Date: November 3, 2026

Financial Performance Summary

Q2 FY27 Performance

  • Revenue: ₹467 Cr, up 26.6% YoY from ₹369 Cr in Q2 FY26
  • EBITDA: ₹100 Cr, up 10.8% YoY from ₹90 Cr in Q2 FY26
  • EBITDA Margin: 21.3%
  • PAT: ₹66 Cr, up 7.8% YoY from ₹62 Cr in Q2 FY26
  • PAT Margin: 14.2%
  • Export Revenue: ₹279 Cr, contributing 60% to total revenues

H1 FY27 Performance

  • Revenue: ₹849 Cr, up 17.7% YoY from ₹721 Cr in H1 FY26
  • EBITDA: ₹189 Cr, up 6.2% YoY from ₹178 Cr in H1 FY26
  • EBITDA Margin: 22.3%
  • PAT: ₹127 Cr, up 3.6% YoY from ₹122 Cr in H1 FY26
  • PAT Margin: 14.9%
  • Export Revenue: ₹501 Cr, contributing 59% to total revenues

Operational Highlights and Order Book

  • Order backlog reached record high of ₹2,268 Cr, the highest in company's history
  • Secured new order inflows totaling ₹1,028 Cr during the quarter
  • Export orders now stand at ₹1,628 Cr, providing strong revenue visibility

Segment-wise Performance

Industrial Gas Solutions

  • Contributed 61% to overall revenue in Q2 FY27
  • Dispatched more than 1,500 liquid cylinders in H1 FY27 worth over ₹25 Cr (compared to 1,600+ in previous year)
  • Secured repeat orders for disposable cylinders in US and DOT cylinders from existing customer
  • Order backlog includes approximately ₹1,100 Cr from space-sector customers
  • Received order from Indian aerospace player for vertical storage tanks
  • Progressed work on two cryogenic heat exchangers for US aerospace company
  • Dispatched two tanks for US aerospace customer

LNG Solutions

  • Contributed 15% to overall revenue in Q2 FY27
  • Secured combined order for 40+ LNG semi-trailers from various customers
  • Secured orders aggregating approximately ₹14 Cr from domestic customer for storage tanks, vaporizers and unloading pump kit
  • Received order from leading city gas distribution company for LNG fuelling station
  • Orders for vertical tanks and vaporizers for Glass plant at Bharuch
  • Secured four orders related to LNG-powered rail mobility, with two already dispatched

Cryo-Scientific and Advanced Engineering Solutions

  • Contributed 17% to overall revenue in Q2 FY27
  • Secured order worth approximately ₹35 Cr for specialized cryogenic equipment for early-warning earthquake project in Maharashtra
  • Secured order worth approximately ₹12 Cr from European customer for Pre Fabrication of TCWS Piping

Beverage Kegs

  • Beverage keg sales grew approximately 446% year-on-year in Q2 FY27
  • Beverage keg order book increased approximately 155% year-on-year
  • Entered into three-year global supply agreement with leading global brewing company
  • Customer's stated requirement for 2027 exceeds 400,000 kegs across 22 countries
  • Four of five key global beverage players targeted have approved the company

New Business Initiatives

  • Commenced initial piping scope at semiconductor facility in Dholera
  • Inaugurated orbital welding skill excellence centre (SemiOrbit) at ITM SLS Baroda University
  • The institute will provide Advanced Welding Skills for orbital and IR welding for semiconductor fab infrastructure development

Manufacturing and Execution

  • Dispatched major tanks for Bahamas project
  • Dispatched first two tanks for US aerospace customer
  • Dispatched equipment for Eleuthera and Great Abaco
  • Focus on disciplined execution, efficient working-capital management, stringent quality control and consistent delivery

Management Commentary

Deepak Acharya, Chief Executive Officer, stated: \"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.\"