INOX India Limited (INOXINDIA) Q2 FY27 Financial Results: PAT ₹61 & Revenue ₹382 Cr(2 announcements)

Investor Takeaways

Overall Tone: Neutral

Key Financial Highlights

What Changed

The company reported Q1 FY27 revenue of ₹382 Cr, reflecting an 8.3% year-on-year increase. Net profit remained flat at ₹61 Cr compared to the previous year, while EBITDA grew marginally by 1.4% to [amount context mismatch] Cr. Export revenue accounted for 58% of total sales, amounting to ₹222 Cr, underscoring reliance on international markets. The order inflow for the quarter reached ₹532 Cr, contributing to a cumulative order book of ₹1,686 Cr, which signals strong pipeline visibility. Key growth drivers included the Industrial Gases and LNG divisions, supported by new partnerships in sustainable water solutions and semiconductor skill development. The company secured significant orders from global aerospace entities including CERN and ITER, and obtained AS9100D certification, enhancing its credibility in regulated sectors. These developments reflect expanding addressable markets in clean energy and advanced manufacturing. The results indicate robust international demand and order book strength, although profitability metrics remained stable without significant improvement. The stock is trading at a P/E ratio of 63.58, suggesting premium valuation relative to peers.

Peer Comparison

INOX India trades at a P/E ratio comparable to BEL but lower than Cummins India, while its order book scale is significantly smaller than the large-cap peers.

INOX India demonstrates stronger near-term order momentum compared to peers, though valuation remains elevated relative to earnings growth.

Risks & Concerns

Quarterly Trend

The company has demonstrated consistent revenue growth over the last four quarters, with OPM expanding from 19.27% in Q4FY24 to 23.69% in Q1FY27. Net profit has risen steadily from ₹44.08 Cr in Q4FY24 to ₹61 Cr in Q1FY27, indicating improving operational efficiency. Revenue growth accelerated to 8.3% YoY in Q1FY27 from 7.5% in Q3FY25, reflecting stronger demand execution. EPS increased to ₹6.43 in Q1FY27 from [amount not verified]in Q1FY25, driven by higher margins and volume growth. The upward trend in profitability ratios suggests effective cost management and operational scaling. The order book of ₹1,686 Cr provides visibility into future revenue streams, supporting sustained growth momentum. The company’s focus on high-value segments like aerospace and semiconductors positions it for margin expansion over time. Export growth remains a key driver, with international sales contributing over half of total revenue. The results reflect a company in transition toward higher-margin, technology-driven segments with global exposure.

About INOX India Limited (INOXINDIA)

Capital Goods · Industrial Products · Listed on NSE

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