Vadodara: INOX India Ltd (INOXCVA) has released its unaudited financial results for the third quarter ended December 31, 2025, as approved by the Board of Directors. The Company reported 32.4% year-on-year growth in adjusted Profit After Tax (PAT) to ₹68 Cr for Q3 FY26. Quarterly revenue stood at ₹436 Cr, rising 27.4 % YoY. Adjusted EBITDA for the third quarter was at ₹ 102 Cr, up by 34.2%. The Quarter witnessed the Company reporting its highest ever Quarterly Revenue and Quarterly adjusted EBITDA.
Demonstrating a stellar export performance, Company reported its highest ever Export Revenue at ₹ 271 Cr accounting for a 62% share in total revenue, reflecting continued international demand. The Company secured order inflows totaling ₹ 392 Cr, taking total order book to ₹ 1457 Cr signifying positive market confidence and potential of industrial and clean energy sectors.
During nine months ended Dec 31, 2025, adjusted PAT rose 23.7% to ₹ 189 Cr; adjusted EBITDA grew 23.0% to ₹ 281 Cr and Revenue stood ta ₹ 1157 Cr, up 20.0%. Exports for the nine months was at ₹ 679 Cr, up 35.8% YoY, contributing 59% to total revenue for the period.
Industrial Gases: The IG division contributed 59% to the overall revenue during the quarter. The IG segment delivered a strong quarter with significant international order wins, including an order from a leading US-based aerospace customer for two cryogenic storage tanks of 1,000 cubic metres each, liquid nitrogen container orders under the Cryoseal brand aggregating close to 20,000 units during the quarter, liquid cylinder orders exceeding 1,700 units. In disposable cylinders, we secured high value order during the quarter. This includes orders exceeding 7 lakh disposable cylinders from a major US customer during the quarter, highlighting sustained demand and our ability to remain competitive in challenging trade environments.
LNG: The LNG segment, which contributed 25% to overall revenue. During the quarter, the Company secured an LNG marine fuel tank order from a European customer for two tanks of 150 cubic meters each and also received orders for LNG storage tanks for an LNG terminal project in Africa, comprising two tanks of 500 cubic meters each, from a South Korean customer. In India, LNG semi-trailers supplied by the Company crossed over 250 units in operation, commanding a market share of over 85%, with strong demand for the 46 KL LNG trailer. During the quarter, the Company commissioned a fully automated serial production line for LNG fuel tanks at its Kalol facility to cater to increasing demand from automotive OEMs.
Cryo Scientific Division (CSD): The Cryo Scientific Division (CSD) contributed 13% to overall revenue. During the quarter, the Company received repeat orders from ITER, France, covering installation works for X, Y and W cryogenic and warm lines, refurbishment of the lower cryostat thermal shield, and fabrication and installation of bio shield shimming plates. During the period, the Company successfully cooled down the Magnet Cold Test Bench to 4 Kelvin and completed the lowering and installation of Sector 3 inside the Tokamak pit, marking key execution milestones in complex global scientific infrastructure projects.
The KEG Division: The Keg Division contributed 1.4% to total revenue during the quarter. During the period, the Company received its first-ever order from Heineken for the supply of kegs to the European market and was also approved by Molson Coors in the United States. With approvals from Heineken, AB InBev, and Molson Coors, the Company is now approved by global breweries representing over 40% of the global beer market, significantly strengthening its position in the international beverage kegs market.
Deepak Acharya, Chief Executive Officer – INOX India Limited, added, “Our Q3 & 9M FY26 performance reflects sustained execution momentum across our diversified businesses, supported by robust order inflows, deepening customer engagements, and increasing acceptance of our engineered cryogenic solutions across global markets. The continued confidence in our capabilities is evident from key wins during the quarter, including cryogenic storage tank orders from a leading US-based aerospace customer, growing traction across LNG marine and terminal applications, and repeat orders from ITER, France for complex scientific infrastructure scopes. The strategic progress in our Beverage Kegs business, marked by our first-ever order from Heineken and approvals from global brewing majors, further strengthens our long-term growth visibility. With a strong export orientation, expanding global footprint, and increasing share of high-value engineered products, we remain well positioned to capitalize on opportunities across clean energy, scientific research, and industrial gas applications, while continuing to deliver sustainable value to all stakeholders. We are confident that the
settlement of India’s bilateral agreements with major economies will boost the sentiment, and add further momentum to our business verticals.”
The company made a resounding mark on the global stage, securing two prestigious honours at the inaugural Gasworld Global Innovation Awards in Bangkok. It was recognised for the “Most Impactful ESG Initiative”, celebrating its enduring legacy of responsible and sustainable growth, and for “Innovation in Distribution” for launching India’s first ultra-high purity Ammonia ISO tank container.
