Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
INOX India Ltd (NSE: INOXINDIA) Q4 2026 Earnings Call dated May. 13, 2026
Corporate Participants:
Deepak Acharya — Chief Executive Officer
Pavan Logar — Chief Financial Officer
Analysts:
Mohit Kumar — Analyst
Unidentified Participant
Jay Negandhi — Analyst
Mohit Surana — Analyst
Prakash Kapadia — Analyst
Kunal Bhatia — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Inox India Q4FY26 earnings conference 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 any assistance during the conference call please signal an operator by pressing Star then zero on a touchstone 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
Good morning. On behalf of ICICI Securities, I welcome you all to the Q4FY26 earnings call of Inox India Limited. Today we have with us from the management Mr. Deepak Acharya, CEO and Mr. Pawan Logan, CFO. We’ll begin with the opening remarks on 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 stakeholders, investors, analysts and friends to the Q4 and FY26 earning 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 CFKopavan logar who will later take you to the detailed financial performance following which we will open the floor for the Q and A session. Let me begin with overview of the global economic scenario.
Towards the close of FY2026 and in the beginning of FY2027, the global economic environment has been brimming with ambiguities. Geopolitical issues, evolving trade dynamics and energy transition continue to reshape the calculus for capital allocation, Infrastructure investment and industrial policies across economies. Tariff pressure and supply chain reconsideration have added layer of uncertainty that businesses in our space must navigate and caution and precision. Despite trade tensions and policy uncertainty, Global growth was 2.8% in 2025 driven by front loaded trade, supply chain adaptations and AI related investments.
While the growth in 2026 is estimated to be 2.7%, the ongoing West Asian conflict is creating headwinds through elevated energy prices, shipping disruptions and weakened investor confidence. Talking about the Indian economic scenario, in the current challenging global economic environment, India stands strong. Growth increased to 7.1% in FY2026 making it the fastest growing major economy. Supported by robust domestic demand, relatively lower inflation, income tax and GST rate reductions and accommodative monetary policy.
Manufacturing and service drove supply side conference performance. Although net Exports weighed on GDP as imports increased, private consumption rose to 7.0% year on year bolstered by rising household incomes. Investment strengthened across both private and public capital expenditure. However, a prolonged West Asian conflict poses a significant risk to India. As a major energy importer, India remains exposed force to sustain oil price increase, fiscal pressure from fuel subsidies and rupee depreciation with nearly 38% of remittance of inflows originating from Gulf economies.
Any labor market disruption there will be further stress in the Forex reserves. India’s macroeconomic buffers provide some insulation, but energy diversification fiscal produce renewable energy acceleration and trade liberalization through FTA remain critical to sustain resilience in an increasingly fragmented global environment. The fundamental opportunity this creates for capable, well positioned companies remains firmly intact despite the global hiccups. At Inox India we find ourselves at the juncture of reinvigorated growth driven by India’s industrial growth ambitions and the global transition towards cleaner, more efficient energy systems.
The rising adoption of LNG as a transition field, the gradual yet accelerating development of green hydrogen infrastructure and increasing investment in defense and aerospace cryogenic systems are not short term trends but a long term structural opportunity. We believe that Inox India is well positioned to capitalize on these opportunities through its engineering expertise, diversified capabilities and expanding global presence and footprint. The global industrial growth and LNG landscape continue to evolve rapidly.
Shipping companies are increasingly transitioning towards LNG powered vessels, aerospace infrastructure requirements are scaling globally and emerging applications such as data centers, cooling are introducing new business avenues. With our strong capabilities across engineering, LNG infrastructure, industrial gas solutions and advanced scientific applications, Inox India remains well positioned to participate meaningfully in these evolving high growth sectors. Business Performance Overview Q4 and the full year FY2026 reflected a strong operation momentum for Inox India with healthy revenue of 162 crores growth across key business segments.
Our EBITDA margin 23.8% for FY26 remained in line with or better than the guidance provided earlier demonstrating disciplined execution despite headwind arising from the US tariffs, global logistics disruption and geopolitical uncertainty. Our diversified business model, expanding geographic presence and focus on high value tailor made technologically complex products continue to strengthen our competitive position and enhancing long term growth visibility. I will now take you through the segmental highlights.
Let me begin with our largest revenue contributor to industrial gas solutions. The segment delivered another strong quarter and a record year marked by high value order wins, important volume milestones and growing global resolution. During Q4 we received a significant aerospace order from a leading US based private space company with a total order value of approximately 200 crores. We are expecting more high value orders in Q1 FY27. This order is a direct outcome of our proven execution capabilities and reinforces the growing confidence that global aerospace players have in OX India’s engineering expertise.
Transport Times also achieved a significant milestone in F52026 with annual sales exceeding 300 transport tanks and semi trailers for the first time in the company history surpassing the earlier benchmarks. We continue to witness strong order inflows across the transport tanks, IMO tanks and standard Industrial gas products reinforcing our confidence in sustaining this growth momentum in the years ahead. On the disposable tender front, I am pleased to share that despite the challenging US tariff environment, we crossed the milestone of dispatching over 2 million units during FY2026.
This is a remarkable achievement for our team and reflects the sustained demand for our products across the international market. Illiquid cylinders and Cryosil brand continue to gain strong market acceptance with a record order intake during this year, demand remained robust across both domestic and export market. I’ll now share the details of business in the LNG Solutions segment. This segment had a breakthrough quarter and a defining year. One of the most significant highlights was the order received from the Cochin Shipyard, one of India’s premier shipbuilding companies, for LNG fuel tanks to be installed in the LNG power ships being built for one of the world’s largest shipping companies.
This is a landmark order for Inox India and marks our entry into the marine LNG ecosystem, a market currently undergoing a major structural transition towards cleaner fuels. The order involves six LNG tanks of 800 cubic meter the stringent execution timeline. In addition, we received LTNG stations order from Gujarat Gas and continued dispatches of LNG fuel tanks to the oem. While the adoption in the LNG truck segment has witnessed some near term challenges, we believe that the long term opportunities remained robust supported by favorable economic condition and regulatory targets.
Our LNG semi turtle business in India continue to maintain market leadership with more than 250 LNG scimitars currently operating on Indian roads and commanding a dominant market share. We had also dispatched the first batch of five into 1500 cubic meter tanks for the Bahamas in LNG terminal, reforming our capability to execute large complex LNG storage infrastructure project in timely manner with highest quality. I’ll now take you through the updates from the Cryo Scientific Division. The Cryoscientific division continued to strengthen its position as a trusted partner for highly complex global scientific infrastructure projects.
During the quarter we received a repeat order from the ITER France for modification was related to capacitor panels, further validating our deep execution expertise in the world’s most ambitious fusion energy projects. We also completed the production of highly complex lock sign for submarine related applications highlighting our capabilities in mission critical cryogenic engineering and advanced defense applications. I will now take you to the beverage cake business. The beverage cake segment delivered exceptional year and a strong close FY2.
During the FY202526 we recorded 13% increase in fake dispatch over the previous year reflecting continued market expansion and strong demand momentum. We have now secured approvals and active orders from three of the world’s leading global brevities namely Henneken, Airbnb and Molson Cruz collectively representing more than 40% of the global bear market volumes. This position us strongly for the next phase of growth in this business. In FY2526 we have supplied cakes to Henequen breweries in Bulgaria, Croatia and Reunion Island.
We also secured first order from Olson Cruz USA and also repeat orders from the non standard cakes from Mesas Oreban, Germany. Our distribution partnership in Germany, Poland and United Kingdom are now operational providing us with direct commercial access to the European market. We are also increasingly focusing on specialized non standard cake variants designed for niche applications. These products yield higher margins and help differentiate us from commodity oriented players in this industry.
True to our vision of remaining historically futuristic, we keep evolving newer opportunities in advanced business areas. One of such opportunities is data center cooling. I’m happy to share that we assigned an MOU with European company to jointly develop liquid nitrogen liquid nitrogen based cooling solution for the data center. This is currently an early stage R and D led initiative and we expect meaningful development over the next six to 12 months. With the growing energy efficiency requirements in modern data centers, we believe that cryogenic cooling technology could emerge as a compelling and scalable opportunity for Inoxim in the years ahead.
At Enoch, we strongly believe in building our own capabilities consistently in line with this, I’m happy to share that we are developing a new facility at Kandla. We have acquired approximately 7 acres of land near the Kandla Port on a 30 year lease basis. The facility is expected to be commissioned within approximately 9 to 10 months. Its strategic proximity to the port around 2.5 km offers a significant logistic advantage. The Canada facility will substantially enhance our capability to manufacture ultra large tanks with diameter 8 to 9 meters, length up to 60 meters and weight up to 500 tons.
This expansion opens opportunity for LNG mega storage tanks, large scale aerospace tanks and several other high value large format products that are currently difficult to execute at our existing facilities. This year saw a strengthening of revenue mix from the geographical viewpoint as well. Revenue contribution from north and Central America increased from 14% in the previous year to approximately 26% in the FY2026 driven by LNG terminal related orders, aerospace orders, disposable center exports and LNG related shipments.
Despite tariff related headwinds, our revenue contribution from European market continue to improve because of the opportunities in LNG and cryoscientific area in the Middle East, Southeast and Far East. Our revenue has improved from 8% in FY25 to 10% in FY26 in spite of global disturbances in this region. The key takeaway is that demand fundamental remain robust across the geographies. The primary constraint continued to be logistics and supply chain related challenges rather than the slowdown in the market demand outlook as we look ahead FY27, our strong order backlog, expanding global customer base, growing share of high value engineering products and capacity augmentation at Kandla collectively places in a comfortable position to sustain and accelerate our growth trajectory.
We remain focused on operational excellence, innovation led growth and delivering long term value for 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. Thank you very much.
Pavan Logar — Chief Financial Officer
Thank you Deepa and good morning everyone. I will now take you through the financial highlights for Q4 and the full year ended September 2023. For Q4 FY26 total income is 2 to 475 crores representing growth of approximately 24.2 on year to year basis driven by strong execution across key segments including the LNG terminal project, related sales, large aerospace, order and record Transport and Dispatches. Q4F4.26 is very special to us as we have achieved higher ever quarterly revenue, export revenue and order bookings.
Adjusted EBITDA stood at 108 crores up by 13.4% YoY basis reflecting improved operating efficiency and better product mix. Adjusted profit after tax was 72 crores growing by 9% yoy supported by margin expansion and robust volume growth for the full year. FY26 total income is total 1632 crores with growth of approximately 21.2% over FY25 reflecting healthy performance across industrial gas, LNG cryoscientific and CAC division. Adjusted EBITDA for the full year stood at 380 crores with adjusted EBITDA margin of 23.8%.
This year recorded highest sales for LNG segment and thereby total sales of the company adjusted paid for the full year stood at 261 crores measuring a growth of 19.3% over financial year. 25. As of 31st March 2026 our order book stood at 1514 crores providing strong revenue visibility for the coming year. Coming quarters of the approximately 63% is from exports and 37% from the domestic market reaffirming our strong global presence. Our total fund availability as on 31st March 26th today rupees 257 crores providing ample headroom to support the Kandala facilitation, investment, ongoing project execution and other strategic initiatives.
This concludes my remarks on the financial performance for Q4 and the full year 2026. I would now request the moderator to open the floor for question and answers. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question answer session. Anyone who wishes to ask the question may press star N1 on the Touchton 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. We have first question from the line of Mr. Abhinav nalavade from icic securities. Please go ahead.
Unidentified Participant
My first question on the order infrastructure front we had one big order. What is the pipeline for this big order in the coming quarters and FY27 what will be the guidance?
Deepak Acharya
Yeah, well we have backlog of around 1514 crore out of which I told you about the order from the aerospace companies around 200 crores. And going forward in the Q1 maybe Q2 we are expecting few more orders of similar nature and similar value very soon now. And that will improve our order booking for this FY27.
Unidentified Participant
Around 4 to 500 crores could be a right in terms of.
Deepak Acharya
Your voice is cracking. I’m not getting the clear voice.
Unidentified Participant
Is it better now?
Deepak Acharya
Yeah, slightly better. Yeah.
Unidentified Participant
I was saying that around 4,500crores of order in estimate for per quarter will be the right number, right?
Deepak Acharya
Yeah.
Unidentified Participant
Given the big order that you’re expecting in Q1 and Q2. Okay. My second question is on execution on the revenue front. How is Q1 going currently? I mean you mentioned that there are logistic challenges. What. What is the revenue one can expect in Q1? And you know going forward if the things normalize for FY27.
Deepak Acharya
So we will be. Our revenue will be in line with our target of the next year. That is almost like on 1600 or 1632 we are targeted around 18 to 20% growth. So in similar fashion our quarter revenue will be increasing in that fashion and our order booking will be also growing the similar speed of around 450 to 100 crores every every every quarter.
Unidentified Participant
So does this 18 to 20% growth beacon that you know things normalize in the coming quarters in terms of war and all?
Deepak Acharya
Yeah, war slightly impact is there. But we are not depending only on the one region or one area. We have multiple products, multiple geographies we target. So plus minus happens into this Middle east area. But that will be compensated by other areas. So we don’t find any much of an impact of this.
Unidentified Participant
My next question is on beer segment. What was the revenue contribution from this segment and how much? What was the dispatch for FY26 and what is the order book looking like?
Deepak Acharya
26? Our book was 55,000k and sells around 61,000 units. And value wise slightly it is last year basically because there are different models into this we had sold more of a 20 liter king than the 30 50L. And there is a component which is called as the fear which is almost like 7 to 8 or €10. People have thought that they fixed it at their place. So we dispatched the kids without the spear. That’s why slightly the. So we have increased the volume by by 31%. Our sales is almost similar like last year.
Unidentified Participant
So my final question is what is the outlook on the LNG tanks from order inflow perspective in FY27 there are a lot of things happening with regards to energy security overall. What’s your take on it?
Deepak Acharya
See as you see there are like various challenges LNG coming from Qatar and all that places. But definitely it has improved our situation. Basically because as the delivery of LNG coming from Australia and USA it takes little more time. So the storage capacity at all places where people have installed the LNG facility they will improve upon. So we will have more of a storage orders and transportation equipment requirement going forward till this Qatar solution is resolved which takes few years to complete that facility which is damaged during the war.
Unidentified Participant
Understood. Thank you. Thanks a lot. Very helpful. Thank you.
Deepak Acharya
Thank you.
Operator
Thank you.
Deepak Acharya
Thank you.
Operator
We have next question from the line of Chera from Lucky Investment. Please go ahead. Sir.
Unidentified Participant
Yes sir. I have two questions. One related to the lng. So you know we have this whole string of equipment which we. Which we show in the slides. Right. From storage to transportation to smaller LNG tanks which are to be put up on the vehicles. So just storage and transportation. What is the size of the market? You know and at 459 crores that we have done last year, what will be the market share? And do we do these small transportation tanks as well?
Deepak Acharya
Yeah, we do this transportation tanks. But normally the LNG density is half that of the nitrogen. So the smallest size what people prefer is around 46 scale tank. However we have smaller capacity. Also LNG trailers where people require less of LNG for the transportation. But that is not a standard model or hot selling product. So 46 scale trailer is the most optimized trailer. And more than 250 trailers are on the road now on the LNG use. And this from the storage point of view. The LNG storage vessels are used for satellite application even for LNG filling station and LCNG stations.
So the demand of all these three is going to increase. So automatically the storage requirement will increase. Presently because of abundance of LNG people were just keeping one tank of 56k or 113k. But now going forward people are asking for at least two tanks, one standby tank for their consumption so that they are not stock out is not there. Because these stations are directly connected with people. And if there is a large queue of tanks for filling purpose and suddenly your tank is empty and you don’t get a liquid, that is a very difficult situation for them.
So we hopefully think that more and more storage requirement and definitely if storage requirement is there, the liquid has to be transferred from the terminal to the customer station by the transport equipment. And the trailer requirement will go on in the coming year. Now
Unidentified Participant
So this 459crore LNG, this is pure India business for you or there is export in this.
Deepak Acharya
This is export as well. So you can consider almost 60 is export and 40% is roughly.
Unidentified Participant
Okay. And can you give some some color on the size of the India market at least? You know when we have all the market share
Deepak Acharya
For. For lng?
Unidentified Participant
Yeah, yeah. For energy sir,
Deepak Acharya
We have different products and different market shares for different products. On an average our market share for the LNG market, LNG products in India is almost like 60 to 65%.
Unidentified Participant
Any possibility to know the global market share
Deepak Acharya
For LNG?
Unidentified Participant
Yeah, yeah.
Deepak Acharya
This is in single digit only as of today. Maybe 6, 6 to 8%.
Unidentified Participant
Okay, my second question is on. Okay. Will this division grow much faster than the company level growth?
Deepak Acharya
Yes, this division has a good potential to grow because of several Things especially the prices of lng. Even though the diesel prices and petrol prices we are expecting a rise. The LNG price will also rise. But the ratios will remaining the same. And LNG being a clean fuel and almost advantage of 15 to 20%. This LNG division is going to grow faster than our standard products.
Unidentified Participant
Okay, my second question is on the beverage keg side. So when we sell 61,000 kegs, you know this is India number or this is the include export number.
Deepak Acharya
This is including export in India.
Unidentified Participant
Okay. Can you tell the total global kegs market and gross rate there?
Deepak Acharya
The total number of kegs available as on today is 120 million kegs are available in the global market. There is a 4 to 5% replacement demand. So average demand in a year is around 4 to 5 million kilograms. And there are two. Three manufacturers already in Europe and one in China. And we are the second in Asia.
Unidentified Participant
Okay. And capacity for us will be
Deepak Acharya
So presently we have installed a capacity of around 300,000 kegs a year. And presently we are just one third of the capacity.
Unidentified Participant
Okay. When do you see full utilization?
Deepak Acharya
Whatever. We have supplied the cakes to the industry to Henny K and ABN Bayo. Now to Molson Cruise and many other small delivery. I’m happy that everywhere the cakes what we supplied are approved by the customers. And they will definitely take some trials initially and will go for a full swing in coming in
Unidentified Participant
Aspiration for a market share. What will be aspiration in that? 4 to 5 million kegs.
Deepak Acharya
So we are. We have put a facility of 1 million kegs.
Unidentified Participant
You just said 300,000 keg. Right. Capacity for inoxic
Deepak Acharya
Is presently. But our building point of view, everything point of view. We can go up to 1 million K without any problem. Think the machinery definitely.
Unidentified Participant
Okay. Okay. Okay. Thank you. I’ll come back if you have more questions. Thank you.
Operator
We have next question from the line of Mr. J. Negandhi from Bitcapit. Please go ahead.
Jay Negandhi
Hi. Good morning. I hope I’m audible.
Deepak Acharya
Yeah.
Jay Negandhi
Yeah. Great. So we said that we have made a promise.
Deepak Acharya
Please continue.
Operator
Sir, we have lost the line of Mr. J. Negandhi.
Deepak Acharya
Okay. We
Operator
Have. We have next question from the line of ICIC securities. Sir, please go ahead.
Mohit Kumar
Hi. Good morning sir. And thanks for the opportunity. My question is around the working capital. The working capital has increased meaningfully in this particular. In this particular investment. This fiscal. It used to be 731 crore by. By FY25 it has gone up to 990 crore. And primarily one of the driver is Contract assets. Even if I improve the contract assets, the I think there’s a meaningful accretion. How. How should we think about the working capital in F27 and F28?
Pavan Logar
Actually, you know, our project orders are now increasing. And we have the order group of more than 1000 crores in projects. And in projects what we are doing, we are taking the orders with the some payment terms which is on the basis of various terms like 30%, 50%, 60%. Whereas on PoCM as per the ICICI guidelines, we have to book the revenue as per the percentage completion method of how much project is completed. On that basis we book the sales. Whereas the collection is always happens as per the payment terms of the order.
So that is why little bit contact asset is increasing. And it will remain like this only because you know the project orders are increasing now. But still, you know, my advances, if you see advance from customers has increased the load. And at present we have advances of around 500 crores. With us
Mohit Kumar
Expected to stay at similar level. Right. As you go forward. Is that fair expectation?
Pavan Logar
Although you know the projects are there and big projects are coming now. So in the big project definitely I have to book the contacts assets accordingly. And due to that little bit maybe there. But overall it is, you know, my inventory is in totally in control. Everything is in control.
Mohit Kumar
Understood. My second question can just help us with the market for industrial represent cylinder which are exporting to us. Was that was the market stable in FY26 or was any growth compared to FY25? And how do we see this number in FY27? FY28? Is there a. Is there a chance of some growth or it most likely flat.
Deepak Acharya
Yeah, this product is, you know, so it’s used for storage of refrigerant gases. So all these major refrigerant gas manufacturing companies, they have a quota system. So they cannot produce more and they cannot sell more also. So the growth is maybe very marginally. It will improve. Perhaps our market share can improve if we target few more customers customers from US market and compete with the other competitors. So that way we have increased ourselves as compared to FY25 to in FY26. And we are targeting customers which are not buying or which are buying less quantities from us for the FY27 and hopefully we will gain over there.
That is what is the present situation for disposable sender. And we have sold more than 1.5 million cylinders to us in last year.
Mohit Kumar
Understood. So my last question. So can you just help us with the Outlook on the Cryo Scientific division ordering for F27. And where is that ISRO launchpad tender is is currently.
Deepak Acharya
Yeah. Cryo Scientific division. We have ample of opportunity not only in India but all over the globe. And there are very few players who operate into this region. So Inox India can be among one on you can count on single perhaps maybe two. Three such suppliers are there. So we are one of them. Our advantage is our strong engineering execution and our competitive offers what we are giving. So we have a strong belief that that Cry Scientific division will grow substantially in coming years. On this third launch pad.
Yes, the tender will be coming by end of this quarter
Mohit Kumar
And
Deepak Acharya
We have to bid maybe the quarter two and maybe by end of this year some outcome will come for the order.
Mohit Kumar
Understood sir. Thank you sir. Best of luck. Thank you.
Operator
Thank you.
Deepak Acharya
Thank you.
Operator
We have the next question from the line of Mohit Surana from Monarch Network Capital. Please go ahead
Mohit Surana
Sir. First of all congratulations on a good set of numbers. My first question is with respect to the margins. So our profit margins have come in a bit. I mean can. Can you just give some understanding why is that?
Deepak Acharya
See Mohit, if I told you whenever you visited our factory also. So we have always a product of standard and non standard time and quarter to quarter. If you see there’ll be slight variation in the margins because of the product mix variations. However if you see year on year basis or we are always maintained our margins of 21 to 24%. What we have given the guidelines. So this year we for total year project is 21.6. Last year it was also the same thing. So we are in the same bracket. I don’t think there is a much variation.
But our products are very difficult to. I mean you can’t control like that. Depending on the market requirement we have to push the products. So there’s a vital importance in the margins.
Mohit Surana
Understood. Answer the coaching shipyard order. Can you share the order value and what’s the completion timeline for this order?
Deepak Acharya
Yeah, we got six tanks order for the six ships of around eight 800 cubic meter tank. The order value is around 85 crores. And we have to complete between two to three years. The first as the ship gets constructed we have to supply. So you can say in a year we may have to supply around two numbers tanks to shipyard.
Mohit Surana
Understood sir. And sir, for the Bahamas, I mean what. How much have you already supplied for the Bahamas order and how much is spending?
Deepak Acharya
So we had initial order of around 23035 crores and we got some additional order because of some changes. So the total order value was around 240 crores. We have supplied around 160 crore in this year. Balance will be separated in FY27.
Mohit Surana
Understood. So that’s all from my answer. Thank you so much.
Operator
Thank you. We have next question from the line of Sab Soharab Gujar from ICICI Prudential amc. Please go ahead.
Unidentified Participant
Thank you for the opportunity. Sir, on the data center cooling tie ups of you mentioned with one of the oem. Can you just post some more light on what sort of work or role you’re trying to play in this tire? This is more like a joint system integrator or this is just for supplying some of the component applicability. You already have say the piping and all. Yeah,
Deepak Acharya
So this is. This is. I can say it’s basically R and D project what we are doing initially. And this company is one of the pioneer company in the IT infrastructure manufacturing the. You can say the racks, the cooling system and other things. So they are already into the existing business and major businesses they are doing in this sector. So when we are discussing with them they said the major power consumption is the main thing for cooling purpose. So we suggested them if we can cool the. Because they have to the chips and the microprocessors has to be cooled at a particular temperature.
So there if you use liquid nitrogen for coating that can improve. So we have recently attended a exhibition in Europe as well and got a lot of feedback how it has to be done. And we have started the project of understanding how we can develop a model or product for them. So this is under trial initial purpose and it may take the six to one year time to develop a product for this application.
Unidentified Participant
So you’re trying to build solutions provider in this, not just a component supplier to this oem? No,
Deepak Acharya
No, no. The entire solution. They will be manufacturing the racks and other systems and we’ll be providing them the cooling solution. And together we will offer it to the customer.
Unidentified Participant
Got it. That’s it from my side.
Operator
Thank you. We have next question from the line of Priest Jan from Nimesh. Please go ahead.
Jay Negandhi
Hello.
Deepak Acharya
Hello
Jay Negandhi
Sir. Am I audible?
Deepak Acharya
Yeah, yeah, yeah.
Jay Negandhi
Congratulations on good set of numbers. My first question
Prakash Kapadia
Is on either side the ITER has nine vacuum vessels thermal sheet and Inox has now received repair orders for what appears to be all of them by Q1FY26. So can I get to know, is there any new scope of work being discussed with ITER beyond this thermal shade repair?
Deepak Acharya
Yeah, ITER Work will continue for next seven to eight years more. And presently we have that repair work which is going on which will be continued for one and a half year at our shop. And then we have the work for installation that work at site research that there are many such equipments which they require on a short period notice. And they are directly contacting us because of our good quality and timely delivery of products. So there are many such pipeline work or maybe some improvement work which is required and they are contacting us and we are doing for them.
Prakash Kapadia
Figure of how much quantum of orders are we expecting from them?
Deepak Acharya
So on an average going Forward at least 50 to 60 crores we should get on a regular basis for next at least five years.
Prakash Kapadia
Okay, thank you sir. And another question is on you mentioned in your PPT about high view power liquid air energy storage system. So basically there the first Carrington order which we supply to them is was worth 935 million. So now I want to know that as Highview Power Management has indicated that I view has planned for four more projects by 2030. So is there any order visibility in that area or incoming two to three years. And what will be the per project tank value if we get the first order from them?
Deepak Acharya
Yeah, we have bidder for all the projects what they require and perhaps the order value will be quite big. But they are just waiting for this first project getting commissioned and seeing the fruits from this first project so favorably. Maybe another six to eight months. There’s some one addition. At least one project will come up now.
Prakash Kapadia
Okay, and what will be the quantum of that order?
Deepak Acharya
Very difficult to say at this moment because what they order at this moment to us. But definitely they are asking for some additional work. What besides what we have supplied to the Manchester project? Okay,
Prakash Kapadia
About the LNG fuel tanks we described our product. China has a lot of penetration of LNG energy tanks moving in their country. So don’t you see import as a risk if basically India as a market for LNG tanks will grow One Chinese player will dump their products as they have as their specialized multi capacity in that area. So our imports are risk for us?
Deepak Acharya
No, see there are some. Initially some tanks had come to India. I do agree with you. But going forward there is a regulation in India called as a peso which governs the incoming flow of such tanks. And there is no shop in China which is approved by peso as on today. So no further more tanks can come to India because it has to go with peso approvals. Number 1 Number these tanks are to be utilized on the trucks or the buses which are moving and it requires a regular maintenance, periodic inspection and support from the vendor as well.
So China really managed such. So whereas we have our service centers across north, south, east, west and people are very happy with the service provided by Anox India. So going forward, quite confident that we can beat the Chinese on competition from these two aspects. One is every truck has a different dimension so we have to design the fuel tank according to their needs. So in China they will say this is my standard if you want to buy but take it otherwise forget it. But in our case we design them to their requirement, we service them, we support them because this is a new technology altogether.
So people need lot. We have put our people at Tata and Ashoka land on their conveyor line to see that they don’t face the problem. So such type of services cannot be offered by Chinese people.
Mohit Surana
Thank
Unidentified Participant
You sir.
Operator
Thank you. Reminder to all the participants, please restrict yourself to 2, 2 per questions. We have next question from the line of Sajal Kapoor from Antifragile thinking. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. Two questions please. First is what aspects of cryogenic systems integration and engineering have the steepest learning curves? And realistically how many years would a serious competitor need to kind of, you know, replicate INX India’s capabilities at comparable reliability and scale?
Deepak Acharya
Very million dollar question you are asking me. It depends on the type of people you are investing into it. Okay, so if the skills are already available with the person, then they can do it. But it takes a long time for the approval of the plant. The equipment prototypes have to be produced. So there’s not only one product n number of products. So I can say there are more 30, 40 type of approvals and certifications we are having. And this is on a regular basis. It has to be renewed and reviewed.
So it is a quite cumbersome task. So in my opinion, if anybody start with highly skilled people and put a plant which is modern day plan, it will take at least 10 to 15 years to replicate this facility.
Unidentified Participant
Understood sir. INEX has demonstrated, you know, capability across many domains. LNG hydrogen, aerospace, scientific, cryogenic systems at the prototype and project level. What capabilities or processes give you confidence that, you know, these can reliably scale into kind of a repeatable industrial businesses? Because I’ve seen many companies very good at the prototype or initial stage. But
Deepak Acharya
The
Unidentified Participant
Industrial scale, at the commercial scale, manufacturing is a completely different ball game. So in your experience how many can you give us some sort of a data point that you know we got hundred prototypes across our last 10 years history and we converted X out of those into industrial scale. And that kind of a number is what I’m looking at. Because it’s not easy to convert a pilot or an experiment scale project into commercial scale.
Deepak Acharya
So our methodology of working for prototypes is different. What we do is we listen to the customer, we listen to our marketing guys. What products are required in the market and accordingly we develop it is not we just develop the product and then find the application? No, we just have the application and we develop the product. For example, I’ll tell you one simple example of cryosis which is a very good product for artificial insemination. So there was a need 25 years before that India needs to have a higher output of or yield from the for milk from a in cow.
And that was a project and there are very few people in this country who can supply such a solution. So we develop that solution. And today 95% of the insemination program is through a divar which are supplied by us for this project. Similarly, the health care sector we have supplied so many products during corona time. Cryogenic tanks, liquid cylinders, so many things. So in our case I can say around 95% of our products that we develop is commercialized. And if there is a commercialization possible and if there is a need then only we develop the product.
Unidentified Participant
Understood? That’s helpful. Thank you so much. Thank you.
Operator
Thank you. We have next question from the line of Hital Shah from Dalal and Brooch. Please go ahead.
Jay Negandhi
Yeah, thank you for the opportunity. Just a couple of questions. Firstly, could you provide the revenue share for kegs and disposable cylinders for FY25 and 26 and would it be fair to assume if there is share in the revenue which increases our margins would console margins would decline. And secondly sir, any update on the ISRO third launch pad? Yeah, that’s it from us.
Deepak Acharya
Yeah. For the cakes business FY25 was around 27.15 crore whereas FY26 was around 26.13 crore. I told you though the volume has increased from 46,000 to 61,000. The container was like 20. We sold 30 and 50 more in FY25. Whereas we sold more of 20 liter cakes in F on the disposable cylinders. I have don’t have the correct number but something around 135 crore or something on FY25. And this year we have just reached around 150 crore. So more than 2 million cylinders we are sold in this one and on the ISRO.
Yes, the RFQ is on the way and hopefully in another one month time we should have the RFQ and ordering will be placed in the next year beginning this is what is the present situation?
Jay Negandhi
Got it sir. And just one last question sir. What percentage of the current order book is exit in the coming one year? Would you modify that?
Deepak Acharya
Pardon?
Jay Negandhi
What percentage of the current order book would be executable in the coming one year? Is it possible?
Deepak Acharya
Yeah, order book of our pending order of around 1514 crores. So out of that at least 1200 crores will be executed this year.
Jay Negandhi
Thank you sir, that’s really helpful,
Operator
Thank you. We have next question from the line of Ishwar from I thought pms. Please go ahead.
Unidentified Participant
Hi sir. Am I audible?
Deepak Acharya
Yeah, yeah.
Unidentified Participant
So thank you for taking the question. So I had my question was regarding the high view power order. There was an article which suggested that I view they raised 300 million pounds for this project from UK investment bank and the UK’s utility. So how much would our contribution be? In this project
Deepak Acharya
We are supplying only the cryogenic tanks for storage of liquid air. So that way our contribution for the entire project is not much in the value wise but definitely from the technology point of view this has got an importance. And going forward now we are discussing with them for three, four projects where the CAPEX will be much higher from the cryogenic point of view because they are relied and they understood our capabilities now. So going forward we’ll definitely have more scope in the whole project because this is mainly a cryogenic project and research that there are many equipments which they are manufacturing somewhere else.
But we have also offered them the non cryogenic equipment for their requirement. Let us see how does it come up in future.
Unidentified Participant
So the second phase, which highway is planning within Scotland it is almost eight times bigger. So can we assume that our order would also be eight times bigger from IOV for the next project?
Deepak Acharya
The tank sizes are very very big and we have given them a solution which we can some site work as well. So they are happy with our proposal. So let us see. You are correct, the size of the value or the order value will be around 8 to 10 times of the present order booking.
Unidentified Participant
Okay. And let’s say the capital cost for such a liquid I storage plant would be 100 rupees. How much of that contribution? How much rupees would be cryogenic storage times?
Deepak Acharya
It will be around 20 to 25%.
Unidentified Participant
Oh, okay, okay. And I also wanted to understand. So now that we have dispatched the first lot for our mini LNG terminals in the Bahamas. What is could you provide more color on the pipeline for such more mini LNG projects? So does the success of the Bahamas project open doors of similar islands energy projects? Do you have any visibility there?
Deepak Acharya
Yeah, we already received two small orders from the Bahamas. Small islands. So the two orders which we have received is under construction now and we are targeting few more in various countries now because of our success of our the small scale LNG terminals projects in Scotland, then Caribbean, now the band Bahamas and two more orders in Bahamas we are issued recently. So people have understood the importance of this. And the majority problem in the islands is the electric power. And if that power is taken care with a green method of manufacturing.
I think people are very much interested in this type of projects.
Unidentified Participant
Okay. Okay sir. And also the recent.
Operator
Mr. Sorry for the interruption. Please join the queue for the follow up question. Please join the queue.
Unidentified Participant
Thank you.
Operator
Thank you. We have next question from the line of Divam Josie from 9243 Capital. Please go ahead.
Unidentified Participant
Congratulations on the great set of numbers. I just wanted to ask you that. We had discussed an order from MSR TC Bus conversion. Right. So is there any update on that and also on the Starbucks keg for. For coffees. Is there any update on that.
Deepak Acharya
Noise?
Jay Negandhi
Sorry, sorry, sorry. Yeah,
Deepak Acharya
Yeah. On the msrdc, whatever equipment we are supplied, they are running successfully. The trucks are running every day. Sorry. The buses are running every day. And unfortunately that customer is not so aggressive and he has some different mindset. So we are not pushing that customer very hard because of the payment terms. Other things are also very difficult with that party. So beyond that we don’t have much information. But understand they are working somewhere other than a Knox now.
Unidentified Participant
Okay. And on the Starbucks keg, coffee kegs.
Deepak Acharya
Yes, yes, Starbucks. We have supplied the samples and it is successful. So hopefully in this quarter we should get some trial order.
Unidentified Participant
Okay. And one last question that the LNG can you give me an update on the LNG installed tank vehicles and fueling stations? Is there any big orders for fueling stations in the near term?
Deepak Acharya
Fueling station awarded as on today are almost 70 number the fuel tanks are in put together around 1500 plus trucks are running on the Indian roads.
Unidentified Participant
Okay. And is there is there any big orders we have or are we in talks for.
Deepak Acharya
We don’t have much big order for both LNG fueling station as well as the fuel tank. But going forward there are two three companies which are venturing into a big way into this business and we are Tracking them for our.
Unidentified Participant
Okay, so thank you so much. I’ll join back in the day.
Operator
Thank you.
Deepak Acharya
We have next
Operator
Question from the line of Prakash Kapadia from Kapadia Financial Services. Please go ahead.
Prakash Kapadia
Yeah, thanks for the opportunity. I had one specific question. Last three years if I were to look at the revenues they’ve grown at 18% but you know cash flow from operations are not growing. So you know in 23 on the sales of 966 crores operating cash flow is 177 crores. Today on you know sales of 1587 crores cash flow from operations is 116 crores. Even last year, you know with a 21% sales growth cash flow from operations is actually lower than 25. So you know what is leading to this decline and you know given the order book of you know 50% industrial gas, 28% from LNG and 22% from Cryo Scientific how should we look at operating cash flow on a going forward basis?
Pavan Logar
Yeah, actually you know operating thing is this especially you know the capex. Every year we are doing capex more than from last two, three years and it
Prakash Kapadia
Doesn’t come in operating cash flow now
Pavan Logar
But operating
Prakash Kapadia
Cash flow, not free cash flow.
Pavan Logar
Okay. So another thing is you know we are now increase in the order book. We are, we are getting more and more project orders, big orders and big orders. What happens? The investment is very high and it is going on as per the POCM method of calculation for the booking the sales. So and the payment terms in these orders are on various stages. When the stages are completed then only we get the payment. So the the investment is high and the payment receipt cycle is as per the payment terms agreed with the customer.
Because of that my contact assets is little bit high and due to that my care operating cash flow is little bit lower. Otherwise my inventory control, my vendors, you know if you. Because of this order book we are paying to our vendors very timely and vendor payment is very strong now. So, so that we can not, we doesn’t face any problem from the material side. So
Prakash Kapadia
To understand this better you were saying if you know I have a project of say 100 crores and as per you know billing terms till the time that 100 crores is not fully executed you cannot you know have any, you know cash flow related stuff in your account.
Pavan Logar
I just give an example 100 crores
Prakash Kapadia
From a project business, right?
Pavan Logar
One example of 100 crore I got our project order of 100 crores and as per payment terms I got advance of 50 crores whereas I only I already completed the project of 60 crores. Okay? In the VP it is 60 crores. Whereas I collected only 50 crores. So what happens to the 10 crores? 10 crores invested in from my pocket, my pocket till the next next payment terms arrived. Like we are having the payment terms of 10%, 30%, 50%, 70%, 90% and last 100%. So it depends on the payment terms which we agreed. Whereas production goes on the regular basis.
So some product may be completed 65. Whereas the next payment terms is 70%. Unless I complete with 70% I will not get balance 20%. Because of whatever project orders we are, we have to collect. As for the payment terms agreed only operating cash flow little bit less.
Prakash Kapadia
But Bhavanji, you know given our varied businesses, varied projects and you know multiple segments in which we operate. It should get offset it over a period of time. Now see, I am not looking at one specific year. I am looking at one year, two year, three or so. You know sales is greatly growing. But you know sales at the cost of cash flow is happening. So are we okay with that or is it a business mix which is driving it? I’m just trying to understand it better to you know forecast how would that remain?
Because it should get normalized with you know multi product lines, multi stage execution. Because you know we are a you know, you know contract driven company. I understand that a project driven company. But you know various stages, various orders come, various orders get executed. So that. That should improve, right?
Pavan Logar
But you know my product means is changing. My product mix is changing. My standard tank is reducing and my non standard orders are increasing. If you see earlier it was just 30% project orders. Now we have more than 60 60% project orders in our order. So the. The change in product mix is there. My project work is increasing and my standard products are not increasing so much than the non products, non project order. My project orders, project orders mix is arising more than 60 now at present is my project orders.
Prakash Kapadia
So we would expect expect this kind of, you know not too much of operating cash flow growth. If project business continues to grow the way it is,
Operator
It would remain more or less
Prakash Kapadia
In that range.
Operator
Yes. Sorry for the interruption. Please come back in queue for the follow up question.
Prakash Kapadia
It’s only one question. There is no follow up question. I’m just talking about the operating cash flow only. There is no follow up question from my end. We are just talking about that. Anyways Ghanji will take it offline. I think we need to discuss it better will be Offline.
Deepak Acharya
Thank you. The nation depending on the data. Yeah,
Prakash Kapadia
Thank you. Thank you.
Operator
Thank you. We have next question from the line of Kunal Bhatia from Dalal and Bro, please go ahead.
Kunal Bhatia
Yes, thank you for the opportunity and congratulations on a very good set of numbers. Sir, I just had one question in terms of the LNG business. So now this 122 odd crores of a run rate going forward, can we sustain this kind of a run rate or in in your overall guidance given of an 18 to 20% kind of a growth. What is the kind of growth we are expecting especially on the LNG front?
Deepak Acharya
The LNG business is more of a you can say project based business. There are standard equipment but the standard equipment also are limited. So if these orders are a little bit lumpy, you can say if you get order, you get order of 200 crores or you don’t get order. So the time from concept stage to realization stage, it takes a little longer time. So the variation will be there in quarter to quarter. But yearly basis will maintain our targets and perhaps improve upon that.
Kunal Bhatia
Okay, okay. And, and so just one clarification. So you mentioned fleet on the road as of now of Inox India in India is about 250 vehicles or 1500.
Deepak Acharya
1500 are the trucks with the fuel tank and and others are 46 scale trailers are running on the road for carrying the liquid from the terminal to that station. So there’s a difference 1500 in the truck having the fuel tank. Whereas these trailers are delivering liquid from the terminal. Collecting the liquid from the terminal and delivering to the fuel stations.
Unidentified Participant
Okay, okay, got it. Thank you so much.
Deepak Acharya
Yeah. Next.
Operator
Mr. Kushal, your line is muted. Please ask your question.
Unidentified Participant
Hello.
Operator
Yes, audible.
Unidentified Participant
Yes, my question is on your data center side. Like you said that there is a technological cryogenic cooling technology. So how is it different from air cooling or liquid cooling in the unit economic stumps? And what kind of opportunities are we expecting from this technology?
Deepak Acharya
Yeah, I told you this technology is getting developed. This is in the R D stages on today. But if you stay air cooling then you require air conditioners. If there is a water cooling with our chilling water. So that amount of energy and the time which takes to for cooling from say maybe room temperature to say 2 degree or less than that, it’s a lot. Whereas in if you put a chip into the nitrogen temperature it will get the 77k or minus 196 in fraction of seconds or minutes. Okay, so that is what we are studying.
How much energy saving will be possible if we can achieve that and how much time we will serve to achieve that. This is what we are studying. And this specialty in R and D space,
Unidentified Participant
Is there any company in global level that they are doing this kind of product as of now? Yes,
Deepak Acharya
There are. There are no other companies who are thinking like this. But in our recent discussion during the exhibition in Europe we found that there are a lot of companies like mainly the intake, Microsoft and other companies. They are really interested in finding out a solution like this. So we will try to work with them and develop some prototype and test it at our place. We have the R D facility at IIT Mumbai. So we’re putting some test over there, provide them the data and we’ll work out how much energy saving and how much time saving is there.
And if that is successful then there’s a. I mean plenty of opportunities I can say
Unidentified Participant
And what is our RND spend at turnover as percentage of turnover?
Deepak Acharya
I mean it is for to comment on this. Wait for some time for this.
Unidentified Participant
Thank you very much for answering question.
Deepak Acharya
Thank you.
Operator
Thank you. This was the last question. I now hand the conference over to management for closing comments.
Deepak Acharya
Thank you very much for your time and energy and we had a very wonderful discussion and if any questions are remaining pending you can send it to our IR team and we will be answering those questions. We always organize some visit to the plant so you can be in touch with our add factor which is the agency who is dealing in all this. So we can organize their visit so you can see the products getting manufactured and we can have one more discussion on Face to Face. Thank you once again for joining this call and I hope you had a good time.
Thank you so much.
Operator
Ladies and gentlemen, on behalf of IC securities, that concludes this conference, thank you for joining us and you may not disconnect lines. Thank you.
Unidentified Participant
Thank you. Bye.