INOX India544046Earnings call transcript

Call transcript: order backlog crossed INR2,200 crores, space sector orders about INR1,100 crores

Transcript of the Q2 FY27 earnings call is on record.

By ScoutQuest · Sat 7 Nov 2026, 5:01 PM IST · 3 min read

Order backlog: crossed INR2,200 crores, the highest in the company's history
Space sector orders: about INR1,100 crores
Beverage keg sales growth: grew about 446% year-on-year; keg order book about 155%

Order book at a record high

INOX India's order backlog crossed INR2,200 crores during the quarter, which management described as the highest level in the company's history. Orders from customers in the space sector make up about INR1,100 crores of that backlog. In the September quarter the company said it received a mega order for subcoolers from a U.S. space company, which it plans to manufacture at its Savli facility.

Order wins reported across the verticals

Industrial gas solutions: orders worth approximately INR60 crores from domestic players covering transportation equipment, train tanks and large storage tanks, plus repeat orders for disposable cylinders from the U.S. market and DOT cylinders from existing customers.
Liquid cylinders: after a revamp of the manufacturing unit, more than 1,500 liquid cylinders were dispatched in the first half of FY27, worth more than INR25 crores, as against 1,600 in the last year. Management said it is currently the only player with liquid cylinder manufacturing capabilities in the Indian market.
LNG solutions: a combined order for 40-plus LNG semi-trailers from various customers, orders aggregating approximately INR14 crores from a domestic customer for storage tank vaporisation systems and unloading pump kits, an LNG fueling station order from a city gas distribution company, and vertical tank vaporisers for a glass plant at Bharuch.
LNG rail applications: following the launch of an LNG train by Indian Railways, the company received 4 related orders, of which 2 have been dispatched.
Cryo-scientific and advanced engineering: approximately INR35 crores for specialised cryogenic equipment for the upcoming LIGO-India gravitational wave observatory project in Maharashtra, and approximately INR12 crores from a European customer for prefabrication of TCWS piping, currently under manufacturing.

Beverage kegs and the supply agreement

During Q2 FY27, beverage keg sales grew approximately 446% year-on-year and the beverage keg order book rose approximately 155% year-on-year. The company entered a 3-year global supply agreement with a leading global brewing company. The stated requirement for 2027 exceeds around 4 lakh kegs across 22 countries; management clarified this is the customer's overall requirement under the agreement and not the volume exclusively allocated to INOX India, as supplies are expected to be shared among multiple vendors, with the current allocation relating to 2027. The company is also targeting opportunities in the European market, Vietnam and Singapore.

Outlook indicated by management

Given the 3-year nature of the keg agreement, management sees potential to pursue additional business in 2028 and 2029, subject to customer requirements and further allocations.
Demand drivers across industrial gases, LNG infrastructure, aerospace, space applications, scientific research and semiconductor manufacturing were described as very encouraging.
The LNG-powered railway segment was described as a promising beginning of a new application area.

Operating environment

Management said the ongoing West Asia conflict has created additional challenges for the global economy, particularly in logistics and supply chains, making the operating environment more complex, and that the company is navigating this with a focus on execution, operational efficiency and customer commitments.

What a retail investor can take away

The transcript sets out where order inflows came from during the quarter and where the backlog stands. Most of the numbers shared are order values and backlog, not revenue already booked, and the 4 lakh keg figure is the customer's total requirement across vendors rather than the company's own share.

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