INOX India Industrial Gas returns to 61% of Q2 FY27 revenue

INOX India Limited reported Industrial Gas revenue of Rs 285 crore, or 61% of consolidated revenue, in Q2 FY27, as total revenue rose to Rs 467 crore and LNG revenue declined to Rs 71 crore. Industrial Gas added Rs 83 crore from Q1 FY27, accounting for most of the Rs 85 crore increase in quarterly revenue.

How did Industrial Gas change INOX India’s Q2 FY27 revenue mix?

Industrial Gas became INOX India’s largest revenue contributor in Q2 FY27, generating Rs 285 crore, or 61% of the Rs 467 crore consolidated total. Revenue from the segment rose from Rs 202 crore in Q1 FY27 and Rs 212 crore in Q2 FY26. Its mix share increased from 53% sequentially and 57% year on year.

The change in segment mix coincided with a recovery in total revenue to Rs 467 crore from Rs 382 crore in Q1 FY27. Industrial Gas contributed Rs 83 crore of the Rs 85 crore quarter-on-quarter increase, while the segment’s 61% Q2 FY27 share also matched its revenue share in FY25. In FY26, Industrial Gas represented 54% of revenue and its H1 FY27 share was 57%.

Why did LNG revenue fall in Q2 FY27?

LNG revenue fell to Rs 71 crore in Q2 FY27 from Rs 84 crore in Q1 FY27 and Rs 93 crore in Q2 FY26. Its share of consolidated revenue declined to 15%, compared with 22% in the preceding quarter and 25% a year earlier. The presentation provides the segment data but does not give an operational explanation for the decline.

The fall followed LNG revenue of Rs 155 crore in Q4 FY26, after which the segment recorded Rs 84 crore in Q1 FY27 and Rs 71 crore in Q2 FY27. Industrial Gas revenue was Rs 237 crore in Q4 FY26 and reached Rs 285 crore in Q2 FY27, widening the difference between the two segments from Rs 82 crore to Rs 214 crore over that interval.

LNG represented 18% of INOX India’s H1 FY27 revenue, below its 28% share in FY26 and close to its 17% share in FY25. This half-year comparison shows that LNG’s smaller contribution was not confined to Q2 FY27, although it remained the second-largest named segment by revenue in the quarter.

How did Cryo-Scientific and other revenue perform?

Cryo-Scientific generated Rs 77 crore in Q2 FY27, compared with Rs 75 crore in Q1 FY27 and Rs 49 crore in Q2 FY26. Its share of quarterly revenue was 17%, down from 20% in Q1 FY27 but above 13% in Q2 FY26. The sequential revenue increase was Rs 2 crore.

Others, which includes Keg, generated Rs 34 crore in Q2 FY27, rising from Rs 21 crore in Q1 FY27 and Rs 15 crore in Q2 FY26. The category accounted for 7% of revenue, compared with 5% in the prior quarter and 4% a year earlier. Its Rs 13 crore sequential increase offset the Rs 13 crore reduction in LNG revenue.

For H1 FY27, Cryo-Scientific accounted for 18% of revenue, compared with 14% in FY26, while Others represented 7% against 4%. Industrial Gas accounted for 57% in H1 FY27 versus 54% in FY26, whereas LNG’s share fell to 18% from 28%, indicating that the first-half mix was broader than the Industrial Gas concentration seen in Q2 FY27.

What do Q2 FY27 orders indicate about INOX India’s mix?

Q2 FY27 order receipts were concentrated in Industrial Gas, which received Rs 792 crore of orders out of total orders of Rs 1,028 crore. Industrial Gas orders were Rs 385 crore in Q1 FY27 and Rs 222 crore in Q2 FY26. LNG also recorded higher orders at Rs 161 crore, compared with Rs 83 crore sequentially and Rs 79 crore a year earlier.

For H1 FY27, Industrial Gas accounted for 75% of order receipts, up from 56% in FY26, while LNG accounted for 16%, down from 23%. Cryo-Scientific received Rs 55 crore of orders in Q2 FY27, compared with Rs 54 crore in Q1 FY27. The presentation reported H1 FY27 total actual orders received of Rs 1,560 crore, up from Rs 789 crore in H1 FY26.

The order backlog was also led by Industrial Gas at Rs 1,457 crore at Q2 FY27, or 64% of INOX India’s Rs 2,268 crore total backlog. Its backlog increased from Rs 929 crore in Q1 FY27, while LNG backlog rose from Rs 425 crore to Rs 514 crore. LNG’s backlog share nevertheless moved down from 25% to 23% as Industrial Gas backlog expanded faster.

How did export and domestic revenue change in Q2 FY27?

Export revenue reached Rs 279 crore, or 60% of INOX India’s Q2 FY27 revenue, compared with Rs 222 crore, or 58%, in Q1 FY27. It was also above Rs 211 crore, or 57%, in Q2 FY26. The export component increased by Rs 57 crore sequentially and by Rs 68 crore year on year.

Domestic revenue was Rs 188 crore in Q2 FY27, up from Rs 160 crore in Q1 FY27 and Rs 158 crore in Q2 FY26. Its revenue share declined to 40% from 42% sequentially because export revenue increased by more than domestic revenue. The Q2 FY27 export share was below 62% in Q3 FY26 but above the 58% recorded in Q1 FY27.

Order receipts were more export-weighted than reported revenue in Q2 FY27. Export orders were Rs 768 crore, or 75% of the Rs 1,028 crore quarterly total, while domestic orders were Rs 260 crore, or 25%. In Q1 FY27, exports accounted for Rs 363 crore, or 68%, of Rs 532 crore in orders received.

Conclusion

INOX India’s Q2 FY27 revenue mix shifted towards Industrial Gas, whose Rs 285 crore of revenue represented 61% of the Rs 467 crore total and most of the sequential increase. LNG moved in the opposite direction, with revenue declining to Rs 71 crore and its quarterly mix share falling to 15%, while Cryo-Scientific and Others together contributed Rs 111 crore.

The unresolved issue is the timing and segment pattern of backlog conversion: the presentation reports Rs 2,268 crore of Q2 FY27 backlog, including Rs 1,457 crore in Industrial Gas and Rs 514 crore in LNG, but does not disclose an execution schedule or segment revenue target. The next reported order, backlog and revenue mix data will show whether the Q2 concentration in Industrial Gas continues.