INOX India Posts Record Revenue of ₹1,632 Cr for FY26 Amid Strong Export Growth

INOX India Ltd has reported its strongest financial performance to date, with audited results for the fourth quarter and full year ending March 31, 2026 approved by its Board of Directors.

The company's fourth quarter delivered ₹475 crore in revenue, marking the highest quarterly performance and representing 24.2% growth compared to the same period last year. Operating profit (Adjusted EBITDA) reached ₹108 crore, up 13.4% year-on-year, while net profit after tax (Adjusted PAT) climbed to ₹72 crore, reflecting a 9% increase.

For the full fiscal year, INOX India achieved ₹1,632 crore in total revenue, up 21.2% from the previous year. Adjusted PAT rose 19.3% to ₹261 crore, while Adjusted EBITDA increased 20.2% to ₹388 crore. International sales proved particularly robust, reaching ₹971 crore and growing 37.7% year-on-year, accounting for 61% of quarterly revenue.

The company's order pipeline strengthened significantly during the period, with new inflows of ₹504 crore bringing the total order backlog to ₹1,514 crore. This expansion reflects growing confidence in industrial and clean energy sectors globally.

Expansion and Capacity Building

INOX India has acquired land at Kandla to establish its fifth manufacturing facility, complementing existing operations in Kalol, Savli, Silvassa, and another location at Kandla. This expansion is designed to support anticipated growth across the company's business segments.

Segment Performance

The Industrial Gases Division contributed half of quarterly revenue, delivering strong results driven by robust export demand and significant order inflows. A standout achievement came with a major order from a leading U.S.-based private space company for large cryogenic storage tanks, positioning the company in the global aerospace cryogenic infrastructure market.

Transport equipment operations achieved a historic milestone, with annual sales of transport tanks and semi-trailers exceeding 300 units for the first time. The disposable cylinders business surpassed 2 million units dispatched during the year, despite market headwinds in the United States.

The LNG Division generated 32% of quarterly revenue and received a landmark order from Cochin Shipyard for six LNG fuel tanks of 800 cubic meters each, destined for vessels being constructed for a major international shipping company. The company also secured an LCNG station order from Gujarat Gas and maintains its leadership in LNG semi-trailers, with more than 250 units operating across Indian roads. Early shipments of 5×1,500 cubic meter tanks for the Bahamas Mini LNG Terminal project demonstrate the company's capability in executing complex infrastructure ventures.

The Cryo-Scientific Division accounted for 12% of quarterly revenue. During the period, the division received a repeat order from ITER in France for cryostat panel modifications and completed manufacturing of an advanced Liquid Oxygen tank for submarine applications, showcasing its expertise in defense-related cryogenic systems.

The Beverage Keg Division contributed 6% to quarterly revenue, with full-year keg sales increasing 31% in volume. The division supplied kegs to Heineken operations in Bulgaria, Croatia, and Reunion Island, and secured its inaugural order from Molson Coors in the United States alongside repeat orders from Germany for specialized kegs. The company now holds approvals from breweries representing over 40% of the global beer market.

Shareholder Returns and Outlook

The Board has recommended a dividend of ₹2 per share for FY26, subject to shareholder approval.

Deepak Acharya, Chief Executive Officer of INOX India Limited, stated that the year demonstrated strong execution capabilities and rising global recognition of the company's engineered cryogenic solutions. He highlighted the aerospace order, entry into the LNG marine fuel tank segment, progress on the Bahamas project, and ongoing work with international scientific infrastructure initiatives as key achievements strengthening the company's long-term growth trajectory and global market position.

Looking forward, the company remains optimistic about opportunities across LNG infrastructure, aerospace, clean energy, scientific infrastructure, and advanced cryogenic applications, positioning itself for scalable expansion through its new Kandla facility and growing international presence.