INOX India FY26 Results: Revenue Rs 1,632 Cr, PAT Rs 261 Cr

Strong finish to FY26 on higher income

INOX India closed FY26 with a sharp rise in March-quarter income and another year of growth across industrial gas solutions, LNG solutions, cryo-scientific and related businesses. For Q4 FY26, consolidated total income rose to Rs 475.24 crore from Rs 382.53 crore in Q4 FY25, according to an exchange filing cited in a syndicated report. The company said consolidated net profit for the quarter increased to about Rs 75.23 crore, up from Rs 65.51 crore a year ago.

Alongside the exchange-filing figures, another performance snapshot for the March 2026 quarter put revenue from operations at Rs 460.65 crore, with other income of Rs 14.59 crore. Read together, the two sets of numbers broadly reconcile to total income of around Rs 475 crore, and highlight the role of other income in the quarter’s reported topline.

Q4 FY26: topline up 24.2% YoY, profitability expands

Management attributed the March-quarter growth to execution across key segments, including LNG terminal project-related sales, a large aerospace order, and record transport tank dispatches. Adjusted EBITDA for Q4 FY26 was reported at Rs 108 crore, up 13.4% year-on-year, with improved operating efficiency and product mix. Adjusted profit after tax for the quarter was stated at Rs 72 crore, growing 9% year-on-year.

The quarterly snapshot also indicated net profit of Rs 75.24 crore, up 23.95% quarter-on-quarter and 14.85% year-on-year. Operating margin (excluding other income) was reported at 20.55%, down 128 basis points sequentially. Interest costs were described as negligible, at Rs 3.51 crore, reflecting a virtually debt-free position.

FY26 performance: revenue Rs 1,632 crore, EBITDA margin 23.8%

For the full year ended March 2026, management reported total income of Rs 1,632 crore, up about 21.2% over FY25. Adjusted EBITDA for FY26 was stated at Rs 380 crore, translating into an adjusted EBITDA margin of 23.8%. A separate executive summary in the provided material cited adjusted EBITDA of Rs 388 crore at the same 23.8% margin.

Adjusted profit after tax for FY26 was Rs 261 crore, registering 19.3% growth over FY25, as per management commentary. The year was also described as the company’s highest sales year for the LNG segment, contributing to the highest total sales for the company.

Segment and order highlights: aerospace and LNG-led wins

In industrial gas solutions, the company highlighted a significant aerospace order received in Q4 from a leading US-based private space company, with an order value of approximately Rs 200 crore. Management said it expects more high-value orders in Q1 FY27.

In LNG solutions, the company flagged an order from Cochin Shipyard for LNG fuel tanks to be installed in LNG-powered ships being built for one of the world’s largest shipping companies. Management also pointed to demand themes such as a transition toward LNG-powered vessels and rising aerospace infrastructure requirements, while noting emerging applications like data-centre cooling.

Order book: Rs 1,514 crore as of March 31, 2026

As of March 31, 2026, the order book stood at Rs 1,514 crore, which management said provides revenue visibility for the coming year. Another highlight note stated the order book mix as 60% exports and 37% domestic.

In a separate investor question referenced in the transcript, the order book split was described as roughly 50% industrial gas, 28% LNG and 22% cryo-scientific. The same exchange also raised questions on operating cash flow trends, linking cash generation to working-capital movements despite revenue growth.

Exports and geography: North America share rises

Management stated export revenue for FY26 at Rs 971 crore, or 59% of total, up 37.7% year-on-year. The company also described a shift in geographic revenue mix during FY26.

Revenue contribution from North and Central America increased from 14% in the previous year to approximately 26% in FY26, driven by LNG terminal-related orders, aerospace orders, and LNG-related shipments. Europe’s contribution was said to have improved from 8% in FY25 to 10% in FY26, despite global disruptions.

Headwinds: tariffs, logistics and geopolitics

The company said its FY26 execution remained disciplined despite headwinds arising from US tariffs, global logistics disruptions and geopolitical uncertainties. The broader macro commentary in the material noted that the ongoing West Asian conflict has created headwinds through elevated energy prices, shipping disruptions and weakened investor confidence.

At the same time, the note highlighted India’s growth at 7.1% in FY2026, supported by domestic demand, relatively lower inflation, income-tax and GST rate reductions, and accommodative monetary policy.

Dividend and key market metrics mentioned

The board recommended a dividend of Rs 2 per share for FY26, with a record date of June 9, 2026. Another market snapshot cited return on equity at 25.16%.

Valuation commentary in the provided text also referenced a premium valuation of 51 times trailing earnings and a 13.21 times price-to-book ratio. One table-style overview cited a CMP of around Rs 680 (April 2026), with a 52-week high of Rs 980 and a 52-week low of Rs 540.

Key financial table

FY27 guidance: 18% to 20% growth target

Management indicated a revenue target implying 18% to 20% growth for FY27, with quarterly order inflow expected at around Rs 450-500 crore. It also cited capacity augmentation at Kandla as part of the plan to support larger-format products, including LNG mega storage tanks and large-scale aerospace tanks.

The company’s near-term focus, as reflected in commentary, remains on executing a strong backlog while navigating logistics and supply-chain constraints, which it described as a key operational constraint rather than a slowdown in demand.

Conclusion

INOX India’s FY26 results showed strong growth in total income and profits, with margins held at the guided level and an order book of Rs 1,514 crore supporting FY27 visibility. Investors will track order inflows, working-capital trends raised in the Q&A, and progress on capacity expansion and export-led execution over the coming quarters.