Inox India Q2 FY27 Results Analysis: Revenue Jumps 27%, Order Book Hits Record (INOXINDIA)

Cofacto Research Published November 03, 2026 5 min read

Positive

Inox India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 456.48 Cr (+27.43% YoY) and PAT growth of +9.41% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 03, 2026
Revenue (Q2)	Rs. 456.48 Cr (+27.43% YoY)
PAT (Q2)	Rs. 66.56 Cr (+9.41% YoY)
EBITDA margin	21.34% (-327 bps YoY)
EPS (Q2)	Rs. 7.32 (+9.25% YoY)

Quarter Snapshot

Q2 FY27 delivered a sharp revenue rebound (+27.43% YoY, +23.11% QoQ) with order inflows of Rs.1,028 Cr — double management's own Rs.450–500 Cr guidance — taking backlog to a record Rs.2,268 Cr. The offset is margin compression to 21.34% (bottom of the 21–24% guided band) on input costs, leaving PAT growth at 9.41% versus revenue. Cash conversion inflected sharply (H1 CFO Rs.170.36 Cr, 1.37x PAT), debt was repaid to nil, and the revenue leg of FY27 guidance remains on track with the margin trajectory the key watch item.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue / dispatch catch-up	"in-line to ahead, hinging on the dispatch catch-up"; "full in-quarter catch-up of the deferred dispatches doubtful"	Revenue +27.43% YoY, +23.11% QoQ; total income Rs.467.34 Cr — ahead of the direction	Played out
Margins	"compressing bias — the Q1 input-cost tailwind likely fades"; "direction of pressure is upward on costs"	EBITDA margin 21.34% vs 24.61% YoY; inside the 21–24% band	Played out
Order inflow	"another ≥Rs.450–500 Cr quarter?"; LNG/CSD awards landing	Rs.1,028 Cr inflow; backlog Rs.2,268 Cr	Played out
Other income / forex swing	"recovery in other income from Q1's Rs.0.3 Cr" on the mid-Rs.95 rupee	Filed other income: Rs.10.85 Cr vs Rs.10.81 Cr in Q1 — the pre-call Rs.0.3 Cr figure is inconsistent with the filed P&L line; the filing wins — as framed; no swing in filed numbers	Contradicted
Working capital / cash	watch vs FY26 operating cash flow of Rs.116.65 Cr	H1 CFO Rs.170.36 Cr already exceeds it; debt repaid — positive	Played out
Kandla & bid pipeline (ISRO 3rd pad, Andaman)	updates expected on the call	Not addressed in the filing — remains open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue growth 18–20%	reaffirmed on the Q1 FY27 earnings call (Aug 2026) ("this 18% to 20% growth is intact for this year for FY27?" — "Absolutely")	H1 total income +17.68% YoY; H1 = 44.1% of the implied FY27 target of ~Rs.1,926 Cr (FY26 Rs.1,632.25 Cr × 1.18, derived) — marginally below the low end on H1 TI growth; Q2 alone +26.6%	On Track
Order inflows Rs.450–500 Cr per quarter	Q1 FY27 earnings call (Aug 2026)	Rs.1,028 Cr in Q2 FY27; backlog Rs.2,268 Cr — 2× top end	Met
Backlog execution ≥Rs.1,200 Cr during FY27	Q4 FY26 earnings call (May 2026)	H1 revenue Rs.848.93 Cr (total income basis)	On Track
EBITDA margin 21–24%	Q1 FY27 earnings call (Aug 2026)	21.34% on the company's own EBITDA-with-other-income / total-income definition — low end	Met
Kandla commissioning by Dec-end/mid-Jan	Q1 FY27 earnings call (Aug 2026)	Not addressed in the filing — open for the call	Too Early
Keg utilization 50–60% by year-end	Q1 FY27 earnings call (Aug 2026)	Utilization % not disclosed; keg sales +446% YoY, keg order book +155% YoY — directionally	On Track
Q2 will catch up the Q1 dispatch shortfall ("quarter 1, we are not done, quarter 2 we'll do")	Q1 FY27 earnings call	Q2 revenue +27.43% YoY / +23.11% QoQ; record quarterly total income — specific Rs.32–35 Cr quantum not disclosed in the filing	Confirmed directionally
Order backlog crossing Rs.2,200 Cr, highest ever, ~Rs.1,100 Cr space-sector	Q2 FY27 press release / CEO quote	Backlog Rs.2,268 Cr, export orders Rs.1,628 Cr; +52.7% vs Rs.1,485 Cr a year ago (per prior-quarter notes' backlog trend)	Confirmed
Margins within the 21–24% band	Q1 FY27 earnings call	21.34% — inside, but at the bottom	Confirmed
Large LNG/Cryo-Scientific awards "in next one or two quarters" (from Aug 2026)	Q1 FY27 earnings call	Q2 inflow Rs.1,028 Cr includes CSD (Rs.35 Cr + Rs.12 Cr) and LNG orders, but no named mega-award	Partially

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q1 FY27	Q2 FY27
Order backlog (Rs. Cr)	1,485	1,686	2,268
Quarterly order inflow (Rs. Cr)	n/a (not disclosed)	532	1,028
Export share of revenue	n/a	58%	60%
EBITDA margin (% of total income)	24.61%	22.71%	21.34%

Key Investment Insights

Key Positives

Revenue grew 27.43% YoY and 23.11% QoQ to Rs.456.48 Cr, delivering the dispatch catch-up promised after Q1
Order inflow of Rs.1,028 Cr was 2x the top end of management's Rs.450–500 Cr per-quarter guidance; backlog hit a record Rs.2,268 Cr (+52.7% YoY)
H1 CFO of Rs.170.36 Cr was 1.37x H1 PAT vs Rs.25.87 Cr in H1 FY26; FCF of Rs.138.48 Cr
Short-term borrowings of Rs.69.50 Cr fully repaid; net-cash position of Rs.377.46 Cr
Contract assets released Rs.100.21 Cr to Rs.285.31 Cr as the working-capital cycle turned
Beverage keg sales +446% YoY with order book +155% YoY; >1,500 liquid cylinders dispatched in H1 worth >Rs.25 Cr
Normalized PAT growth of ~12.2% YoY after stripping the prior-year Rs.2.00 Cr one-time settlement income
Finance costs fell 47.65% YoY to Rs.1.05 Cr

Risk Factors

EBITDA margin compressed ~327 bps YoY to 21.34%, at the bottom of the guided 21–24% band
Combined materials consumption ratio rose to 43.98% of revenue from 41.95% a year ago and 38.86% in Q1, indicating input-cost pressure
PAT grew 9.41% YoY (normalized ~12.2%) versus 27.43% revenue growth
Inventories rose 11.86% to Rs.534.89 Cr, deferring cost recognition that will reverse as units ship
D&A rose 29.48% YoY with CWIP up to Rs.10.08 Cr and right-of-use assets to Rs.24.88 Cr, so further depreciation drag is ahead