Record backlog masks Q1 revenue miss; execution risk on mega orders

₹382 Cr revenue, +8.3% YoY; FY27 target is 18–20% annual

Call confirms ₹532 Cr Q1 inflow vs ₹450–500 Cr prior guidance

₹90 Cr EBITDA on ₹382 Cr revenue = 23.5%, within guidance

Call confirms ₹1,686 Cr, up from ₹1,514 Cr (FY26 guidance base)

Even with ₹32–35 Cr add, ₹382 Cr + ₹33 Cr = ₹415 Cr. Prior YoY base was ₹353 Cr; ₹415/₹353 = 17.6%, near-miss on 18% floor

Prior ₹450–500 Cr guidance; Q1 delivered ₹532 Cr. Management hints ₹530–550 Cr sustainable due to pipeline mega-orders (aerospace, LNG, semicon).

AS9100D certification now qualifies INOX for onboard flight systems, not just ground equipment. Propellant tanks, heat exchangers now in scope. Prior TAM limited; now competing for fastmovers like ISRO, private space.

Q1 +9.2% YoY vs 18–20% annual target. Management reaffirmed guidance citing logistics delays; no cut. But execution risk evident.

Global LNG prices down; diesel–LNG delta widened. Government, PSUs, automotive industry now pushing LNG fueling stations, marine, CGD. Bahamas mini-LNG commissioning underway; 2 additional Caribbean orders booked.

Previously qualified for ground equipment only. Now eligible for propellant tanks, heat exchangers, onboard systems. ISRO, private startups, LVM3 manufacturing all in scope. Stringent eligibility criteria will limit competition.

Skill center addresses fab + OSAT need. Micron, Foxconn, Tata Assam, Tata Dholera all require high-purity (5N–6N) cryogenic equipment and 200–300 skilled workers per fab. First batch qualified now; shipping to semicon projects. Huge potential.

Yes, slightly. Many lumpy projects in pipeline (aerospace, mini-LNG terminals). If realized, growth will be much higher than anticipated. Hopeful but not committing to new number.

₹32–35 Cr equipment couldn't dispatch due to logistics (freight $3k→$9k, ship availability). Without that, would be 18–20% range. EBITDA margin 23.5%, within 21–24%. On track for annual guidance despite Q1 shortfall.

Both Cryo and Keg shops at full production. Keg capacity 300,000 units; currently 30% utilized. Expect 50–60% by EOY with approvals from Heineken, AB InBev, Molson Coors. Repeat orders expected.

Equipment supplied but new project initiation delayed due to regulatory issues on their end. Already bid for all their projects; products agreed by customer. Waiting for their closure.

>₹1,000 Cr total order from U.S. company across Q4 FY26, Q1, Q2 FY27. Timeline ~2 years (end FY28 delivery). Kandla and Savli facilities will manufacture. This year: percentage completion basis; next year: dispatch stage.

Domestic IG market growing 15–18%. Steel plants, semiconductors, chemicals, petroleum, healthcare all putting new capex. Mission-critical nature of equipment favors experienced players like INOX. Stringent eligibility criteria protect moat.

Frozen line now, doing additional review with consultants. Prototype development will start once clarity obtained. Commercialization 1–1.5 years away.

Microfactory cost will be <₹10 lakh (vs ₹1 Cr globally). Can produce 20,000 liters/day, serve ~1,000 people. Uses INOX kegs for water circulation. Will target both domestic (India) and export. Dubai pilot already operational. First module design complete; construction 6–8 months.

Yes. Yearly basis we are confident. Working with customers to plan properly. Problem is not long-term. Q1 we are not done, Q2 we'll execute. Revenue-wise, 18–20% target firm.

Q1 delivered +9.2% YoY (+8.3% from call). Management attributes ₹32–35 Cr logistics deferral to timing, not fundamentals. H2 execution critical to close 9 pt gap.

Q1 achieved 23.5%, within range. Favorable business mix and operational efficiency offsetting keg facility underutilization.

Civil work in progress, PEB structures ordered, major machines ordered. Timeline firm; will support aerospace/LNG capex ramp.

U.S. private space company >₹1 Cr order involves propellant tanks, heat exchangers, first-of-their-kind. Prototype delays, customer requirement changes, manufacturing complexity could slip timelines or compress margins.

Freight rates EU-bound containers tripled ($3–4k → $8–9k). Customers deferring shipments to wait for rate reduction. Q1 impacted by ₹32–35 Cr deferred equipment. If sustained, will drag H2 execution.

U.S. private space company accounts for >₹1 Cr backlog (estimated ~60% of ₹1,686 Cr backlog, based on disclosed >₹1 Cr + ₹400 Cr aerospace cited). Delays, order cancellations, or scope reductions would materially impact FY27–28 revenue.

Entered semicon in last 2–3 quarters. Dholera project order ~₹30 Cr (modest). Micron, Foxconn, Tata Assam projects all in execution phase. Fab delays, capex deferrals, or shifting requirements would push semicon revenue timelines out.

Savli keg facility designed for 300,000 unit capacity. Currently at 30% utilization. Fixed costs (employee base, depreciation) are high relative to revenue. If brewery order ramp slows or demand softens, margins will compress further.