INOX India Ltd (BSE: 544046 / NSE: INOXINDIA) reported record quarterly revenue and profitability for the quarter ended December 31, 2025, supported by strong export performance, higher order inflows and execution across industrial gases, LNG and cryo-scientific businesses.
For Q3 FY26, consolidated revenue rose 27.4% year-on-year to ₹436 crore, while adjusted EBITDA increased 34.2% to ₹102 crore. Adjusted profit after tax climbed 32.4% to ₹68 crore, according to the company’s earnings release.
Business overview
INOX India manufactures cryogenic storage, regasification and distribution systems used across LNG, industrial gases and cryo-scientific applications. The company operates globally, serving customers in more than 100 countries with manufacturing and engineering capabilities in India, Brazil and Europe.
Its operations are divided into four core business segments: Industrial Gases, LNG, Cryo Scientific Division (CSD) and Kegs, supporting industries ranging from energy and healthcare to global scientific infrastructure.
Financial performance — Q3 FY26
Revenue for Q3 FY26 increased to ₹436 crore from ₹342 crore in Q3 FY25. Adjusted EBITDA grew to ₹102 crore from ₹76 crore, while adjusted PAT rose to ₹68 crore from ₹51 crore.
The company reported its highest-ever quarterly revenue, adjusted EBITDA and export revenue during the quarter. Export revenue stood at ₹271 crore, accounting for 62% of total revenue.
Nine-month performance (9M FY26)
For the nine months ended December 31, 2025, revenue increased 20% year-on-year to ₹1,157 crore. Adjusted EBITDA rose 23% to ₹281 crore, while adjusted PAT increased 23.7% to ₹189 crore.
Export revenue for the nine-month period was ₹679 crore, contributing 59% to total revenue and growing 35.8% year-on-year.
Order book and operating performance
Order inflows during Q3 FY26 stood at ₹392 crore, taking the total order book to ₹1,457 crore.
The Industrial Gases division contributed 59% of quarterly revenue and secured international orders including cryogenic storage tanks for a U.S.-based aerospace customer and large-volume cylinder orders. The LNG segment contributed 25% of revenue, supported by marine fuel tank orders and LNG terminal projects in Europe and Africa.
The Cryo Scientific Division accounted for 13% of revenue, with repeat orders from ITER, France, while the Keg business contributed about 1.4% and received its first order from Heineken and approvals from global brewing companies.
Key developments
During the quarter, INOX India commissioned an automated serial production line for LNG fuel tanks at its Kalol facility to cater to demand from automotive OEMs. The company also received two global recognitions at the Gasworld Global Innovation Awards in Bangkok for ESG initiatives and innovation in distribution.
Risks and constraints
The company’s financial statements include exceptional items related to arbitration expenses and prior settlement income, and note that changes under India’s new labour codes resulted in one-time employee benefit impacts.
Operational performance remains linked to execution timelines, export demand, and industrial and clean energy project activity across global markets.
Management commentary
Management stated that performance reflected strong execution momentum, increasing international demand, and growing acceptance of engineered cryogenic solutions across clean energy and scientific applications.