INOX India Limited order backlog reaches record Rs 2,268 crore

INOXCVA reported a record order backlog of Rs 2,268 crore in Q2 FY27, including Rs 1,628 crore of export orders, after securing Rs 1,028 crore of inflows in the quarter ended September 30, 2026. Q2 FY27 revenue reached Rs 467 crore, up 26.6% year on year.

What drove INOXCVA's record order backlog?

INOXCVA's backlog reached its highest reported level after the company secured Rs 1,028 crore of order inflows during Q2 FY27, taking its total outstanding order book to Rs 2,268 crore. Export orders accounted for Rs 1,628 crore of the backlog, and the company said this international order base provides revenue visibility for coming quarters.

The space sector was the largest specifically quantified part of the backlog, at approximately Rs 1,100 crore. During the September 2026 quarter, INOXCVA received an order from an Indian aerospace player for vertical storage tanks, progressed work on two cryogenic heat exchangers for a US aerospace company and dispatched two tanks for a US aerospace customer.

The record order book spans industrial gases, liquefied natural gas, cryo-scientific engineering and beverage kegs rather than separate reported operating segments. The group, however, reports one business segment under Indian Accounting Standard 108, or Ind AS 108, comprising cryogenic tanks for liquefied gases, disposable cylinders and related products.

Which INOXCVA businesses contributed to Q2 revenue and orders?

INOXCVA's Industrial Gas Solutions division contributed 61% of Q2 FY27 revenue, while LNG Solutions supplied 15% and the Cryo Scientific Division, or CSD, supplied 17%. Together, these three businesses accounted for 93% of quarterly revenue, with the remaining share arising from other activities including beverage kegs.

Industrial Gas Solutions continued to receive demand for equipment used to store and transport industrial gases. Following the revamp of its liquid-cylinder manufacturing unit, INOXCVA dispatched more than 1,500 liquid cylinders worth more than Rs 25 crore in H1 FY27, compared with more than 1,600 units in the previous year, and secured repeat orders for disposable cylinders in the US and DOT cylinders from an existing customer.

In LNG, INOXCVA secured combined orders for more than 40 semi-trailers from various customers in Q2 FY27. It also won domestic orders of approximately Rs 14 crore for storage tanks, vaporizers and an unloading pump kit, alongside an LNG fuelling-station order from a city gas distribution company and vertical-tank and vaporizer orders for a glass plant in Bharuch.

CSD secured specialised work during the September 2026 quarter, including an approximately Rs 35 crore order for cryogenic equipment for an earthquake early-warning project in Maharashtra. A European customer also ordered pre-fabrication of TCWS piping worth approximately Rs 12 crore, which INOXCVA said was under manufacture when it announced the results.

How did INOXCVA's Q2 and H1 FY27 financial results change?

INOXCVA increased Q2 FY27 revenue by 26.6% year on year to Rs 467 crore, while earnings grew at a slower rate: earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 10.8% to Rs 100 crore, and profit after tax, or PAT, increased 7.8% to Rs 66 crore.

For H1 FY27, revenue rose 17.7% to Rs 849 crore, below the 26.6% growth rate reported for Q2 FY27. EBITDA increased 6.2% to Rs 189 crore and PAT rose 3.6% to Rs 127 crore; the reported EBITDA margin was 21.3% in Q2 FY27 and 22.3% in H1 FY27, while PAT margins were 14.2% and 14.9%, respectively.

Exports generated Rs 279 crore, or 60%, of Q2 FY27 revenue and Rs 501 crore, or 59%, of H1 FY27 revenue. This export sales mix is consistent with the Rs 1,628 crore export order balance, although the announcement did not provide a schedule for converting individual export orders into revenue.

What execution milestones and newer opportunities did INOXCVA disclose?

INOXCVA said execution, manufacturing productivity and timely delivery remain priorities as its Rs 2,268 crore backlog reaches a record level and project complexity increases. During September 2026, it dispatched major tanks for the Bahamas project, the first two tanks for a US aerospace customer, and equipment for Eleuthera and Great Abaco.

LNG-powered rail mobility is a disclosed opportunity for INOXCVA. Following the launch of India's first LNG-powered train, the company said it had secured four related orders and dispatched two, but did not disclose the order value, delivery schedule or remaining quantity for the other two orders.

Beverage-keg sales grew approximately 446% year on year in Q2 FY27, while the beverage-keg order book increased approximately 155%. INOXCVA also entered a three-year global supply agreement with a brewing company whose stated requirement for 2027 exceeds 400,000 kegs across 22 countries, but clarified that this requirement will be shared among multiple vendors and is not exclusively allocated to INOXCVA.

INOXCVA commenced initial piping scope at a semiconductor facility in Dholera and inaugurated the SemiOrbit orbital-welding skill excellence centre at ITM SLS Baroda University. Management said the centre will provide advanced orbital and IR welding skills relevant to semiconductor fabrication infrastructure, while the announcement did not disclose a revenue target or delivery timetable for the Dholera work.

Conclusion

INOXCVA's Rs 2,268 crore backlog is its highest reported order book, supported by Rs 1,628 crore of export orders and approximately Rs 1,100 crore from space-sector customers. Q2 FY27 revenue of Rs 467 crore and H1 FY27 revenue of Rs 849 crore show contributions from Industrial Gas Solutions, LNG Solutions and CSD, while revenue growth outpaced the increase in EBITDA and PAT.

The next developments to watch are execution of the Rs 1,028 crore of Q2 FY27 order inflows, progress on aerospace and LNG semi-trailer orders, and potential beverage-keg allocations for 2028 and 2029. Management also identified semiconductor infrastructure as an opportunity after starting initial piping work in Dholera, but disclosed no revenue target or timetable for that activity.