EBITDA: ₹108 Crore
- Q4 FY26 Adj. PAT: ₹72 Crore
- FY26 Revenue: ₹1,632 Crore
- FY26 Adj. EBITDA: ₹388 Crore
- FY26 Adj. PAT: ₹261 Crore
- FY26 Revenue Growth: 21.2% YoY
- FY26 Export Revenue: ₹971 Crore
- Q4 FY26 Order Inflow: ₹504 Crore
- Order Backlog: ₹1,514 Crore
- Recommended Dividend: ₹2 per share
Highlight:
- Label: Highest-Ever Annual Revenue
- Value: ₹1,632 Crore in FY26
What Happened ?
INOX India Ltd announced its audited Q4 FY26 and FY26 financial results, reporting record revenue and continued growth across core cryogenic and LNG infrastructure businesses.
The company posted FY26 revenue of ₹1,632 crore, up 21.2% YoY, while adjusted EBITDA rose 20.2% YoY to ₹388 crore. Adjusted PAT increased 19.3% YoY to ₹261 crore.
During the quarter, the company secured major aerospace and LNG-related orders, including an order from a leading U.S.-based private space company and LNG marine fuel tank orders from Cochin Shipyard. Export revenues remained strong and contributed significantly to overall business performance.
key highlights
Business & Operational Highlights:
- Q4 FY26 revenue rose 24.2% YoY to ₹475 crore.
- FY26 exports reached ₹971 crore, contributing nearly 59% of total revenue.
- Industrial Gas Division contributed 50% of Q4 revenue with strong order inflows.
- Company secured an aerospace-related cryogenic storage tank order from a leading U.S.-based private space company.
- LNG Division contributed 32% to quarterly revenue.
- INOX India received LNG marine fuel tank orders from Cochin Shipyard for LNG-powered vessels.
- Company continued execution of the Bahamas Mini LNG Terminal project.
- Cryo-Scientific Division received repeat orders related to ITER, France.
- Beverage Keg Division recorded 31% increase in keg sales during FY26.
- Company acquired land at Kandla for development of a new manufacturing facility.
- Order backlog stood at ₹1,514 crore at the end of the quarter.
- Board recommended a dividend of ₹2 per share for FY26.
Note:
- Management highlighted growing opportunities across LNG infrastructure, aerospace, clean energy, and advanced cryogenic applications.
Risk Analysis
Key Risks
- LNG and infrastructure projects involve long execution timelines.
- Export-oriented operations may face geopolitical and trade-related risks.
- Margin fluctuations can arise from raw material and logistics costs.
- Large project execution delays could affect revenue recognition.
Worst Case Scenario
- Any slowdown in global LNG infrastructure spending, export demand, or delay in execution of key projects may impact future growth momentum and margins.
Risk Level: Medium
Company Commentary
- Management stated FY26 was driven by strong execution, rising exports, and growing global acceptance of engineered cryogenic solutions.
- INOX India highlighted strong momentum across LNG infrastructure, aerospace, and scientific infrastructure projects.
- The company expressed optimism regarding opportunities in clean energy, advanced cryogenic applications, and global LNG infrastructure.
- Management indicated that the upcoming Kandla facility and growing share of high-value engineered products will support long-term scalable growth.
Official Exchange Filing: INOX India Ltd