Inox India Ltd(INOXINDIA)

NSE: INOXINDIABSE: 544046

₹ 1,872.25-2.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 17,023 crWebsite: www.inoxcva.comUpdated: 24 Oct 2026

About

Inox India Ltd designs and manufactures cryogenic equipment, LNG storage and transport systems, industrial gas vessels, and specialty containers, serving industrial gas, energy, aerospace, and scientific research customers across India and globally. The company reported FY26 total income of ₹1,632 Cr, up 21.2% year-on-year, with exports comprising 58% of Q1 FY27 revenue. It holds dominant domestic positions including 85%+ share of LNG semi-trailers on Indian roads and ~69% share of LNG fuelling stations.^[1][2][3]

Business segments

Industrial Gas (IG) segment contributed 53% of revenue in Q1 FY27, up from 47% in Q1 FY26, covering cryogenic storage vessels, liquid cylinders, liquid nitrogen containers (Cryoseal), and disposable cylinders.^[2]
LNG segment contributed 22% of revenue in Q1 FY27, down from 29% in Q1 FY26; FY26 full-year LNG revenue was ₹457 Cr (28% of total, up from 17% in FY25), covering storage tanks, semi-trailers, fuelling stations, and marine fuel tanks.^[2][1]
Cryo Scientific & Defence (CSD) division generated ₹75 Cr revenue in Q1 FY27, covering large scientific cryogenic modules for institutions such as ITER, CERN, and ISRO.^[2]

Products and portfolio

Industrial gas products include cryogenic storage vessels (up to 1,500 m³), liquid cylinders, Cryoseal liquid nitrogen containers, disposable cylinders, and radial flow thermal swing absorption vessels.^[3][4]
LNG portfolio covers semi-trailers, storage tanks, satellite fuelling stations, LCNG stations, LNG fuel tanks for trucks and locomotives (2,200-litre systems), and marine fuel tanks for LNG-powered ships.^[3][1]
Beverage kegs (stainless steel, 300,000-unit annual installed capacity) are supplied to Heineken, AB InBev, and Molson Coors - collectively representing over 40% of global beer market volumes; FY26 dispatches were 61,000 units, up 31% vs FY25.^[1][3]
Semiconductor segment supplies cryogenic storage tanks, FBT tanks, vaporisers, and piping to Micron, Tata (Assam and Dholera), Foxconn, and Air Liquide/Dresden; a ₹30 Cr order from the Dholera project was received in Q1 FY27.^[2][4]

Operations and capacity

Manufacturing plants at Kalol, Kandla, Silvassa, and Savli; Kalol, Kandla, and Silvassa operate at 85 - 90% utilisation as of Q3 FY26; Savli cryo shop at 70% utilisation and Savli keg plant at ~30% utilisation as of Q1 FY27.^[3][2]
Savli facility - a new cryo and non-cryo expansion - is in full production but still in productivity stabilisation as of Q1 FY27, adding employee cost pressure of +23% YoY.^[2]
A fully automated serial production line for LNG fuel tanks was commissioned at the Kalol plant in Q3 FY26.^[3]
Beverage keg installed capacity is 300,000 units/year with building infrastructure capable of supporting 1 million kegs/year.^[1]
AS9100D aerospace quality certification received in Q1 FY27, making INOX eligible to supply onboard flight systems (propellant tanks, heat exchangers) in addition to ground support equipment.^[2]

Key operating numbers

Order backlog reached ₹1,686 Cr in Q1 FY27 - the highest in company history - up from ₹1,514 Cr at end of Q4 FY26 and ₹1,457 Cr at end of Q3 FY26.^[2][1][3]
Q1 FY27 order inflow was ₹532 Cr, +28.4% YoY and the highest-ever quarterly booking; FY26 average quarterly order inflow was ₹421 Cr, up 9.9% vs FY25 average of ₹383 Cr.^[2][1]
Export order backlog exceeded ₹1,140 Cr in Q1 FY27; export share of order backlog was 63% in Q4 FY26 and Q3 FY26.^[2][1][3]
Export revenue share was 58% in Q1 FY27 and 57% in Q2 FY26; Q4 FY26 export revenue was ₹291 Cr.^[2][4][1]
EBITDA margin was 23.5% in Q1 FY27 (down from 25.1% in Q1 FY26) and 23.8% for full-year FY26.^[2][1]
Over 2 million disposable cylinders dispatched in FY26, including 1.5 million+ to the US market; highest-ever quarterly Cryoseal (liquid nitrogen container) order intake was ~20,000 units in Q3 FY26, with 9M FY26 total exceeding all of FY25.^[1][3]

Customers and distribution

LNG semi-trailer market share in India exceeds 85%; LNG fuelling station market share ~69%; LCNG stations ~36%; satellite stations ~73% as of Q3 FY26.^[3]
North and Central America revenue share rose from 14% in FY25 to approximately 26% in FY26, driven by LNG terminal orders, aerospace orders, disposable cylinder exports, and LNG shipments.^[1]
Aerospace customer orders from a single US private space company have accumulated to over ₹1,000 Cr across Q4 FY26, Q1 and Q2 FY27; a ₹217 Cr order for 7 additional large cryogenic tanks was received in Q1 FY27.^[2]
Scientific institution customers include ITER France, CERN (22 cryogenic modules for HL-LHC), and ISRO; estimated ITER-related orders of ₹100 - 150 Cr/year over the next 5 years.^[2][4]
Beverage keg distribution partnerships are operational in Germany, Poland, and the UK; customers include Heineken (Bulgaria, Croatia), AB InBev, and Molson Coors.^[1][3]

Expansion and capex

Kandla facility: ~7 acres acquired near Kandla Port on a 30-year lease; civil work under way, PEB structures and major machines ordered; commissioning targeted by December 2026 or mid-January 2027. Will enable tanks up to 8 - 9 m diameter, 60 m length, and 500 tonnes.^[1][2]
US market entry under active preparation; a non-compete agreement expires in 2028, with groundwork under way to begin operations post-2028.^[2]
Wayout modular water microfactory: first module design complete; prototype to be built and tested at INOX facility over the next 6 - 8 months from Q1 FY27, with mass manufacturing in India if successful.^[2]
Data center liquid nitrogen cooling system: MoU signed with a European IT infrastructure company; design line frozen; commercialisation expected in 1 - 1.5 years from Q1 FY27.^[2][1]
Beverage keg capacity utilisation expected to improve from ~30% currently to 50 - 60% by end of FY27, driven by brewery approvals and repeat orders from Heineken, AB InBev, and Molson Coors.^[2]

Recent developments

Q1 FY27: Received CERN order for 22 cryogenic modules for the HL-LHC particle physics project - marking INOX's entry into CERN - and a new ITER France order for installation and refurbishment of the cryostat thermal shield.^[2]
Q1 FY27: Secured LNG fuelling station orders from Sabarmati Gas, Ultra Gas, and BPCL; won two additional Bahamas-region island LNG orders (Eleuthera and Great Abaco); entered marine LNG via a Cochin Shipyard order.^[2]
Q1 FY27: AS9100D aerospace quality certification received, expanding eligibility to supply onboard flight systems in addition to ground support equipment.^[2]
Q4 FY26: ₹200 Cr order received from a leading US-based private space company for large-size cryogenic tanks; subsequent Q1 FY27 order of ₹217 Cr for 7 additional tanks brings cumulative orders from this customer to over ₹1,000 Cr.^[1][2]
Q4 FY26: First dispatch made for the Bahamas Mini LNG Terminal (₹160 Cr of a ₹240 Cr total order); balance ~₹80 Cr to be supplied in FY27.^[1]
Q4 FY26: Cochin Shipyard order of ₹85 Cr for 6 LNG fuel tanks for LNG-powered ships - marking entry into the marine LNG ecosystem.^[1]
Q1 FY27: Logistics disruptions (European container freight doubling to $8,000 - 9,000; vessel unavailability) deferred ₹32 - 35 Cr of ready equipment dispatches, holding Q1 FY27 revenue growth to 8.3% vs an internal target of ~₹410 - 415 Cr.^[2]

Market Cap

₹17,023 Cr

High / Low

₹2,339 / 1,031

Stock P/E

66.7

Price / Book

15.2

Book Value

₹123

EPS

₹28.4

No. of Shares

9.08 Cr

ROCE

33.7%

ROE

25.9%

OPM

21.7%

Debt / Equity

0.06

Sales

₹1,587 Cr

Net Profit

₹258 Cr

Promoter holding

74.7%

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