Synopsis: Multiple orders worth Rs.939 crore have been secured since May 21, 2026, spanning Industrial Gas, LNG, and Cryo-scientific segments, headlined by a Mega-category order from the space exploration industry in the Industrial Gas vertical, taking the consolidated order backlog to Rs. 1,514 crore as of Q4 FY26.
The global space economy is increasingly becoming a serious end-market for advanced cryogenic systems, and one of India’s leading cryogenic equipment manufacturers has just landed its biggest recent win from that sector a Mega-category contract that sits alongside a broader basket of orders spanning LNG fuelling, scientific applications, and beverage kegs.
With a market capitalization of Rs. 17,206 crore, the shares of INOX India Limited were trading at Rs.1,898 per share, up by 6 percent from the day’s low after the announcement, and they are trading at a P/E of approximately 66x.
Order Update
INOX India Limited has received multiple orders aggregating Rs. 939 crore since May 21, 2026, across its industrial gas, LNG, and Cryo-scientific business segments. The breakdown includes Rs. 871 crore in the Industrial Gas segment, Rs. 44 crore in LNG, Rs. 16 crore in Cryo-scientific solutions, and Rs. 8 crore in Beverage Kegs.
The standout win is a Mega-category order (above Rs. 150 crore) from the space exploration industry in the industrial gas vertical, reflecting growing global demand for mission-critical cryogenic systems in increasingly sophisticated applications.
The company also received Minor-category orders for vaporizers and storage tanks; multiple LNG segment orders covering storage tanks, dispensers, semi-trailers, and LNG fueling station equipment; a Minor order from ITER (the international nuclear fusion research project); and additional orders for disposable cylinders, liquid cylinders, transport tanks, and kegs.
Commenting on the wins, CEO Deepak Acharya noted that the orders reinforce the company’s position as a trusted global partner for mission-critical cryogenic solutions and that strong momentum in cryogenic technology adoption, particularly in the space sector, reflects growing global confidence in the company’s engineering and execution capabilities.
Financial Snapshot & Business Overview
INOX India Limited (INOXCVA) is a Vadodara-based manufacturer of cryogenic storage, regasification, and distribution systems for LNG, Industrial Gases, Liquid Hydrogen, and Cryo-scientific applications.
The company operates across India, Brazil, and Europe, serving customers across more than 100 countries through a network of after-sales support associates in 25 countries. Its key segments, Industrial Gas (49% of Q4 FY26 order backlog), LNG (28%), and Cryo-scientific (22%) are supported by a diversified customer base spanning energy, space, healthcare, and scientific research.
The company’s consolidated order backlog stood at Rs.1,514 crore as of Q4 FY26, up from Rs.1,356 crore in Q4 FY25, with order inflows for Q4 FY26 reaching Rs.504 crore, the highest quarterly inflow of FY26, including a high-value Rs.200 crore order from a major US private aerospace company. Average order inflow per quarter improved to Rs.421 crore in FY26 from Rs.383 crore in FY25, a growth of 9.9%.
The company reported full-year revenue of Rs.1,632 crore in FY26, up 21.2% year-on-year, with adjusted EBITDA of Rs.388 crore (up 20.2%) and adjusted PAT of Rs.261 crore (up 19.3%). Q4 FY26 saw revenue of Rs.475 crore, adjusted EBITDA of Rs.108 crore, and adjusted PAT of Rs.72 crore. Full-year EBITDA margin moderated slightly to 23.8% from 24% in FY25 due to higher material costs and Savli plant ramp-up expenses.
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