INOX India posts record Q3 revenue, PAT up 32%; export share rises to 62%
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INOX India Ltd. (INOXCVA) reported its highest-ever quarterly revenue and adjusted EBITDA for the third quarter ended December 31, 2025, driven by strong export growth, healthy order inflows, and robust demand across industrial gases, LNG, and scientific infrastructure segments.
The company’s board approved the unaudited results for Q3FY26, with adjusted Profit After Tax (PAT) rising 32.4% year-on-year to ₹68 crore. Quarterly revenue grew 27.4% YoY to ₹436 crore while adjusted EBITDA increased 34.2% to ₹102 crore.
Exports emerged as a key growth driver during the quarter, with the company reporting its highest-ever export revenue of ₹271 crore, accounting for 62% of total revenue. Order inflows during the quarter stood at ₹392 crore, taking the total order book to ₹1,457 crore, reflecting strong demand momentum across industrial and clean energy sectors.
For the nine months ended December 31, 2025, adjusted PAT rose 23.7% to ₹189 crore while adjusted EBITDA grew 23% to ₹281 crore. Revenue for the period stood at ₹1,157 crore, up 20% YoY. Exports during the nine-month period reached ₹679 crore, marking a 35.8% increase and contributing 59% to total revenue.
Industrial gases lead revenue contribution
The Industrial Gases (IG) division contributed 59% to overall revenue in Q3. The segment secured significant international orders, including an order from a leading US-based aerospace customer for two 1,000 cubic metre cryogenic storage tanks. Under its Cryoseal brand, the company received orders aggregating close to 20,000 liquid nitrogen containers and over 1,700 liquid cylinders during the quarter. It also secured high-value disposable cylinder orders, including more than 7 lakh units from a major US customer.
LNG segment gains traction
The LNG segment accounted for 25% of total revenue. During the quarter, INOX India secured an LNG marine fuel tank order from a European customer for two 150 cubic metre tanks, and LNG storage tank orders for an African terminal project comprising two 500 cubic metre tanks from a South Korean customer.
Domestically, the company’s LNG semi-trailers in operation crossed 250 units, commanding over 85% market share, with strong demand for its 46 KL LNG trailer. The company also commissioned a fully automated serial production line for LNG fuel tanks at its Kalol facility to meet rising demand from automotive OEMs.
Contributions by Cryo Scientific and Keg divisions
The Cryo Scientific Division (CSD), contributing 13% to revenue, secured repeat orders from ITER, France, covering installation and refurbishment works. The company also achieved key execution milestones, including cooling the Magnet Cold Test Bench to 4 Kelvin and completing the installation of Sector 3 inside the Tokamak pit.
The Keg Division, contributing 1.4% to revenue, received its first order from Heineken for the European market and gained approval from Molson Coors in the US. With approvals from Heineken, AB InBev, and Molson Coors, the company now services breweries representing over 40% of the global beer market.
The company CEO Deepak Acharya said the strong quarterly and nine-month performance reflects sustained execution momentum, rising global acceptance of its engineered cryogenic solutions, and growing opportunities across clean energy, scientific research, and industrial gas applications.