INOXCVA lands largest aerospace order; bookings reach Rs 1,028 crore

INOX India Ltd (INOXCVA) secured its largest-ever single order, for a liquid oxygen/liquefied natural gas (LOX/LNG) subcooler from a global aerospace company, in Q2 FY27, when consolidated order booking reached Rs 1,028 crore. Its consolidated order backlog stood at Rs 2,268 crore at September 2026 end, although the presentation does not disclose the contract value or delivery schedule.

What does INOXCVA's aerospace order mean?

The order extends INOXCVA's disclosed aerospace and cryogenic-engineering activity because the company identifies it as its largest single order in history and specifies a LOX/LNG subcooler. Its Cryo-Scientific division supplies technology-intensive equipment for satellite and launch facilities, cryogenic propulsion and scientific research, while INOXCVA obtained AS9100 aerospace certification in 2026.

The Q2 FY27 presentation also records dispatch of the first lot of 1,500 cubic metre tanks to a global aerospace company. The presentation does not say that those tanks are part of the subcooler contract, so the tank shipment and the largest-ever order should be treated as separate disclosed developments.

The order adds to INOXCVA's four-division structure of Industrial Gas, LNG, Cryo Scientific and Kegs, but the presentation does not assign the contract to a segment or provide its rupee value. That leaves the eventual revenue timing, profitability and segment classification unresolved despite the scale of the announcement.

What aerospace and scientific projects has INOXCVA completed?

INOXCVA has listed launch-pad work for the Indian Space Research Organisation, including liquid hydrogen filling systems, liquid oxygen filling systems, nitrogen supply systems, vacuum systems and umbilical towers. Its company history says it completed supply and installation of cryogenic equipment for a second launch-pad project in 2006.

For testing facilities, INOXCVA lists liquid oxygen subcoolers and coolers, LOX run tanks, LOX disposal systems, vacuum-jacketed cryogenic piping, and helium, methane, nitrogen and oxygen systems. This establishes that liquid-oxygen cooling equipment was already within its stated product capability before the Q2 FY27 order, although no earlier subcooler contract value or customer is disclosed.

The company also says it commissioned a COMNAVAC thermal-vacuum system for ISRO in 2018 and completed cryolines and warm lines for ITER in 2021. INOXCVA further describes providing 4 kilometres of complex jacketed piping for superconducting magnets at the fusion research project, showing applications across launch infrastructure, testing and fusion work.

How did INOXCVA's orders and backlog change in Q2 FY27?

INOXCVA's quarterly order intake rose to Rs 1,028 crore in Q2 FY27 from Rs 374 crore in Q2 FY26, while backlog increased to Rs 2,268 crore at September 2026 end from Rs 1,485 crore a year earlier. Industrial Gas was the largest disclosed contributor, with Rs 792 crore of Q2 FY27 orders and Rs 1,457 crore of period-end backlog.

The change was concentrated in Industrial Gas, where quarterly orders increased by Rs 570 crore year on year. LNG orders increased by Rs 82 crore to Rs 161 crore, while Cryo-Scientific orders declined by Rs 5 crore to Rs 55 crore. The disclosed figures therefore show that Industrial Gas, rather than Cryo-Scientific, generated most of the Q2 FY27 increase in total orders.

Export orders were Rs 768 crore, or 75% of Q2 FY27 orders, compared with Rs 218 crore, or 58%, in Q2 FY26. Export backlog was Rs 1,628 crore, or 72% of the Rs 2,268 crore total at September 2026 end; however, INOXCVA does not identify the aerospace customer's location.

What do INOXCVA's financial results show about execution?

INOXCVA reported Q2 FY27 consolidated total income of Rs 467 crore, up 26.6% from Rs 369 crore in Q2 FY26, while profit after tax rose 7.8% to Rs 66 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA), including other income, increased to Rs 100 crore from Rs 90 crore, but EBITDA margin declined to 21.3% from 24.3%.

Management attributed the margin change to project-specific manufacturing mix, aggressive pricing aimed at raising volume and higher logistics costs amid global geopolitical disruptions. Material cost was 43.0% of total income in Q2 FY27 versus 40.5% a year earlier, while other expenses rose 30.7% to Rs 125 crore; management specifically cited logistics costs and sales commissions on Bahamas and aerospace tank dispatches.

Revenue also shifted among segments. Industrial Gas revenue rose to Rs 285 crore in Q2 FY27 from Rs 212 crore in Q2 FY26, LNG revenue declined to Rs 71 crore from Rs 93 crore, and Cryo-Scientific revenue increased to Rs 77 crore from Rs 49 crore. Cryo-Scientific represented 17% of Q2 FY27 revenue, compared with Industrial Gas at 61%.

At September 2026 end, INOXCVA reported Rs 384 crore of net cash, bank balances, mutual funds and fixed deposits, up from Rs 257 crore at March 2026 end. Inventory increased to Rs 535 crore from Rs 478 crore, which management linked to the rise in backlog from Rs 1,514 crore at March 2026 to Rs 2,268 crore.

Conclusion

INOXCVA's largest-ever aerospace order is supported by a disclosed record in launch-pad systems, liquid-oxygen testing equipment, thermal-vacuum work and fusion cryogenic piping. The Q2 FY27 order booking of Rs 1,028 crore and September 2026 backlog of Rs 2,268 crore provide the wider commercial context, while Industrial Gas supplied the largest share of reported orders.

The next items to watch are execution of the first 1,500 cubic metre aerospace tank lot, conversion of the Rs 284 crore Cryo-Scientific backlog, and margin movement as projects are delivered. Management cited pricing, manufacturing mix and logistics costs after Q2 FY27 EBITDA margin fell to 21.3% from 24.3% a year earlier, while the subcooler order's value and delivery timetable remain undisclosed.