INOX India's Q2 FY26: A Historic Performance Fueled by Cryogenic Innovation

INOX India Limited, a leading player in cryogenic equipment, has announced a stellar performance for the second quarter and first half of fiscal year 2026 (Q2 FY26 and H1 FY26). The company reported its best-ever financial results, marked by record sales, highest EBITDA, and robust Profit After Tax (PAT) margins. This impressive growth is underpinned by strong execution across key business segments, a diversified and innovative product portfolio, and an expanding global footprint.

For Q2 FY26, INOX India's consolidated revenue surged by 16% year-on-year to ₹371 crore. This growth was primarily driven by robust order inflows and increased dispatches across its core divisions. EBITDA for the quarter stood at ₹92 crore, an 18% increase year-on-year, reflecting improved operating efficiency and a favorable product mix. PAT also saw a significant jump of 22.9% year-on-year, reaching ₹62 crore, supported by margin expansion and strong volume growth.

Financial Highlights: A Quarter of Records

The first half of FY26 continued this upward trajectory, with total income reaching ₹723 crore, marking the highest H1 revenue in the company's history. H1 EBITDA was ₹180 crore, also a record, benefiting from an optimized business mix and cost control measures. PAT for H1 FY26 stood at ₹122 crore, growing 20.9% over the same period last year. The company's order backlog as of September 30, 2025, reached an all-time high of ₹1,485 crore, providing strong revenue visibility for the upcoming quarters. Notably, 63% of this backlog is from exports, underscoring INOX India's growing international presence.

Segmental Performance and Strategic Initiatives

INOX India's performance was robust across its key segments. The Industrial Gas (IG) segment had an exceptional quarter, securing orders for large 1500 cubic meter cryogenic vessels from a leading U.S.-based aerospace company, highlighting its precision engineering capabilities. The LNG solutions segment continued its growth trajectory, securing two important satellite LNG power station projects for islands near the Bahamas and expanding its LNG drill tank production capacity by tenfold to meet rising demand.

The Cryo Scientific division also saw strong progress, receiving major refurbishment contracts for vacuum vessel thermal shields for the ITER project, reaffirming its expertise in complex cryogenic facilities. The beverage kegs division gained traction, securing a significant 30,000 kegs order from a German company, with further bids underway for over 0.5 million kegs from global breweries.

Outlook and Management Confidence

Management expressed strong confidence in achieving its yearly targets, with the second half of FY26 expected to contribute approximately 55% of the total order book and revenue. The company anticipates securing several large orders, particularly in the Cryo Scientific and LNG segments, in the coming quarters. The LNG fuel tank market is projected for significant growth, potentially requiring 30,000 to 40,000 tanks annually in the next 3-5 years.

While the adoption of LNG stations in India has been slower than expected, the company remains optimistic about future traction, with private players driving expansion. The company is also actively developing products for the semiconductor industry, anticipating substantial opportunities despite the long development timelines. INOX India’s strong balance sheet, debt-free status, and robust operational cash flow provide ample headroom to support future capacity expansion and strategic initiatives.

Inox India's Q2 FY26 performance underscores its strategic clarity and disciplined execution. The company's focus on innovation, global expansion, and clean energy solutions positions it for sustained growth, reinforcing investor confidence in its long-term value creation.