Inox India: ₹322 crore orders strengthen FY27 start

Stock in focus after order-led rally, then profit-booking

Inox India has remained on investors’ radar after a string of order announcements across LNG, industrial gases, and cryogenic solutions. The stock also saw bouts of profit-taking after sharp post-order moves, reflecting a market that is closely tracking execution and fresh inflows. On the NSE, the latest cited share price was ₹1,806.40, down ₹66.30 or 3.54% at 04:06 PM. Separate market updates in the provided information also reference the stock trading near ₹1,484 after rising about 2.42% following an exchange filing on orders. Another mention shows an intraday high of ₹1,497 on the NSE during a session when the stock was “buzzing” after an order-related update.

What the ₹322 crore order win covers

Inox India said it secured orders worth ₹322 crore since April 2026 across multiple segments. The company communicated the update through a press release and exchange filing, which also triggered immediate market attention. The order win spans Industrial Gas, LNG, and Cryo-scientific Solutions, underscoring a diversified project pipeline rather than a single-customer concentration. Alongside these wins, the company has also been associated with deliveries of cryogenic equipment across Europe, the US, and India, as referenced in the coverage around LNG and industrial gas storage tanks and vaporizers.

Segment-wise split of the ₹322 crore orders

The order split disclosed in the provided information shows Industrial Gas leading the mix. LNG and Cryo-scientific Solutions contribute smaller, but meaningful, portions, with “other orders” also mentioned.

Other recent order updates highlighted in the timeline

Apart from the ₹322 crore update dated May 21, 2026, the information set also references Inox India securing orders worth ₹373 crore in FY26 “so far” as of June 17. Earlier, the company disclosed orders worth ₹190 crore in January and February 2025. That ₹190 crore set included a large contract from a European university for transfer lines and a smaller order from an Australian customer for IMO containers used for storing oxygen, nitrogen, and carbon dioxide. The same coverage also noted additional orders for LNG and industrial gas storage tanks, vaporizers, and other cryogenic equipment, with deliveries scheduled across Europe, the US, and India.

Order book levels cited across different periods

Order backlog and order book numbers in the provided material point to sustained inflows and a build-up of executable work. One reference cites an order backlog of ₹1,341 crore, along with “strong order inflows in Q3FY25” and large international deal wins. Another set of results commentary notes that Inox India secured ₹392 crore in new orders, taking the total order book to ₹1,457 crore. A separate market update around March 2025 states the company’s order book for FY25 stood at ₹1,359 crore, supported by international demand for clean energy and industrial gas infrastructure. Since these figures are tied to different periods and updates, they indicate the market’s focus on both fresh wins and the company’s ability to convert backlog into revenue.

Earnings snapshot: Q3 FY26 and nine-month performance

For the third quarter ended 31 December 2025 (Q3 FY26), Inox India reported adjusted Profit After Tax (PAT) of ₹68 crore, up 32.4% year-on-year. Quarterly revenue rose 27.4% YoY to ₹436 crore, while adjusted EBITDA stood at ₹102 crore, up 34.2%, described as the company’s highest-ever quarterly revenue and EBITDA performance. For the nine months ended 31 December 2025, the company reported revenue of ₹1,157 crore (up 20% YoY), adjusted PAT of ₹189 crore (up 23.7% YoY), and adjusted EBITDA of ₹281 crore (up 23% YoY). Exports for the nine-month period were ₹679 crore, up 35.8% YoY, contributing 59% of total revenue.

Exports remain a key driver of the revenue mix

The Q3 FY26 disclosure highlighted international revenue of ₹271 crore, which accounted for 62% of total revenue in that quarter. For Q1 FY26 (quarter ended June 2025), exports contributed ₹198 crore, or 56% of quarterly revenue of ₹352 crore. The recurring emphasis on exports in multiple quarterly updates shows that overseas demand is not incidental, but central to Inox India’s business mix. Market coverage around recent orders also repeatedly references deliveries scheduled across Europe, the US, and India, consistent with a global order pipeline.

Certifications and customer approvals broaden addressable opportunities

Inox India became India’s first cryogenic equipment manufacturer to receive IATF 16949 certification after an audit of its Kalol facility in Gujarat, according to the provided information. The company also secured audit approvals from Heineken, described as the world’s second-largest brewery, for its Savli-based stainless-steel keg manufacturing facility. Another update mentions that Inox India secured approvals of Heineken and AB InBev for manufacturing beverage kegs. These approvals and certifications matter because they can expand the universe of customers and applications the company can serve, particularly in tightly regulated industrial and automotive-adjacent supply chains.

LNG mobility and capacity expansion plans

The company’s CEO Deepak Acharya said the LNG division continued its growth trajectory with the supply of a large number of LNG fuel tanks to OEMs in India. The same update said the company has laid out plans for capacity expansion to meet rising demand for LNG fuel tanks and aims to be a key catalyst in the LNG mobility space. In the same Q1 FY26 highlights, Inox India also flagged the launch of India’s first ultra-high-purity (UHP) ammonia ISO tank container. The quarter also included mention of winning an ITER order for refurbishment of the Cryostat Thermal Shield, described as a critical component of nuclear fusion infrastructure.

Key numbers at a glance

The following table consolidates the most important figures stated across the provided updates.

Market impact: what investors are reacting to

The immediate market reaction around Inox India has been tied to incremental order disclosures and the clarity of segment-wise demand. Reports of profit-taking after a post-order rally suggest investors are balancing near-term price moves against the pace of execution. Earnings disclosures showing exports at 56% to 62% of revenue in key quarters also keep the company sensitive to global industrial demand cycles, but they also highlight diversified end-markets and geographies. At the same time, the disclosed mix of orders across Industrial Gas, LNG, and Cryo-scientific Solutions points to multiple growth levers rather than reliance on a single vertical.

Analysis: why the ₹322 crore update matters alongside earnings

The ₹322 crore order announcement matters because it provides a concrete, disclosed measure of early-year inflows, including a clear segment split where Industrial Gas dominates. When read alongside the Q3 FY26 and nine-month numbers, it reinforces a picture of growth supported by exports and a steady order pipeline. The stated certification milestone (IATF 16949) and customer approvals from Heineken and AB InBev are operational signals that can support repeat business and entry into new product lines such as beverage kegs. Finally, the company’s stated focus on LNG fuel tanks and capacity expansion plans positions LNG mobility as a theme investors will likely track through subsequent order wins and quarterly execution.

Conclusion

Inox India’s latest disclosed order wins, including ₹322 crore of orders since April 2026 and additional FY26 order references, have kept the stock in focus amid both rallies and profit-booking. Financial updates show double-digit growth in revenue, EBITDA, and PAT across recent quarters, with exports contributing a majority share of revenue. Investors are now likely to track how the company converts its cited order book and backlog into billed revenue, alongside updates on LNG fuel tank capacity expansion and further large-order announcements.