INOX India (INOXINDIA) Q1 26/27 earnings summary

Executive summary

• Achieved record quarterly order inflow of ₹532 crore, raising the order book to ₹1,686 crore, with over ₹1,140 crore from exports, ensuring strong revenue visibility for upcoming quarters.

• Revenue for Q1 FY27 grew 8.3% year-on-year to ₹382 crore, with EBITDA at ₹90 crore (up 1.4% YoY) and PAT steady at ₹61 crore, maintaining strong margins (EBITDA margin 23.5%, PAT margin 15.9%).

• Diversified growth across industrial gas, LNG, cryogenics, beverage kegs, and scientific research, with significant wins in space exploration, semiconductor, and scientific research (CERN, ITER).

• Secured AS9100D aerospace quality certification, enabling entry into onboard aerospace components and expanding addressable market.

• Continued investment in new growth platforms, including modular water microfactories, semiconductor skill development, and manufacturing automation.

Financial highlights

• Q1 FY27 total income reached ₹382 crore, up 8.3% year-on-year, with EBITDA at ₹90 crore (up 1.4% YoY) and PAT at ₹61 crore.

• EBITDA margin at 23.5% and PAT margin at 15.9%, within guided range.

• Highest-ever order booking and backlog, with export orders comprising 68% of the backlog.

• Liquidity remains strong with ₹331 crore in available funds as of June 30, 2026; net debt-free balance sheet.

• ROCE at 25.75% and ROE at 20.01% (annualized).

Outlook and guidance

• Management reaffirmed 18%-20% annual revenue growth guidance for FY27, confident in achieving targets despite Q1 logistics disruptions.

• Large aerospace orders to begin contributing from Q3/Q4 FY27, with most execution in FY28.

• Strong order pipeline and backlog expected to sustain high order inflow and aggressive growth.

• Focus on expanding clean energy solutions, including mini-LNG terminals and cryogenic hydrogen infrastructure.

• Anticipates continued demand in LNG, hydrogen, and fusion energy sectors, supported by policy tailwinds and global decarbonization trends.