INOX India Limited – Investor Presentation Summary

Key Operational Highlights

  • Secured a high-value repeat order from a Global aerospace company.
  • Secured equipment orders from Private & PSU entities for 7 additional LNG Fuel Stations.
  • Secured order for 22 cryogenic modules for the HL-LHC project of CERN.
  • Lower Cryostat Thermal Shield Collaboration with ITM BU for skill development in Orbital Welding and Semiconductor Industries.
  • Agreement with Wayout to Explore Freshwater infra system for the Asian market.
  • Secured AS9100 Aerospace Certification for serving Aviation, Space, and Defence sectors.

Segment-wise Performance

Segment Revenue Share Q1FY27:

  • Industrial Gases (IG): 53%
  • LNG: 22%
  • Cryo Scientific Division (CSD): 20%
  • Other (includes Keg): 5%

Segment Order Received Q1FY27 (₹Cr):

  • IG: ₹385 Cr (116.4% YoY growth, includes ₹217 Cr order from US aerospace major)
  • LNG: ₹83 Cr (-1.7% YoY)
  • CSD: ₹54 Cr (-63.1% YoY, as Q1FY26 included ₹146 Cr ITER France order for CTS Repair)
  • Other: ₹10 Cr (65.6% YoY)

Financial Highlights

Q1FY27 Consolidated Results (₹Cr):

  • Revenue from Operations: ₹371 (9.2% YoY growth)
  • Other Income: ₹11 (-14.7% YoY)
  • Total Income: ₹382 (8.3% YoY growth)
  • EBITDA: ₹90 (1.4% YoY growth)
  • EBITDA Margin: 23.5% (vs 25.1% in Q1FY26)
  • PAT: ₹61 (-0.6% YoY)
  • PAT Margin: 15.9% (vs 17.3% in Q1FY26)

YoY/QoQ Comparison:

  • Revenue growth was lower due to ongoing logistics disruptions from geopolitical situation involving Iran and Gulf region
  • Other income declined due to lower Forex gain (₹0.3 Cr vs ₹2.9 Cr in Q1FY26)
  • Employee benefits expense increased 23.0% YoY due to new manpower addition at Savli facility
  • Depreciation increased 25.5% YoY due to capitalization of new Cryo-Non Cryo tank manufacturing facility at Savli and leased trailers in Brazil

Drivers of Financial Performance:

  • Temporary shift in order mix toward labor-intensive sales with low material intensity
  • New manufacturing facility under productivity stabilization
  • Geopolitical logistics disruptions affecting sales

Geographical Revenue Split

Order Received Q1FY27 (Domestic vs Export):

  • IG: 72% of total
  • LNG: 16% of total
  • CSD: 10% of total
  • Other: 2% of total

Balance Sheet Snapshot

As of June 2026 (₹Cr):

  • Share Capital: ₹18
  • Other Equity: ₹1,143
  • Total Equity: ₹1,161
  • Net Cash & Bank Balance, Mutual Fund & FDR: ₹331
  • Trade Receivables: ₹316
  • Contract Assets: ₹320
  • Inventory: ₹491
  • Advance & Deposit from Customers: ₹526
  • Trade Payables: ₹142
  • Net Debt: Negative (Net Debt Free position)

Key Balance Sheet Ratios:

  • Net Debt: Equity: (0.29)
  • Return on Equity (ROE) Annualized: 20.01%
  • Return on Capital Employed (ROCE) Annualized: 25.75%

Capex & Cash Flow Health

  • Capital Expenditure: ₹25 Cr additions in Q1FY27
  • Free Cash Availability: Approximately ₹331 Cr
  • Strong liquidity position to support aggressive growth without balance sheet stress

Strategic & R&D Initiatives

  • Working continuously towards Clean Energy initiatives in LNG, Liquid Hydrogen & Fusion Energy
  • Developing cryogenic solutions for hydrogen storage and transportation (sizes ranging from small to large)
  • Collaboration with ITER project for fusion energy infrastructure
  • Expansion into semiconductor industry opportunities through skill development programs
  • Exploring freshwater infrastructure systems for Asian market through Wayout agreement

Industry Trends & Business Environment

LNG Market Trends:

  • Persistent LNG-diesel price spreads making LNG competitive for industrial boilers, power generation, and transport
  • Shell forecasts LNG demand to rise ~60% by 2040
  • PNGRB estimates LNG-fueled trucks to increase from 50,000 in 2030 to 500,000 in 2040
  • MoPNG targets 1,000 LNG fuel stations across India

Hydrogen Market Trends:

  • Global hydrogen demand grew almost 3% in 2025 to surpass 100 MT
  • Global trade expected to reach 53 MT by 2050
  • Liquid hydrogen offers higher energy density and long-distance transport feasibility

Fusion Energy Trends:

  • ITER cryogenic operations ramping up, First Plasma expected in 2035
  • Over $7bn funding in Fusion industry sector
  • India developing 25-year fusion roadmap with two new tokamak machines

Semiconductor Trends:

  • India Semiconductor Mission accelerating investments across Fabs, ATMP/OSAT
  • $100B+ opportunity in India's semiconductor market by 2030
  • India home to over one-fifth of world's semiconductor design engineers

Management Commentary & Growth Outlook

Order Backlog:

  • Highest ever export backlog of ₹1,140 Cr as of Q1FY27
  • Total order backlog of ₹1,686 Cr as of June 2026 (vs ₹1,514 Cr previous year)
  • Average order per quarter received: ₹532 Cr in Q1FY27 (26.4% growth)

Strategic Outlook:

  • Vision to be world's best integrated cryogenic solutions enterprise
  • Leadership position across products and markets
  • Exceeding customer and stakeholder expectations

Growth Drivers:

  • Multiple levers including LNG fuel stations, aerospace, fusion energy, hydrogen, and semiconductor sectors
  • Strong product development and engineering capabilities (450+ engineers)
  • Global certifications and approvals enabling international expansion
  • Diversified customer base across 100+ countries

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