INOX India (INOXINDIA) Q4 25/26 earnings summary

Executive summary

• Achieved record FY26 revenue of ₹1,632 Cr (up 21.2% YoY) and Q4FY26 revenue of ₹475 Cr (up 24.2% YoY).

• Adjusted EBITDA for FY26 was ₹388 Cr (23.8% margin), and Adjusted PAT was ₹261 Cr (16.0% margin), both showing strong YoY growth.

• Export revenue share rose to 62% in Q4FY26 and 59% for FY26, reflecting robust international demand.

• Order backlog at FY26-end stood at ₹1,514 Cr, with significant new orders from aerospace and marine sectors.

• Order inflow for Q4FY26 was ₹504 Cr.

Financial highlights

• Q4FY26 Adjusted EBITDA was ₹108 Cr (22.7% margin), up 13.4% YoY; Adjusted PAT was ₹72 Cr (15.1–15.2% margin).

• Material costs rose to 43.9% of revenue in Q4FY26, and employee costs increased due to new facility ramp-up.

• Full-year ROE was 23%, and ROCE was 23.8%.

• Net cash and bank balance remained stable at ₹257 Cr, with no net debt.

• Board recommended a dividend of ₹2 per share for FY26.

Outlook and guidance

• Strong demand outlook in hydrogen, LNG, and clean energy sectors, driven by global decarbonization and policy support.

• Management optimistic about growth in LNG infrastructure, aerospace, clean energy, and scientific infrastructure.

• Continued focus on export growth, product innovation, and expansion in clean energy infrastructure.

• Expansion plans include a new facility at Kandla to enhance manufacturing capacity and global reach.