Vadodara/Mumbai, Nov 04, 2026: INOX India Ltd (INOXCVA) has released its unaudited financial results for the second quarter ended September 30, 2026, as approved by the Board of Directors.
The Company reported 7.8% YoY growth in Profit After Tax (PAT) to ₹ 66 Cr for Q2 FY27. Quarterly revenue stood at ₹ 467 Cr, rising 26.6 % YoY. EBITDA for the Quarter was at ₹ 100 Cr, up by 10.8%.
For the September 2026 quarter, exports accounted for 60%, reflecting continued international demand.
The company secured order inflows totaling ₹ 1028 Cr, taking total order book to ₹ 2268 Cr signifying positive market confidence and the potential of industrial and clean energy sectors. Export orders now ₹1628 Cr, providing strong revenue visibility for the coming quarters.
Industrial Gas Solutions: The IG division contributed 61% to the overall revenue during the quarter. The Industrial Gas Solutions business continued to see healthy demand for equipment used in the storage and transportation of industrial gases.
Following the revamp of its liquid-cylinder manufacturing unit, production ramped up meaningfully, with more than 1500 liquid cylinders dispatched in first half of FY27 worth more than ₹25 crore as against 1600+ in last year. The Company also secured repeat orders for disposable cylinders in the US and DOT cylinders from an existing customer. Its order backlog includes approximately ₹1,100 crore from space-sector customers. In the September quarter, it received an order from an Indian aerospace player for vertical storage tanks, progressed work on two cryogenic heat exchangers for a US aerospace company and dispatched two tanks for a US aerospace customer.
LNG Solutions: In Q2 FY27, the LNG division contributed 15% to the overall revenue. The current geopolitical environment has also reinforced the importance of energy security and reliable storage infrastructure. We are seeing increasing traction in LNG transportation, particularly in the semi-trailer segment.
The LNG Solutions business continued to benefit from demand for LNG transportation, storage and fuelling infrastructure, with increasing traction in LNG transportation, particularly in the semi-trailer segment. During the quarter, the Company secured a combined order for 40+ LNG semi-trailers from various customers. The Company also secured orders aggregating approximately ₹14 crore from a domestic customer for storage tanks, vaporizers and an unloading pump kit. In addition, it received an order from a leading city gas distribution company for an LNG fuelling station, along with orders for vertical tanks and vaporizers for the Glass plant at Bharuch.
LNG-powered rail mobility is an emerging growth opportunity for INOX India. Following the launch of India’s first LNG-powered train, we have secured four related orders, of which two have been dispatched. This early traction positions us to support the adoption of LNG across India’s rail network through our proven cryogenic engineering capabilities.
Cryo-Scientific and Advanced Engineering Solutions: During the September 2026 quarter, the Cryo Scientific Division (CSD) contributed 17% to overall revenue. The Company secured an order worth approximately ₹35 crore for specialized cryogenic equipment for an early-warning earthquake project in Maharashtra. It also secured an order worth approximately ₹12 crore from a European customer for Pre Fabrication of TCWS Piping, which are currently under manufacture.
These projects reinforce INOXCVA’s positioning as a strategic engineering partner for advanced scientific infrastructure, demonstrating its ability to deliver specialised, high-complexity solutions for mission-critical applications and strengthening its presence in technology-intensive sectors.
Beverage Kegs: The Beverage Keg business continued to demonstrate strong momentum. During Q2 FY27, beverage keg sales grew approximately 446% year-on-year,. The beverage keg order book increased approximately 155% year-on-year, the Company entered into a three-year global supply agreement with a leading global brewing company. The customer’s stated requirement for 2027 exceeds 400,000 kegs across 22 countries. This represents the customer’s overall requirement under the agreement and is not the volume allocated exclusively to INOX India, as supplies are expected to be shared among multiple vendors. The Company’s current allocation relates to 2027, with potential to pursue additional business in 2028 and 2029 subject to customer requirements and further allocations. Four of the five key global beverage players targeted by the Company have approved
New opportunities emerging in the Semiconductor Space: The Company also commenced the initial piping scope at a semiconductor facility in Dholera; The management is also happy to share that very recently, they have inaugurated an orbital welding skill excellence centre under the name of SemiOrbit, at ITM SLS Baroda University. This institute would provide Advance Welding Skills to welders, which will help them to become experts in orbital and IR welding, and would make them capable of working in semiconductor fab infrastructure development teams, which require high degree of precision and training
Manufacturing, Execution and Delivery: With the order backlog at a record level and project complexity increasing, the Company remains focused on execution, manufacturing productivity and timely delivery. During September, it dispatched major tanks for the Bahamas project, the first two tanks for a US aerospace customer, and equipment for Eleuthera and Great Abaco. The Company’s priorities remain disciplined execution, efficient working-capital management, stringent quality control and consistent delivery.
Commenting on the results, Deepak Acharya, Chief Executive Officer, INOX India Limited, said: “INOX India continues to strengthen its market position, delivering consistent business momentum and a robust order pipeline across its key verticals. Q2 FY27 saw our order backlog cross ₹2,200 crore—the highest in the Company’s history—with the space sector contributing approximately ₹1,100 crore.
We are also expanding our presence in high-potential sectors. Our established Industrial Gas Solutions, LNG and Cryo-Scientific businesses continue to secure strategic orders, while our entry into semiconductor infrastructure marks an important new growth opportunity. Having commenced the initial piping scope at a leading semiconductor facility in Dholera, we are positioning ourselves to participate in the expanding semiconductor ecosystem. Our Beverage Keg business is gaining traction globally, with approvals from four of the five key international beverage companies targeted.
Our performance reflects the strength of our engineering capabilities, customer relationships and diversified business models. With each passing quarter, we are building greater scale, strengthening our market leadership and expanding our addressable opportunities. Our focus remains on disciplined execution, operational excellence and translating this growing order momentum into sustainable long-term growth.”
Consolidated Q2 FY27 Financial Highlights (₹ crore)
|
Particulars |
Q2 FY27 |
Q2 FY26 |
% Y-o-Y |
H1 FY27 |
H1 FY26 |
% Y-o-Y |
|
Total Revenue |
467 |
369 |
26.6% |
849 |
721 |
17.7% |
|
EBITDA |
100 |
90 |
10.8% |
189 |
178 |
6.2% |
|
PAT |
66 |
62 |
7.8% |
127 |
122 |
3.6% |
