/** blogpostTitle: INOX India Q4 FY26: Record revenue, export momentum, and bigger bets on LNG and aerospace blogpostSlug: inox-q4fy26 blogpostCoverImageUrl: null blogpostCoverImageDescription: A realistic corporate finance scene showing a clean dashboard on a large monitor with three panels: a quarterly revenue bar chart rising to 475, an export share donut chart showing 61% export and 39% domestic, and a stacked segment revenue chart with four colors representing Industrial Gases, LNG, Cryo Scientific, and Others. In the background, a blurred industrial cryogenic storage tank and pipeline environment suggests cryogenic equipment manufacturing. Neutral office lighting, professional analytical mood, no visible brand logos or text. blogpostShortTitle: INOX India Q4FY26 record exports and backlog */

INOX India Q4 FY26: Record revenue, export momentum, and bigger bets on LNG and aerospace

INOX India closed FY26 with its highest-ever quarterly revenue and a clear message that the demand cycle is being shaped by clean energy, LNG infrastructure, and high-specification engineered projects. In Q4 FY26, consolidated total income rose to INR 475 crore, up 24.2% year on year. Adjusted EBITDA came in at INR 108 crore and adjusted PAT at INR 72 crore.

For the full year, consolidated total income was INR 1,632 crore, up 21.2% year on year. Adjusted EBITDA was INR 388 crore and adjusted PAT was INR 261 crore. The company highlighted strong return metrics in its presentation, with RoCE at 37% and ROE at 23%.

A standout feature of the quarter was exports. Export revenue in Q4 FY26 was INR 291 crore, or 61% of total revenue. Order inflow was INR 504 crore for the quarter and the order backlog closed at INR 1,514 crore.

What drove growth in Q4 and FY26

The revenue profile in FY26 remained led by Industrial Gases, but the quarter showed a sharper mix shift toward LNG. Segment revenue share in FY26 was 54% from Industrial Gases, 28% from LNG, 14% from Cryo Scientific, and 4% from Others. In Q4 FY26, Industrial Gases contributed 50% of revenue, LNG 32%, Cryo Scientific 12%, and Others 6%.

Management linked the growth to execution across large projects and high-value engineered products. The quarter included a large aerospace order from a US-based private space company, and continued progress on the Bahamas mini LNG terminal project. The company also reported record annual dispatch levels for transport tanks and semi-trailers, and crossed 2 million plus disposable cylinders dispatched in FY26 despite tariff pressure.

Segment view: Industrial Gases steady, LNG gaining weight

Industrial Gases remained the largest contributor. In Q4, management highlighted a high-value aerospace order of around INR 200 crore from a major US private aerospace company and said more orders of similar nature were expected in Q1 or Q2 FY27. The company also noted a record year for transport tanks and semi-trailers, with annual sales crossing 300 units.

LNG delivered a strong quarter and included a landmark marine LNG order. INOX India received an order from Cochin Shipyard for LNG fuel tanks for LNG-powered ships being built for one of the world’s largest shipping companies. Management disclosed the order value as around INR 85 crore, covering six tanks of 800 cubic meters each, with execution over 2 to 3 years aligned to ship construction schedules.

For the Bahamas mini LNG terminal project, management stated the total order value was around INR 240 crore and about INR 160 crore was supplied in FY26, with the balance expected in FY27.

Cryo Scientific continued to add credibility in complex applications. The company cited a repeat order from ITER, France for cryostat panel modifications and completion of a complex LOX tank intended for submarine-related application.

Orders, backlog, and the cash flow conversation

Backlog ended Q4 FY26 at INR 1,514 crore, with Industrial Gases at 49% of backlog, LNG 28%, Cryo Scientific 22%, and Others 1%. Backlog was also export-heavy, with 63% attributed to exports.

On execution visibility, management stated that out of the INR 1,514 crore backlog, at least INR 1,200 crore could be executed over the next one year.

Investors also focused on working capital and operating cash flows. Management explained that contract assets had increased due to the use of percentage-of-completion accounting under Ind AS 115 for long-lead projects, while collections follow milestone-based payment terms. With a rising share of project orders, the timing difference between revenue recognition and cash receipts can keep contract assets elevated.

Capacity and innovation: Kandla expansion and early data center cooling work

A key strategic move disclosed in the concall and press release was land acquisition for a new facility at Kandla. Management said about seven acres of land near Kandla Port has been taken on a 30-year lease and the facility is expected to be commissioned in about 9 to 10 months. The stated aim is to build capability for ultra large tanks, including 8 to 9 meter diameter, up to 60 meter length, and up to 500 ton weight capacity, which can expand the addressable opportunity in LNG mega storage, large aerospace tanks, and other large format engineered products.

The company also disclosed an MoU with a European company to jointly develop liquid nitrogen-based cooling solutions for data centers. Management positioned this as an R&D initiative with meaningful development expected over the next 6 to 12 months, where INOX India would provide the cooling solution while the partner brings IT infrastructure systems.

Key takeaways from Q4 FY26

INOX India ended FY26 with record revenue and a strong export mix, supported by a healthy backlog. The quarter also reinforced the company’s positioning in engineered projects, especially LNG infrastructure and aerospace-related cryogenic tanks.

Guidance commentary in the concall pointed to management targeting 18% to 20% revenue growth in FY27 and expecting quarterly order inflow run-rate of around INR 450 crore to INR 500 crore. At the same time, management was clear that the rising share of long-lead project orders can keep working capital and contract assets elevated, affecting cash conversion patterns even in a profitable year.

The planned Kandla facility and early-stage work in cryogenic cooling for data centers add to the medium-term narrative of larger project capability and new application areas, while the near-term execution focus remains on converting the INR 1,514 crore backlog into revenue across Industrial Gases, LNG, and Cryo Scientific projects.