INOX India Ltd.Record order book tops Rs. 1,686 crore even as logistics snarl delays dispatches

INOX India posted its highest-ever order book of Rs. 1,686 crore and highest-ever quarterly order inflow of roughly Rs. 532 crore, but revenue growth of 8.3% YoY to Rs. 382 crore fell short of the company's internal target of Rs. 410-415 crore after roughly Rs. 32-35 crore of ready equipment couldn't be shipped amid a sharp spike in freight rates -- container costs to Europe roughly doubled during the quarter -- and ship unavailability, concentrated on Middle East routes.

EBITDA margin came in at 23.5%, within the company's guided 21-24% band though below year-ago levels. Management reaffirmed its full-year guidance of 18-20% revenue growth, framing the shortfall as a one-off dispatch timing issue rather than a demand problem. The quarter brought a wave of high-profile wins: repeat cryogenic tank orders from a major space exploration customer, first-time orders from CERN and ITER, new LNG fueling-station and marine contracts, and approvals from three of the world's largest breweries for its keg business.

A new AS9100D aerospace certification opens the door to onboard flight components beyond ground-support equipment, and cumulative orders from a large US private space customer now exceed Rs. 1,000 crore. The new Kandla facility is targeted for readiness by December 2026 to mid-January 2027.