Inox India Limited Q2 FY27 Revenue Rises 26.6% to ₹467 Crore

Inox India Limited reported Q2 FY27 total revenue of ₹467 crore, up 26.6% year-on-year, while its order backlog reached a record ₹2,268 crore. The September-quarter update also showed EBITDA of ₹100 crore and profit after tax of ₹66 crore, supported by exports and demand across its cryogenic-equipment businesses.

What did Inox India report for Q2 FY27?

Inox India reported total revenue of ₹467 crore for the quarter ended September 30, 2026, compared with the prior-year period, representing 26.6% year-on-year growth. EBITDA rose 10.8% to ₹100 crore, and the EBITDA margin was 21.3%. Profit after tax increased 7.8% to ₹66 crore, with a PAT margin of 14.2%.

The Board approved the company’s unaudited Q2 and H1 FY27 financial results on November 3, 2026. The company also reported consolidated revenue from operations of ₹456.48 crore and consolidated PAT of ₹66.56 crore for the quarter. These figures are separately disclosed financial-statement measures, while the company’s results update cited total revenue of ₹467 crore and PAT of ₹66 crore.

Which businesses supported Inox India’s quarterly growth?

Inox India said demand across Industrial Gas Solutions, LNG Solutions, and Cryo-Scientific and Advanced Engineering Solutions supported the quarter. Industrial Gas Solutions was the largest business, contributing 61% of quarterly revenue, while LNG Solutions contributed 15% and Cryo-Scientific and Advanced Engineering Solutions accounted for 17%.

The company secured orders for more than 40 LNG semi-trailers during the quarter. In its Cryo-Scientific and Advanced Engineering business, Inox India received an order of about ₹35 crore for specialised cryogenic equipment for an early-warning earthquake project in Maharashtra. It also won an approximately ₹12 crore order from a European customer for prefabrication of TCWS piping.

Beverage keg sales increased about 446% year-on-year in Q2 FY27. Inox India entered a three-year global supply agreement with an international brewing company whose stated requirement exceeds 400,000 kegs for 2027 across 22 countries. The company also began initial piping work at a semiconductor facility in Dholera, Gujarat.

How important were exports and the order backlog?

Exports accounted for 60% of Inox India’s Q2 FY27 revenue, or ₹279 crore, indicating the importance of overseas markets to its business mix. The company attributed its performance in part to strong export demand for cryogenic equipment and solutions.

Its order backlog rose to ₹2,268 crore, the highest in its history. The company stated that the backlog provides revenue visibility for coming quarters. Of this backlog, ₹1,100 crore was from the space sector, according to the results update.

The backlog is significant because Inox India operates in project-led businesses where equipment orders can be delivered over multiple periods. However, the reported backlog is not the same as revenue recognised during a quarter, and the company did not provide a delivery schedule in the update.

What was Inox India’s H1 FY27 financial performance?

Inox India reported H1 FY27 revenue of ₹849 crore, up 17.7% year-on-year. EBITDA stood at ₹189 crore, an increase of 6.2%, and the EBITDA margin was 22.3%. H1 PAT rose 3.6% to ₹127 crore, with a PAT margin of 14.9%.

Export revenue for the first half was ₹501 crore, accounting for 59% of total revenue. The H1 numbers show that international business remained a substantial contributor across the six-month period, broadly consistent with the 60% export share reported for Q2.

What does the update mean for investors and operations?

Inox India’s reported revenue growth exceeded its PAT growth in Q2 FY27, while EBITDA grew 10.8% against revenue growth of 26.6%. The reported EBITDA margin of 21.3% and PAT margin of 14.2% provide the relevant profitability measures for assessing the quarter alongside revenue expansion.

Operationally, the update points to activity across industrial gases, LNG transport and storage, scientific engineering, beverage kegs, space-related orders and semiconductor infrastructure. The company also inaugurated SemiOrbit, an orbital-welding skill excellence centre at ITM SLS Baroda University, intended to develop specialised skills for semiconductor fabrication infrastructure.

For investors, the key disclosed measures are the ₹2,268 crore backlog, the 60% export revenue share and the mix of orders across business lines. The update does not provide guidance for future revenue, margins or profit, so the reported order book and execution progress remain the disclosed indicators of near-term business visibility.

Conclusion

Inox India delivered Q2 FY27 total revenue growth of 26.6% to ₹467 crore and PAT growth of 7.8% to ₹66 crore, with exports contributing ₹279 crore. Its record ₹2,268 crore order backlog and demand across Industrial Gas Solutions, LNG and advanced engineering were central features of the update.

The next areas to watch are execution of the reported backlog, including ₹1,100 crore linked to the space sector, and progress in the beverage keg and semiconductor infrastructure initiatives. The company has disclosed a three-year keg supply agreement with stated demand exceeding 400,000 units for 2027, but has not issued financial guidance for future periods.