INOX India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript INOX India Ltd filed with BSE on 19 May 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 Q4 FY26 total income of INR475 crores, up approximately 24.2% year-on-year, and full-year FY26 revenue of INR1,632 crores, up approximately 21.2% over FY25. Management said adjusted EBITDA margin for the full year was 23.8%, with growth attributed to the Industrial Gas, LNG, Cryo-Scientific and Kegs divisions. The order book stood at INR1,514 crores as of March 31, 2026, with 63% from exports, and management discussed new orders including an aerospace order worth approximately INR200 crores, a Cochin Shipyard LNG tank order worth approximately INR85 crores, and progress on a new manufacturing facility at Kandla.
Numbers mentioned
Total income: INR475 crores (Q4 FY26)
p. 7
“For Q4 FY '26, total income stood to INR475 crores, representing growth of approximately 24.2% on year-to-year basis, driven by strong execution across key segments, including the LNG terminal project related sales, large aerospace order, and record transport tank dispatches.”
Pavan Logar, page 7 of the filed PDF · View the filing
Adjusted EBITDA: INR108 crores (Q4 FY26)
p. 7
“Adjusted EBITDA stood at INR108 crores, up by 13.4% Y-o-Y basis, reflecting improved operating efficiency and better product mix.”
Pavan Logar, page 7 of the filed PDF · View the filing
Adjusted profit after tax: INR72 crores (Q4 FY26)
p. 7
“Adjusted profit after tax was INR72 crores, growing by 9% Y-o-Y, supported by margin expansion and robust volume growth.”
Pavan Logar, page 7 of the filed PDF · View the filing
Total income: INR1,632 crores (FY26)
p. 7
“For the full year FY '26, total income stood at INR1,632 crores, with growth of approximately 21.2% over FY '25, reflecting healthy performance across Industrial Gas,”
Pavan Logar, page 7 of the filed PDF · View the filing
Adjusted EBITDA margin: 23.8% (FY26)
p. 7
“Adjusted EBITDA for the full year stood at INR388 crores with adjusted EBITDA margin of 23.8%.”
Pavan Logar, page 7 of the filed PDF · View the filing
Adjusted PAT: INR261 crores (FY26)
p. 7
“Adjusted PAT for the full year stood at INR261 crores, registering a growth of 19.3% over financial year '25.”
Pavan Logar, page 7 of the filed PDF · View the filing
Order book: INR1,514 crores (as of March 31, 2026)
p. 7
“As of 31st March, 2026, our order book stood at INR1,514 crores, providing strong revenue visibility for the coming quarters of this approximately 63% is from exports and 37% from the domestic market, reaffirming our strong global presence.”
Pavan Logar, page 7 of the filed PDF · View the filing
Total fund availability: INR257 crores (as of March 31, 2026)
p. 7
“Our total fund availability as on 31st March '26 stood at INR257 crores, providing ample headroom to support the Kandla facility investment ongoing project executions and other strategic initiatives.”
Pavan Logar, page 7 of the filed PDF · View the filing
Aerospace order value: approximately INR200 crores (Q4 FY26)
p. 4
“During Q4, we received a significant aerospace order from a leading U.S. based private space company with a total order value of approximately INR200 crores.”
Deepak Acharya, page 4 of the filed PDF · View the filing
Disposable cylinder dispatches: over 2 million units (FY26)
p. 5
“I'm pleased to share that despite the challenging U.S. tariff environment, we crossed the milestone of dispatching over 2 million units during FY 2026.”
Deepak Acharya, page 5 of the filed PDF · View the filing
Beverage keg dispatch growth: 31% (FY26)
p. 6
“During the FY 2025-26, we recorded 31% increase in keg dispatch over the previous year, reflecting continued market expansion and strong demand momentum.”
Deepak Acharya, page 6 of the filed PDF · View the filing
Cochin Shipyard order value: around INR85 crores
p. 12
“Yes. We got 6 tanks order for the 6 ships of around 800 cubic meter tank. The order value is around INR85 crores, and we have to complete between 2 to 3 years.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Bahamas order value: around INR240 crores
p. 13
“So we had initial order of around INR230 crores to INR235 crores, and we got some additional order because of some changes. So the total order value was around INR240 crores.”
Deepak Acharya, page 13 of the filed PDF · View the filing
Bahamas order supplied: around INR160 crores (FY26)
p. 13
“We have supplied around INR160 crores in this year.”
Deepak Acharya, page 13 of the filed PDF · View the filing
Revenue contribution from North and Central America: approximately 26% (FY26)
p. 6
“Revenue contribution from North and Central America increased from 14% in the previous year to approximately 26% in the FY 2026, driven by LNG terminal related orders, aerospace orders, disposable cylinder exports, and LNG related shipments despite tariff related headwinds.”
Deepak Acharya, page 6 of the filed PDF · View the filing
Revenue contribution from Middle East, Southeast and Far East: 10% (FY26)
p. 6
“In the Middle East, Southeast and Far East, our revenue has improved from 8% in FY '25 to 10% in FY '26 in spite of global disturbances in this region.”
Deepak Acharya, page 6 of the filed PDF · View the filing
Keg order book: 65,000 kegs (FY26)
p. 8
“Yes So for FY '26, our order book was for 65,000 kegs and sales around 61,000 units.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Advances from customers: around INR500 crores
p. 11
“But still, my advances, if you see advance from customer has increased a lot, and at present we have advances of around INR500 crores with us.”
Pavan Logar, 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% growth · FY27
stated firmly by Deepak Acharya
p. 8
“We've targeted around 18% to 20% growth.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Order booking run rate — INR450 crores to INR500 crores every quarter · FY27
stated firmly by Deepak Acharya
p. 8
“And our order booking will be also growing in the similar speed of around INR450 crores to INR500 crores every quarter.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Order book execution — at least INR1,200 crores · coming year
stated firmly by Deepak Acharya
p. 16
“Yes. Order book of or pending order of around INR1,514 crores. So out of that, at least INR1,200 crores will be executed this year.”
Deepak Acharya, page 16 of the filed PDF · View the filing
EBITDA margin — 21% to 24%
stated firmly by Deepak Acharya
p. 12
“However, if you see year-on-year basis or we've always maintained our margins of 21% to 24% what we have given the guidelines.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Kandla facility commissioning — approximately 9 to 10 months
stated firmly by Deepak Acharya
p. 6
“We have acquired approximately 7 acres of land near the Kandla Port on a 30-year lease basis, the facility is expected to be commissioned within approximately 9 to 10 months.”
Deepak Acharya, page 6 of the filed PDF · View the filing
ITER order run rate — INR50 crores to INR60 crores · next at least 5 years
stated as an aspiration by Deepak Acharya
p. 14
“So on an average, going forward, at least INR50 crores to INR60 crores we should get on a regular basis for next at least 5 years.”
Deepak Acharya, page 14 of the filed PDF · View the filing
Highview Power additional order — another 6 to 8 months
stated conditionally by Deepak Acharya
p. 14
“So, favorably, maybe another 6 to 8 months, there's some more -- one more additional, at least one project will come up now.”
Deepak Acharya, page 14 of the filed PDF · View the filing
Highview Power second phase order size — 8x to 10x of present order booking
stated as an aspiration by Deepak Acharya
p. 17
“You are correct, the size of the value or the order value will be around 8x to 10x of the present order booking we are having.”
Deepak Acharya, page 17 of the filed PDF · View the filing
Data center cooling development — next 6 to 12 months
stated as an aspiration by Deepak Acharya
p. 6
“This is currently an early-stage R&D led initiative and we expect meaningful development over the next 6 to 12 months.”
Deepak Acharya, page 6 of the filed PDF · View the filing
Third ISRO launchpad tender — by end of this quarter
stated conditionally by Deepak Acharya
p. 12
“On this third launchpad, yes, the tender will be coming by end of this quarter.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Disposable cylinder RFQ and ordering — next year beginning
stated conditionally by Deepak Acharya
p. 16
“And the RFQ is on the way. And hopefully, in another 1-month time, we should have the RFQ. And ordering will be placed in the next year beginning.”
Deepak Acharya, page 16 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 expects a few more orders of similar size and value in Q1 or Q2 FY27, improving order booking.
Answered by Deepak Acharya
Asked by Abhinav Nalawade: What is the pipeline for further large orders and FY27 order inflow guidance?
p. 8
“And I think forward in the Q1 or maybe Q2, we are expecting few more orders of similar nature and similar value very soon now, and that will improve our order booking for this FY '27.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Management said the impact is limited because of diversified products and geographies.
Answered by Deepak Acharya
Asked by Abhinav Nalawade: How will the war in the Middle East affect growth expectations?
p. 8
“Yes. War, slightly impacted there, but we are not depending only on the 1 region or 1 area.”
Deepak Acharya, page 8 of the filed PDF · View the filing
Management said roughly 60% is export and 40% domestic.
Answered by Deepak Acharya
Asked by Pritesh Chheda: What is the export versus domestic split of the LNG business revenue of INR459 crores?
p. 9
“This is export as well. So you can consider almost 60% is export and 40% is the local, roughly.”
Deepak Acharya, page 9 of the filed PDF · View the filing
Management said domestic LNG market share is around 60-65% while global share is single digit.
Answered by Deepak Acharya
Asked by Pritesh Chheda: What is INOX's market share in LNG products in India and globally?
p. 10
“We have different products and different market shares for different products. On an average, our market share for the LNG market -- LNG products in India is almost, like, 60% to 65%.”
Deepak Acharya, page 10 of the filed PDF · View the filing
CFO attributed the rise to project orders being booked under percentage-of-completion accounting versus different payment collection terms, and expects contract assets to remain at similar levels.
Answered by Pavan Logar
Asked by Mohit Kumar: Why has working capital increased significantly and will it stay at similar levels?
p. 11
“So that is why little bit contract asset is increasing, and it will remain like this only because the project orders are increasing now.”
Pavan Logar, page 11 of the filed PDF · View the filing
Management attributed quarterly margin variation to product mix between standard and non-standard tanks, while full-year margins remained within the guided range.
Answered by Deepak Acharya
Asked by Mohit Surana: Why have profit margins fluctuated?
p. 12
“So we have always a product of standard and non-standard tank. And quarter-to-quarter, if you see, there'll be slight variation in the margins because of the product mix variations.”
Deepak Acharya, page 12 of the filed PDF · View the filing
Management said Chinese suppliers cannot easily enter due to PESO regulatory approval requirements and lack of local service infrastructure.
Answered by Deepak Acharya
Asked by Preet Jain: Is China a competitive/import risk for the LNG tank business in India?
p. 14
“So no further more tanks can come to India because it has to go with PESO approvals, number 1.”
Deepak Acharya, page 14 of the filed PDF · View the filing
Management estimated 10-15 years given the need for skilled people, modern facilities, and numerous approvals.
Answered by Deepak Acharya
Asked by Sajal Kapoor: How long would it take a competitor to replicate INOX's capabilities?
p. 15
“So in my opinion, when you will start with highly skilled people and put a plant which is modern day plant, it will take at least 10 to 15 years to replicate this facility.”
Deepak Acharya, page 15 of the filed PDF · View the filing
Management explained that increasing project-based orders with milestone payment terms mean contract assets rise, reducing operating cash flow relative to sales.
Answered by Pavan Logar
Asked by Prakash Kapadia: Why has operating cash flow not grown in line with revenue over the past three years?
p. 18
“So the investment is high and the payment receipt cycle is as per the payment terms agreed with the customers. Because of that my contract assets is little bit high.”
Pavan Logar, page 18 of the filed PDF · View the filing
Management estimated cryogenic tanks would represent 20-25% of the capital cost.
Answered by Deepak Acharya
Asked by Eshwar: How much of Highview Power's capital cost would be attributable to cryogenic storage tanks?
p. 17
“It will be around 20% to 25%.”
Deepak Acharya, page 17 of the filed PDF · View the filing
Risks flagged
Tariff pressure and supply chain disruption creating uncertainty for the business
p. 3
“Tariff pressure and supply chain reconsideration have added layer of uncertainty that businesses in our space must navigate and caution and precision.”
Deepak Acharya, page 3 of the filed PDF · View the filing
West Asian conflict creating energy price and shipping headwinds
p. 3
“The ongoing West Asian conflict is creating headwinds through elevated energy prices, shipping disruptions, and weakened investor confidence.”
Deepak Acharya, page 3 of the filed PDF · View the filing
India's exposure to oil price increases, fiscal pressure, and rupee depreciation due to prolonged conflict
p. 3
“As a major energy importer, India remains exposed to sustained oil price increase, fiscal pressure from fuel subsidies, and”
Deepak Acharya, page 3 of the filed PDF · View the filing
Logistics and supply chain challenges rather than demand slowdown constraining the business
p. 7
“The primary constraint continued to be logistics and supply chain related challenges rather than the slowdown in the market demand.”
Deepak Acharya, page 7 of the filed PDF · View the filing
Near-term challenges in LNG truck segment adoption
p. 5
“While the adoption of the LNG truck segment has witnessed some near-term challenges, we believe that the long-term opportunities remain robust, supported by favorable economic conditions and regulatory tailwinds.”
Deepak Acharya, page 5 of the filed PDF · View the filing
Quota system limiting growth of refrigerant gas customers in the U.S. market
p. 11
“So all these major refrigerant gas manufacturing companies, they have a quota system. So they cannot produce more and they cannot sell more also. So the growth is maybe very marginally able to improve.”
Deepak Acharya, page 11 of the filed PDF · View the filing
Potential Chinese competition and dumping in LNG tank market
p. 14
“See, there are some, initially, some tanks had come to India. I do agree with you.”
Deepak Acharya, page 14 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.