Inox India Q1 FY27 Results (NSE: INOXINDIA)
Signal: Margin pressure
The read
The operating trajectory has slowed from Q1FY26's 14.9% revenue growth to 9.1% in Q1FY27, while EBITDA growth decelerated to 1.4% and margin contracted 200bps to 23.4%; the counterweight is record quarterly order inflow of ₹532 crore and a ₹1,686 crore order book, including more than ₹1,140 crore of export orders, which should determine whether growth reaccelerates without further margin erosion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹370.79 Cr | +9.1% | N/A |
| EBIT | ₹77.18 Cr | N/A | |
| Net profit | ₹60.54 Cr | 0% | |
| EPS | ₹6.4 | -4.9% | |
| EBIT margin | 23.4% |
P&L walk
Consolidated revenue increased to ₹370.79 crore, +9.1% YoY, but EBITDA grew only 1.4% to ₹86.68 crore as the 23.4% EBITDA margin contracted 200bps YoY; PAT was flat at ₹60.54 crore and EPS declined 4.9% to ₹6.40.
Segments
No formal segment results table is provided, but Industrial Gases contributed 53% of revenue, LNG 22% and Cryo Scientific 20%; the order pipeline is broadening through aerospace, semiconductor infrastructure and global scientific customers.
Key positives
- Quarterly order inflow reached a record ₹532 crore, taking the order book to ₹1,686 crore and providing visibility against current-quarter revenue of ₹370.79 crore.
- Export revenue was ₹222 crore, or 58% of revenue, while export orders exceeded ₹1,140 crore, supporting international growth visibility.
- Order momentum is diversifying across aerospace cryogenic tanks, CERN and ITER scientific modules, semiconductor transportation tanks and LNG fuelling infrastructure.
- EBITDA remained ₹86.68 crore at a 23.4% margin despite revenue growth of 9.1% YoY; the margin remains above the 20% level recorded in Q1FY27's recent history.
Key concerns
- EBITDA grew only 1.4% YoY versus revenue growth of 9.1%, a 7.7 percentage-point growth shortfall accompanied by 200bps margin contraction to 23.4%.
- PAT was flat at ₹60.54 crore despite 9.1% revenue growth, showing limited conversion of order and revenue momentum into bottom-line growth.
- EPS declined 4.9% to ₹6.40 while PAT was flat, creating a dilution or minority-interest signal that requires reconciliation in subsequent filings.
Research and educational content only. Not investment advice.