Synopsis: A cryogenic equipment maker with three decades of manufacturing experience is now supplying gear for satellite launches, fusion research reactors, and next-generation clean fuel infrastructure, betting on diversification to power its next leg of growth.
Cryogenic technology, once mostly linked to industrial gas storage, is finding takers in some of the world’s most futuristic sectors. From space launch pads to nuclear fusion labs, demand for equipment that can handle extreme cold is rising fast. One Gujarat-based manufacturer has spent years building the engineering muscle to serve this expanding list of use cases, and its recent order book shows just how far that bet has traveled.
Shares of INOX India Limited, with a market capitalization of Rs.18,969 Crore, closed at Rs.2093.80 i.e. around 4.51% above its previous closing price of Rs.2003.4. It trades at a P/E ratio of 70.51.
From ISRO Launch Pads To ITER’s Fusion Reactor
INOX India has a dedicated cryo-scientific division that builds equipment for India’s space programme and global fusion research. For ISRO, the company supplies key systems used at rocket launchpads, including fuel filling systems and testing equipment for launch and engine trials. Its association with ISRO dates back to 2006, when it installed a thermal vacuum system, and its work has continued through later launch pad projects.
On the fusion side, the company contributed to the International Thermonuclear Experimental Reactor project, the world’s largest fusion research initiative, by manufacturing and installing cryogenic piping systems in 2021, and later won a large order in 2025 to repair part of ITER’s core structure.
The company notes that ITER’s cryogenic requirements are expected to grow as it moves towards “First Plasma” in 2035, while global fusion research overall has drawn more than $7 billion in funding across 40-plus startups and public projects.
Clean Energy Push: LNG And Hydrogen In Focus
Beyond space and fusion, the company is positioning itself around the broader clean energy transition. It says hydrogen demand is projected to exceed 6 million tonnes annually by 2030 and global hydrogen trade could reach 53 million tonnes by 2050.
The company entered the liquid hydrogen space as far back as 1999 and currently offers end-to-end solutions for hydrogen storage and transportation across a range of sizes.
On LNG specifically, the company points to Shell’s projection of roughly 60% growth in LNG demand by 2040, driven by cost-based fuel switching and emissions targets. For FY26, the company’s LNG segment posted its highest-ever annual revenue of ₹457 crore.
It also flagged the Petroleum and Natural Gas Regulatory Board’s estimate that LNG-fuelled trucks in India could rise from 50,000 in 2030 to 5,00,000 by 2040 under a faster-adoption scenario.
Order backlog data shows the diversification playing out numerically. As of March 2026, Industrial Gas made up 49% of the ₹1,514 crore order backlog, LNG 28%, and Cryo Scientific 22%.
During the March quarter alone, the company received a high-value order from a US space company for large-size tanks and an order for marine fuel tanks from Cochin Shipyard tied to India’s first LNG ship order.
Betting On Data Center Cooling As Next Growth Avenue
The company has signed an MoU with a European technology partner to jointly develop liquid nitrogen-based cooling solutions for data centers, aimed at high-density computing and AI workloads.
Management described it as an early-stage R&D initiative, expecting meaningful progress over the next 6-12 months. The company would provide the cooling solution while the partner manufactures racks and related systems, together offering a combined solution to customers.
Strong Show On Revenue, Margins Hold Steady
FY26 consolidated revenue rose 21.2% to ₹1,632 crore from ₹1,347 crore in FY25, marking the company’s highest-ever annual revenue. Adjusted EBITDA for the year grew 20.2% to ₹388 crore, translating into a margin of 23.8%, while adjusted PAT rose 19.3% to ₹261 crore, giving a margin of 16.0%.
For the March quarter, revenue climbed 24.2% year-on-year to ₹475 crore from ₹383 crore in the same quarter last year, also a record high. Adjusted EBITDA for the quarter grew 13.4% to ₹108 crore from ₹95 crore, while adjusted PAT rose 9.0% to ₹72 crore from ₹66 crore. The slower pace of profit growth compared to revenue growth in the quarter was largely on account of higher input and operating costs during the period.
Looking Ahead
The financials suggest that INOX India’s push into space, fusion, and clean energy applications is not just a narrative exercise – it is showing up in order books and revenue mix. With a debt-free balance sheet, a record order backlog, and steady margins even through a capacity expansion phase, the company appears to be building runway for its next phase of growth. Whether the newer segments can scale fast enough to move the needle on overall revenue in a meaningful way is something investors will likely watch over the coming quarters.
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