Event Type and Details

INOX India Limited conducted a Q1 FY27 Earnings Conference Call on Tuesday, 4th August, 2026. The call was moderated by ICICI Securities and included management presentations followed by a Q&A session.

Management Participants

  • Mr. Deepak Acharya – Chief Executive Officer
  • Mr. Sunil Lavati – Vice President, Accounts and Finance and Head, Investor Relations

Financial Performance Overview

For Q1 FY27 (ended 30th June 2026):

  • Total Income: INR382 crores (8.3% YoY growth)
  • EBITDA: INR90 crores (1.4% YoY growth)
  • Profit After Tax: INR61 crores (flat YoY)
  • EBITDA Margin: 23.5% (within guided range of 21-24%)

Order Book Position

  • Quarterly Order Inflow: ~INR532 crores (highest ever)
  • Total Order Book: ~INR1,686 crores (highest in company history)
  • Export Order Book: Exceeds INR1,140 crores

Business Segment Highlights

Industrial Gas Solutions:

  • Secured order for 8 large 1500 cubic meter cryogenic storage tanks from space exploration industry
  • Additional order for 6 more cryogenic tanks from same customer
  • Received orders for storage and transport equipment for semiconductor manufacturing facilities in Dholera (~INR30 crores)
  • Disposable cylinder business performing well with healthy repeat orders
  • Cryoseal and liquid cylinder business gaining strong traction in India

LNG Solutions:

  • Multiple orders from LNG fueling stations from Sabarmati Gas, Ultra Gas, and BPCL
  • Orders for LNG semi-trailers
  • Bahamas mini LNG terminal project progressing well with first batch of storage tanks reached project site
  • Received 2 additional orders in nearby islands (Eleuthera and Great Abaco)
  • Execution ongoing for LNG fuel tank project for Cochin Shipyard

Cryo-Scientific Division:

  • Prestigious order from CERN for specialized cryogenic modules for particle physics research
  • Order from ITER France reinforcing long-standing association

Beverage Keg Business:

  • Steady progress with orders from leading global customers including Heineken, AB InBev, and Molson Coors
  • Orders from Heineken India, Hartwall Finland for standard keg
  • RFQs from Asahi and CCU Chile
  • Orders from ORBEN Germany for specialized keg variants

Strategic Initiatives and Certifications

  • Received AS9100D aerospace quality certification, enabling manufacturing of aerospace components for onboard flight applications
  • Partnership with ITM SLS Baroda University to establish skill development center for semiconductor pipeline fabrication and orbital welding
  • Partnership with Wayout of Sweden to manufacture modular water microfactories in India
  • First microfactory design completed, with testing expected in next 6-8 months

Guidance and Outlook

  • Maintained FY27 revenue growth guidance of 18-20%
  • Order intake guidance may see upward revision from INR450-500 crores due to strong pipeline
  • Expect 50-60% keg capacity utilization by year-end (currently 25-30%)

Operational Updates

  • Kandla manufacturing plant construction ongoing, expected operational by December 2026/January 2027
  • Savli facility shops (Cryo and keg) under full production
  • Q1 revenue shortfall of INR32-35 crores due to logistics disruptions and increased freight costs

Q&A Session Key Points

  • Aerospace orders total over INR1,000 crores from single customer, execution timeline of 1-2 years
  • Semiconductor business showing promising growth with orders from Micron, Foxconn, Tata projects
  • LNG segment expecting renewed momentum with 20-25 station RFQs from PSUs
  • Data center cooling solutions prototype development ongoing, commercialization expected in 1-1.5 years
  • Water microfactory project estimated at less than INR1 million per unit
  • US market entry planned for 2028 after non-compete agreement expiration

Compliance and Disclosure

  • Transcript uploaded on company website
  • No indication of unpublished price sensitive information being shared