INOXCVA Q2 revenue up 26.6%, PAT reaches Rs 66.56 crore

INOX India Limited reported Q2 FY27 total income of Rs 467.34 crore, up 26.6% year on year, while consolidated profit after tax reached Rs 66.56 crore versus Rs 60.84 crore a year earlier. INOXCVA’s detailed statement therefore shows PAT growth of 9.4%, while its results release cited 7.8% growth to Rs 66 crore.

What were INOXCVA's Q2 FY27 revenue and profit?

INOXCVA reported revenue from operations of Rs 456.48 crore for the quarter ended September 30, 2026, compared with Rs 358.22 crore in Q2 FY26, an increase of 27.4%. Total income, which includes other income, rose to Rs 467.34 crore from Rs 369.07 crore. The November 3, 2026 release described revenue as Rs 467 crore and growth as 26.6%, matching the total-income figures in the consolidated statement.

Consolidated PAT was Rs 66.56 crore in Q2 FY27, compared with Rs 60.84 crore in Q2 FY26. Profit before exceptional items and tax increased to Rs 88.80 crore from Rs 79.19 crore. The prior-year quarter included Rs 2.00 crore of exceptional income, whereas no exceptional item was reported in Q2 FY27.

INOXCVA also reported earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 100 crore for Q2 FY27, up 10.8% year on year, according to its release. The stated EBITDA margin was 21.3%, while the stated PAT margin was 14.2%. Export revenue was Rs 279 crore, or 60% of the quarter’s disclosed revenue.

Why did INOXCVA's profit grow more slowly than income?

INOXCVA's total expenses increased to Rs 378.54 crore in Q2 FY27 from Rs 289.89 crore in Q2 FY26, a 30.6% increase that exceeded the 26.6% rise in total income. Cost of materials consumed rose to Rs 214.51 crore from Rs 132.42 crore, employee-benefit expense increased to Rs 42.52 crore from Rs 33.77 crore, and other expenses rose to Rs 124.34 crore from Rs 96.28 crore.

The inventory line helped offset part of the cost increase. Changes in inventories created a Rs 25.24 crore credit to expenses in Q2 FY27, against a Rs 17.84 crore expense in Q2 FY26. Purchases of traded goods were Rs 11.50 crore in the latest quarter, while depreciation and amortisation rose to Rs 9.87 crore from Rs 7.62 crore.

INOXCVA's finance costs declined to Rs 1.05 crore in Q2 FY27 from Rs 2.00 crore a year earlier, but current tax rose to Rs 22.56 crore from Rs 18.53 crore. Deferred tax was a Rs 0.33 crore credit, compared with a Rs 1.83 crore charge in Q2 FY26. These movements resulted in PAT of Rs 66.56 crore despite a higher pre-tax profit base.

How did INOXCVA perform in H1 FY27 and manage cash?

INOXCVA reported H1 FY27 total income of Rs 848.93 crore for the six months ended September 30, 2026, compared with Rs 721.37 crore in H1 FY26. Revenue from operations rose to Rs 827.27 crore from Rs 697.85 crore. The release described H1 revenue as Rs 849 crore, EBITDA as Rs 189 crore and PAT as Rs 127 crore.

H1 FY27 PAT was Rs 124.64 crore, compared with Rs 121.96 crore in the previous-year period. Profit before exceptional items and tax was Rs 164.38 crore, up from Rs 159.70 crore. H1 FY26 included Rs 2.00 crore of exceptional income, which lifted reported prior-year profit before tax to Rs 161.70 crore.

INOXCVA generated net operating cash flow of Rs 170.36 crore in H1 FY27, compared with Rs 25.87 crore in H1 FY26. Contract assets decreased by Rs 100.21 crore during the period, compared with a Rs 139.60 crore increase a year earlier. Inventory absorbed Rs 58.40 crore and trade receivables absorbed Rs 34.93 crore in H1 FY27.

Investing cash outflow was Rs 78.09 crore, compared with Rs 38.08 crore in H1 FY26, including Rs 31.88 crore spent on property, plant, equipment and intangible assets. Financing cash flow was an outflow of Rs 92.55 crore after a Rs 69.50 crore net repayment of short-term borrowings. Cash and cash equivalents ended September 2026 at Rs 16.21 crore, compared with Rs 16.03 crore at March 31, 2026.

What orders and business developments did INOXCVA disclose?

INOXCVA said Q2 FY27 order inflows totalled Rs 1,028 crore, taking its order backlog to Rs 2,268 crore. Export orders stood at Rs 1,628 crore. The backlog includes approximately Rs 1,100 crore from space-sector customers, while the company reported progress on two cryogenic heat exchangers for a US aerospace customer and dispatches of two tanks for another US aerospace customer.

Industrial Gas Solutions contributed 61% of Q2 revenue, Liquefied Natural Gas, or LNG, Solutions accounted for 15%, and Cryo-Scientific and Advanced Engineering Solutions contributed 17%, according to the release. The statutory financial results identify only one reportable segment under Indian Accounting Standard 108: cryogenic tanks for liquefied gases, disposable cylinders and related products.

INOXCVA disclosed combined orders for more than 40 LNG semi-trailers and approximately Rs 14 crore of domestic orders for storage tanks, vaporizers and an unloading pump kit. It also reported four LNG-powered rail-mobility orders, of which two had been dispatched. The Cryo Scientific Division secured an approximately Rs 35 crore Maharashtra earthquake early-warning equipment order and a European pre-fabricated TCWS piping order worth approximately Rs 12 crore.

Beverage keg sales grew approximately 446% year on year in Q2 FY27 and its keg order book rose approximately 155%, according to the release. INOXCVA entered a three-year global supply agreement with a brewing company whose stated 2027 requirement exceeds 400,000 kegs across 22 countries. The company said that requirement is shared among multiple vendors and is not exclusively allocated to INOXCVA.

Conclusion

INOXCVA reported faster growth in Q2 FY27 total income than in PAT, as total expenses rose 30.6% to Rs 378.54 crore and exceeded the 26.6% increase in total income. The detailed consolidated accounts show PAT of Rs 66.56 crore, while the company’s release presented Rs 66 crore and cited 7.8% growth.

Investors can watch the conversion of the Rs 2,268 crore order backlog, including Rs 1,628 crore of export orders, into revenue and cash flow. The company also disclosed a focus on manufacturing productivity, timely delivery and working-capital management, while inventories rose to Rs 534.89 crore and trade receivables to Rs 348.85 crore as of September 30, 2026.