INOX India designs and manufactures cryogenic tanks and equipment for industrial gases, LNG, scientific research and beverage kegs, and heads into Q2 FY27 with a record order book of Rs. 1,686 Cr. The print will speak to whether the Rs. 32-35 Cr of equipment stalled by Gulf-region logistics disruptions actually shipped in Q2, and whether margins hold within the guided 21-24% band as steel input costs escalate.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 382 Cr (total income, Q1 FY27) |
| Previous quarter PAT | Rs. 61 Cr |
| Previous quarter EBITDA margin | 23.5% |
| Market cap | Rs. 17,241.4 Cr |
| CMP | Rs. 1,898.8 |
The board of INOX India Ltd will meet on November 3, 2026 to consider the Q2/H1 FY27 unaudited financial results, per the board meeting intimation filed under Regulation 29(1)(a) of SEBI LODR. The trading window has been closed from October 1, 2026 until 48 hours after the results.
The Q2 FY27 results conference call is scheduled for November 4, 2026 at 11:00 am IST, organised by ICICI Securities. Speakers include Deepak Acharya (CEO), Pavan Logar (CFO) and Sunil Lavati (IRO).
The central question for Q2 FY27 is execution rather than demand: INOX India enters the quarter with a record order book of Rs. 1,686 Cr and a record Q1 inflow of Rs. 532 Cr, but the Gulf/Iran freight disruption that stranded Rs. 32-35 Cr of ready equipment in Q1 persisted through the entire July-September window, with shipments resuming only in late October. Management guided the dispatch catch-up into Q2 — the CEO said 'quarter 2 we'll do' — and H1 needs to land at 43-45% of the annual target for the reaffirmed 18-20% FY27 revenue growth to stay on track after Q1's 8.3% headline growth. On margins, the Q1 stainless-steel softening tailwind reversed inside the window, with domestic steel prices hitting a four-year high from early August, while tanker rates doubled to $250,000/day by September 14 and bunker fuel rose 50% — a direct logistics-cost headwind on a book where exports were 58% of Q1 revenue; the elevated mid-Rs. 95 rupee supports export translation and a recovery in other income from Q1's Rs. 0.3 Cr. Order inflows of Rs. 450-500 Cr per quarter remain the yardstick, with large LNG and Cryo-Scientific awards promised 'in next one or two quarters' from August 2026, plus ISRO third-launch-pad bidding slated for Q2 FY27 and the Andaman & Nicobar mini-LNG bid expected by end-August. The upcoming call should cover the dispatch catch-up, Q2 inflow, the margin bridge against the steel run-up, and the Kandla facility commissioning targeted for December end or mid-January.
Dispatch catch-up and FY27 growth re-entry: Q1 grew 8.3% against an 18-20% FY27 guidance band, attributed to Rs. 32-35 Cr of undispatched equipment.
Order inflows and large LNG/CSD awards: Q1 FY27 inflow of Rs. 532 Cr beat the Rs. 450-500 Cr/quarter guidance by Rs. 32 Cr at the top end.
EBITDA margin and cost bridge: Q1 FY27 EBITDA margin of 23.5% sits within the open-ended 21-24% guidance but is down ~144 bps YoY on headline figures.
Kandla commissioning and working capital: The Kandla facility is targeted for operations by December end or mid-January.
Yes. Management reaffirmed the 18-20% FY27 revenue growth guidance on the Q1 FY27 call in August 2026, with the CEO responding 'Absolutely' when asked if the band was intact.
Revenue of Rs. 382 Cr came in below the internal target of Rs. 410-415 Cr because Rs. 32-35 Cr of equipment was ready for dispatch but not shipped due to logistics pricing, supply-chain issues and ships not being available. Management said growth would otherwise have been in the 18-20% band.
The order book stood at a record Rs. 1,686 Cr at the end of Q1 FY27, up 11.36% QoQ and 15.72% YoY, with export orders exceeding Rs. 1,140 Cr. Q1 FY27 order inflow of Rs. 532 Cr was the highest-ever quarterly inflow.
Current capacity is 300,000 kegs, and management said the facility 'can go up to 1 million kegs without any problem with the machinery'. FY26 dispatches were 61,000 units, up 31% from 46,000 units in FY25.
Operations at the Kandla facility are targeted by December end or mid-January, per guidance of 9-10 months from the May 2026 call. As of the Q1 FY27 call, civil work was going 'in full speed' with major long-lead machinery ordered.