INOX India Ltd (NSE: INOXINDIA) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Deepak Acharya — Chief Executive Officer
Pavan Logar — Chief Financial Officer
Analysts:
Unidentified Participant
Mohit Kumar — Analyst
Prakash Kapadia — Analyst
Jay Negandhi — Analyst
Mohit Surana — Analyst
Het Shah — Analyst
Kunal Bhatia — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Inox India Limited Q3FY26 earnings call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you. And over to you sir.
Mohit Kumar — Analyst
Thank you, Iqra. Good morning everyone. On behalf of ICICI Securities, I welcome you all to the Q3FY26 earnings call of Inox India Limited. Today we have with us from the management, Mr. Deepak Acharya, CEO, Mr. Pawan Lokar, CFO. We will 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. Good morning everyone. I welcome all our shareholders, investors, analyst, friends to our Q3 and 9 month FY26 earnings call of Inox India Limited. I trust you had the opportunity to review our results earning release and investor presentation which are available on the Stock Exchange and on our website. Joining me today is our CFO Pawan Logar who will later take you through the detailed financial performance following which we will open the floor for the questions. Macro and Industrial Context as we move towards the close of FY26, India’s macroeconomic outlook remains robust, supported by strong domestic fundamentals and sustained policy focus.
Amid a period of global uncertainty, India has emerged as a relative bright spot offering a narrative of resilience and cautious division. As per the first advance estimate released by the National Statistics Office, real GDP growth for FY2526 is estimated to be 7.4% higher than the previous year of 6.2%, underpinned by resilient consumption, steady investment activity and continued infrastructure. Momentum growth continue to be led by the service sector which remains the primary engine of the economy. While manufacturing and constructions are expected to grow at around 7% from 5.25% previous year, reflecting stable momentum. In the secondary sector, healthy growth of private consumption and gross fixed capital formation highlights sustained demand and investment confidence.
These trends remain well aligned with the Inox India strategic focus on cryogenics, lng, industrial gases, scientific infrastructure and beverage packaging solutions. We are well positioned to play a meaningful role in India’s economic expansion supporting the cryogenic demands of growing manufacturing base. Business performance overview the third quarter and the first nine months of FY26 reflect sustained execution momentum for Inox India supported by robust order inflows, deeper customer engagements and increasing acceptance of our products across the globe. Our diversified business model, strong export orientation and focus on technologically complex and high value products continue to strengthen our competitive position and a long term growth visibility.
Now I will take you through the segment to highlight the Industrial Gas solutions. The Industrial Gas segment delivered an outstanding performance during Q3 and the first nine months. FY26 marked by record order wins volume Growth and Global recognition during the quarter we received an order from a leading US based aerospace company for two cryogenic storage tank 1000 cubic meters each. This order underscores the customer confidence in Enox India’s engineering capabilities and product reliability in highly critical applications. We achieved the highest ever quarter order intake for our liquid nitrogen containers product category under the brand name Cryosteel with an order quantity close to 20,000 units.
In Q3 cryosteel order for the first nine months reached to excess of 50,000 units exceeding the volume achieved in the entire previous financial year. Liquid cylinders demand also remained exceptionally strong during the quarter we received orders exceeding 1,700 liquid cylinders taking the cumulative nine month figures to more than 2,300 units representing the highest ever volumes for the product line. In disposable cylinders. We secured high value order during the quarter despite the tariff. This includes order exceeding 7 lakh disposable cylinders from a US customer during this quarter highlighting sustained demand and our ability to remain competitive in challenging trade environment.
LNG Solutions the LNG segment continued its strong growth trajectory during Q3 and the first nine months of FY26 supported by rising adoption of LNG as a clean and cost effective fuel across marine, industrial and transportation applications. During the quarter we received a an LNG marine fuel tank order from a European customer for two tanks of 150 cubic meters each. The marine segment is regaining momentum globally with an increasing number of vessels being converted to LNG creating a long term demand opportunity. We also secured orders for LNG solar tank for LNG terminal project in Africa comprising of two tanks of finite metrics from South Korean customers.
In India we crossed a significant milestone with over 250 LNG semi trailers now operating on Indian roads commanding a market share of over 85% strong traction continue for our most efficient 46 scale LNG trailer. In the US we introduced 48 cubic meter LNG CB trailer with DOT approval opening up new opportunities in North America market. On the LNG fuel tank front we also commissioned a fully automated serial production line for LNG fuel tanks at our Kalol plant to meet the stringent quality requirement of automotive OEMs in India. We are witnessing encouraging traction from OEMs and we expect this momentum to translate into a stronger demand in the coming quarters.
I am happy to share that our group company Knox Air Products flagged off its first peso approved LNG powered Crajnik tanker following regulatory changes permitting LNG fueled vehicles built in Gujarat and powered by 450 liter LNG tank supplied by Knox India. This tank canner is expected to reduce CO2 emissions by 25% and particulate emission by 95% enabling more sustainable industrial gas logistics while delivering significant cost savings. This milestone should open up a growth avenue for LNG fuel tanks in the crashing transportation space as well. Additionally, the Petroleum and Natural Gas Regulatory Board has highlighted a significant opportunity for LNG in the heavy transport sector.
As per PNGRB, LNG has the potential to replace 30 to 40% of diesel usage in heavy vehicles for the next five to seven years which could result in substantial savings in imports and meaningful environmental benefits Cryoscientific Division Cryoscientific Division continue to strengthen its position as a trusted partner for complex global scientific infrastructure projects. We continue to receive repeat orders from ITER fans reflecting our strong execution track record at the site during the period. We receive orders for installation of work of X, Y and W cry lines and worm lines, refurbishment of lower cry start thermal shield and fabrication installation of bioshale shimming plates.
We are proud to announce the successful completion of several highly precise prestigious milestones at the ITER site. Inox India achieved a benchmark by cooling down the magnet cold test bench to 4 degree Kelvin and sector 3 was successfully lowered and installed inside the Dokomak pit. These achievements reinforce our technical expertise and execution excellence in mission critical cryogenic applications. The beverage cake business delivered important strategic wins during Q3 and the first nine months of FY26. We received our first ever order from Heniken for supply of cakes to European market, making a significant entry into Europe and opening the door for large espionage.
Inox India has also been approved by Mallstone Cruise of usa, one of the world’s leading brewing company. With approval from Hennequin AB Andev and Molson Cruz. We are now approved by Global breviaries representing over 40% of the global beer market. This positions our cake business strongly for scale up geographies in the coming years recognition. We are also proud to share that Enoch CVA received a significant global recognition at the GAS World Global Innovation Awards, NOCVE was awarded the winner of the most impactful ESG initiative for our sustainability practices and was also recognized for the launch of India’s first high ultra high purity Ammonia ISO tank, winning the Innovation Distribution category.
These awards reinforce our leadership in purposeful innovation, sustainable driven engineering and global thought leadership. Further, we were conferred with the prestigious EIA Industry academic partnership award 2025 in the platinum category, the highest tier of the award at the group level. This recognition recognition was based on our impactful collaboration with IIT Mumbai, IIT Delhi, IIT Bangalore and ITM University focused on advanced research, building excellence and skill development. The social and intellectual impact created through these initiatives clearly stood out at a national level. Outlook as we look ahead was Strong order pipeline, expanding global customer base, increasing share of high value engineering products and capacity augmentation initiatives provide us with strong confidence in sustaining our global growth momentum.
We remain focused on operational excellence, innovation led growth and delivering long term value to all our stakeholders. Thank you for your continued trust and support. I will now hand over the call to Mr. Pawan Logar, our CFO to take you through the financial highlights.
Pavan Logar — Chief Financial Officer
Thank you Deepak and good morning everyone. I will now take you through the financial highlights for the quarter and nine months ended 31st December 2025. For this quarter total income stood at 436 crores representing a growth of around 27%. YOY driven by strong execution across key segments making the highest ever quarterly sales company also recorded highest ever quarterly export revenue of 271 crores. Adjusted EBITDA is to date 102 crores which is up by 34% the highest ever adjusted EBITDA reflecting improved operating efficiency and better product mix. Adjusted profit after tax was 68 crores growing 32%.
YOY supported by margin expansion and robust volume growth for 9 months. FY26 total income for 9 month revenue stood at 1157 crores with growth of 20% on YoY. Adjusted EBITDA for 9 months at 281 crores with growth of 23% on YUI adjusted paid for 9 months to 189 crores registering a growth of 23.7% over the same period last year. As of 31st December 2025 our order backlog stood at 1457 crores providing strong revenue visibility for the coming quarters. Of this 63% is from exports and 37% from domestic market gfmbing our strong global presence, our total fund availability is on Q3.
FY20 stood at 160 crores. Providing ample headroom to support future capacity expansion, ongoing project execution and other strategic initiatives. That concludes my remarks on the financial performance for the quarter and nine months. I would now request the moderator to open the floor for question answers. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 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 question queue assembles. The first question is from the line of Abhinav from ICICI securities limited. Please go ahead.
Unidentified Participant
Yeah. Sir, good morning. Congrats on a good quarter on execution front. My first question is on the order inflow front. We have been in the range of about 350 to 400 crores of quarterly order inflows. Consistently now near 400 crores. With one of large order wins which has pushed the order inflow above 450 crores for a quarter last year. When can we expect order inflow above 450 crores on a consistent basis? That will be my first question.
Deepak Acharya
Yeah. We are very positive about increasing order flow. And we wish that you will see substantial good results in Q4 and next year going forward. Because we are waiting for high value orders which are not materialized in Q3. But we are very close in Q4 and maybe the first quarter of the next year. So we are hopeful that after that we will get good orders inflow.
Unidentified Participant
So this I mean order inflow of about 450 crore. Will it be driven based on only. Large value orders or. We can see the inflow consistently above 450 year. 500 crores.
Deepak Acharya
There are always like some big orders to 400 is our standard. This is the cross talking.
Unidentified Participant
Sorry sir. I missed you. I think the line was not audible.
Deepak Acharya
Can you stop that? So I’m saying around 300 to 350 is our standard order. And one of two. One or two bigger orders can move us to more than 500 crores going forward now.
Unidentified Participant
Understood. So my second question. Last close to 900 crores will be executed in second half of FY26. Which will roughly entail about 470 crores of.
operator
Sorry to interrupt. Abhinav. Sir, your voice is a bit muffled.
Unidentified Participant
Yeah. Now is it better?
operator
Yeah. Please go ahead.
Unidentified Participant
So my question is on the execution last time around. We had mentioned that about 900 crores of revenue will be executed in second half of FY26 which enters about 470 crores in the last quarter. So are we on track to achieve that or will we exceed it?
Deepak Acharya
We are absolutely on track and we can perform perhaps better than this.
Unidentified Participant
So my final question on the gross margin front this quarter gross margins have been lower. Is it due to rise in commodity prices? Can you explain that?
Pavan Logar
Actually you know this gross margin level Also, you know 1 to 3%. We are always telling that it is not possible to track. Exactly. So plus minus 3%. You have to take the. Take it. Sometimes in some project it is lower or otherwise. Commodity doesn’t affect us because you know, by maximum big orders we are taking the orders on the basis of the formulas only. So automatically the rates are adjusted according. To the commodity rates. So normally commodity rates are affecting our company only. Smart. In case of small orders in which the formula is not there some little bit effect may be there. But you know, plus minor 2, 3%. We have to keep as a normal thing in the data.
Unidentified Participant
That was helpful. Thank you sir. All the best.
operator
Thank you. The next question is from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead.
Prakash Kapadia
Yeah, thanks for the opportunity. I think you know it would help. If you could give us some sense on you know, the LNG side. How is the demand shaping up for LNG fuel tanks on the OEM side? I think in the opening remarks you mentioned about you know, market share being 85%. So what is the potential on you know the semi trailer side? If you can give some more insights that will be helpful. And secondly, you know government has huge. Plans of you know, launches. So I think Vikram1 is you know going to be launched in you know, mid 26. Did we have a role in that? Government is talking of you know, huge increase in your space launches. Vikram1Skyroots is investing more than thousand crores. So are we placed for that opportunity? Did we have a role in that? If you could comment on that also, that will be helpful.
Deepak Acharya
Yeah. If you see LNG LNG fuel tank is not the only business. It is a smaller business. I can say the major business lies in the LNG fueling stations, LNG LCNG stations and LNG satellite stations.
So if you see total out of 65 stations, LNG failing stations are either has started or in operation or maybe under a final stage of commissioning. We have almost like 69 market share into fueling station. And we have L changes station out of 64 fully commissioned, fully equipment supplied are around 23 by Enox India which is almost like 36%. And balance we have partially given some equipment from our site on LNG satellite station. We have 88 satellite stations all over India. Out of that we have supplied 64 stations comprising of 73% of the total sales so far happened in India.
So overall, if you see the average 65 to 70% market share for these products, which are the major products besides that, the fuel tank, what you rightly said, we are the only Indian manufacturer in India as on today and we have enhanced our capacity by serial production line for the LNG fuel tanks. And we are supplying to the all the majors. However, in the last quarter we could not see much of a impact of requirement from fuel tanks. But this quarter, that is Q4, we have received a good amount of tank requirement from the major OEMs and we’ll be supplying those fuel tanks on road.
One such important change which has happened at PNGRB has now allowed use of LNG fuel tanks on the pressure vessel as well. For example, we have the cryogenic tank which is installed on the truck which is a part of a pressure, which is a pressure vessel. So earlier pressure vessel, the small pressure vessel that is fuel tank was not allowed, but now it is allowed. We have installed the first such tank in our company in Ox Air Products under the approval from Peso and RTO and that is giving a substantial good result. So if this exercise is fruitful.
So we are just watching the performance for next two, three months. So there can be a very big demand for even for retrofitting of these fuel tanks.
Prakash Kapadia
Okay, okay, okay, okay. That is helpful on the LNG side.
Deepak Acharya
On the space side. Yes, we have a variety of projects which are going ahead. The lunar project which is likely to come, the RFQ will be coming before March. And we are very well placed into this because we have done the second launch pad for the ISRO where we are supplied all the ground equipments. Besides that, there are two, three more projects which are coming in such as engine test facilities. Their propellant tank manufacturing is there or 50 tons ASU plant requirement is there. So we are all bidding for such projects for ISRO and Skyroot, Ether and all that many other small, you can say startups.
We are associated with them from the beginning and we supply them a lot of equipment and even we supply in for tell them about the various activities, what we are doing. They can use our facility for some testing because of there are some financial constraints are there. So we are helping them to grow faster. Because that will help us in years to come for a further development. And if as they grow big, we will also do more business with them. That is our philosophy.
Prakash Kapadia
Understood. And you said the march. This tender should open or it should close. What is the
Deepak Acharya
RFQ will come now?
Prakash Kapadia
RFQ will come and then that should be what? A three to six month process Foreclosure.
Deepak Acharya
It will be three months. Three months. So maybe the next year the court will be. We have to supply the give the final quotations.
Prakash Kapadia
Okay, Understood. Thank you. I’ll come back if I have more questions.
operator
Thank you. The next question is from the line of Jay Nigandi from Amber Capital. Please go ahead.
Jay Negandhi
Hi, good morning. I hope I’m audible.
Deepak Acharya
Yeah, yeah.
Jay Negandhi
Okay, great. So sir, earlier you confirmed that our large large supply contracts are normally linked with price variation or an escalation clause. I just wanted to confirm that is there any cap on it or the complete commodity inflation can be passed on to the customer?
Deepak Acharya
No, we have like the formula which we already worked upon. And if there is a around 3% increase decrease maybe there are many factors like wages, is there. Steel prices, is there Inflation, is there. Commodity prices, is there. So that formula is there. If there is an increase in around 3% plus minus then we automatically increase our pricing or decrease our pricing depending on that. If it is a totally long one year contract or like that. But when for a particular project is there, it is a fixed contract and we book our material when we get the order immediately.
So we don’t have to have any risk of increase in pricing or any other things into the contract.
Jay Negandhi
Understood. My second question is do we have any update on the small scale LNG bids that we had made for Indonesia, Philippines, Andaman? It would be good if we have a current status or a finalization timeline.
Deepak Acharya
Understand your anxiety. But somehow the process is little slow. We are very much on the verge of getting a final offer. Final tender from the Nicobar. But Indonesia and Malaysia. It’s still under active consideration. Only the tenders are not released.
Jay Negandhi
Okay, Understood. Thank you so much. I’ll get back in the queue if I have more questions. All the best.
Deepak Acharya
Thank you.
operator
Thank you. The next question is from the line of Amar from Region Capital. Please go ahead.
Deepak Acharya
Yeah, slightly louder. Will better.
Unidentified Participant
So I want you to ask you is that what was the order inflow in Q3?
Deepak Acharya
Q3 order inflow? 390. 392 crore.
Unidentified Participant
Okay. And. Where will you close this FY26 at? Like what will build the order?
Deepak Acharya
We’ll Be meeting our targets, whatever we have planned around 1700.
Unidentified Participant
Okay. And any guidance in terms of going ahead?
operator
Fynn Sorry to interrupt. Amar, your voice is muffled, we are unable to hear you.
Unidentified Participant
Is it fine now?
operator
No, still the same, sir.
Deepak Acharya
Still same. But. Okay, you continue.
Unidentified Participant
Yeah, I was asking this. Would you like to give any guidance. For FY20,
Deepak Acharya
FY27 at least whatever we are targeting around 18 to 20% growth will continue and we have various opportunities. We are looking ahead and we definitely meet that target of around 18 20% growth.
Unidentified Participant
Okay. And 1. What will be the execution timeline of the current order book, sir?
Deepak Acharya
So depending on the size of the project, the normal standard projects are there which is like. Tanks are there, which is three to four months. Slightly complex is around eight months. And big project like Bahamas and other things, it takes from one year to 18 months.
Unidentified Participant
Thank you so much. That’s all from my side, sir.
operator
Thank you. The next question is from the line of Divyam Doshi from 9 to 3 capital. Please go ahead.
Unidentified Participant
Hello sir. Congratulations on the great set of numbers. I just wanted to know that now we have the approval from Hemican and AB Web. We have approx. 40% exposure in the market, right. So are they. Are there any other approvals planned for this coming quarter? And
Deepak Acharya
yeah, we were basking upon ab this Carlsberg and Asahi and somehow we are pushing them. But they wanted to come in January now. But I know they’ll be slightly delayed now. But yes, we have bidded for the Carlsberg requirement though they are not visited us Once they allocate the order, they will definitely come for the audit.
Unidentified Participant
Okay, what is the lifeline of this catch that we make?
Deepak Acharya
It depends on the use, but roughly 20 to 25 years.
Unidentified Participant
Okay, okay. Okay. And I have one more question that right now we have a very strong export export growth for this quarter, right. So what is the margin difference between the domestic and the export that we do?
Deepak Acharya
It’s normally 2 to 3% higher on exports.
Unidentified Participant
Okay. And you mentioned that the LNG for ocean, right? Ocean vehicles, right. Ships and everything. So how long does that last? For example, you had mentioned that for commercial vehicles normal vehicles last finder to 600 kilometers while we assembled two tanks. So it lasts approximately 900 kilometers. So what about ships?
Deepak Acharya
Ships it’s like depend on how much movement is there. But the ships they normally it’s a at least one tank of 800 cubic meter they fill in. The possibility is there. Now we have designed issues with the bunkering can happen on the sea itself. So that is Not a constraint that how much kilometer it has to travel. So they get the information that okay, the tank is getting empty so the bunkering vessel will come and fill it on the sea itself. So that is not a constraint.
Unidentified Participant
Okay sir, and last question that in the two concourse before this we you had mentioned you are planning to build some products for data center cooling opportunity. So is there any update on that?
Deepak Acharya
Yes, we are very close to discussion with one of the German company whose manufacturing is sort of a big racks for the IT industry and we will provide them the cooling system and they and to us together we are expecting a small prototype to develop first and then we will go in a big way. But the chances that it will happen is around six to eight months in next coming few months.
Unidentified Participant
Okay, and what are, what would be the margins in this?
Deepak Acharya
It’s too primitive to tell me tell you about this but substantial margins will be there because the present cooling is with through air conditioning or water and this will substantially save them the energy cost. And it’s a very complex you can say mechanism first time will be introduced in the market. So definitely it will have a good margin.
Unidentified Participant
Okay. Okay. Thank you so much and all the rest of.
Deepak Acharya
Thank you. Thank you. Thank you so much.
operator
Thank you. The next question is from the line of Mohit Surana from Monarch Net Worth Capital Ltd. Please go ahead.
Mohit Surana
So thank you for the opportunity and congratulations on the good set of numbers. So my first question is with respect to the Savli plant. Wanted to understand when can we reach optimum utilization in this plant. I believe beer kegs for this quarter was only 1.4% total sales. And although we have bid for the orders from these global alcoholic beverage companies we are yet to see growth in that. So by what time I think there will be a slow ramp up of utilization. But by when can we expect optimum utilization at the Savli plant?
Deepak Acharya
So the Saudli plant is not only the cake plant, we have also the shop there. And as you know that the cake plant has a capacity to produce around 3 lakh kegs on an annual basis. Presently we are having order book around 65 70,000. So our utilization is that low. But we have already occupied one part of that shop into for a CST work and we are hello, we are getting orders from Henneken now we are received from Bulgaria, Croatia and we are expecting few more as well. But the volume is not increasing to our expectation but hopefully around maybe around 80,000 to 1 lakh order by March and we should be getting so our Utilization into the cake plant is little less as you rightly said.
But on the cryo shop we are almost like 70% full now and we have a lot of orders we are pumping in and it caters to the domestic as well as the international market. So. So whatever is surplus for our Kalol Kandla facility we are shipping transferring it to Sauli facility. So we don’t find any capacity utilization issues. And saudly barring the inflow of orders for the cake plant.
Mohit Surana
Understood sir. So that 80 to 1000 orders that you mentioned for Q4 those will be new orders or for the full year?
Deepak Acharya
For the full year. For the full year.
Mohit Surana
Right. Understood sir. So one more question with respect to the semiconductor opportunity. So I think we supplied cryogenic tanks for Tata semiconductor facilities in Assam. If you can give some details on the order value and the kind of opportunity that you see in this space going forward and have you have the visibility for more such orders for for the upcoming financial year.
Deepak Acharya
Recently even the Ministry of Transportation and I think waterways they have published that such a small waterways are available for shipping the tanks. So we have recently supplied 250 cubic meter into two tanks to the Assam project. We also supplied some vaporizers, piping, seats and other things. The roughly value for this is not so big but around 8 crores. And we also received order for a Lolera project now with FBT tanks, some storage tanks, piping and skids roughly around 10 to 12 crores. So slowly and steadily we are entering into this area and whatever initial requirements are there so we have started supplying and perhaps we are the only one you can say in this sector now because we have demonstrated our capabilities in semiconductor industry to the Korean, to the Japanese and Singapore market earlier.
Mohit Surana
Understood sir. Great. So that’s really helpful. My next question is with respect to the another project that you executed for Indian Railways. I think we also supplied LNG tanks for retrofitting in a train. Yes, maybe, maybe in Mdabad suits. Wanted to understand was it a hybrid deal, diesel and LNG use or it was a complete transition to LNG and will that and did that require a change in the engine of the train?
Deepak Acharya
Yeah, very good question. And this is not happened Though we have supplied the equipment earlier. This news has come in the quarter four. Now we supply 2200 liter LNG storage and regas efficiency system for integration in 1400 HP dual power unit cars that they called as a dpus of dual I.e. diesel and LNG trains. So this was one of the first Initiative we took almost a year back. So we have already supplied two such installations to LNG for two railways and trains are working from Ahmedabad to Mesana and other areas. Their basic idea is that wherever there are coal based trains which are still there, they want to.
And electricity lines are difficult to lay. So in that area railway is trying to put this LNG power train and we are successful in doing that. RDs approved. Now they have received, they have placed four more orders to us and two of them, we are just on the verge of dispatch and two are under construction. So once that is well proven, I think the ministry also and many railway authorities have shown that a substantial saving and almost 40% they are depending on the LNG and 60% balance on the conventional result. So going forward we see wherever there is a possibility railway will convert this, their engine to this dual power technology.
So we are very hopeful that this business will grow much faster.
Mohit Surana
So sir, this dual power technology does not require any change in engine of the train.
Deepak Acharya
They require some modification in the engine and that is being done.
Mohit Surana
Understood? Understood. That’s, that’s very helpful. I think that’s, that’s another growth lever for the company.
Deepak Acharya
Yeah, absolutely, absolutely. Even railway is very bullish about it now.
Mohit Surana
Right. So just one last question. We have seen the Indian currency depreciating recently and since around 60, 65% of our revenue this quarter came from exports, do you think there can be some lever for us to improve our margins for Q4?
Deepak Acharya
Certainly slight improvement will be definitely there because we have the orders in hand from either US Dollar or Europe or Euros and both the currencies are almost like going mad. Now there’s almost 25% increase in the European and around 10 to 12% in US dollars. So whatever advance we are issued, it is in the older rates. But the new things which will come definitely with the new rates and we’ll have some, some slight margins improvement as we dispatch this in quarter four.
Mohit Surana
Understood, sir. That’s, that’s very helpful, sir. Thank you so much and all the best.
Deepak Acharya
Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Arvind Arora from A Square Capital. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Deepak Acharya
Yeah, yeah, yeah.
Unidentified Participant
First of all, thank you sir. Thank you for all your effort and like, thank you to you and your team for all the efforts that we can clearly see in revenue numbers and margins and everything. So thank you first of all. And sir. Yeah. I have two questions. One is like, what is our capacity utilization just now?
Deepak Acharya
So we have four Four plants to that extent. And our Kalol and Kandla facility is almost like 85, 90% completed full. And our Silvas Silvas also is almost 90%. And our Sauli plant, there are two main plants. One is cryo plant and another is cake plant. Our cake plant is almost like 25 to 30% utilized whereas our crab plant is 70% utilized. And this is the first year of our cry shop. So going forward definitely we will like always to work around at least 90 plus for the capacity utilization for all our plants. And we are enough space in Saudly and we are looking for some space at Kandla also.
So as the opportunity increase definitely we will expand our facility at both these two locations.
Unidentified Participant
And how much time will it take like for expanding the capacity?
Deepak Acharya
See, basically as a land is already acquired or is in our hand, it takes around six to eight months to build the shield and the machinery. And it takes around three to four months to streamline the whole operation. So almost a year you can say.
Unidentified Participant
Okay, so okay, understood. And sir, like our revenue is coming from order book only or is there any kind of revenue where we get the order and we can execute within few days or weeks, something like that.
Deepak Acharya
I could not understand your question. The revenue always come from the order booking.
Unidentified Participant
Routine. Order has also come like the, you know, disposable cylinders. So we are getting the orders and it is produced in a day or two. Items are also there.
Deepak Acharya
We have multiple product line. You can say we are cryo seals, we are disposable cylinders, we have vaporizers, we are liquid cylinders where fuel tanks, these small, small products are very fast in moving that way. So we can finish the for disposal. And as rightly said, you start in the morning and finish in the evening and next day you dispatch. So that is the speed of the disposal cylinders. Whereas
Unidentified Participant
what is share of these kind. Of revenue, sir,
Deepak Acharya
almost like 30%. 30 to 40%. Is this
Unidentified Participant
okay? So your order book, what we can see as of now and December is like would be around 70% of your next revenue. Correct? If we just try to.
Deepak Acharya
Yeah.
Unidentified Participant
And sir, last question. Like when you are giving guidance, like you are giving guidance of 18, 20%. Okay. And when we see, when we discuss, when we have to understand the updates from you, it’s like there are lots of tailwinds that we are having in the business. So why we are like sticking to only 1820 percent? Like it is it like an conservative guidance that you are giving or how it is?
Deepak Acharya
It’s very difficult question to Answer. But yes, we are slightly conservative in giving these numbers because the lumpy orders are there, which we are. We can’t commit, you know, so whatever is the standard growth and some risk those orders that we can commit. Whereas something comes up, big projects like third launch pad or many such projects are coming in. If that goes and it will be substantial growth, no problem.
Unidentified Participant
Thank you sir. Thank you so much.
Deepak Acharya
Thank you.
operator
Thank you. The next question is from the line of Pravesh Kocher from Four Lion Capital. Please go ahead.
Unidentified Participant
Hi, thank you for the opportunity. Just wanted to check on the aerospace additional order that you have mentioned. Is this the same amount as the one in last quarter or just give some more color on what this. Is this more than tanks or is it this tanks etc.
Deepak Acharya
The last quarter was 1500 cubic meter, so it was slightly bigger. These tanks are 1 cubic meter into two tanks. So from the same customer in US which is very well known party in aerospace in US then we expecting few more as well from them now.
Unidentified Participant
And this will all be in the tank side or are we going to do more components for that?
Deepak Acharya
For that space station timing? It is a mostly storage tanks for variety of their applications and maybe oxygen, nitrogen or many other gases. So depending on the requirement we design the equipments. Even we are designing some heat exchangers for them also. So but we are not received any order so far. But inquiries are coming from them because they are very mega projects coming up in US and they are finding it difficult that such type of used tanks manufacturers are also very less in the world. So we have got that advantage now.
Unidentified Participant
It makes sense with now the tariffs sort of also rationalized. Is the negotiation moving quicker than what it was let’s say last quarter or are you seeing some change there?
Deepak Acharya
We are thinking a lot now. They are not thinking, they are just releasing now.
Unidentified Participant
Okay, lovely. My second question is on you know, Mr. Eduardo Mantras visit. Any update on if that would open up new partnerships with sister company Air Products going forward?
Deepak Acharya
Yeah, we are working with them for variety of requirements worldwide and we will be working with some projects which they have in line but not yet materialize everything. But very positive discussion is going on.
Unidentified Participant
Got it. Lastly on, you know, a lot of capacities coming on cell manufacturing on the solar module side at least. Air Products is, you know, putting out a lot of press releases to that extent. Just wanted to understand what would be our participation in the cell capacity that’s coming online, you know, across India now from a variety of solar module manufacturers. Thank you.
Deepak Acharya
Yeah, mainly solar modules manufacturing they are using ultra high purity ammonia which we already supplied eight units to them and we are recently received additional five units. Going forward there is a substantial requirement of this ultra high purity ammonia for solar applications and we are again the first in India to develop such product because it’s a very critical product and we have developed that and we are hopeful that not only Enox Air products but there are many such companies who are entering into it and even we are supplying equipment to the solar glass manufacturers like Vishakha, then Sengovin and many other people.
So this is a good requirement which is coming up and we are catering to those requirements.
Unidentified Participant
Thank you so much and all the best.
operator
Thank you. The next question is from the line of Hait Shah from Dalal and Procha. Please go ahead.
Het Shah
Yeah, thank you for the opportunity and congratulations on a case of set of numbers. Couple of questions. Firstly in terms of the LNG segment in Q1 you had given a growth guidance that that it will be bare minimum 20 growth. What I see is this nine months itself we have exceeded FY25 numbers. Where do we see LNG in terms of revenue for this coming year? And secondly one it’s referred to the cakes division. So we in Q2 we had a target of about 100,000 units for the full year. So where are we in terms of that in terms of quantity as well as 9 months FY26 numbers only with respect to the disposable cylinders.
So in the last one because you had said we had an internal target about 2 million units. So where are we in terms of that? Because H1 we were at about half a million millions of production units. Correct. So. And how much of it is towards national federation? So yeah,
Deepak Acharya
so I’ll answer the third question first. Perhaps the disposal cylinder. We are doing very well and we will cross the our target of 2 million cylinders this year. One of the important customer from US has placed their Quarter 1 Quarter 2 requirements more than 7 lakh cylinders to us and we will be delivering them as on schedule. So we are quite hopeful that disposal cylinder business is going to cross the last year’s what we have achieved in volume as well as in the revenue. The next question was on your.
Het Shah
Kegs.
Deepak Acharya
Kegs. Okay, so kegs in the order book was around 15,662 units and sell was around 15,241 units. And in nine months we have order book of around 67,000 plus and sell up around 36,000 so far. And we have still in Q4 we have order Book which is there. So we’ll finish that. We’ll try to order book of around 100,000 and sale of around 60 to 70,000. We will try to achieve in Q4 because it continuously working. Now we are issued order Heineken from Croatia and Bulgaria and a few more orders are in pipeline. Now it’s applying to Germany, South America and other countries.
Het Shah
Thank you. Just one thing regarding the Carlsberg approved. So the sample that we sent in November, they’ve been approved, right? Only the audit has been further delayed which was.
Deepak Acharya
They have delayed their visit however. But they have sent us the tender and we have filled that tender and the results are likely to come shortly now.
Het Shah
Got it. Fine.
operator
Thank you. Before we take the next question, a reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Kunal Bhatia from Dalal And Procha Stockbroking Ltd. Please go ahead.
Kunal Bhatia
Yeah, hi sir, congratulations on a very good set of numbers. Sir, just one question in terms of.
operator
Sorry to interrupt. Mr. Bhatia, can you use your handset mode please?
Kunal Bhatia
Yeah. Can you hear me now?
operator
Yeah, yeah. Thank you.
Kunal Bhatia
Yeah. So. So congrats on a good set of numbers. Just one question in regards to the industrial gas division. So this order from the US aerospace company, sir, could you give us some sense on how big is the opportunity for say the next two to three years? How well we are penetrated within that client. So do we enjoy a good market share visa vis the other global players in this specific opportunity? Could you give some sense on that? Because Industrial Gases is one of our large revenue contributors.
Deepak Acharya
Yeah. As you know this aerospace company is one of the top leading private company in the US and they are spending huge amount of money for the future and you can say many heavy duty rockets they are going to launch for which they require a huge amount of facilities and they are just counting all over the world to see how they can get quick deliveries for the equipment. So that is the key of everything and definitely the quality and reliability of the products. So in last one and one and a half year we have been working very closely with this company, this company and we are regularly meeting their technical people, their operation people, understanding their pain areas and they are now very close to us to give their requirements or even the product development what they want.
Most likely they will also visit our facility to see our future expansions and how big vessels because Bahamas vessels of 1500 cubic meter is under progress. So they would like to see our facility and they have given US a very big RFQ for next six months now. So once they are clear about our capabilities and if we can deliver this equipment as per their schedule, I think we have a very good opportunity working with them.
Kunal Bhatia
Okay, so just trying to get a bit more on the financial per se. Just wanted to understand say last year we had X from there from them in terms of our revenues. Would it be say 1.5x or 2x this year and that could scale up to say a 3x by next one or two years. Could you give some some kind of a color on the same.
Deepak Acharya
Times three times. We are even ready for five times as well. So no problem. So what is the challenge they throw on us? Definitely we will make our best to see that we cater their requirements. What we know is very clearly that for such a huge requirement there are very few manufacturers in the world who can really handle their requirements. So they have to depend on us. At least 50% of the requirement will be ours. That much I can tell you.
Kunal Bhatia
Okay. And so this opportunity would be much larger than the ISRO opportunity if I’m not.
Deepak Acharya
No, ISRO is a different ballgame. There is not the storage tank. There are many such equipment. Yes, but totally the investment what they are looking at is very high. How much we really do and what is their speed at which they want it is more important. But yes, the ISRO is smaller as compared to these opportunities.
Kunal Bhatia
Okay. Okay. And so lastly on on the same thing the margins from this client would be slightly higher because they there it’s more of a time constraint commitment revisa vis on integrity on one or two percentage.
Deepak Acharya
If you see the last quarter in spite of 50% they are given us order and now we are 25% almost putting that steel component and additional duty because of the Russian oil and all that. So it is now coming to 21 to 25%. So we are very hopeful that they will give a very big share for their requirement to announce India.
Kunal Bhatia
Okay. Okay. Perfect. Sir. Thank you so much. Sir.
Deepak Acharya
Thank you.
operator
Thank you ladies and gentlemen. Due to time constraint that was the last question for today. I now hand the conference over to the management for closing comments.
Deepak Acharya
Thank you everybody for joining this call. I hope we have answered all your queries. If something is pending we can still continue to discuss over mail or maybe call and we will be happy to answer your all queries and we hopefully we’ll meet again in Q4 with still better numbers and better performance. Thank you so much for your kind hearing, patience.
Pavan Logar
Thank you. Thank you so much.
operator
Thank you very much on behalf of ICICI securities limited that concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.
Deepak Acharya
Thank you.