Vadodara/Mumbai, November 3, 2026: INOX India Ltd (INOXCVA) reported a 26.6% year-on-year increase in revenue to ₹467 crore for the second quarter ended September 30, 2026, with profit after tax (PAT) rising 7.8% to ₹66 crore. The company’s order backlog reached a record ₹2,268 crore, the highest in its history, according to unaudited results approved by the Board of Directors.
EBITDA for Q2 FY27 was ₹100 crore, up 10.8% year-on-year, with an EBITDA margin of 21.3%. Export revenue contributed ₹279 crore, accounting for 60% of the quarter’s total revenue. For the first half of FY27, revenue grew 17.7% year-on-year to ₹849 crore, with EBITDA at ₹189 crore (up 6.2%) and PAT at ₹127 crore (up 3.6%). Export revenue for H1 FY27 stood at ₹501 crore, making up 59% of total revenues.
Order book and segment performance
The company secured order inflows of ₹1,028 crore during the quarter, bringing its total order book to ₹2,268 crore. Export orders comprised ₹1,628 crore, providing strong revenue visibility for upcoming quarters. The Industrial Gas Solutions (IG) division contributed 61% of overall revenue in Q2 FY27, supported by demand for storage and transportation equipment. Over 1,500 liquid cylinders were dispatched in H1 FY27, valued at more than ₹25 crore. The order backlog includes approximately ₹1,100 crore from space-sector customers, with recent orders from Indian and US aerospace clients for vertical storage tanks and cryogenic heat exchangers.
The LNG Solutions division accounted for 15% of Q2 FY27 revenue, benefiting from demand for LNG transportation and storage infrastructure. The company secured orders for over 40 LNG semi-trailers from various customers, and additional orders worth ₹14 crore from a domestic client for storage tanks, vaporizers, and an unloading pump kit. An order was also received from a city gas distribution company for an LNG fuelling station, and for vertical tanks and vaporizers for a glass plant in Bharuch. INOX India dispatched two LNG-powered rail mobility orders, following the launch of India’s first LNG-powered train, and has two more in the pipeline.
Cryo-Scientific and beverage keg growth
The Cryo Scientific Division (CSD) contributed 17% to overall revenue in the September 2026 quarter. The company secured an order worth approximately ₹35 crore for specialized cryogenic equipment for an early-warning earthquake project in Maharashtra, and another order of about ₹12 crore from a European customer for pre-fabrication of TCWS piping. In the beverage keg segment, sales grew approximately 446% year-on-year in Q2 FY27, with the order book up 155% year-on-year. INOX India entered a three-year global supply agreement with a major brewing company, with the customer’s 2027 requirement exceeding 400,000 kegs across 22 countries. Four of the five global beverage players targeted by the company have approved its products.
Semiconductor and manufacturing initiatives
INOX India commenced initial piping work at a semiconductor facility in Dholera and inaugurated an orbital welding skill excellence centre, SemiOrbit, at ITM SLS Baroda University. The centre aims to provide advanced welding skills for semiconductor fab infrastructure development. During September, the company dispatched major tanks for the Bahamas project, tanks for a US aerospace customer, and equipment for Eleuthera and Great Abaco.
Management comments and outlook
Deepak Acharya, Chief Executive Officer of INOX India Limited, said the company’s order backlog crossed ₹2,200 crore in Q2 FY27, with the space sector contributing around ₹1,100 crore. He added that INOX India is expanding its presence in sectors such as semiconductor infrastructure and beverage kegs, and remains focused on disciplined execution and operational excellence.
INOX India Ltd (INOXCVA) manufactures cryogenic storage, re-gas, and distribution systems for LNG, industrial gases, and cryo-scientific applications, with operations in India, Brazil, and Europe, and serves customers in over 100 countries.
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