Inox India FY26: ₹1,587 Cr Revenue at 62x P/E, Order Book at ₹1,514 Cr (Trailing Nine Months Unsold)

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1. At a Glance

The company crossed ₹1,587 crore in revenue for FY26 (ended March 31, 2026), up 40% from ₹1,133 crore in FY24. Net profit reached ₹258 crore in FY26, against ₹196 crore two years prior.

Here’s the tension: the order book sits at ₹1,514 crore as of March 31, 2026—roughly nine to fifteen months of revenue at current run-rate. The market prices the stock at 62.3x trailing earnings, well above its own five-year median of 25x.

The company manufactures cryogenic tanks for industrial gases, LNG, and cryo-scientific applications, with 48% domestic and 52% export revenue mix. CRISIL rates it AA-/Stable on bank facilities, citing “leading market position” and “improving global footprint.”

What’s moving the shares: a ₹200-crore aerospace order in Q4, marine LNG entry (Cochin Shipyard), and the Bahamas mini-LNG terminal. What’s holding them back: lumpy LNG order cycles, tariff noise, and the question of whether a 62x multiple can keep breathing at 18–20% revenue growth.

2. Introduction

Inox India began in 1993 as a manufacturer of cryogenic tanks. Over three decades, it diversified into vaporizers, cryogenic cylinders, and cryo-scientific equipment serving industrial gases, LNG, aerospace, steel, chemicals, and pharmaceutical sectors.

The company operates three manufacturing facilities: Kalol (Gujarat), Kandla Special Economic Zone (Gujarat), and Silvassa (Dadra & Nagar Haveli). It holds 65–70% market share in India’s LNG fuelling station segment and supplies to 100+ countries.

In FY25 (ended March 31, 2025), revenue grew to ₹1,306 crore from ₹1,133 crore in FY24, a 15% climb. Operating margin sat at 22.4%, stable versus prior year. The company recommended a ₹2 dividend on the back of ₹226 crore profit for the year.

The three-division breakdown: Industrial Gas (59% of quarterly revenue in Q2 FY25), LNG (19%), and Cryo Scientific (18%). Recent quarters show revenue cycling between ₹340–₹461 crore per quarter, with operating profit in the ₹76–₹95 crore range.

Promoters hold 75% and have shown consistent backing through fund infusions and debt reduction. The company shifted from ₹284 crore net borrowings in FY19 to net cash positioning by FY26.

3. Business Model: WTF Do They Even Do?

Industrial Gas Division (59% of quarterly revenue) designs and installs cryogenic tanks for bulk storage, microbulk units for distributed networks, transport tanks for safe gas movement, and vaporizers that convert liquid back to gas.

The headline in FY26: over 300 transport tanks and semi-trailers sold—the first time above 300. Disposable cylinders: over 2 million units dispatched, with roughly 1.5 million units to U.S. customers. A ₹200-crore aerospace order landed in Q4 from a U.S. private space company, with management guidance pointing to “more of similar nature and value” in Q1 and Q2 FY27.

Market dynamics are capped by customer quota systems in refrigerant gases—a hardcoded ceiling on growth unless the company shifts to new, underpenetrated customers.

LNG Division (19% of quarterly revenue) breaks down into three sub-streams: ISO containers and mini-LNG terminals, LNG bunkering systems for marine, and vehicle-mounted LNG fuel tanks for trucks/buses.

The breakout moment was a marine LNG order from Cochin Shipyard for LNG fuel tanks on ships for a major global shipping company—six tanks of 800 cubic meters each, order value ₹85 crore, execution over 2–3 years. The company claims ~60–65% market share in India’s LNG product segment, with over 250 LNG semi-trailers operating domestically.

The Bahamas mini-LNG terminal: an original order around ₹230–235 crore was revised to ₹240 crore, with roughly ₹160 crore supplied in FY26 and balance expected in FY27. Two additional small island orders followed.

LNG FY26 revenue was approximately ₹459 crore (~60% export / 40% domestic), with global LNG contribution still in single digits at 6–8%.

Cryo-Scientific (18% of quarterly revenue) delivers freeze-dried equipment for biotech research, MRI cryostats for medical imaging, cryogenic propulsion systems for aerospace, and Fusion Energy Components (ITER project).

The ITER (International Thermonuclear Experimental Reactor) work is repeating: management expects “ongoing work for the next 7 to 8 years” with order visibility of ₹50–60 crore annually for at least 5 years. A defense application win materialized—a “highly complex LOX tank for submarine-related application.” Tender timing for ISRO’s third launchpad was guided at end of the quarter, with bidding in Q2 and potential award by year-end (calendar reference).

Beverage Kegs (adjacency from Savli plant): FY26 keg dispatch rose 31% year-on-year to roughly 61,000 units, with order book at ~65,000 units. The company secured approvals and active orders from Heineken, AB InBev, and Molson Coors, collectively representing “more than 40% of global beer market volumes.” However, revenue flatlined: FY25 keg revenue was ₹27.15 crore versus FY26 at ₹26.13 crore, because the mix shifted toward smaller 20L variants and some shipments excluded the sphere component, depressing realization.

New Initiative: Data Center Cooling. An MoU was signed with a European company for liquid nitrogen-based cooling of data centers—framed as “early-stage R&D led initiative” with “meaningful development over the next 6 to 12 months.” The company would provide the entire cooling solution; the partner would supply racks/systems.

4. Financials Overview

Figures are consolidated, in ₹ crore.

Annual Results (FY24–FY26):

Quarterly Snapshot (Q4 FY26 vs Q4 FY25):

Revenue growth momentum accelerated: FY24–26 two-year CAGR was 18.5%. The company