INOX India Ltd (NSE: INOXINDIA) Q3 2025 Earnings Call dated Feb. 10, 2025
Corporate Participants:
Mohit Kumar — Investor Relations
Deepak Acharya — Chief Executive Officer
Pavan Logar — Chief Financial Officer
Analysts:
Prakash Kapadia — Analyst
Dhruv Shah — Analyst
Athreya Ramkumar — Analyst
Unidentified Participant
Deepesh Agarwal — Analyst
Jayesh Parekh — Analyst
Divesh Tated — Analyst
Sanjeev Marwah — Analyst
Vimal Sampath — Analyst
Presentation:
Operator
Good morning, ladies and gentlemen. Welcome to the INOX India Q3 FY ’25 Earnings Conference Call hosted by ICICI Securities. [Operator Instructions] I now hand the conference over to Mr Mohit Kumar from ICICI Securities. Thank you, and over to you, sir.
Mohit Kumar — Investor Relations
Thank you, Lizan. Good morning. On behalf of ICICI Securities, I welcome you all to the Q3 FY ’25 earnings call of INOX India. Today, we have with us from the management, Mr Deepak, CEO; Mr Pawan Nogar, CFO; and Mr Sunil of Investor Relations. We will begin with opening remarks from the management, followed by Q&A. Thank you and over to you, sir.
Deepak Acharya — Chief Executive Officer
Thank you, Mohit. I will continue with my comments. Dear shareholders and investors, a very warm welcome to the earnings call for our 3rd-quarter and nine months ended, 31, 2024. On behalf of the entire INOX India team, I would like to wish you and your families a very Happy New Year. Our results, investor presentation and press release are available on the stock exchange as well as on our website. With the belief you had the chance to go through it, I’ll go through the operational performance of the quarter in detail for all the segments.
My colleagues and our CFO, Pawan, is with me in this call and he will take you through financial performance post which we will open the forum for Q&A. There are varying perspectives on India’s economic growth, the credit rating agencies such as and CRISIM expressing confidence in a strong performance in the second-half of the current financial year despite Government of India lowering the GDP growth projections for full-year as per the first annual advanced estimate released last month. Trading agencies anticipate a revival in private sector capital expenditure supported by inflation remaining well within the Reserve Bank of India’s target range. Which highlights that favorable interest-rate policies and substantial infrastructure investment have created an encouraging foundation for robust corporate credit growth in Q4 FY ’25 and beyond.
Despite challenges stemming up from the geopolitical uncertainty, tight monetary conditions, elevated interest rates and subdued demand, the government has responded decisionly to mitigate the slowdown. The Union Budget 2025 outlines the strategic measures to accelerate consumption, catalyze private sector investments and reinforce public infrastructure spending, ensuring momentum over high-growth trajectory. By stimulating demand through tax relief, bolstering capital expenditure via state allocations and maintaining fiscal discipline, the budget strikes a prudent balance between the short-term economic stimulus and long-term stability.
Building on its commitment to a sustainable energy future, the government has once again prioritized transformative initiatives, this time by opening the nuclear energy sector to a private investment. Following last year’s focus on solar rooftop, this year emphasis on nuclear energy is commendable step toward ensuring broader energy access to the security. The INR20,000 crore allocation for nuclear energy mission, particularly for small modular reactors is a visionary move that will accelerate the adoption of efficient and sustainable nuclear power. At Enox India, we are proud to continue to this transformative journey through our expertise in caragenic storage, hydrogen handling and advanced cooling technologies and robust solutions supporting SMRs and fusion Energy.
The budget underscores a strong commitment to energy security and we look-forward to playing a pivotal role in shaping India’s clean-energy future. Amidst the contrasting use of the economic growth, the 3rd-quarter marked a strong recovery for Enox India as well as was evident in our top-line and bottom-line growth, which was robust from the sequential standpoint as well. Strong performance and order flow-in all business segments led to the overall growth of the 3rd-quarter as we remain on-track to achieve the guidance for the full-year. The orders received during the quarter solidifies our position as the leader in new-age energy solution provider. For the 3rd-quarter, we reported a revenue of INR349 crore and EBITDA was around INR83 crores, while profit-after-tax stood at INR57 crores.
Coming to the segment-wise performance, I’ll begin with our largest business segment, that is Industrial Gas Solutions. During the quarter, we received a significant contract from High Power UK for upcoming liquid air energy storage facility at Carrington, Manchester, UK. Under the contract, Anox India will supply five vertical 690 meter with high-pressure EN design tanks for the project. This contract makes Ionox India’s entry into the cutting-edge field of liquid air energy storage and represent the company’s first order for the liquid air energy storage project. This installation would be the first instance of tank being used as industrial scale for storage of clean-energy. We have received orders from domestic customers from storage and transport equipment and we have also secured orders for ammonia IMO containers from our group company slated for delivery in Q4 of this fiscal — current fiscal year.
In Industrial gas segment, the robustness of the steel industry inspires confidence as we anticipate significant expansion over the next decade with the steel production capacity aimed to increase to 300 million tons by 2030 from the current 180 million tonnes. Moving on to the LNG segment, during the quarter, India achieved a significant milestone by seconding its largest-ever order in the LNG business. This prestigious contract encompasses the comprehensive turnkey design, engineering and supply of state-of-the-art mini LNG receiving and regasification terminals located in the Bhamas. The terminal will play a pivotal role in supplying natural gas to an advanced 60 megawatt combined-cycle power plant operated by an independent power producer, specifically designed to provide sustainable shore power to the cruise ships at the busting cruise port.
This will be the largest installation of double world tank in the world and also the largest one ever made by our company. This is the result of two such kind of project successfully completed by the company in the past few years in Scotland and second one in Caribbean Island. Beyond its immediate operation goals, the largest mini LNG terminal is a new envision to serve as a benchmark for LNG distribution hubs, addressing the energy needs of smaller users while fostering power generation critical application across the. Notably, the facility will feature an unparalleled collective storage capacity of 15,000 metric of LNG, making a global first with the installation of largest shop-built double wall vacuum insulated LNG storage tank.
This groundbreaking project underscores INOX India’s commitment to delivering innovative and scalable solution to advance the energy landscape. The segment is experiencing a robust demand of LNG storage and transportation tanks. As manufacturers are increasingly prioritizing sustainable practices, in a significant step toward the environmental stewardship, steel makers are transitioning to LNG power trailers for the eco-friendly transportation of finished goods, significantly reducing carbon emissions and promoting cleaner logistics — logistics across the supply-chain. We are honored to collaborate with the Lloyd’s Metal and Energy, one of the India’s leading iron producers and power generation companies on a landmark project in Ma. Under this collaboration, Enox India will provide a large fleet of LNG trailers to ensure the facility demand for LNG is consistently made. The unique proposition of this is it will be the largest LNG facility in India, creating to industry — catering to the industries without direct natural gas pipeline connectivity.
This project not only underscores the adoption of clean-energy solutions in industrial operations, but turning the manufacturing green, but also makes a meaningful societal impact. LMEL aims to use LNG as its prime source of fuel for its 4 million tonne per annum pellet plant at. The LMEL is transporting LNG by road despite challenging the remote locations around 1,100 kilometers from the pork. This is one of the first initiatives taken by the steel companies to shift from coal to LNG as a fuel to reduce the carbon emissions and this will open big market to the company in future.
By employing trailers initiatives setting a precedent for sustainable practices in transportation. More importantly, the project has become a beacon of hope in the region providing new opportunities for individuals seeking a fresh-start. It has positively influenced citizens impacted by the extremists who have chosen to embarrass rehabilation and join the mainstream workforce by finding employment in this project. This transformative effort reflects the dual commitment to enhancement sustainability and inclusive societal development, showcasing how innovative energy solutions can drive both industrial progress and regional. As far as progress on LNG fueling station is concerned, the commissioning of fueling station is steady.
The country has seen around 40-50 fueling station operations so-far with the viability of LNG fueling station improving as more vehicles come on-road, the acceleration is likely to pick-up. We believe prominent automotive manufacturers as a vision of launching — launching 1 million LNG trucks by 2035 will be the game-changer for industry and for us. Enox India has also supplied LNG fuel tanks to railways for which demonstration and trials are going on. Now moving to the division. The quarter witnessed repeat maintenance orders from France. We also received order from University Science and Technology, Poland for feedboxes and tea branches.
Prospects of CSD division is improving because of big science project coming in Europe and US countries. In the stainless cake segment, we are pleased to report significant traction with sample orders successfully delivered to leading braveries across Europe and United States. We are in the process of getting our facility audited by these. The result of our efforts in the past quarter will reflect in Q4 due to conducive demand environment. We are proud to announce that our cake facility has earned the prestigious FSST 22,000 certification, underscoring our unwavering commitment to global food and safety standards.
This milestone enhances our credibility and solidifies our position as a trusted partner for both domestic and international customers. As FSSC 22,000 certification will be the USP for our product, may be the first-in Asia for the kind of segment for this kind of segment, and we believe it provides us with a distinct competitive advantage setting us apart in the market. For this segment, the season starts from January to July, the major have started sending requests for their annual requirement and we hope to convert this request — request to order in next quarter. Coming to the important quarterly business numbers, our order backlog on 31st December 2025 was INR1,341 crores. With 45% coming from industrial gas, 36% coming from LNG and 19% coming from and division.
Exports comprised of 63% of the total order backlog. In terms of sales, 68% of the income has come from IG, 14% from LNG, 13% from Kara Centrating division. Total order inflow during Q3 was INR493 crores, crores comprising 41% from IG, 49% from LNG and 10% from the and technic division. Concluding my speech, I would like to reiterate that Enox India is well on-track of achieving the guided numbers for FY ’25 as we continue to see growth traction coming from conventional businesses as also reporting strong order flows from new-age agent energy areas like liquid air storage and LNG terminal as witnessed during the current quarter.
We are optimistic about the growth opportunities in this segment as LNG evolves as alternative marine fuel, enabling us to set-up a new benchmark for our customers. I’d like to thank you all for your patient hearing. I now hand over to Mr Pawan Logar, our CFO, who will share financial numbers in detail with you. Thank you so much.
Pavan Logar — Chief Financial Officer
Thank you, Dipak, and good morning to everyone. I shall summarize financials for the quarter and nine months ended 31st December 2024. Let me share the numbers for Q3 and nine months. The total income for Q3 was INR349 crores, which grew by 18.2% Y-o-Y. The EBITDA for Q3 was up by 17%, stood at INR83 crores. Our quarterly PAD paid grew by 17.4% to INR57 crores. The nine months income stood at INR971 crores, grown by 10.7% Y-o-Y.
The nine months EBITDA grew by 8.6% to INR235 crores. Grew 4.3% to INR158 crores for nine months. The company has comfortable net provision of INR293 crores as of December ’24, which provides us adequate room to raise debt in future. That concludes my update on the financial highlights of the company. I shall now request the moderator to open the floor for questions-and-answer session. Thank you.
Questions and Answers:
Operator
Thank you. [Operator Instructions] The first question is from the line of Prakash Kapadia from Spark PMS. Please go-ahead.
Prakash Kapadia
Yeah. Thanks. Couple of questions from my end. If I look at the order book of INR13.41 billion, what is the likely growth rate in ’26? And is it right to say based on the current order book and execution, in FY ’26, we should see slightly EBITDA margins, which are better than what we are currently witnessing because the backlog is more towards LNG and cryo and lesser towards industrial gas. Secondly, any seasonality in Q4 we see like other capital good companies or it is more or less similar for us? And lastly, any pipeline orders you can talk about, you know RVL1, what is the submission or pipeline looking like? So these were my three questions. Thank you.
Deepak Acharya
Yeah, thank you very much, Prakash. I mean, if you answer your question and as for the sequence, yeah. Whatever target for the next year we have considered and the growth in each area, I’m not saying only LNG or CST, but if you consider all areas, including industrial gas, LNG and CST, we are very, very optimistic about that we will achieve these targets because we see a lot of opportunities. And our guidance what we have provided is like around 18% to 20% growth year-on-year. I think we are very confident to achieve. And another question what you asked about the margins. Definitely, we told you last-time as well, the margins are slightly better when we go for mega projects like whatever we are issued with and many other complex projects, the margins are better. So slightly, we will see the improvement, but overall, we will still maintain whatever the projections we have given. And what was your last question?
Prakash Kapadia
Any seasonality for Q4 like companies or?
Deepak Acharya
Yeah, there is hardly any seasonality. Normally, it is like the first two quarters in India, mostly you can say around 20% to 25% of revenue takes place in first and second-quarter. And third and 4th-quarter is slightly better than that. But overall, there is no seasonal impact on our products because these products are used in a variety of industries and seasonality doesn’t impact our order booking. So slightly, order booking and even the revenues are better in the third and fourth quarter.
Prakash Kapadia
So H2 is slightly better, but not much of a variance we have.
Deepak Acharya
Been 25%, it can be like 28% to 30% in third and fourth.
Prakash Kapadia
Okay. Okay. And any pipeline orders you can talk about, sir?
Deepak Acharya
Pipeline, yes, we have very good orders for the next year now. We have told almost like INR30 crore INR40 crore orders giving still we are getting more orders. So I think the next year backlog — opening backlog for the next year should be very substantially good. And whatever numbers we have projected for next year, we are quite confident that we will achieve. The only small change this year has happened that more of such a big project orders we are receiving. So the period of manufacturing is slightly more into these big public projects. So revenue generation is not that fast as we expected this year, but definitely whatever numbers we have expected. So next year should be very smooth for us. And the capacity expansion was also going on this year for the increased business of increased revenue. And I think by end of March, our capacity building and expansion, infrastructure expansion will also be over. So we don’t feel any stress for the next year looking to the targets which we have planned.
Prakash Kapadia
Understood. Thank you. That was helpful. I’ll join back I have more questions. Thank you.
Deepak Acharya
Yeah. Thank you.
Operator
The next question is from the line of Dhruv Shah from Dalal Rocher. Please go-ahead.
Dhruv Shah
Yeah, thank you for the opportunity, sir. I hope I’m audible. Sir, one question regarding your segmental revenue of INR15 crores. Can you give a bifurcation as to what that caters to?
Deepak Acharya
Can you come again? Slightly, your voice is crumbly. Can you come again?
Dhruv Shah
Yeah, am I audible now?
Deepak Acharya
Yeah, better.
Dhruv Shah
Yeah. So just wanted a segmental revenue of INR15 crores bifurcation. Is it related to beverage cakes?
Deepak Acharya
For quarter three.
Dhruv Shah
Yeah, quarter three.
Deepak Acharya
So we got a order from one of the beverage in India, roughly around 25,000 kg issued the order, but that’s not a substantial amount what we have issued. The main order which we have issued is because of this one of us project and power in UK. So these are the two major projects, which has resulted into a higher order book in the quarter three.
Dhruv Shah
No, no, sir. Sir, my question is regarding your segmental revenue of INR15 crores, which you stated as other revenue. What is that pertaining to?
Pavan Logar
And other revenues yeah. Other revenue is especially related to you know these are the mutual funds which we have, investment is there and scrap income is there all these incomes are coming in other revenue.
Dhruv Shah
Okay. So regarding our beverage cakes, what has been the revenue in Q3 and how many cakes have you sold so-far?
Deepak Acharya
And in Q3, we have sold around 20,000 kits and still 5,000, 6,000 is pending, which will be supplying in January. And we are on INR15 crores of revenue in Q3 for. And year-to-date, what will be that number? Total? Yeah, total nine months. Total nine months will be something around yeah for beverage case it will be around 30 to 35 crores in total and we may end-up into 50 crores by end of March. But for the plant definitely put together like the new shop and the repair facility for the VBTS, we’ll end-up into something around INR200 crores revenue from the plant this year.
Dhruv Shah
Understood, sir. Thank you, sir. My next question is regarding your disposable cylinder, sir, what has been the revenue from disposable cylinder in Q3 and for nine months? And how many units have you sold so-far? For Q, 3 and nine months as well.
Deepak Acharya
Just hold-on, just hold-on. Let me get there. It’s number-one number can you go to the next question if you have?
Dhruv Shah
Sure. Yeah, sir, just wanted to know your comment on project. So about INR4,000 crores worth of budget has been sanctioned. So when do you expect significant revenue to flow-through from this project since we’ve supply — already supplied equipments for second launch pad?
Deepak Acharya
Yeah, yeah. The third launchpad project is on now. And the total budget which is sanctioned by the government is something around INR3,985 crores. So this is the total budget sanctioned from the third launch pad. The RFQ is in-process, it will take around five to six months for making the RSQ and then only the tender will be released. So I don’t expect that order should come if all that goes well only by end-of-the next year, that is third or 4th-quarter, only we can expect some order and the revenue generation will take place after around 12 to 18 months after that.
Dhruv Shah
Okay, understood, sir.
Deepak Acharya
And five years project.
Dhruv Shah
Five-year project. Okay. And sir, my last question was that regarding your quarterly order inflow, so we used to — we used to be in the run-rate of INR300 crores INR310 odd crores for the past couple of quarters, that is now inching up to about INR500 odd crores. So do you expect to maintain this kind of quarterly run-rate for order inflows?
Deepak Acharya
So it’s very difficult question to answer, but definitely this quarter, I told you that we had two big orders, one from Highway Power and one from the Bhamag. So that was, you can say, added to this big order flow. And such orders, it is continue to get-in future, definitely, we will be having that numbers. But definitely there will be a lot whatever we have achieved so-far around INR350 odd crore every quarter. And definitely going-forward, we’ll have at least 15% to 20% growth every quarter now because we have substantial opportunities in different sectors now.
Dhruv Shah
Right, sir. Thank you, sir. And just if you can get the numbers on disposable cylinder, that will be always good.
Pavan Logar
Yeah, please. Yeah, disposable cylinders we already sold for December is for 14 lakh 77,000 cylinders and the sale value was INR91 crores. We already 91 crores.
Dhruv Shah
Okay, okay. This is for nine months, right?
Pavan Logar
Again, last year, year full-year of INR97 crores.
Dhruv Shah
Okay. Understood, sir. Okay. Thank you. I’ll join back the queue.
Operator
Thank you. The next question is from the line of Atriya Ram Kumar from iThought PMS. Please go-ahead.
Athreya Ramkumar
Yeah. Thank you for the opportunity, sir. So the — my first question is on our guidance itself. So you just stated that we are confident of achieving the 18% to 20% guidance for the current financial year. And — but so-far, if you look at the run-rate, it implies that we’ll probably have to hit INR400 crore revenue in Q4 to achieve this growth rate for the full-year. So — and based on history, it seems like Q3 is the best quarter and Q3 was at INR330 crores. So what’s giving us the confidence of Q4 being significantly better when — than Q3 itself when — when historically that has not been the case.
Deepak Acharya
I think I told you that Q4 is in overall industry-wise in India is the Q4 is the best quarter, which is normally total revenue generation is almost 30% in this quarter. And secondly, we had very good orders in-hand, which are under progress and many is I mean customer-specific jobs are likely to get dispatched by end of March. So — and that is giving us the confidence that we already worked out for the quarter. So 400 plus revenue will be minimum what we can achieve in-quarter four that will end-up into our targeted revenue plan for the FY ’25?
Athreya Ramkumar
Yeah. Sure, sir. Got it. Thank you. Thank you for that answer. And secondly, I noticed also that the company had initiated anti-dumping on the LNG fuel tanks which are imported from China. So I just wanted to understand how our products are priced in comparison with the Chinese products. And are we seeing some competition from them?
Deepak Acharya
So you’re talking about fuel tank?
Athreya Ramkumar
Yeah, yeah.
Deepak Acharya
We have put an anti-dumping case for China and mostly it is in our favour and the discussions are still going on, though we are in a position to manufacture to the level what they are selling, but that is very marginal as of today. So by putting anti-dumping, we would like to improve our margins. That was the first important thing. And secondly, what we have seen is like major automotive manufacturers, they are banking upon make in India.
So that advantage will be with us. So with putting anti-dumping as a tool and making Make in India as one of the initiatives and a strong customer support service because this is a new area for the automotive industry. The automotive industry has not even touched the cryogenic so-far. So we have to train their people, educate them. So all that effort is there and Indian manufacturers are quite confident that the Indian supplier like India can only handle such products. So they are much depending on us.
And we are also equally excited the way in which they have planned for next year now, the LNG fuel trucks will be more-and-more, you will see more than 1,000 trucks are already running now and 50 fueling stations are almost on the verge of completion. So more-and-more 12 stations are coming in and the movement from conventional fuel to LNG will be the reality for future.
Athreya Ramkumar
Thank you, sir. But I also noticed that one of the startups, Blue Energy seems to be importing LNG fuel tanks. So just what is — yeah.
Deepak Acharya
That is why we have put that anti-dumping case on China.
Athreya Ramkumar
Okay, yeah. So what is the exact price differential, sir, at least in percentage terms? How, how cheap, how much cheaper are they?
Deepak Acharya
They are cheaper by around 10% to 15%.
Athreya Ramkumar
Okay. Got it. Sure, sir. And so just — and I just had a question on the overall revenue mix. Is that — I mean, is there like — I just want to understand what percentage of sales is probably from replacement of older tanks versus fresh projects or fresh demand. Is there — do you track that internally?
Deepak Acharya
No, no, no, no. Normally the replacement demand is very less in the cryogenic industry because the life of the tank is more than 25 years. So only a few cases we have the replacement demand. But majority of the infrastructure development maybe like the steel plants are coming up, healthcare industry is moving, the semiconductor business, the ammonia business, hydrogen, LEM, so many things are coming in and that will give us the major growth rather than the replacement in my opinion.
Athreya Ramkumar
And because of the nature of the business, it’s a bit lumpy because of how — as it’s linked to orders being won. Is there a potential — I mean, are we looking at internally about as to how to improve the maybe recurring nature of business or increasing the services part of our business?
Deepak Acharya
Yeah, we are almost like whenever we get some new orders or in some new area we enter. For example, I tell you about this small-scale LNG terminal. So we got the — around three, four years back the Scotland order. So we did that well, we got the Caribbean order. Now the Caribbean is over, we got the Bhamas. So there are thousands of such islands which are available in the world and we are targeting that how we can convert this success story to other islands. And we have got a very positive response.
Yes, this will work. Similarly on other projects as well, whenever we have something new, like suppose example take, the new order which we are issued for liquid air storage system and this is the first-of-its-kind in the order. So-far, it was only in the books, in the that such thing can happen that you can convert everything from green for the power generation. So if this order is — we execute properly and the installation is successful, I think that will be the change the whole industry as such in my opinion, because it is a way of converting everything from green to power generation.
So because the ASU plants will be running on solar and wind and it will run the air separation plant and whatever the liquid air you will generate from this will be further expanded whenever the power shortage is there and you can run the turbines and generate the power. So that is totally green power will be available. So if this is a success for future, I think we can have substantial business.
Athreya Ramkumar
Sure, sir. And one final question on just bookkeeping question on the other expenses — on the growth in other expenses, there has been close to a 30% rise. So what is this — I mean, what has led to the increase in other expenses?
Pavan Logar
Yeah, actually, you know we got a very big order from this Eater India for repairing of their products and we have more than INR200 crore orders with us and which is under execution in which the material cost is very less, but the manpower cost and repairing cost is very-high, which is moved in other expenses, whereas if material consumption is there, it is going to the material side, material consumption side. And that is the basic reason why because it’s a massive work which is going on for servicing of and maintenance of these products, the — all the expenses related to that is coming to other expenses. That’s why other expenses are looking after higher amount. Sure. Thank you so much, sir. That is the reason that my EBITDA is similar — same only. It is not like that my EBITDA is reduced because these other expenses.
Athreya Ramkumar
Sure, sir. Thank you so much. That’s it from my end. Thank you.
Operator
The next question is from the line of Sanjay Shah from Pranesta. Please go-ahead.
Unidentified Participant
Hi, hi. Thank you, sir. Can you hear me?
Deepak Acharya
Yeah, yeah.
Unidentified Participant
Yeah. Just one question, given the range and the variety of new opportunities opening up for the company and just given the historic track-record of around the 24% CAGR in revenue, which you mentioned on the slides as well, I know this year you’re talking about 18% to 20% kind of growth. But as investors, what should we think about in terms of a three-year looking-forward kind of a growth rate fiscal ’26 and beyond? Thank you.
Deepak Acharya
I think, see, there are opportunity-wise, there is a plenty of opportunity. If really all opportunities come together, we can like a huge number you can see. But these projects, especially the big science project and other things, it doesn’t happen so quickly and the gestation period is also quite long. So to that extent, we have to always see how we are geared up to such type of requirements and that’s why we guide for projections around 15% 18% to 20% growth every year. And looking to this growth, even if we achieve that minimum, I can say. So doubling will be almost like three and three and half years and four years max.
Unidentified Participant
Yeah. And we would anticipate the similar kind of EBITDA margins just given that the profile of business, order book revenues is changing quite significantly.
Deepak Acharya
That is always our wish that we improve our EBITDA margins. But the consequence the customer competition, all those things are there. But definitely so-far we have a track-record of achieving those numbers by.
Pavan Logar
We have already given the range actually. The EBIT — our expected EBITDA must be between 25 — ’21 to, 25% ’26.
Unidentified Participant
Super. Thank you very much. Okay. Please continue. Sorry, I interrupted you.
Deepak Acharya
Yeah, and I’m just saying that why, say, whenever these changes are happening, the competition is increasing. So we have to be very careful on our operations and other aspects and try to reduce our cost to the extent possible to see that we get maximum EBITDA margins.
Unidentified Participant
Let me just slip in. No, no, that’s very useful. If I may just slip in. Are there any additional areas that you’ve not spoken about, which you are thinking about venturing in or exploring?
Deepak Acharya
There are many areas like — I don’t know whether you have — see, we have like — I said about the growth is coming from the steel plants which are coming up because as on today, India has around 118 million metric tons capacity, whereas by 2030, it is going to go to around 300 million metric tons with at least 10 to 12 big plants will come up and each plant of, say, 1,000 TPD is roughly around INR700 crores or so. So out of that, we always get 10% of that for the cryogenic business for India. So we see around INR4,000 crore INR5,000 crore new investment coming in steel plant.
Semiconductor industry is another area which we are finding that now around INR200 or INR2 lakh crore orders or already our projects are already in-place. So it also requires a huge amount of industrial gases or high-purity and that high-purity gases definitely require clean tanks or I can say substantially improved variety of tanks and piping, for which already we have — we are delivering to Micron in USA for such applications. So semiconductor can be another area for our improvement. Ammonia is another important area what we should concentrate because that is the most cheapest way of transporting the hydrogen in that case, because ammonia gets split into nitrogen and hydrogen and that hydrogen can be straight away used for the replication for the applications.
So likewise, there are many such opportunities which are coming in and we are tracking all such opportunities, especially on the space projects also a lot of improvements, lot of requirements are coming from the Indian Space Department as well as the big science projects worldwide in Europe and US, many things are coming. Lot of repair work is coming up in Itare because of so many mistakes they did in the past or whatever you can say and they are depending on Enox India for the — helping them out to reinstall this equipment. So a lot of opportunities are there for us. And we are carefully evaluating the options and finding out how we can do better and better.
Unidentified Participant
That is fantastic. Thank you so much for all these insights. Really appreciate it and all the best. Thank you so much.
Operator
Thank you. The next question is from the line of Dipesh Agarwal from UTI AMC. Please go-ahead.
Deepesh Agarwal
Yeah, good morning, gentlemen. My first question is, you seem to be very confident.
Operator
Mr Agarwal, so may we request you to use handset mode while speaking.
Deepesh Agarwal
Yeah, am I audible?
Operator
Much better, sir. Thank you.
Deepak Acharya
Much better. Yeah.
Deepesh Agarwal
Yeah. Good morning, gentlemen. My first question is, you seem to be very confident on the guidance which you had given earlier, which is 20% for the year, which effectively implies almost a 50% jump-in the 4Q revenue. What gives you confidence of such a sharp execution ramp-up in 4Q?
Deepak Acharya
Yeah. I don’t think 50% we have to achieve because see if we — so-far we achieved around INR971 and our target numbers are around 350 for this quarter for this year. So around INR450 crores we have to do. Almost we have worked out our plan for the quarter and we are quite confident with the backlog which we have in our hand and the supplies which we already planned in this quarter, we can achieve that. So I don’t think there is a much of a issue for supplies during this quarter, 4th-quarter.
Deepesh Agarwal
Sure. And sir, on the beverage tags, I think the growth has been slower-than-anticipated. The scale-up has been slower than you earlier anticipated.
Deepak Acharya
Yeah, no. I agree with you. I agree with you because we thought that once we have put the plant, I think the inquiries will start coming in. But somehow the procedure in the industry is slightly different because we were just comparing with our other products. But here for the major breaveries, they take your cakes for sampling and they keep it in their factory breaveries for almost three months-to see that there is no iron pickup or any degradation because of putting into those kegs.
So that has slightly delayed. We were expecting that our approval for the major deliveries will happen in-quarter three, which is now getting shifted to quarter-four. Maybe we already received dates from ABMBO and for audits. And our samples are approved. That’s a good sign. So once the samples are approved, the procedure will take some time. But definitely, yes, whatever we have projected for this financial year, we may not achieve that number, but we see a good progress going-forward as we have received FSSC 22,000 certification, which is one of the unique certification for this industry, which talks about the quality of cake we manufacture for the food and beverage industry.
And I’m happy to tell you this is — this certification is the first-of-its-kind in Asia, which we have resumed with lot of our efforts and our high standard quality equipment being manufactured. So with this as a USP for our cake plant, I see a bright future for in coming New Year.
Deepesh Agarwal
So how should we think about the revenue scale-up from year-on over next two, three years in the business?
Deepak Acharya
I think we — slightly — it is very difficult at this moment to tell you the exact numbers, but we have put our plan for 300,000 kgs and we should achieve that in next one or two years now.
Deepesh Agarwal
Okay. Okay. And sir, lastly, if I see the domestic order book, actually, it seems to be little muted this time, in fact, domestic order book slipped below INR500 crores mark. So how has been the inquiries in domestic? And also you can touch base, where are we on the LNG refueling stations in India?.
Deepak Acharya
Yeah. In domestic, what you have seen slightly low order booking as compared to perhaps last year. But again, we are seeing the good growth in coming few months and many such projects are coming in. So we will achieve our target for the IG market for the domestic thing. And as far as the fueling station, yes, we are also worried because government has declared 1,000 stations and now 2.5 years are over, only 50 have been commissioned so-far.
And I hope that it will be now speed will take place for this station and more-and-more station will come because the success of this all will depend on more number of fearing stations so that once the fueling stations are available, then the trucks and buses can come to your fueling station. But even if there is a 50, in my opinion, it is sufficient because these Tata and Blue energy, what you can see, they are putting tanks which will go in one field around 900 to 1,000 kilometers. So even there is a limitation, definitely the move will take place. And as people are seeing that, the only way to reduce the carbon emission is to reduce the use of diesel.
And you will see substantial improvement in coming few months or year because we have seen the growth of CNG in cars and other small vehicles. And five years before it was hardly 3% to 5%, but now today, major companies are producing their CNG-fitted vehicles almost like 30%. So that trend will definitely follow as even one of the major automotive manufacturer has said that by 2035, at least 1 million trucks will be on LNG. So if that really happens and that I think there is a substantial growth in this market.
Deepesh Agarwal
Thank you and all the best. Thank you.
Deepak Acharya
Thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Arik from JMP Capital. Please go-ahead.
Jayesh Parekh
Good morning. My question is, can you give us.
Operator
Request that you come closer to the mic, your audience. We are not able to come?
Jayesh Parekh
Can you hear me now?
Operator
No, sir.
Jayesh Parekh
Yes can you hear me now?
Operator
Yes, yes.
Jayesh Parekh
Yeah, right. My request is you have explained very well the future possibility of growth, but at FY ’26 and FY ’21, can you give us the guidance in terms of revenue growth and EBITDA growth. So considering the order on-hand of INR1,340 crore-plus expected orders in the next three to six months.
Deepak Acharya
So I think we told you that we have very good order book and our next year target is almost whatever revenue we’ll achieve this year end will be at least 20% higher than what we have projected. And year-on-year, we will continue to move-in that direction. Our EBITDA range is also from 21% to 24% will definitely achieve. So there is no — when backward thinking or something like that on our growth as well as the EBITDA margins. So we have plenty of opportunities and we are working on all front to see that how we can maximize our revenue and margins. So we are always working and we have not only that only what we have in the infrastructure-wise, we also improved substantially as compared to last year. Our plant is almost ready for the beverage cake is fully ready. The cryo shop is almost getting ready. By end of March, we’ll be fully commissioning that plant. So I think for next year, we have substantial infrastructure also ready to take care of this improved business and improved opportunities in the market.
Jayesh Parekh
Yes. And can you tell us what is the entry barrier for others to enter into the similar business?
Deepak Acharya
Here the entry barrier here is like — like the main is like — so what we bank always upon the approvals. So approval part is very critical for this industry because nobody — because we produce the equipment which are mission-critical. If, for example, if I want to give a tank to a hospital. So he will not depend on somebody who is making one or two, who has been seeing this for thousands of tanks we have installed so-far in the hospital industry. So there is a word-of-mouth, which, okay, you go and buy enough tank and no problem. So such things are happening in the market.
At the same time, it requires a very specific understanding of the as a subject. It requires application study is another important thing. The designing is equally important. The R&D efforts, the new things which we have to bring in and the approvals because approvals is a quite lengthy process. For example, if you want to take DoT approval, it will take one and a half year. If you want to take ASMEA approval, it will take one year. So like that, it takes a long-time and we have got so many certifications that I am sure it is difficult for anybody to catch us because we always expand our certification process. So like Cake plant, we did FSSC. Now we are going for IATF for the field tank. So we always expand and see whatever the new things which are coming up and before that becomes really matured, we are into the business. So that is the first entry into the business is always our priority.
Jayesh Parekh
Yes. So does this give you an advantage of higher enterprise value when you compare the current EBITDA of about INR300 crore plus-minus 5% for the current year and maybe in two years, if you — maybe in two to three years, if you double this EBITDA to say INR500 crores to INR600 crores. So can we say that the EBITDA multiple for enterprise value could be 20 30 times? Yes. So with this advantage of entry barrier and the growth — expected growth what you explained quarter?
Pavan Logar
No, I think we keep our EBITDA to similar level only because the competition is — even if the entry barrier is there, but still we have international competition in the market. So looking to the growth of the company and looking to the international competition, we are targeting for the similar type of increase in EBITDA and.
Jayesh Parekh
Thank you very much, sir. And my best wishes for you, sir. Thank you, sir.
Deepak Acharya
Thank you so much.
Operator
Thank you. The next question is from the line of from Fee Funds Management India Private Limited. Please go-ahead.
Unidentified Participant
Firstly, thanks for the opportunity. Sir, my question is on a long-term basis. Recently the market-leader has given the guidance that LNG segment should grow at a CAGR of approximately 50% globally. So how much this tailwind will boost us and how we are looking at? And secondly and my second question is on how we are going to gain market-share from the market-leader.
Deepak Acharya
So on LNG front, yes, LNG market is a booming market, not only in India, but rest of the world. And what you can see now even US is promoting LNG in a big way, which was other concentrating on hydrogen. So I think LNG is a big move for us and we are concentrating on that business. As you see recently, we have issued very big order from Bahamas for the LNG. And similar such projects, we have already started bidding at least more than five to seven such projects we have bidded so-far in this quarter or this in last six months. So definitely, LNG will be a big push for us.
And thanks to the entire team, we have developed all products which are required by LNG. Maybe it is a failing station, maybe stations, satellite stations, small-scale LNG terminals, automotive application fuel tanks, marine fuel tanks and so many. So there is no such a product which we cannot manufacture for LNG market. So that is how we have developed ourselves and we are hoping that we’ll get more-and-more share into the LNG business worldwide. On the competition front, yes, definitely the competition we face major competition from US manufacturer and a Chinese manufacturer.
So whenever we deal with a US manufacturer, we have the advantage of our designing, getting more faster and flexibility in our designs. So that helps us in answering all the RFQ questions by the customer very fast as compared to our US competitor. On LNG, I mean, the manufacturer from China, they normally produce the standard products. They don’t go for the non-standard or the custom-built products where they require a lot of engineering maneuvers. So we are the upper hand over our Chinese competitor from that perspective. So both these two issues, we have captured very properly in our in the company and that’s why we are getting advantage and we are getting quite a good orders from our — after competing with the competitors, either from US or from China?
Unidentified Participant
Thanks, sir, just one more question. Seeing the strong growth in this segment, do we need to incur any incremental capex in this segment?
Deepak Acharya
Yes. We — last year also we did almost INR100 crores and this year also we are doing INR80 crore to INR100 crores. And if we are almost now ready for next two years from the capex purpose perspective and infrastructure perspective, we are now ready. If something comes up in a big way, we have full capacity to expand on the capex, there is not at all issue and we will respond to it very quickly once we get higher amount of orders.
Unidentified Participant
Okay, sir. Thank you, sir. Thank you very much.
Deepak Acharya
Thank you. Okay. Thank you.
Operator
Thank you. The next question is from the line of from FinTrust Capital. Please go-ahead.
Divesh Tated
Yes, sir. Am I audible?
Operator
Yeah, yeah. Please go-ahead.
Divesh Tated
Yes, sir. I have just one question, sir. So I wanted to know the other income part, sir. Can you please specify it what is in the other income portion? And it has been rising since the last two quarters. So what’s the reason for that?
Pavan Logar
Yeah. Yeah. Divesh, the main thing of other income is that there’s two mainly two items are in there in this. One is the scrape income because our turnover and our production is increasing, our escape income is also increasing. And another thing is, especially for these mutual funds, we have invested our extra funds in the mutual funds and you know from last two years, we are very, very getting very good margins on this and this is covered in other income only. And these are the basic two reasons of increasing our other income.
Divesh Tated
Okay, sir. So can we assume that this will be the rate that will be going-forward INR16 crores or INR15 crores around per quarter.
Pavan Logar
Yeah. Yeah.
Deepak Acharya
Around that only.
Pavan Logar
Yes, yes.
Divesh Tated
Okay, sir. Thank you. Thank you, sir.
Operator
Thank you. Okay. We’ll be taking the last question that is from the line of Vipin Goel from Investments. Please go-ahead.
Unidentified Participant
Thank you for the opportunity.
Operator
Sorry to interrupt, Mr Goyal, we are not able to hear you.
Unidentified Participant
Hi, sir. Am I audible?
Operator
Yes, sir. Please proceed.
Unidentified Participant
Yeah. Sir, I wanted to ask a question on the — on the LNG trailer order that we have received from in India. So just to remind back my understanding the trailers were — we were mostly doing export in domestic. Is this basically the first order that we have received? And if you could talk more about the quantum of the order and the — and about the customers.
Deepak Acharya
So our LNG trailers are the workhorse in India. We have supplied so-far more than 200 such trailers and big order which we have received from South America and from the steel plant company in Central India. That’s a good number we are having. We are having almost backlog of 125 trailers at our place now. And we are improving our capacity to make it much faster. So basically what is happening is LNG trailers are being used where there is no pipeline. So from the — from the port to the station or to the point-of-use, they carry the liquid into the trailers and then they put it into the storage tank and then it is used for the application. This is what is normally a trend. So wherever there is no pipeline, definitely LNG movement through virtual pipeline called as LNG through LNG trailers is a standard practice in the industry and this is getting picked-up over a period of time.
Unidentified Participant
Right. And would you be able to quantify the size of the order?
Deepak Acharya
The — it is not only the trailers, it is in totality. Some tanks are there, some storage vessels are there, regassification rates are there and it’s a substantial order, I can say, I just can’t put the number.
Unidentified Participant
So and also if you could just quantify the Bhamas orders out because that’s Bahamas..
Deepak Acharya
Okay. So Bhamas is again a unique opportunity for us after a successful completion of Scotland and Anti. This is a very big project, LNG terminal, you can say. There we have got 1,500 into 10 such tanks, this 15,000 metric of storage facility along with the regasification facility. For the cruise ships which come into the Bahamas station over there and that will be completed in another 12 to 14 months from. And it’s also a very big order for us. One of the biggest order we have received so-far on the LNG front.
Unidentified Participant
Got it. Sir, last one on the fueling stations, I mean, you mentioned that the order book ordering from the government side has slowed down from these private guys. So in your estimate, what’s the probable orders that will be tendered this year and your market-share in the — in the in the coming order?
Deepak Acharya
Yeah. So-far our NLNG station and LCNG station, our market-share is almost like 65% to 65% to 70%. That is our ratio as on today. And very recently, the BPCL are going to release a tender for additional around 15 to 20 such stations and many private companies are also interested in putting such stations. So definitely, maybe by next year at least another 50 to 75 stations should come by next year.
Unidentified Participant
As of now, there are no stations in the order book in our current order book.
Deepak Acharya
Amar. As of now, in the current order book, there are no pending stations. We have some few around eight to 10 are pending now because those equipments are ready, there are slight hitches from land acquisition other issues with the customer. But hopefully by end of March, it will be resolved.
Unidentified Participant
Got it. Thank you, sir. That’s it from my side. Thank you.
Pavan Logar
Thank you. Hello,. Can you take this Sanjeev and Bimal also because they have since inception, they want to ask something.
Operator
Sure, sir. The next question is from the line of Sanjeev Vadwa, an Individual Investor. Please go-ahead.
Sanjeev Marwah
Hi, thank you so very much for taking the questions. So I just have two questions. So my name is Sanjeev Marwa. I have two questions. First, on FY ’25 guidance, just wanted to confirm that I heard it right. You were saying Q4 be doing at least INR400 crores of revenues. Is that right what I heard? Just want to confirm.
Deepak Acharya
Yeah, yeah.
Sanjeev Marwah
Understood. And sir, second, second question is, I understand like we have a significant advantage when it comes to other standalone cryogenic manufacturing players that we have air products, INOX air products also in the ecosystem, right? And that also helps in bagging a certain orders, PD backing on them when they have to deliver to their end-customers, right? So just wanted to understand that I was reading through a couple of big wins for INOX products, which was the largest air separation unit installed in for the sale plant and another was a large laughing gas or nitrous oxide plant with 99.9% purity in Manali in Chennai. So just wanted to confirm, did we — did we play any role in supplying the equipment to these.
Deepak Acharya
For steel plant, we were working for last one-and-half year now and we have supplied or manufactured flat bottom tanks for them, storage tanks, we did a lot of interconnecting piping at least minimum INR550 crores plus orders we are received from this plant.
Sanjeev Marwah
Okay. And how about this nitrous oxide plant, sir, which is in Chennai.
Deepak Acharya
Nitrous oxide we did not do anything rather than they were having some issues with the equipment which they purchased from building perspective where only we supported from the service point-of-view, but we didn’t do anything for offset.
Sanjeev Marwah
I don’t know, sir, why like, why did we not play a role there? From a customer perspective, it would help to offer a complete package than dealing with two different third-party. So just trying to understand how much of a wallet share from an equipment requirement perspective for Air Products do we have?
Deepak Acharya
Normally 8% to 10%, 8% to 10% of our total revenue INOX air products we have the business.
Sanjeev Marwah
Yeah. So my question is the other way around, sir. Of INOX air products requirements, equipment requirement, how much does Inox India have wallet share in?
Deepak Acharya
So whatever they — whatever they buy for the part of it, storage, distribution and this one, we always get almost 100%. So on an average, in air separation plant, if it is INR1,000 crore investment, we get around INR100 crores, so almost 10% of that.
Pavan Logar
So they are exclusively — exclusively buying from us and we are following the transfer finding pricing conditions also. And they have Air Products as their partner from USA and they are having — they are having full confidence on Enox India and buying from us from last so many years, from more than, than 15 30 years. Excellent reasons from us. Okay, just take Dimal also if he is there.
Operator
Thank you, sir. The next question is from the line of Demal Champat, an individual investor.
Vimal Sampath
Yeah, good afternoon. So two short questions. One is, I just read somewhere that our UK buyer power, high-rate power, they are now apart from what project order they have given us, they are looking at four such plants. They have got orders, I mean, for four such plants. So are we involved in that in some way?
Deepak Acharya
Yes, yes, we are supporting them for also their requirements and these clients which they are coming up is of mega-size. So what we have just got is only you can say small amount, I can say. So very big plants they have and we are working with them to see how we can support them for their future requirements.
Vimal Sampath
Yeah. So they have already got the orders, correct?
Deepak Acharya
They have got the order, they have floated us the inquiries and giving them.
Vimal Sampath
So we have a good chance of getting that also.
Deepak Acharya
Because this is the early start advantage we’ll definitely get. This is the first-of-its-kind order in the world, I can say. So how we serve them is important. And if that goes well, I think they will rely on us on figure on.
Vimal Sampath
More-and-more. And now as we are seeing LNG as a percentage of order booking, it has gone up. So going-forward, do you think LNG will be 50 or more than 50% of our revenue.
Deepak Acharya
Very difficult — difficult to say that because it’s like big projects are there, they don’t come every quarter. So they may once in a year or once in twice a year. So we are bidding for major big projects all over the world now and this has helped us because of this IPO, our visibility in the market has grown-up. So that is how we are getting the advantage for bigger projects on LNG. And as you know that now US also is banking upon LNG in a big way. So hopefully, yes, LNG will definitely give us a substantial business in coming years. All right. Thank you very much.
Vimal Sampath
Thank you very much for taking the question. Thank you once again.
Deepak Acharya
Thank you.
Operator
[Operator Closing Remarks]