INOX India Limited – Investor Presentation Summary

Key Operational Highlights

  • Record order backlog of ₹2200+ crore as of Q2FY27
  • Dispatched first lot of 1500 M³ tanks to Global Aerospace Company
  • Dispatched second lot of 1500 M³ tanks for Mini LNG Terminal of The Bahamas Project, completing supply of all 10 large tanks within one year
  • Secured largest ever single order in company's history from Global Aerospace Company for LOX/LNG Subcooler
  • Entered 3-year global supply agreement with Heineken
  • Secured order for LIGO-India observatory project critical sectors
  • Repeat order from domestic Steel customer for LNG Storage tank

Key drivers of operational performance: Expansion into clean energy initiatives (LNG, Liquid Hydrogen, Fusion Energy), global customer base across 100+ countries, large-scale serial manufacturing facilities at four locations in India with additional facilities in Brazil and Netherlands

Segment-wise Performance

| Segment | Q2FY27 % Share | Q1FY27 % Share | Q2FY26 % Share | H1FY27 % Share | FY26 % Share | FY25 % Share |

| IG | 61% | 53% | 57% | 57% | 54% | 61% |

| LNG | 15% | 22% | 25% | 18% | 28% | 17% |

| CSD | 17% | 20% | 13% | 18% | 14% | 17% |

| Other* | 7% | 5% | 4% | 7% | 4% | 5% |

*Other includes Keg

Explanation of significant changes in segment performance: Industrial Gas (IG) segment showing increased dominance while LNG segment share decreased quarter-over-quarter from 22% to 15%

Financial Highlights

Revenue: Rs. 456 crore (Q2FY27)

EBITDA: Rs. 100 crore (Q2FY27)

PAT: Rs. 66 crore (Q2FY27)

EPS: Not Specified

Margins: EBITDA Margin 21.3%, PAT Margin 14.2%

YoY/QoQ comparison: Revenue up 27.4% YoY, PAT up 7.8% YoY, EBITDA margin declined from 24.3% in Q2FY26 to 21.3% in Q2FY27

Drivers of financial performance: Higher material costs (43.0% vs 40.5% YoY), increased employee benefits expense (up 23.4% YoY), higher other expenses including logistics costs due to global geopolitical disruptions, aggressive pricing strategies to boost volumes

Comparison to market estimates: Not Specified

Key Risks: Global geopolitical disruptions impacting logistics costs, project-based margin variability depending on standard vs non-standard manufacturing types

Geographical Revenue Split

Domestic vs Export Revenue: Not Specified by value, but percentage shares provided:

| Period | Domestic % | Export % |

| Q2FY27 | 64% | 36% |

| Q1FY27 | 55% | 45% |

| Q2FY26 | 45% | 55% |

Regional Breakdown: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Negative 0.31 (net cash position)

Reserves: Not Specified separately (Other Equity: ₹1,210 crore)

Current Assets/Liabilities: Current Assets ₹1,596 crore, Current Liabilities ₹811 crore

Working Capital/Leverage Metrics: Net current assets ₹785 crore

Financial Health Insights: Strong balance sheet with net debt free position, availability of approximately ₹384 crore free cash, impressive order backlog of ₹2,268 crore against ₹1,514 crore previous year

Capex & Cash Flow Health

Capital Expenditure: Fixed assets addition of ₹30 crore net (₹47 crore gross less ₹17 crore lease land)

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Improved net cash position from March 2026

Investment Rationale: Capacity expansion including new Cryo-Non-Cryo tank manufacturing facility at Savli and leased trailers capitalized in Brazil

Strategic & R&D Initiatives

Investments in Innovation: Working continuously towards Clean Energy initiatives in LNG, Liquid Hydrogen & Fusion Energy, SemiOrbit Skill Excellence Centre in Vadodara for semiconductor skills

Expected impact on growth: LNG demand expected to rise ~60% by 2040 according to Shell forecasts, hydrogen demand growth creating opportunities in storage and export infrastructure

Strategic Rationale: Expanding into high-growth clean energy markets including LNG fuel for transportation, hydrogen infrastructure, fusion energy projects like ITER

Industry Trends & Business Environment

Macro/Industry Trends: Persistent LNG-diesel price spreads making LNG competitive, small-scale LNG market valued at $10 billion in 2023 projected to reach $16 billion by 2028, global hydrogen demand grew almost 3% in 2025 to surpass 100 MT

Impact on Company: Creating massive cryogenic logistics demand, opportunities in LNG fuel stations (MoPNG targets 1,000 LNG fuel stations across India), PNGRB estimates LNG fuelled trucks to increase from 50,000 in 2030 to 5,00,000 in 2040

Management Commentary & Growth Outlook

Strategic Outlook: Company positioned to grow aggressively without stress on balance sheet, multiple growth levers in clean energy transition

FY Guidance: Not Specified explicitly

Market Share Targets: Not Specified

Risks and Opportunities: Project-based margin variability, geopolitical impacts on logistics costs, but strong order backlog provides visibility

ESG Updates: Not Specified

Digital Transformation: Not Specified