INOX India Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript INOX India Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
INOX India reported Q1 FY27 total income of Rs 382 crore, up about 8.3% year-on-year, with EBITDA of Rs 90 crore and profit after tax of Rs 61 crore flat year-on-year. Management highlighted a record quarterly order inflow of approximately Rs 532 crore, taking the total order book to around Rs 1,686 crore, including export orders exceeding Rs 1,140 crore. Management attributed the revenue shortfall versus its internal target to logistics disruptions that delayed dispatches, and discussed order momentum across aerospace, semiconductor, LNG, cryo-scientific and beverage keg businesses.
Numbers mentioned
Total income: INR382 crores (Q1 FY27)
p. 6
“For Q1 FY27, total income stood at INR382 crores representing a growth of approximately 8.3% year-on-year, driven by healthy execution across our industrial gas, LNG, cryogenic solutions, and beverage keg businesses, supported by a strong mix of domestic and export deliveries.”
Sunil Lavati, page 6 of the filed PDF · View the filing
EBITDA: INR90 crores (Q1 FY27)
p. 6
“EBITDA stood at INR90 crores, registering a growth of 1.4% year-on-year reflecting continued operational efficiency and favorable business mix.”
Sunil Lavati, page 6 of the filed PDF · View the filing
Profit after tax: INR61 crores (Q1 FY27)
p. 6
“Profit after tax stood at INR61 crores, a flat performance on a year-on-year basis.”
Sunil Lavati, page 6 of the filed PDF · View the filing
Order book: INR1,686 crores (as of June 30, 2026)
p. 7
“As of June 30th, 2026, our order book stood at INR1,686 crores, the highest in the company's history, providing strong revenue visibility for the coming quarters.”
Sunil Lavati, page 7 of the filed PDF · View the filing
Export order book: over INR1,140 crores (as of June 30, 2026)
p. 7
“Of this, over INR1,140 crores comprise export orders, underscoring our strong international presence and diversified customer base.”
Sunil Lavati, page 7 of the filed PDF · View the filing
Total fund availability: INR331 crores (as of June 30, 2026)
p. 7
“Our liquidity continues to remain comfortable with total fund availability of INR331 crores as on 30 June '26, providing adequate financial flexibility to support ongoing project execution, capacity expansion initiatives, including the Kandla facility and other strategic growth opportunities.”
Sunil Lavati, page 7 of the filed PDF · View the filing
Quarterly order inflow: approximately INR532 crores (Q1 FY27)
p. 4
“we delivered our highest ever quarterly order inflow of approximately INR532 crores, taking our total order book to around INR1,686 crores, the highest in the company's history.”
Deepak Acharya, page 4 of the filed PDF · View the filing
EBITDA margin: 23.5% (Q1 FY27)
p. 12
“our margins are still 23.5%, which is within the range from 21% to 24% guidance what we have provided.”
Deepak Acharya, page 12 of the filed PDF · View the filing
US aerospace customer overall order size: more than INR1,000 crores
p. 13
“And the overall order is more than INR1,000 crores from this company.”
Deepak Acharya, page 13 of the filed PDF · View the filing
Dholera semiconductor tank order: around INR30 crores odd plus
p. 11
“we have recently received from Dholera project around INR30 crores odd plus for the tank, for the storage and this thing, and transport equipment.”
Deepak Acharya, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 18% to 20% · FY27
stated firmly by Deepak Acharya
p. 16
“So growth-wise on revenue-wise, whatever guidance we have given as 18% to 20%, we are quite confident that we'll achieve these targets.”
Deepak Acharya, page 16 of the filed PDF · View the filing
EBITDA margin — 21% to 24%
stated firmly by Deepak Acharya
p. 12
“our margins are still 23.5%, which is within the range from 21% to 24% guidance what we have provided.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Kandla facility commissioning — December end or mid of January
stated conditionally by Deepak Acharya
p. 11
“So hopefully by December end or mid of January, we should be in a position to start the operation at Kandla.”
Deepak Acharya, page 11 of the filed PDF · View the filing
US market entry — after 2028
stated firmly by Deepak Acharya
p. 8
“So we cannot enter that market before the year of '28. We are in the process of seeing how we can start this operation.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Beverage keg utilization — 50% to 60% utilization · by end of the year
stated as an aspiration by Deepak Acharya
p. 16
“So going forward, we see at least from 30% utilization to 50% to 60% utilization by end of the year.”
Deepak Acharya, page 16 of the filed PDF · View the filing
Data center cooling commercialization — 1 to 1.5 years
stated as an aspiration by Deepak Acharya
p. 17
“Commercialization should take at least 1 to 1.5 years now.”
Deepak Acharya, page 17 of the filed PDF · View the filing
Non-aerospace industrial gas segment growth — 15% to 18%
stated as an aspiration by Deepak Acharya
p. 15
“And our growth in this sector may be around 15% to 18% in industrial gas sector.”
Deepak Acharya, page 15 of the filed PDF · View the filing
Andaman Nicobar mini LNG terminal bidding — by month-end
stated firmly by Deepak Acharya
p. 11
“Yes. The solicitation for bidding of Andaman Nicobar is by month-end now. The RFQ for the third launch pad is likely to get released by month-end.”
Deepak Acharya, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the certification now qualifies the company to bid for onboard flight equipment such as propellant tanks, in addition to existing ground support equipment.
Answered by Deepak Acharya
Asked by Jay Negandhi: By how much does the AS9100D aerospace certification expand the company's addressable market, and what products will be targeted?
p. 7
“With all this, there is a good potential going forward to see that we can manufacture this equipment at INOX India.”
Deepak Acharya, page 7 of the filed PDF · View the filing
Management said growth could exceed anticipated levels if pipeline lumpy orders materialize, but did not commit to a formal revision.
Answered by Deepak Acharya
Asked by Jay Negandhi: Does strong order intake warrant an upward revision to the order intake guidance?
p. 8
“And we are quite hopeful that there are many such projects which are in pipeline. And if they all come to us, definitely, our growth will be much higher than what we had anticipated.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Management attributed the shortfall to undispatched equipment worth Rs 32-35 crore due to logistics issues, and said margins remained within the guided range.
Answered by Deepak Acharya
Asked by Bhavika: Why was revenue growth below the 18-20% guided range this quarter, and what caused the EBITDA margin decline?
p. 12
“Let me tell you, almost INR32 crores to INR35 crores equipment, which was kept ready for dispatch could not be dispatched because of several issues like logistics pricing going up, supply chain small issues, maybe ships not available, so many things.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Management confirmed continuing freight cost increases in July but maintained confidence in achieving full-year growth guidance.
Answered by Deepak Acharya
Asked by Alisha Mahawla: Are logistics disruptions continuing into July, and is the 18-20% growth guidance still achievable?
p. 15
“Definitely July whole month also, the prices of logistics, which was earlier like if you want to send a container to Europe, it was costing, say, $3,000, $4,000. Now it is $8000, $9000.”
Deepak Acharya, page 15 of the filed PDF · View the filing
Management stated the overall order from this customer exceeds Rs 1,000 crore with a delivery timeline of about a year to two years, ending FY28.
Answered by Deepak Acharya
Asked by Saif Sohrab Gujar: How large is the order book from the US private space company and what is the execution timeline?
p. 14
“The timeline for this project is something around a year to 2-year time. So end of FY28, we have to deliver these equipment because these are very big equipments and first of its kind equipment.”
Deepak Acharya, page 14 of the filed PDF · View the filing
Management said utilization is expected to rise from around 30% to 50-60% by year end, supported by new orders from global breweries.
Answered by Deepak Acharya
Asked by Ansh Shah: What is the current keg plant utilization and expected ramp-up?
p. 16
“So even we have received inquiry from Asahi as well and many other like Heineken, Anheuser-Busch InBev, and Molson Coors.”
Deepak Acharya, page 16 of the filed PDF · View the filing
Management said around Rs 400 crore of the order book is from aerospace and attributed flat LNG/CSD orders to customer and regulatory delays, expecting materialization in coming quarters.
Answered by Deepak Acharya
Asked by Mohit Surana: How much of the current order book relates to the US aerospace company, and what is the outlook for LNG and Cryo-Scientific order intake?
p. 10
“Basically, because of these customer delays, statutory regulatory authorities approvals, and may be some impact of this geopolitical situation, the big projects are getting delayed.”
Deepak Acharya, page 10 of the filed PDF · View the filing
Risks flagged
Logistics disruptions and rising freight costs delayed equipment dispatches
p. 15
“Actually, our delayed dispatches was basically because of the logistic issues because in the last few days, we suddenly saw a tremendous increase in the freight rates and availability of ships for the dispatches, especially to the Middle East and even to some other countries as well.”
Deepak Acharya, page 15 of the filed PDF · View the filing
Customer delays and regulatory approvals delaying big LNG and Cryo-Scientific projects
p. 10
“Basically, because of these customer delays, statutory regulatory authorities approvals, and may be some impact of this geopolitical situation, the big projects are getting delayed.”
Deepak Acharya, page 10 of the filed PDF · View the filing
Delay in Highview Power's new project initiation due to regulatory issues at their end
p. 12
“No, we have supplied the equipments, but the new project initiation is slightly delayed now at their place because of some issues, may be the regulatory issues I was told.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Transformer tank business does not fit core manufacturing capabilities and may be discontinued
p. 9
“And though there is a big market, we may not continue with this business going forward.”
Deepak Acharya, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.