INOX India revenue grows 27%, order book hits record

INOX India Limited (NSE: INOXINDIA) reported a healthy Q2 FY27 performance, with consolidated revenue increasing 26.6% YoY to ₹467 crore. However, profit growth remained comparatively moderate, with net profit rising 7.8% to ₹66 crore. Key Highlights • Revenue increased 26.6% YoY to ₹467 crore. • EBITDA rose 10.8% to ₹100 crore. • EBITDA margin stood at 21.3%. • PAT increased 7.8% to ₹66 crore, with a PAT margin of 14.2%. • Export revenue reached ₹279 crore, contributing 60% of total revenue. • Order inflows crossed ₹1,000 crore during the quarter. • Order backlog reached a record ₹2,268 crore, including approximately ₹1,100 crore from the space sector. My View INOX India's performance reflects strong demand across its industrial gas, LNG and cryogenic engineering businesses. The 26.6% revenue growth and record order backlog provide encouraging business visibility. Its 60% export contribution also highlights the company's international reach. However, EBITDA growth of 10.8% and PAT growth of 7.8% were considerably slower than revenue growth. This difference deserves attention, particularly as the company expands capacity and executes a larger order pipeline. What I'm Watching Next I will monitor order execution, export demand, EBITDA margins and the contribution from LNG and cryogenic scientific projects. The company's ability to convert its record order book into profitable revenue growth will be the key factor to watch. Stance: Moderately positive. Strong revenue growth, exports and order visibility are encouraging, but profitability growth needs to catch up with sales growth. Disclosure: I do not have any holding or position in the stock mentioned above.