INOXINDIA

: Resilient Growth and Strong Order Book Visibility

remains well-positioned for growth, driven by its diversified business segments, robust order book, and strong execution. Despite facing challenges such as US tariffs and a gradual ramp-up in some new business areas, the company's financial stability and strategic focus on key growth sectors present a compelling investment case. → Financial and Operational Highlights: Consolidated revenue grew 15% YoY to ₹352 crore, supported by a broad-based performance across its key segments. EBITDA increased by 8.4% YoY, while net profits jumped by 16% YoY, thanks to execution efficiency and pricing discipline. The company's order inflow was strong at ₹415 crore, taking its order backlog to ₹1,457 crore (up 32% YoY), with exports making up 63% of this backlog. → Segment Performance: The LNG segment was a standout performer, with a 121% growth YoY to ₹102 crore. This surge was driven by increased supplies to OEMs and favorable regulatory policies. The Industrial Gas (IG) segment, the largest revenue contributor, experienced a 9.5% decline due to US tariffs. However, the management expects the overall impact to be limited due to the specialized nature of its products and a lack of US-based competition. The Cryo Scientific division secured a significant order of ₹145 crore and remains confident about winning future tenders, including those from FAIR (Germany) and ISRO. → Growth Outlook and Strategy: Management has maintained its guidance of 18-20% revenue growth for FY26, with EBITDA expected to grow even faster. The company is betting on the LNG business as a long-term "winner fuel" opportunity. It plans to scale up LNG tank production significantly in the coming years. Inox India is also exploring opportunities in new products like helium and R32 gas cylinders, which have shown resilience and offer incremental growth avenues.