Inox India: Business Overview & Financial Analysis
Inox India is a leading Indian provider of cryogenic equipment and engineering solutions, headquartered in Vadodara, Gujarat. Promoted by the Jain family (INOX Group), the company designs, manufactures, and installs cryogenic tanks, equipment, and systems for industrial gases, liquefied natural gas (LNG), liquid hydrogen, and cryo-scientific research. Operating modern manufacturing facilities across Gujarat and Silvassa, Inox India serves industrial gas manufacturers, energy majors, healthcare institutions, space exploration agencies, and international engineering enterprises across 100+ countries.
Business Division Revenue Mix of Inox India (FY26)
Inox India categorises its operational turnover across industrial gas equipment, LNG systems, and cryo-scientific solutions.
- Industrial Gas Division – 62.0% of Total Operating Revenue
- LNG Systems Division – 26.0% of Total Operating Revenue
- Cryo-Scientific & Specialty Systems Division – 12.0% of Total Operating Revenue
- Total Consolidated Revenue from Operations (FY26) – Rs 1,320.50 crore (+15.8% YoY)
The Industrial Gas segment forms the primary top-line anchor, supplying bulk cryogenic storage tanks, microbulk units, and mobile transport tankers. The LNG Systems and Cryo-Scientific divisions represent high-growth verticals, driven by industrial fuel switching and space exploration programs.
Geographic Revenue Mix & Export Distribution Share of Inox India (FY26)
Inox India delivers customized cryogenic pressure vessels and engineering solutions to customers across global markets.
- Domestic Market (India) Share – 54.0% of Total Operating Revenue
- Exports & Overseas Market Share – 46.0% of Total Operating Revenue
- Primary Export Geographies – North America, Europe, Middle East, and Asia-Pacific
- Export Revenue Realisation – Rs 607.40 crore (+18.5% YoY)
Domestic dispatches account for over half of total sales, supported by industrial gas manufacturing expansions and LCNG station rollouts. Export markets generate 46% of turnover through direct sales and global engineering partnerships.
Order Book & Inflow Pipeline Scale of Inox India (Q4 FY26 / FY26)
Inox India maintains strong multi-quarter revenue visibility backed by a growing order book across industrial and energy sectors.
- Executable Order Book Position – Rs 1,280.40 crore (+18.2% YoY)
- Industrial Gas Segment Order Book – 58.0% of Total Order Book
- LNG Systems Segment Order Book – 28.0% of Total Order Book
- Cryo-Scientific Segment Order Book – 14.0% of Total Order Book
- Export Orders Share in Order Book – 42.0% of Total Executable Backlog
The executable order book crossed Rs 1,280 crore at the close of Q4 FY26, providing strong top-line visibility for upcoming execution cycles. Industrial gas storage orders and clean energy projects form over eight-tenths of the backlog.
Global Manufacturing Infrastructure & Facilities Network of Inox India (FY26)
Inox India operates specialized manufacturing campuses equipped with automated plate rolling, plasma welding, and helium leak testing equipment.
- Primary Manufacturing Locations – Kalol (Gujarat), Kandla SEZ (Gujarat), and Silvassa (UT of DNH)
- Kandla SEZ Plant Strategic Location – Port-adjacent facility for large-diameter export cryogenic tanks
- Total Annual Metal Processing Capacity – 32,000+ metric tonnes per annum
- Global Regulatory Standards & ASME Certifications – ASME 'U', 'U2', 'STAMP', CE Marking, and ISO 9001/14001
Port-adjacent manufacturing at Kandla SEZ facilitates seamless dispatch of over-dimensional cryogenic transport vessels to international markets. Plant facilities hold international certifications required for high-pressure cryogenic vessel fabrication.
Specialty Applications & Hydrogen Capabilities of Inox India (FY26)
Inox India engineers specialized liquid hydrogen, LNG, and space research equipment to capitalize on clean energy transitions.
- Liquid Hydrogen Storage Capabilities – Manufactured India's first liquid hydrogen storage tank for space launch complexes
- LNG & LCNG Fueling Stations Installed – 90+ LCNG station projects executed across India
- Microbulk System Brand – 'Cylencare' solution for healthcare and industrial microbulk users
- Space Exploration Supply – Supplying liquid hydrogen and liquid oxygen fueling systems to ISRO and global space majors
The company developed India's first liquid hydrogen storage tank, positioning itself as an early mover in green hydrogen infrastructure. Execution of 90+ LCNG stations supports natural gas adoption across city gas distribution networks.
Latest Quarterly Financial Performance of Inox India (Q4 FY26)
Inox India recorded top-line revenue expansion and operating EBITDA growth during the fourth quarter of FY26.
- Consolidated Revenue from Operations – Rs 348.50 crore (+16.2% YoY)
- Consolidated Operating EBITDA – Rs 82.40 crore (+19.5% YoY)
- Operating EBITDA Margin – 23.64% (+65 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 58.20 crore (+21.8% YoY)
- Board Recommended Final Dividend – Rs 3.50 per equity share
Fourth-quarter operating revenue rose 16.2% year-on-year to Rs 348.50 crore, supported by export dispatches of LNG transport equipment and domestic industrial gas tanks. Consolidated Net Profit After Tax reached Rs 58.20 crore, while operating EBITDA margins expanded to 23.64%.
Consolidated Annual Financial Performance of Inox India (FY26)
Inox India achieved full-year top-line growth and operating profit expansion for full financial year FY26.
- Full Year Consolidated Revenue from Operations – Rs 1,320.50 crore (+15.8% YoY)
- Full Year Operating EBITDA – Rs 308.20 crore (+18.4% YoY)
- Full Year Operating EBITDA Margin – 23.34% (+51 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 218.40 crore (+20.5% YoY)
- Return on Capital Employed (ROCE) – 32.5%
Full-year operating turnover crossed Rs 1,320 crore in FY26, as consolidated Net Profit After Tax expanded 20.5% to Rs 218.40 crore. Financial performance was supported by export volume growth, product mix enrichment, and operating leverage.
Capital Structure & Financial Health Ratios of Inox India (Q4 FY26)
Inox India operates a zero-debt capital structure backed by strong operating cash flow generation and high return metrics.
- Debt to Equity Ratio – Net Cash Positive / Zero Debt (0.00x)
- Cash, Bank Balances & Surplus Investments – Rs 420.00 crore
- Return on Capital Employed (ROCE) – 32.5%
- Return on Equity (ROE) – 26.8%
- Working Capital Cycle – 68 days
The company closed Q4 FY26 with zero long-term financial debt and Rs 420.00 crore in liquid surplus reserves. High asset turnover and operational discipline generated a Return on Capital Employed of 32.5%.
Capital Expenditure & Expansion Pipeline of Inox India (FY27–FY28)
Inox India executes capital allocation plans to construct greenfield cryogenic manufacturing facilities and expand clean energy product lines.
- Planned Annual Capital Expenditure – Rs 120–150 crore per annum
- Savli Greenfield Expansion Outlay – Setting up a new manufacturing plant near Vadodara for large cryogenic vessels
- Clean Energy & Hydrogen Outlay – Scaling production lines for liquid hydrogen transport tanks and trailers
- Automation & Testing Upgrades – Automated welding lines and advanced non-destructive testing (NDT) systems
- Funding Strategy – 100% funded through internal operational cash generation and IPO proceeds
Annual capital expenditure is budgeted at Rs 120–150 crore to build a greenfield manufacturing plant in Savli, Gujarat. Internal cash flows and primary IPO proceeds fund all planned facility expansions without debt reliance.
Strategic Outlook & Management Commentary of Inox India (Q4 FY26)
Management guidance outlines strategic priorities centered on export growth, clean energy infrastructure expansion, and operating margin protection.
- Management targets achieving a 15%–18% revenue CAGR over the FY27–FY29 period.
- Operating EBITDA margins are guided to sustain within the 22.5%–24.0% corridor through value-added product expansion.
- LNG and liquid hydrogen equipment contribution is projected to reach 35% of total turnover over the next 3 years.
- Export order inflows will be accelerated across North America and Europe via dedicated regional sales hubs.
- R&D outlays will focus on developing ultra-low temperature liquid helium and hydrogen storage systems.
Management anticipates global industrial gas demand and clean energy transitions to drive cryogenic equipment consumption. Operational focus remains on executing the Savli greenfield expansion, scaling hydrogen equipment solutions, and protecting operating margins.
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Sources & References
- Inox India Q4 & Full Year FY26 Consolidated Financial Results Disclosures (May 2026)
- Inox India Q4 FY26 Investor Presentation & Fact Sheet (May 2026)
- BSE India & NSE Official Corporate Announcements for Inox India
- Ticker Finology Inox India Page
Disclaimer
The information presented above on Inox India has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Inox India page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.