INOX India Order Book Hits Record ₹1,686 Crore in Q1 FY27; Export Orders Cross ₹1,140 Crore

INOX India order book: INOX India Limited reported its highest-ever order inflow of approximately ₹532 crore in Q1 FY27, taking the company’s total order book to a record ₹1,686 crore as of June 30, 2026.

The record order book provides strong revenue visibility for the coming quarters and highlights growing demand for the company’s cryogenic and specialised engineering products across industrial gases, aerospace, LNG, semiconductors and scientific research.

INOX India Order Book: Key Numbers

Particular	Q1 FY27
Q1 order inflow	₹532 crore
Total order book	₹1,686 crore
Export order book	₹1,140 crore
Export share of order book	68%
Aerospace orders received from one U.S. customer	₹1,000 crore
Order book as of June 30, 2026	₹1,686 crore

The company said that its export order book has crossed ₹1,140 crore, accounting for roughly two-thirds of the total order backlog. This indicates strong international demand and provides diversification beyond the domestic market.

Aerospace Becomes a Major Order-Book Driver

A major contributor to INOX India’s recent order momentum has been the global aerospace and space sector.

Management said that the company has received cumulative orders of more than ₹1,000 crore from a U.S. private aerospace customer across the fourth quarter of FY26, Q1 FY27 and the early part of Q2 FY27.

These are large, specialised equipment orders with an estimated execution period of around one to two years. The company expects most of the equipment to be delivered by the end of FY28.

Management also indicated that the current-year execution will be recognised on a percentage-of-completion basis, while dispatches are expected to become more significant in the following year.

Aerospace Order Book Could Expand Further

INOX India believes the aerospace opportunity could extend beyond the current orders.

The company has received AS9100D aerospace quality certification, which enables it to bid for a wider range of aerospace applications, including onboard flight equipment.

Management highlighted potential opportunities in areas such as propellant tanks and other specialised aerospace equipment. The company is also engaging with ISRO, private space companies and other organisations as India’s private space ecosystem expands.

The company believes its existing experience in ground-support equipment, combined with the new certification, improves its eligibility for higher-value aerospace opportunities.

Industrial Gas Orders Remain Strong

The Industrial Gas Solutions business recorded several important order wins during Q1 FY27.

One of the major orders came from the space exploration industry for eight large 1,500-cubic-metre cryogenic storage tanks. The company subsequently received orders for another six cryogenic tanks from the same customer.

These repeat orders are significant because they demonstrate customer confidence in INOX India’s ability to manufacture large, highly specialised cryogenic equipment.

The company is also seeing opportunities from steel, healthcare, chemicals, petroleum, semiconductor and other industrial sectors.

Management expects the non-aerospace industrial gas business to grow at approximately 15%–18%.

Semiconductor Orders Emerging as a New Growth Area

Semiconductor manufacturing is becoming another important opportunity for INOX India.

During the quarter, the company received orders for storage and transport equipment for semiconductor manufacturing facilities being developed in Dholera.

Management said it has supplied equipment to projects involving Micron, Foxconn and Tata, among others.

The company also received approximately ₹30 crore-plus of orders from the Dholera project for tanks, storage and transportation equipment.

INOX India believes the semiconductor opportunity could become significantly larger as India’s domestic semiconductor manufacturing ecosystem develops.

LNG Order Pipeline Shows Improvement

The LNG Solutions business is also seeing renewed demand.

Management said lower global LNG prices have improved the economic attractiveness of LNG as a transition fuel, supporting increased investment in LNG fuelling infrastructure.

During Q1 FY27, INOX India received orders from customers including Sabarmati Gas, Ultra Gas and BPCL for LNG fuelling stations.

The company also secured orders for LNG semi-trailers and is seeing potential demand from the marine sector.

Management said it has received requests for quotation from multiple PSUs covering approximately 20–25 LNG fuelling stations.

The company also expects opportunities from LNG-based shipbuilding as India’s marine and shipbuilding ecosystem expands.

International LNG Projects Add to Order Visibility

INOX India’s LNG business is also expanding internationally.

The company’s Bahamas mini LNG terminal project is progressing, with the first batch of large storage tanks already delivered to the project site and installation underway.

Following the Bahamas project, the company has received two additional orders in nearby islands—Eleuthera and Great Abaco.

The company is also executing an LNG fuel tank project for Cochin Shipyard, strengthening its presence in India’s emerging marine LNG segment.

Cryo-Scientific Orders from CERN and ITER

The Cryo-Scientific division secured specialised orders from globally recognised scientific institutions during the quarter.

INOX India received an order from CERN for highly specialised cryogenic modules used in advanced particle-physics research.

The company also received another order from ITER France, extending its relationship with one of the world’s largest fusion-energy research programmes.

These projects are strategically important because only a limited number of companies globally have the engineering and manufacturing capabilities required for such highly specialised cryogenic systems.

Current Order Book Mix

During the earnings call, management indicated that approximately ₹400 crore of the current order book was related to aerospace, with the balance coming from industrial gas, LNG and Cryo-Scientific businesses.

Segment	Order Book / Opportunity Commentary
Aerospace	~₹400 crore of current order book; cumulative orders from one U.S. customer exceed ₹1,000 crore
Industrial Gas	Strong order wins, including large cryogenic tanks
LNG	Orders from fueling stations, semi-trailers and marine applications
Cryo-Scientific	CERN and ITER orders; several projects under bidding
Semiconductors	New orders from Dholera and other semiconductor projects
Beverage Kegs	Repeat orders from global brewery customers

Management noted that LNG and Cryo-Scientific order intake has been temporarily affected by customer delays, regulatory approvals, and geopolitical factors. However, the company expects several projects currently under bidding to materialise over the next one to two quarters.

Order Intake Guidance Could See an Upside

INOX India had previously indicated an order intake guidance of approximately ₹450 crore–₹500 crore.

When asked whether the strong order inflow warranted an upward revision, management said order intake could be slightly higher because of the possibility of large, lumpy projects, including aerospace and mini-LNG terminal orders.

Management said several such projects are currently in the pipeline and, if awarded, could result in growth exceeding earlier expectations.

Domestic and Export Orders

Although recent order growth has been led strongly by exports, management expects the company’s normal domestic-international mix to remain broadly around 60:40.

Domestic opportunities remain across:

• Steel
• Healthcare
• Semiconductors
• Chemicals
• Petroleum
• Industrial gases
• LNG
• Infrastructure

Management noted that domestic ordering tends to be somewhat slower during the first and second quarters, but expects opportunities to improve as the year progresses.

Strong Order Book Supports Revenue Visibility

The record ₹1,686 crore order book provides a substantial revenue pipeline for INOX India.

However, the company highlighted that the timing of revenue recognition can vary depending on the nature of the project. Large aerospace projects, for example, have execution periods of up to two years.

Management expects aerospace order execution to begin contributing from the third or fourth quarter of FY27, with a larger portion carried into FY28.

The company continues to maintain its FY27 revenue growth guidance of approximately 18%–20%, despite logistics-related disruptions that affected some Q1 dispatches.

Logistics Disruptions Delayed Some Q1 Dispatches

INOX India said approximately ₹32–35 crore of equipment was ready for dispatch during Q1 but could not be dispatched because of logistics issues, higher freight rates and shipping availability.

Management said freight rates for some international routes had increased significantly, leading some customers to defer deliveries while waiting for freight costs to normalise.

Despite these short-term disruptions, management remains confident in achieving its 18%–20% revenue growth guidance for FY27.

Kandla Facility to Support Future Order Execution

The company is also expanding manufacturing capacity at Kandla.

Civil construction is progressing, while pre-engineered building structures and major machinery have already been ordered.

Management expects the Kandla facility to be operational by December 2026 or January 2027.

The additional manufacturing capacity will be particularly relevant for executing large aerospace orders and supporting the company’s expanding order pipeline.