INOX India Ltd (NSE: INOXINDIA) Q1 2026 Earnings Call dated Aug. 05, 2025
Corporate Participants:
Unidentified Speaker
Deepak Acharya — Chief Executive Officer
Pavan Logar — Chief Financial Officer
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Abhinav — Analyst
Prakash Kapadia — Analyst
Divyang Joshi — Analyst
Mohit Surana — Analyst
Jaiveer Shekhawat — Analyst
Mohit Suna — Analyst
Presentation:
operator
The conference is now being recorded. It SA. It. It Sam. It. Ladies and gentlemen, good day and welcome TO Inox India Ltd. Q1FY26 earnings conference call hosted by ICICI Securities. As a reminder, all participants lined will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities. Thank you. And over to you sir.
Mohit Kumar — Analyst
Thank you buddy. Good morning. On behalf of ICICI Securities, I welcome you all to the Q1 FY26 earnings call of INOS India. Today we have with us from the management, Mr. Deepak Acharya, CEO Mr. Pawan Lokar, CFO Mr. Sunil Lawati, Investor Relations. We’ll begin with the opening remarks from the management which will be followed by Q and A. Thank you. And over to you sir.
Deepak Acharya — Chief Executive Officer
Thank you, Mohit. Dear shareholders, investors and our analyst friends, a very warm welcome to our earnings call for the first quarter of FY26 ended June 30, 2025. Our results, investor presentation and press release are available on the stock exchanges as well as on our website. With the beliefs you had a chance to go through it, I will go through operation performance of the quarter in detail for all the segments which we are present in. My colleague and our CFO Pawan Lovar is with me on this call and he will take you through financial performance post which we will open the forum for question and answers.
As we are stepped into a new financial year. It is important to take a moment and reflect on the remarkable transformation taking place in India’s economic landscape. In 2025, India proudly became the fourth largest economy in the world. A milestone driven by sustained domestic reforms and a strong global positioning. Under the vision of make in India, make for the World, we are now the world’s fastest growing major economy. With the real GDP growing steadily at 6.5%. Our nominal GDP has seen a remarkable rise for the last decade, underscoring the strength and resilience of our economic fundamentals.
And the momentum continues. India is projected to remain the fastest growing major economy in 202526 with expected growth ranging from 6.3 to to 6.8%. Our foreign trade has played a significant role in this journey, depicting an acknowledgment for Indian business and their manufacturing excellence. Total exports has surged to 76% over the last 10 years, reaching US8. $25 billion in FY25 led by robust performance in engineering goods, electronics and pharmaceuticals. In parallel, technological self reliance is becoming a cornerstone of India’s long term strategy, a vision that Enochs India is deeply aligned with its actively advancing through its engineering excellence and manufacturing strength while building a future ready industrial ecosystem proudly made in India for the world.
Now coming upon our quarterly updates. For the first quarter we reported a revenue of 352 crores, EBITDA was 89 crore while profit after tax was 61 crore underlying a hands on growth of 16.7%, 19.4% and 18.9% respectively. Coming to the segment Wise Performance I’ll begin with our largest business segment Industrial Gas Solutions. We achieved a significant milestone with the dispensation batch of India’s first ultra high purity ammonia ISO containers specifically designed for the semiconductor and solar panel sector. These tanks, two of which have been delivered to IAPL, built to operate at a pressure rating of 19.69 bar meeting the stringent cleanliness and purity requirements.
This is the first of its kind project in India and we are proud to be the only domestic manufacturer of such as packed containers. The tanks have been certified by DNV as IMO ISO containers and additional 10 units are currently under construction. With a strong initial interest, we anticipate a healthy demand for these specialized tanks both within India and globally. A key highlight during this quarter was the successful and unique development and launch of India’s first CO2 battery storage application. Breakthrough in long duration energy storage. This technology is scalable and sustainable alternative to lithium ion batteries offering superior value, reliability and environmental performance.
The adoption of CO2 battery is well aligned with the Government of India’s initiative of making India and Atmanirbhar policies, providing significant opportunities for the existing industrial supply chain initiatives not only for the domestic CO2 battery projects but potentially also for the global export markets. This order was received from Italian company for a project in India. We also received notable orders from disposable cylinders from the US customers. What makes these wins particularly significant is that they were secured despite the recent increase in import tariffs, highlighting the strength of our value proposition and continued trust our clients place on us and our products.
Overall, Q1 reflected steady momentum across our IGE business with a growing traction in high purity application, continued success in global exports and proactive tariff management efforts underway to safeguard our market competitiveness. Moving on the LNG segment, we have successfully streamlined our LNG fuel tank production processes enabling us to supply approximately 145 tanks to major OEM manufacturers during the quarter. This reflects both operational efficiency and growing adoption of LNG as clean fuel alternatives. We have positive outlook for the year and based on market demand and customer feedback, we are confident of continued strong performance in this segment.
To support this growth, we are building capabilities to scale it to as high as 10x over the course of next few years. To enable this, we have begun expanding our production shop which will enhance our volume capacity and help us cater to the increasing requirement of OEMs and fleet operators. Importantly, regulatory support is also aligning with the industry trends. The Government of India has revised certain regulations. This revision now allows LNG to be used as a fuel for mobile pressure vessels in cryogenic applications, including lng, in accordance with the SNPV regulations. This change is expected to further accelerate LNG adoption, opening up a broader application and driving additional demand across the multiple sectors.
We are also pleased to share that our efforts in this space have received external recognition at the Financial Express Mobility Award with issued two prestigious award one specifically for LNG fuel tank applications for the automotive sector and another Mobility Award for Environmental and Sustainability acknowledging our work in hydrogen and clean energy initiatives. These rewards enforce our leadership in sustainable mobility highlight the growing relevance of our clean energy solutions in India’s transport landscape. Overall, our LNG segment is well positioned for robust growth supported by both capacity expansion and favorable policy environment. Now moving to the Cryoscientific division, I’m happy to share a significant development following the successful completion of our vacuum vessel thermal shield final work for the prestigious heater project Building on the surface, we have now secured a major order for the cryostat thermal Shield valued approximately 125 crores.
Approximately 90% of the fabrication and assembly work will be carried out in our own facility, ensuring greater control over the quality and timeliness. The remaining 10%, mainly large panels will be executed at site managed by our dedicated team of around 25 workmen and technical staff. The project is expected to span nearly two years, so while there is no immediate urgency, it reflects a strong long term relationship and visibility in our international scientific project pipeline. Importantly, our proven track record and credibility at the ITER site continue to work in our favor and additional work opportunities are being directly assigned to us which we see as a very positive and strategic development for this segment.
The Beverage Cake division saw steadily development across the geography supported by customer engagement, distributor expansion and progress on key approvals. We are seeing a renewed interest and new approaches from global braving giants like Henneken, ebnb Bravery as well as two companies based in Brazil, a positive signal for broader adoption of Orcake solutions. Importantly, we also secured global approval from Heineken, the world’s largest treasury. This is a major milestone for us and post approval we have started engaging with local players across the region including South America, Australia and South Africa. To further expand our footprint on the distribution fund, we have appointed new distributors in uk, Germany and us.
These appointments strengthen our European and US presence. Alongside our existing distributors we are also seeing growing interest in non standard cake format which suggests increasing customization requirement in mature markets. We issued order of 6.4 crore in the quarter against 2 crore in the last quarter in the previous quarter which itself suggests a growth in this segment. We are continuing to work on product approvals with several major breweries. While we already completed the accrual with ABNBO and Henneken, new Brevaries such as Asahi Carlsberg have scheduled their audit in the month of September October which we believe will further strengthen the case of ramping up of cake volumes.
We already received Q2FY 26 meaningful orders of 28,000 crore from German company. German company while actively on the pig line has picked up. We acknowledge the current volumes are still below our internal expectation. However, with the multiple approach in this pipeline we remain optimistic about scaling the business in the upcoming quarters. Despite competitive pressure from Chinese players and BLEPA in Europe, we continue to benefit from the anti dumping duties imposed on Chinese products which help to maintain a level playing field. In terms of geography, South America remains a consistently strong market for cake demand and we will continue to build on that momentum.
Overall, while we are in the early stages of ramping up of cake volume, the approvals underway, strategic distribution appointments and global endorsement give us the confidence in the long term potential of this segment. We remain optimistic about our performance in the upcoming quarter supported by strong customer relationship, growing demand across geographies, improving policy scenarios, environmental priorities and continued execution of high value projects. Coming to few important quarterly business numbers order backlog on 30th June 2025 was 1457 crores with 45% coming from Industrial Gas, 32% coming from LNG, 23% coming from Cryos and Traffic Division export comprised around 63% of our total order backlog.
In terms of segregation, 48% of the income has come from IG, 29% from LNG and 19% from Cryo Scientific Division. Total order inflow during the Q1 was 415 crore comprising 44% from IG, 20% from LNG and 35% from the Cryosynthetics segment. To conclude, following the strong startup of FY26 and a solid Q1 performance, we are encouraged by the momentum across our key businesses backed by diversified portfolio, global traction and a strong execution as well. As we are also well positioned to build on this foundation. We remain confident in sustaining our growth trajectory and are firmly committing to delivering long term value for all the stakeholders in the quarters ahead.
I would like to thank you all for your patient hearing. I now hand over to Mr. Pawan Lober, our CSO who will share financial numbers in detail with you. Thank you so much.
Pavan Logar — Chief Financial Officer
Thank you Deepak and good morning everyone. I shall share summarized financials for the quarter ended 30th June 2025. Let me share the numbers. For Q1FY26, the total income for Q1 was at 350 crores which grew by 16.17%. By OI the visa was up by 19.4%, stood at 89 crores. Our quarterly CAF paid grew by 18.9% to 6.161 crore. The total fund available as on Q1FY26 is 275 crores which provide us adequate room to fund future growth expansion. That concludes my update on the financial highlights of the company. I shall now request the moderator to open the floor for question and answer session.
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask the question may press Star and one on their Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the Koshykyu assembles. The first question is from the line of Abhinav from ICICI securities. Please go ahead.
Abhinav
Yeah. Good morning sir. Thanks for the opportunity. My first question is what are our offerings in the mini LNG segment And are you seeing a large pipeline developing in the medium term.
Deepak Acharya
On lng? Yes, we have very strong requirements over the globe and in India as well. As you know, we are one of the pioneer in the manufacturing of entire value chain for the LNG system. So we are into the variety of equipment manufacturing especially for LCNG fueling stations, fuel tanks, marine fuel tanks, small scale LNG terminals and we have been doing the LNG scope small scale terminals at Bahamas now and we already finished at Caribbean lng. Many such projects are coming up in Indonesia, Malaysia, Philippines and Nicobar. So many such opportunities are available for us in this sector.
And we are bidding very carefully. And as we have successful track record of completion of these projects, I think we are very well placed in this sector.
Abhinav
Understood. Thank you. The second question is on the beer cake segment. We received an uphold on the beer cake segment. So we received approval from Global Deliveries. And can we can quantify the expected incremental order inflow for the next two fiscal years? And is it fair to build a 5 to 10% revenue in FY26?
Deepak Acharya
Yes, we got the global accrual from ABNVO and Henikin and we are in the process of getting approved from the Carlsberg and Assai. So These are the 4, 5 major deliveries in the world. And their process is like that. They have the auction or the tender and on the tender basis they normally qualify. So for the orders. And globally they have many brevities. So the brevaries they request quotations from the suppliers. So we are constantly in touch with all the breweries and we do also qualify the product as well. So that process we already started.
So we hope that the next season, whenever it comes now, we will have substantial orders in this.
Abhinav
Understood. So final question is on the US tariff. What is the impact on the disposable cylinder business. How big was the segment in FY25.
Deepak Acharya
Normally usual cylinder is a very tricky situation for us. And we have been very carefully analyzing our business and our offerings to this market. And frankly speaking we are just maintaining the whatever the share of market in this segment. And besides that we have very good situation this time because we have recently approved DOD 39 approval for A2L cylinders helium cylinders and R32 gas cylinders. So this is the additional business for us. So which will be like 5 to 6 lakhs additional cylinders will will be required in this market. And there are very few manufacturers in us so in fact even if there is a tariff imposition, we are not finding any much impact because we are regularly getting orders from these U.S.
companies. And recently what we have seen that it is only the steel component, it is getting impacted by the tariff. For example, if you have 100 rupees in cylinder cost price rather and 50 rupees is your say material cost, then the tariff is applicable only on the steel part, not on the your overheads or margins and other areas. Okay, so that way though if it is like 25% it comes to be around 14 to 15% for these products. And basically there are very less manufacturers in US for this. There is a one I can say manufacture in us so the competition is not there.
To that extent. And there is a shortage of cylinders in the market so they have to depend on Indian manufacturers. And there we are. Well placed.
Abhinav
Thank you sir, that was helpful. Thanks a lot.
operator
Thank you. The next question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead.
Prakash Kapadia
Thanks for the opportunity. A couple of questions from my end. This quarter we’ve seen only a 8.2%. EBITDA growth x of other income despite a gross margin expansion. So can you explain some of front loading of the cost be it employee or some of the other expenses. And even the order book is at an all time high. Does execution be better than the current run rate of 15% what we’ve seen in Q1? Can we expect step up in execution in the rest of the quarters for FY26?
Pavan Logar
Yeah, definitely. Actually you know our target is there to have the turnover increase about 18%. To 20% in this year. This year. And you know EBITDA, EBITDA is definitely much higher than the growth, you know where we have the growth of 16% whereas my EBITDA has increased to 19%.
Prakash Kapadia
So that is because of other income, sir.
Pavan Logar
Yeah, you know, other income is also part of our business only. And this other income is also like, you know, any amount we are like ld. Earlier we provided and now it is already not paid to the customer and we recovered it. So it is not. It is indirectly from the business only. And otherwise also, you know, you know we have already very clear that we are keeping our fixed margin for any new orders which we are putting. So EBITDA will not increase too much like that. It is not possible, you know, a lot of company worldwide competition is also there.
So and we have a good image worldwide and we have to increase our customer base. That’s why we are keeping the normally our margins. We are having fixed margins, you know. All the new ports which we are doing.
Prakash Kapadia
I, I totally appreciate, you know, the. Business, the business mode, you know, which we have. What I was trying to understand is are some of the costs one time or front loaded and will they normalize. As we move forward? Because you know, we’ve seen employee addition.
Deepak Acharya
Yeah, yeah, yeah, yeah. Actually you know we already recently started our family project last year only and you know, all the expenses, all the new manpower has already joined in our Saudi unit and the Saudi unit performance is now it is increasing. It is a new. Because it’s a new property, new thing. It is just started. We are not getting 100% revenue out of it. So it is as soon as it is stabilized, definitely my profitability will definitely improve from our family unit. So whenever any new unit start, it takes some time to stabilize.
Prakash Kapadia
Okay.
Deepak Acharya
And obviously my cake business is also not so.
Prakash Kapadia
So because of the kegs business and you know some of the revenue being higher, some of these costs should get absorbed. Right?
Deepak Acharya
Yeah,
Prakash Kapadia
understood. And any updates on, you know what is happening on the LNG tendering stations and execution? What is the number government was looking at? Any. Any update would have.
Deepak Acharya
Yeah. Like last time also we told you almost like 45 stations are there which are in operation now or are coming up in operation.
Prakash Kapadia
Right.
Deepak Acharya
And the new tenders are coming from BTCL and a few private companies. Besides, there’s no phus are coming up for the tenders now.
Prakash Kapadia
Okay. So that. That seems to be going slower than what I think the potential is.
Deepak Acharya
So the pushes thinking in that direction. But the truck people or the OEM manufacturers, they are using their very innovative methods. Like earlier people were using 450 litre tank. Now they prefer 990 litre tanks. And even some manufacturers are now putting two tanks on each other. So which carries them to almost 2,000 kilometers. So even if the number of stations are less, they can manage very well within their limits. And many logistic companies are also now initiating their business. And they are interested to put the fueling stations at their premises system. So this is going to be a game changer in my opinion.
And nobody wants to wait for the BA to and other things. The government of India has recently changed the regulations also. And there was always a land issue. But now recently you must have seen that Arnie and Ambani have come together. And whatever the petrol pumps they are having they can be now converted to the fueling station as well. So all these proactive actions by the government is substantially going to help us in this business. And the corridors is now almost having like at a distance of 400 km. At least one trading station is available.
So people can very easily fill their tanks through this trailing station. Yes, rightly what you said, the growth or the number of trailing stations coming up is not that fast. But it is not hampering the OEMs for going ahead with this project.
Prakash Kapadia
Okay. Okay, understood. That’s. That’s very helpful. Thank you. I’ll join back with you if I have more questions. Thank you.
operator
Thank you. The next question is from the line of Divyan Joshi from the gas authorities. Please go ahead.
Divyang Joshi
Hello.
Deepak Acharya
Hello.
Divyang Joshi
Am I audible?
Deepak Acharya
Yes. Slightly bigger is better.
Divyang Joshi
Yeah. So my question is what’s the capex and Timeline for the LNG field and capacity expansion. And how are you mitigating the risk relating to that?
Deepak Acharya
Actually what we have done, we have already established a serial production line at our Kalol plant and we are augmenting this line to the extent of pay. Around 500, 600 tanks a month which will take us to like 5,000, 6,000 units a month in a year. And we expect that in another three to five years it will require at least 30 to 40,000 fuel tank. So for that business we are anticipating that we will be putting up an extra facility. But we are slowly and steadily reviewing this project. But expansion of our existing facility we already taken up and this will really improve our revenue from the LNG fuel tank business perspective.
The OEM manufacturers are also very positive in this business. And because of this ESC and carbon emissions and all those things, many companies are now preferring LNG Fuel Trust in place of a digital fuel truck. So that’s advantage.
Divyang Joshi
Okay. Okay, thank you. Also I had one more question. You had a great order info from the cot CO2 batteries and up uhp ammonia containers. So do they carry a lower margin or a higher amount of margins?
Deepak Acharya
Margins are yes, better than what we are normally we get definitely because this is a first time of its products like that. And these ammonia containers are specifically very high tech containers I can say with very high finish and other requirements are there. So definitely we’ll get better margins. And this CO2 is like first of its kind order. And this is basically a carbon capture mechanism they’ll be using and they will capture this CO2 and utilize utilized it for energy generation or power generation. So this is again an experimental work which is being done first time in India now we hope that these technologies are going to be very useful to the country and to the world globally to reduce this carbon emissions and other things and will be very useful for the continuous supply of power.
Divyang Joshi
Okay, that’s it. Thank you so much. Thank you so much.
operator
Thank you. The next question is from the line of Abhinav from ICIC securities. Please go ahead.
Abhinav
Yeah, thanks for the opportunity. Again my question is on the ammonia ultra purity tank container. Can you throw some light on how big the market size is for this to and any revenue targets that you have from this particular.
Deepak Acharya
So this is for. I will once again tell you this is the first of its kind product what we have developed. This ammonia actually is not new to this country and it is being used as a byproduct from the fertilizer companies for last few decades. But this Ultra high purity ammonia which requires a very high cleaned vessel. So we have been manufacturing this for our customer in India and we have got order for almost 11 numbers. So two we have delivered nine, we are in the pipeline. So this as the ammonia used in the country and abroad is going to increase.
There will be group substantial requirement of these containers maybe in the hundreds and in coming few years. And we are already into that business now. So our tanks are performing very well. So we don’t feel any issue at such in this market. As the market grows, we will be the first one to move it in this market.
Abhinav
Understood. The final question, when do we expect the Sauli plant to stabilize?
Deepak Acharya
Finally if you see last year we did almost 200 crores from that plant and this year we have planned of around 300, 350 crores. So as we are improving our capacity over there and we are putting more manpower and other things, I think stabilization will take around six to one year around that time. But gradually we are putting the products and as of Today more than 150 tanks are under construction and at our family plant.
Abhinav
Thank you sir.
operator
Thank you. The next question is from the line of Mohit Surna from Monarch Network Capital Limited. Please go ahead.
Mohit Surana
Sir. Thank you for the opportunity. Yeah. So my question is with respect to the credit division, this quarter we have received order worth 145 crores from Iter. I think that’s the largest from the scientific entities we have received so far. Yeah. Could we consider this as one off or even going forward we can expect such kind of growth momentum to continue this segment.
Deepak Acharya
Yeah. As you know, if you have seen our past record, we have been working with ETHER for almost more than decades. Years. Okay. So very often we are getting, because of our good work and quality and timely deliveries of our product, we are constantly getting orders from them. Previously we have seen that VVTSV almost like more than 200 crore order was there. This also is a part of that project which was again a failure from some other country. They had some issues. So they are relying on India to get it refurbished. So this is. Yes, you are correct.
It’s a one of its kind order because it is not going to happen again and again. But looking to our performance, ITER is very much interested to give more and more orders to us and you will see a few more orders in next few quarters again. So ITER is very happy with her work and whatever work are coming in during the election. Commissioning and the execution part of ITER project. Definitely India and inox India Will have better chance to work with them.
Mohit Surana
Understood sir. On the same topic, can you throw some light on the scope of work that we are doing for etor? Because I understand the vacuum vessel chrome sheet repair work is over now we have got the order of crimes are commissioned.
Deepak Acharya
Yes. So it is very similar to vacuum vessel thermal panels. Only the vacuum vessel thermal panels are very huge in size. Maybe are of 8 meter dimensions. 10 meter dimensions. This other panels which we have recently received are not that big in size. They are smaller in size. So we don’t have any challenge in manufacturing at our place. There are a few panels which are very big in size which they have requested almost 10%. You can say to 10% are bigger in size which is difficult for them to transfer to India or transport to India. So which we will be doing at our site through our own manpower.
We have already 25 to 30 guys there and few engineers who are directly working at site for erection commissioning of this VBTS panel so that we will be completing 90% at our factory. Then dispatch it to to ether set and do the erection job. So this is not so difficult job as compared to vvts. I can say
Mohit Surana
how many cryostat thermal sheets are there in Tokamak?
Deepak Acharya
Yeah. Yes. Yes. The CTS is almost around 200 numbers and we have already done 144 for VVTS. So around 350 numbers. Around that number approximately. So these panels 100 has to go on repair.
Mohit Surana
But how many crowdstadt thermal sheets are there in Tokamak? I think there are three numbers.
Deepak Acharya
Around 355 numbers out of that VVTA for something around 144 or 150 number. And the CTS panels are around 200 numbers.
Mohit Surana
Understood sir. So while we are on this topic, can you also throw some light on future order intake potential from isr?
Deepak Acharya
Yes. On fair. Yes. We are bidding for various projects and we are very much well placed. I can say where very few competitors, maybe one or two only. And as we see that our prices are very competitive as compared to European and US manufacturers. So we are hopeful that we will get those orders. On the space side. Yes, the tender is not yet out. Most likely it is coming up in December or early next year and we’ll get at least three months for bidding purpose. So hopefully by end of this year something should come up for the third launch.
Mohit Surana
For the third launch, the total project order is close to 4000 crores. How much can we expect which may move to Annox India?
Deepak Acharya
I don’t say Anox India it will be like cryogenic contribution will be around 15 to 20% and we have better chance because we have done the second launchpad. So we know the intricacies of this manufacturing and designing. So we have a better balance is civil work and many other. The mechanical part and other things are there correct.
Mohit Surana
More questions I’ll go back into and ask later.
Deepak Acharya
Thank you. Thank you. Thank you so much.
Mohit Surana
Thank you.
operator
Thank you. The next question comes from the line of Bmil Kampat, an individual investor. Please go ahead.
Unidentified Participant
Yeah, good morning. Yeah, so two, One is what is our total capex for the current year and what segment it will cover?
Deepak Acharya
Basically our. For this year we have targeted around 80 crores and basically it will come for some expansion of our Kandla facility because we are manufacturing very big vessels there. 1,500 cubic meter vessels are there. So it requires medicinal capex and some capex for our existing plant at Kalol and Saulina.
Unidentified Participant
Okay. And this LNG tank what we are expanding, what is the capex on that?
Deepak Acharya
We have already around for the present facility at we are expanding around 5 to 6 crore for the addition capacity building for the LNG fuel tank. And we are just evaluating the options of putting a very large facility and it is under consideration now.
Unidentified Participant
Okay, and what will be the output? Suppose we manufacture 5,000 to 6,000 tanks, what will be the output? You know that value of that production?
Deepak Acharya
So average, average you can say a fuel tank is sold at 5 lakh rupees. So multiplied by 5000.
Unidentified Participant
Okay. Average fuel tank is 5 lakh rupees. Okay. Okay. And sir, on this keg thing now we are just starting out from here. Where do you see in three, four years can we be two times, three times this size?
Deepak Acharya
Surely we have that vision that we are better placed because we are the Indian manufacturer with all our labor cost and other manufacturing costs are much lower as compared to others. And we are considered as a very good quality manufacturer as we have received the FSSC approval, the food approval and many other approvals which are required by the industry. So when we did the Hennequin audit I was told it is very difficult to get this audit cleared. But we are happy to inform you that in ox India has done it on the first book. So many big companies in the world they.
They have to go for 2 times, 3 times audit then only they were qualified. That shows our product quality and product reliability and our teamwork and trained staff of skills we were having. So I think our product is well placed to the industry as such, we are just waiting for the orders to flow in and that should happen very soon now. And. We should have multiple opportunities in this sector now.
Unidentified Participant
So it will be three, four times the current size in definitely at least. Okay. And sir, this nuclear reactors, SMB, smr, what do you say? I mean, how are we looking at it? What is our scope there?
Deepak Acharya
Yeah, we are managed. We can manufacture the SMRs, small smarts which are built into the factory. So we are working with government and some other foreign companies as well to see that how we can put such reactors in the market. But definitely this again is a very slow process as the nuclear project doesn’t move so fast. But we are working with some partners who can work with us on this segment.
Unidentified Participant
Okay, numbers. It will take three, four years at least.
Deepak Acharya
Yeah, it should, it should take that.
Unidentified Participant
Okay, thank you very much, sir.
Deepak Acharya
Thank you. Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants. You may press Star and one to ask a question. The next question is from the line of Rohan from N Region Capital. Please go ahead.
Unidentified Participant
So my first question was on the industrial gases segment. What you’ve seen is for the past two, three years the first quarter has always been slow and that is what we have seen in this quarter also. So anything, you know, that we need to consider on that and will this scale up from here for the next three quarters?
Deepak Acharya
So industrial gas is a very steady business, I can say. And normally the steady growth takes place in the first and second quarter. Basically because the site work is very slow during this period of monsoon in India and most of the sites work very slowly. But immediately after Dussera or so, everything takes up very fast. The projects are decided during this period and it starts moving in the second or third quarter onwards. But otherwise the healthcare sector, the steel sector and many other fabrication industries, all that is the smooth selling. And the MNC companies also, they take on a regular basis.
So slightly, yes, the first quarter is slightly less as compared to other quarters for the IT sector. But definitely picks up in the balanced quarter which we have seen for last so many years.
Unidentified Participant
Thank you, sir. Thank you, sir. Second question was on the. Tanks. So sir, what we feel, you know, the largest LNG in India today, we are not actively supplying to them. So. So any effort that we are putting in that direction, you know, to qualify with them and start supplying to them.
Deepak Acharya
I could not understand your question. Can it come again?
Unidentified Participant
We are not supplying to that company today, so. So are we working in that direction? Are we working with them? To get qualified and you know, start applying.
Deepak Acharya
Yeah, we are already qualified. We are already qualified and we will be supplying substantial amount of equipment this year. We have that arrangement made with them now, so don’t worry on that. They have some initially bought some tanks from outside but we are giving them and they are now happy with our product what we have supplied.
Unidentified Participant
Great, great. Thank you for all the rest.
Deepak Acharya
Yeah.
operator
Thank you. The next question is from the line of Jayvir Shekhavat from Ambis Capital. Please go ahead.
Jaiveer Shekhawat
Sure. Thanks a lot. So my first question is on your industrial business. So when I see your order intakes on a quarter, on quarter basis, I think there’s been a decline there. So just want to understand is that largely because of what has happened on the export side? Is there a decline on the export intake and are there any specific segments that have taken it? Because you highlighted that you still been able to manage notable orders for disposable cylinders as well from USA customers. But are there any specific segments where the order inflow has come down on the industrial business?
Deepak Acharya
See, I told you in the beginning. Also the industrial gas sector doesn’t go as fast as the other two sectors which are growing like LNC and Cryo Scientific. It’s a very steady growth of say around 8 to 10% is the conventional growth and maybe by addition of new products what we are putting in we get another 5, 6% extra. So overall growth what we are expecting in IG sector is something around 15 to 17% and the growth of the standard products is very steady because the equipments are used in healthcare, steel industry, petrochemical, pharmaceuticals and so many others.
Whereas recently we have introduced products like this ultra high purity ammonia, hydrogen equipment and even this CO2 battery system. So that adds to our revenue in a bigger way. So as this market grows up definitely we will have substantial growth in this segment as well. Otherwise the conventional MNC people, they buy around 8 to 10% of their equipment every year for the replacement demand and for the new projects. So and these big projects normally in the rainy season are slightly sluggish in India. So I don’t think that there will. Be a decline in our IG sales. It will definitely improve over a period of time because this is a major sector we are seeing and almost every year we are having more than 50% revenue coming from our AG sector and that will continue because the air space sector, the defense sector, healthcare, steel industry, everything is in booming side.
Jaiveer Shekhawat
As you had already also guided earlier in your call as well, I think you were anyway expecting around that range of 15 + percentage on your industrial business and the rest of the segments will grow faster. So do you retain your guidance of that 1820 percentage revenue growth as you guided earlier?
Deepak Acharya
Yeah, basically I told you because we are putting new products into whole range. So we are strongly working for all the opportunities which are coming up in this IG sector and we are working on them.
Jaiveer Shekhawat
And sir, lastly on the LNG side itself, if you were to just crystal ball the amount of opportunity that exists across different type of equipment that you manufacture, all the way from fuel tanks to fueling station, I mean how does that stack up happen? I mean which are the largest opportunity and how much is coming from there? If you could quantify those, I think that’ll be more helpful.
Deepak Acharya
See, I told about LPNG stations and fueling stations. So LPNG station are moving in a good way, I can say. Fueling stations, which government of India has decided to go with thousand stations, has not moved to that extreme because of some issues, especially from the statutory point of view. And recently the gadget publication has come from Peso that mainly what we have understood that the failing stations people were interested, but acquisition of land on the highways was always a problem. So now with this, the new rule which is coming up, that is then of fueling station next to the petrol payment station as well.
So that has really changed the scenario now and as you have known that Ambani and Rami has come together now and they’ll be ridging out their land for a fueling station. So that should change the whole scenario. Secondly, there was a regulation that maybe the pressure vessels, like maybe the cryogenic equipments, tankers or maybe other equipment which carries hazardous chemicals and other things, they are not allowed to use LNG as a fuel, but that is also now given a clearance by the statutory authorities. So there is a good demand of such equipment in the market and many of the companies because of this carbon capture or the carbon emission and ESG norms and to get those benefits and to see that they are clean, there is a clean fuel, people want to go for it.
And we are in constantly in touch with OEM manufacturers and they see that there is a good demand in the market even for the smaller vehicles as well now. So the things are going to change very rapidly and we have seen this is happening in China in the early few years before and same thing will repeat in India. That is what our perception is.
Jaiveer Shekhawat
Sure, sure. Thank you so much and I’ll possibly connect back you offline. Yeah, thanks.
Deepak Acharya
Thank you.
operator
Thank you. The Next question is from the line of Kunal Bhatia from Dalal and please go ahead.
Unidentified Participant
Yes sir, thank you for the opportunity. So just extending to the previous question. So sir, in case of lng, what is the kind of growth do you foresee in the next three, four years? That would be the first question. And secondly also in terms of the KEGS business, now that we have global. Approval. Larger players, what is the current volume do you foresee for this year? And if you could guide something for the next one or two years.
Deepak Acharya
Yeah, on LNG front, what you rightly said, yes, the growth is going to be more than 20, around 20 or more than that because we are seeing a great traction especially from the OEM manufacturers for use of LNG as a fuel. Then we have very good requirements from the marine equipments and the small scale LNG terminal. So all this is going to put a very good show in coming few years. And whatever you have seen, the hydrogen is a futuristic fuel, but still its commercial viability is a big problem. So LNG is going to be a winner for next eight to 10 years in our opinion.
And that will be a transition field over a period of time. And Inox India has very carefully articulated its product to see that we are in the entire range of ecosystem of the LNG equipment. So we have entire range of equipments and we are also approved and certified by the global agencies for manufacturing this equipment. So we are very well placed for LNG if it is booming. And the prices of LNG are also very attractive now. And the government regulations, which was earlier slightly a hurdle I can say is getting smoothened up and people have started understanding the advantages of LNG as a fuel from the cost economics point of view, from the clean energy point of view, from the efficiency point of view.
And this is, it’s a success story now. I mean people were just watching because so many alternatives were available to the different OEMs. So they have carefully evaluated for all, last I can say two to three years, the batteries, the biofuels, the LNG and so many things. So people are now convinced, yes, yes, LNG is the best bet now. And that is how everything is moving on that on the cake front. Yes, we have got the major approvals, but two to three more approvals are required. So once these approvals are there, we will have substantial increase in our revenue from the CAKE division.
This year we are targeting at least 100,000 cake selling and it will multiply over a period of time.
Unidentified Participant
Okay. And so finally on the this new business of the CO2 storage.
Deepak Acharya
Yeah.
Unidentified Participant
How. What is the kind of opportunity that I had? I understand you received one order.
Deepak Acharya
Yes, this is the first, this is the first order of its kind. And but when we were discussing with this company, they have at least a lot of stuff requirements in the not only in India, but entire globe. And this is basically you can say for carbon CO2 capture. You can basically capture the CO2 and then CO2 is utilized for power generation. So this is again a very good way of helping the clean energy or fuels like this. So things are going to improve once this one project is successful. Definitely people will come and join this area.
Unidentified Participant
And so this order would be worth how much?
Deepak Acharya
This order is not a so big order but we have got 26 units which we have to sell of 50 cubic meter tanks at 20 bar pressure. So it’s not a very big order in value wise. But yes, this will give a very good push to the industry. And if it is successful then definitely bigger projects will come up in future.
Unidentified Participant
Okay. Okay, sir, thank you so much. Sir.
Deepak Acharya
Thank you. Thank you.
operator
Thank you. The next question is from the line of Ankit Kapoor, an individual investor. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. Sir. My question is regarding how much growth are we expecting in top line and bottom line for FY26 along with margin expansion?
Deepak Acharya
Again, you wanted to know the top line and bottom line?
Pavan Logar
Yeah, actually no. If you see our growth of last three years. So we feel that the growth should be similar only and it should be even higher than the last three years growth. Let’s see how the things happen. But yes, are hopeful that we should definitely achieve it.
Unidentified Participant
Okay. And my second question is that how much are we going to impact on the. On the recent developments that the government has import. The tariffs of 45%.
Pavan Logar
I think credit will not change. Our. Is a very tricky issue. Every day it is changing. So it is very difficult to say what’s going to happen. But what I told you that our contribution for the US market on a total revenue is almost 10 to 12% and majority comes from our disposable cylinders. And we are very well placed in disposal cylinders. Basically there is no manufacturer or only single manufacturer in US with a limited capacity. And it is totally based on the carbon steel or the CRC material available in that country. Again, there are very few manufacturers of CIC material in the US So the prices of steel is increasing there.
The inflation is increasing, the labor cost is increasing. Whatever Delta was there earlier, the same Delta will continue over a period of time and we are not seen any decrease in the order received from these major customers in US Right from April, then July, then August now. So practically we are receiving orders we were expecting. So the impact of this tariff. Yes, likely will be there but not substantial for our products.
Unidentified Participant
Okay. And any substantial gain are we going to see from this recently concluded Mei user.
Deepak Acharya
Come again?
Unidentified Participant
Are we seeing any substantial gains from this recently concluded India UK trade in.
Deepak Acharya
Your voice is cracking. It’s not clear, sir.
Unidentified Participant
My question is that are we going to see any substantial gains from the recently concluded India UK trade bill?
Deepak Acharya
UK terrace. You’re talking
Unidentified Participant
no India UK trade deal. I’m talking are we going to see any substantial gain from that deal?
Deepak Acharya
I think we have to evaluate that. We are not done so far. We will let you know.
Unidentified Participant
Okay. Okay, that’s fine. That’s fine. Thank you. Thank you for my part. Thank you. Okay.
operator
Thank you. The next question is from the line of Mohit Suna from Network Capital limited. Please go ahead.
Mohit Surana
Thank you again for the opportunity. My question with respect to the hiding power. We are already executing one project for the company and I think they have more three to four more such projects in the pipeline. If they have to complete by 2030, when can we expect more orders to flow through from Hydropower to us?
Deepak Acharya
I think it will take the beginning of the next year because this project we are delivering by end of February or January or February. So once they have better understanding of this project, they are already started working on many such projects. At least 4, 5 are there in the pipeline. Once we are done with the first project, I think by beginning of the new year they will be discussing for the new projects coming in all over.
Mohit Surana
The world, will you be the preferred supplier of those tanks?
Deepak Acharya
Yeah, so far, yes, I can say because we have mentioned very good relationship with them and so many technologies, technical queries are there. We are resolving their queries from engineering point perspective and manufacturing perspective. They have very high reliability in India and we are trying to see that we have a good rapport with this customer because not only this equipment but several other equipment will also be required to grow and we will be very competitive. So they’ll be definitely working with us.
Mohit Surana
The next question is. So my next question is to represent cylinders and stainless steel. So these are part of our industrial gas segment, right? Both stable cylinders and stainless steel. Yeah. So can you share how much was the sales in in the fee terms as well as volume for this quarter for good. Now how much is the volume?
Deepak Acharya
Exact number is not known but around. 5 to 6 lakhs is the business what we did around 30 crores. You can Both.
Mohit Surana
Both consolidated, right?
Deepak Acharya
Pardon?
Mohit Surana
Including both cylinders as well as stainless steel?
Deepak Acharya
No, no. Only. Only cylinders. Dis.
Mohit Surana
Okay. Sir, another question is with respect to the recent acquisition of Chart Industry. This is something which indicates some kind of consolidation happening in the industry. Was. More with respect to Data Center. Yeah. So I wanted to understand where are we? I mean, do we also think that the industry is in the consolidation phase and what are the overlapping products that we can further get into like cryogenic vaults and pipes that Chart Industry makes.
Deepak Acharya
We are practically making all the equipment what Chart is making from the cryogenic side. Barring the compressors and liquefaction plant and other things which we are not making. But we are very hopeful that as the Chart has merged with oil and gas companies such as Decker and Usurp, I think they are offering maybe slightly on a wider basis. But their response to the customers will be not as smooth as earlier. So perhaps from the cryogenic front. Yes, we will be now sliding upwards because this company be considered as an oil and gas company, not as a cryogenic company.
So we will have better chance of winning the cryogenic products and going forward. That is what we pursue. But it is too early to say because this deal has been recently done. It will take six to eight months to really complete the final deal and then the consolidation will happen. So actual results will come to know after one and one and a half year.
Mohit Surana
Any thoughts on improving our exposure to the data center demand?
Deepak Acharya
Which sector you are talking?
Mohit Surana
Data center?
Deepak Acharya
Yeah, Data center. We have pretty good opportunities, but we have not developed any products so far. And cryogenics is the main like in data centers for cooling purpose. The cryostats and other things is a major thing. And we are evaluating these options and how we can enter into this business. Because we know the technology, we know the engineering point of view. We are quite familiar with these products. But the real developing and discussing with customers will start now. But this is a big opportunity for us going forward.
Mohit Surana
Understood, sir. All the best in that regard. Thank. So my last question is with respect to lng. We have project for some projects for mini LNG terminals. Any update on when can we expect some kind of order flows for those mini L T?
Deepak Acharya
The new LNG terminal is because it’s. A slightly bigger order. So they take a little longer time because approval process is there, financial closures are there required and land acquisitions are there. So so many things are there. But we are very much you can say discussing with majority of projects which are coming up, and hopefully that beginning of next year, something should happen.
Mohit Surana
Understood, sir. Thank you so much.
Deepak Acharya
Thank you.
operator
Thank you, ladies and gentlemen. That was the last question for today. I now hand over the conference to management for closing comments.
Deepak Acharya
Thank you very much. Thank you, all the participants for your interactions and and hopefully we answered all your queries. If something is there which we could not have answered, you can write us back to us. We will, to the best of our abilities and knowledge. We’ll provide you the answers and hopefully we’ll meet again after the second quarter. Now. Thank you so much.
operator
Thank you.
Deepak Acharya
Thank you. Bye. Bye.
operator
On behalf of ijss, securities concludes the this conference. Thank you for joining us. And you may now disconnect your lines.
Deepak Acharya
Thank you. Bye. Bye.