INOX India: High-Value Engineering and Aerospace Expansion

reported an 8.3% year-over-year revenue increase to ₹382 crore for Q1FY27, while maintaining a healthy EBITDA margin of 23.5% (~₹90 crore) and flat PAT of ~₹61 crore. Growth was temporarily hindered by global logistics issues, as sharp increases in European container shipping rates ($8,000–$9,000) delayed ₹32–35 crore worth of dispatches. Record Order Inflows & Escalating Backlog: Driven by strong international demand, the company achieved its highest-ever quarterly order intake of ₹532 crore. This surged the total order book to an all-time high of ₹1,686 crore, with export orders exceeding ₹1,140 crore. Surging Exposure to High-Value Aerospace: The company secured orders for 14 large cryogenic tanks from a global space client, pushing cumulative aerospace exposure past ₹1,000 crore. Obtaining the AS9100D certification strategically positions INOX India to target flight-qualified rocket propellant equipment, competing directly with global peers like Chart Industries. Diversification into Semiconductors, LNG, & Science: INOX India is expanding into high-growth sectors, securing ~₹30 crore in initial orders for Dholera’s semiconductor hub (targeting projects like Micron and Tata). Furthermore, lower global LNG prices are driving demand across 20–25 station RFQs, while prestige orders from CERN and ITER France reinforce its cryogenic research capabilities. Capacity Expansion & Unchanged Guidance: Operations at the Savli plant are scaling up, and a new facility at Kandla is scheduled for completion by early 2027 to execute major aerospace orders. Backed by its strong order pipeline and operational recovery, management reiterated its full-year FY27 revenue growth guidance of 18–20% and EBITDA margins of 21–24%.