INOX India Q2 orders reach Rs 1,028 crore, backlog Rs 2,268 crore

INOX India received Rs 1,028 crore of consolidated orders in Q2 FY27 and closed with its highest-ever Rs 2,268 crore backlog, after industrial-gas orders reached Rs 792 crore and export bookings accounted for Rs 768 crore, or 75%, of quarterly inflow.

What drove INOX India’s Q2 FY27 order surge?

INOX India’s Q2 FY27 order inflow was led by industrial gas, which contributed Rs 792 crore of the Rs 1,028 crore consolidated total. Total orders increased from Rs 532 crore in Q1 FY27 and Rs 374 crore in Q2 FY26. The presentation identified Q2 FY27 order booking of more than Rs 1,000 crore as the company’s highest ever.

Liquefied natural gas, or LNG, contributed Rs 161 crore of orders in Q2 FY27, compared with Rs 83 crore in Q1 FY27 and Rs 79 crore in Q2 FY26. Cryo-Scientific orders were Rs 55 crore, compared with Rs 60 crore a year earlier, while other orders, including keg, were Rs 20 crore against Rs 13 crore in Q2 FY26. The increase was therefore concentrated in industrial gas and LNG rather than across every segment.

How did industrial gas change INOX India’s order mix?

Industrial gas became the largest component of INOX India’s first-half order inflow, accounting for Rs 1,177 crore in H1 FY27, compared with Rs 400 crore in H1 FY26. This was a reported increase of 194.3%. Industrial gas represented 75% of H1 FY27 orders, compared with 56% in FY26, while LNG represented 16%, Cryo-Scientific 7% and others 2%.

The change reduced the relative contribution of Cryo-Scientific, whose H1 FY27 orders were Rs 108 crore, down 47.3% from Rs 206 crore in H1 FY26. LNG orders increased 48.9% to Rs 244 crore, and other orders rose 56.6% to Rs 31 crore. Across all segments, actual order intake increased 97.7% to Rs 1,560 crore in H1 FY27 from Rs 789 crore a year earlier.

INOX India reported average quarterly order receipt of Rs 780 crore for H1 FY27, compared with Rs 421 crore for FY26, using its stated period-average calculation. The Rs 792 crore of industrial-gas orders in Q2 FY27 alone exceeded the Rs 385 crore received in that segment in Q1 FY27. The order mix therefore became more dependent on industrial-gas work than it had been in FY26.

How export-led is INOX India’s expanded order backlog?

INOX India’s Q2 FY27 order intake was led by exports: export orders were Rs 768 crore, or 75% of the Rs 1,028 crore total, while domestic orders were Rs 260 crore, or 25%. Export orders increased from Rs 363 crore in Q1 FY27, when they were 68% of total orders, and from Rs 218 crore in Q2 FY26, when they accounted for 58%.

The backlog was also predominantly export-based. Export backlog reached Rs 1,628 crore at the end of Q2 FY27, equal to 72% of the Rs 2,268 crore total, while domestic backlog was Rs 640 crore, or 28%. At the end of Q2 FY26, export backlog was Rs 934 crore, or 63%, while domestic backlog was Rs 551 crore, or 37%.

This profile differed from quarterly revenue. Exports contributed Rs 279 crore, or 60%, of consolidated revenue of Rs 467 crore in Q2 FY27, while domestic revenue was Rs 188 crore, or 40%. Exports’ 75% share of new orders was therefore 15 percentage points above their 60% share of Q2 FY27 revenue.

How did the backlog change across INOX India’s segments?

INOX India’s total backlog increased to Rs 2,268 crore at Q2 FY27-end from Rs 1,686 crore at Q1 FY27-end and Rs 1,485 crore at Q2 FY26-end. Industrial-gas backlog rose to Rs 1,457 crore from Rs 929 crore sequentially and Rs 674 crore a year earlier. Its share of the total backlog reached 64%, compared with 55% in Q1 FY27 and 45% in Q2 FY26.

LNG backlog was Rs 514 crore at Q2 FY27-end, up from Rs 425 crore at Q1 FY27-end and Rs 454 crore a year earlier. Cryo-Scientific backlog moved in the opposite direction, declining to Rs 284 crore from Rs 307 crore sequentially and Rs 340 crore a year earlier. Other backlog was Rs 13 crore, compared with Rs 25 crore in Q1 FY27, meaning industrial gas and LNG produced the overall increase.

What did Q2 FY27 growth mean for INOX India’s profit and working capital?

INOX India reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 100 crore in Q2 FY27, 10.8% above Rs 90 crore in Q2 FY26. EBITDA margin including other income declined to 21.3% from 24.3% a year earlier and 23.5% in Q1 FY27. Management attributed the movement to project mix, pricing intended to increase volumes and higher logistics costs linked to global geopolitical disruptions.

Profit after tax was Rs 66 crore in Q2 FY27, up 7.8% from Rs 62 crore a year earlier, while profit-after-tax margin decreased to 14.2% from 16.7%. Material cost including work in progress was 43.0% of total income, compared with 40.5% in Q2 FY26. Management also cited higher depreciation following the capitalisation of a new cryogenic and non-cryogenic tank facility at Savli and leased trailers in Brazil during the second half of the preceding year.

At September 2026-end, inventory was Rs 535 crore, compared with Rs 478 crore at March 2026-end. Management linked the reported 12% inventory increase to backlog rising from Rs 1,514 crore at March 2026-end to Rs 2,268 crore. Net cash, bank balances, mutual funds and fixed deposits were Rs 384 crore, versus Rs 257 crore at March 2026-end, while gross debt was reported as nil.

Conclusion

INOX India’s Q2 FY27 booking increased the size and changed the composition of its order backlog. The Rs 1,028 crore quarterly inflow lifted backlog to Rs 2,268 crore, with industrial gas accounting for Rs 1,457 crore, or 64%, of outstanding orders. Exports represented 75% of new orders and Rs 1,628 crore, or 72%, of the closing backlog.

The next quarter will indicate how the Rs 2,268 crore backlog converts into revenue and whether project mix affects the Q2 FY27 EBITDA margin of 21.3%. Management said trade receivables of Rs 349 crore included contract assets converted following final dispatch and expected the amount to be realised in the coming quarter; inventory of Rs 535 crore is another disclosed measure of execution activity to track.