1. Opening Hook
India’s economy may be running on chai, but INOX India seems fueled by liquid hydrogen. In a quarter where most companies prayed for margins, INOX just froze gravity—posting itsbest-ever sales and profits. From cryogenic tanks for U.S. aerospace giants to beer kegs for Germans, the company’s portfolio now spans rockets to refrigerators.
And the CEO didn’t hold back—talking hydrogen, semiconductors, and space launch pads like it’s a buffet of billion-dollar industries. Keep reading—because this earnings call had more drama than a SpaceX test flight.
2. At a Glance
- Revenue up 16% YoY:Cryogenics > Crypto, apparently.
- EBITDA up 18%:Cost efficiency with a cold touch.
- PAT up 22.9%:Profits thawing faster than expected.
- Margins strong at 24%:CFO calls it “mix improvement,” we call it magic mixology.
- Order backlog ₹1,485 Cr:Enough orders to freeze global competition.
- Exports 63%:“Make in India” just went intercontinental.
- Fund availability ₹221 Cr:Cash colder than liquid nitrogen, waiting to deploy.
3. Management’s Key Commentary
“This has been the best performance period in the company’s history.”(Translation: even our Excel sheets needed a defrost cycle to handle these numbers.) 😏
“We received two 1,500 cubic meter cryogenic vessel orders from a U.S. aerospace company.”(Translation: SpaceX who? We’re already chilling rockets.)
“Our order backlog stands at ₹1,485 Cr, 63% export-driven.”(Translation: Desi tanks, global domination.)
“The Keg division bagged 30,000 orders from Germany and bids for 5 lakh more.”(Translation: We’re literally bottling growth, one beer at a time.) 🍻
“We’re expanding LNG tank production 10x.”(Translation: The CFO’s stress level will also expand 10x.)
“Semiconductor industry offers vast opportunities.”(Translation: Silicon Valley, meet Vadodara Valley.)
“ISRO and US space companies are sending RFQs.”(Translation: Our tanks might soon orbit Mars before our stock price does.) 🚀
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Revenue | ₹371 Cr | +16% | Cryogenic demand kept it hot. |
| EBITDA | ₹92 Cr | +18% | Product mix magic and cost cuts. |
| PAT | ₹62 Cr | +23% | Cold storage, warm profits. |
| H1 Revenue | ₹723 Cr | Record High | Historical, like Acharya said. |
| Order Book | ₹1,485 Cr | +2% QoQ | Cryo-fueled visibility. |
| Exports | 63% of total | — | U.S., Europe, Bahamas—no ice left untouched. |
| Cash Reserves | ₹221 Cr | — | Ready for next cold rush. |
In short: INOX India’s cold business is heating up faster than the Bahamian LNG project it’s building.
5. Analyst Questions
ICICI Securities:“Outlook for H2?”
Management: “H1 is 45% of target; H2 will deliver the rest.”(Translation: Our fiscal calendar defies physics.)
Dalal & Broacha:“Keg business on track?”
“Yes, 30,000 shipped, more to come.”(Translation: Europe’s beer chillers now Made in Gujarat.)
Monarch Networth:“U.S. space order repeat chances?”
“High. 40+ launch pads worldwide switching to liquid systems.”(Translation: Cryogenic arms race, and we’re arming everyone.)
Ambit Capital:“Growth in LNG without island projects?”
“Fuel tanks, marine and station business growing 15–20%.”
