INOX India Q2 Revenue Rises to ₹4.56 Billion From ₹3.58 Billion YoY

Market snapshot: INOX India Limited delivered strong quarterly operational growth for Q2 FY27, with total revenue rising to ₹456 crore (₹4.56 billion) compared to ₹358 crore (₹3.58 billion) in the prior-year period. Net profit grew 7.8% YoY to ₹66 crore, supported by robust export activity and a record order backlog crossing ₹2,268 crore.

Data Snapshot

• Q2 FY27 revenue reached ₹456 crore, marking a 26.6% YoY growth compared to ₹358 crore in Q2 FY26.
• Operating EBITDA for Q2 FY27 grew 10.8% YoY to ₹100 crore, delivering an operating margin of 21.3%.
• Profit After Tax rose 7.8% YoY to ₹66 crore for the quarter, maintaining a PAT margin of 14.2%.
• Export revenues expanded to ₹279 crore, contributing 60% of total revenue during Q2 FY27.
• Total order backlog reached a record high of ₹2,268 crore following quarterly order inflows of ₹1,028 crore.

What's Changed

• Revenue expanded from ₹358 crore in Q2 FY26 to ₹456 crore in Q2 FY27.
• Operating EBITDA increased from ₹92 crore in Q2 FY26 to ₹100 crore in Q2 FY27.
• Export contribution increased from 57% of revenue in Q2 FY26 to 60% in Q2 FY27.
• Order backlog expanded from ₹1,485 crore to an all-time high of ₹2,268 crore.

Key Takeaways

• Top-line expansion of 26.6% YoY demonstrates consistent international momentum in industrial cryogenic equipment.
• Exports remain the dominant growth engine, contributing ₹279 crore or 60% of quarterly sales.
• A record order backlog of ₹2,268 crore provides strong revenue visibility over coming quarters.

SAHI Perspective

INOX India continues to validate its market leadership in specialized cryogenic equipment. The significant expansion in order backlog to ₹2,268 crore, backed by ₹1,028 crore in quarterly inflows, reflects sustained capital expenditure commitments across global industrial gas, clean energy, and semiconductor ecosystems.

Market Implications

Steady revenue expansion and high export contribution provide structural support to operating profitability. High-value international deliveries insulate earnings against domestic market volatility while maintaining stable cash conversion.

Trading Signals

Market Bias: Bullish

Revenue expansion of 26.6% YoY to ₹456 crore alongside a record order backlog of ₹2,268 crore supports a positive medium-term operational perspective.

Overweight: Industrial Equipment, Clean Energy Infrastructure, Cryogenics

Trigger Factors:

• Sustained quarterly order inflows exceeding ₹1,000 crore
• Execution efficiency on high-margin international export orders
• Delivery timelines for semiconductor gas piping systems and LH2 tanks

Time Horizon: Medium-term (3-12 months)

Industry Context

Global demand for specialized cryogenic storage and handling solutions continues to grow, underpinned by industrial gas expansion, clean energy transitions involving LNG and liquid hydrogen, and high-purity gas needs in semiconductor manufacturing.

Key Risks to Watch

• Fluctuations in global shipping logistics and container availability affecting export schedules
• Raw material price volatility, particularly stainless steel and aluminum
• Foreign currency fluctuations impacting export realizations

Recent Developments

In September 2026, INOX India secured cumulative orders worth over ₹50 crore for semiconductor-related projects, including supplies to Tata Electronics' Dholera facility and Micron's facility in the US.

Closing Insight

With an all-time high order backlog of ₹2,268 crore and international markets accounting for 60% of sales, INOX India remains well-positioned to capitalize on global cryogenic and clean energy trends.

High Performance Trading with SAHI.