Earnings Call Transcript Analysis Report #
INOX India Limited Q4 & FY ‘25 Earnings Call Analysis #
Financial Performance #
Key Financial Metrics (Q4 FY25): #
- Revenue: INR 383 crores (up 33% YoY)
- EBITDA: INR 95 crores (up 52% YoY)
- PAT: INR 66 crores (up 55% YoY)
The total income for Q4 was INR383 crores, which grew by 33% Y-o-Y. The EBITDA was up by 52% stood at INR95 crores. Our quarterly PAT grew by 55% to INR66 crores.
Key Financial Metrics (FY25 Full Year): #
- Revenue: INR 1,354 crores (up 16.2% YoY)
- EBITDA: INR 330 crores (up 18.3% YoY)
- PAT: INR 224 crores (up 15.4% YoY)
The FY ‘25 income stood at INR1,354 crores, grown by 16.2% Y-o-Y. The EBITDA grew by 18.3% to INR330 crores. PAT grew by 15.4% to INR224 crores.
Comparison & Performance Notes: #
- Q4 FY25 revenue was slightly below the INR 400 crore expectation mentioned in the previous call, attributed by management to temporary disruption from U.S. tariffs causing customer confusion and delayed offtake.
I really said last time that this time will cross INR400 crores. But somehow I mean we are stuck up, say, around INR385 crores or something. Basically, we had again this – you say February and March, this tariff has really disturbed everybody.
- The company is debt-free and has a cash surplus of INR 261 crores as of March 31, 2025.
The total debt at the end of FY ‘25 is 0… The company has comfortable net cash – cash surplus of INR261 crores as on March 31, 2025.
Revised Guidance or Forecasts (FY26): #
- Revenue Growth: 18% to 20%
- EBITDA Margins: 22% to 24%
- PAT Margins: 15% to 18%
- Segment Growth: IG sector 16-18%, LNG and CSD over 20%.
Looking ahead, we are optimistic about FY ‘26. We are targeting revenue growth of around 18% to 20%, while maintaining the strong EBITDA margins in the range of 22% to 24% and PAT margin of 15% to 18%. Segment-wise, we anticipate 16% to 18% growth in IG sector and over 20% growth in LNG and CSD.
Areas of Growth: #
- All segments showed growth. Industrial Gas Solutions saw order inflow up 25.5% in Q4 FY25. LNG and Cryo Scientific Division (CSD) are expected to see over 20% growth in FY26. Stainless steel kegs division is becoming a meaningful contributor.
- FY25 Beer Kegs Revenue: INR 27 crores.
Beer kegs, we did INR27 crores in FY ‘25
- FY25 Disposable Cylinders Revenue: INR 129 crores.
…disposable is around INR129 crores…
Order Book: #
- As of March 31, 2025: INR 1,356 crores (IG: 47%, LNG: 36%, CSD: 17%). Exports comprise 64%.
- Q4 Order Inflow: INR 364 crores (IG: 69%, LNG: 20%, CSD: 11%).
Order book as on March 31, 2025 was INR1,356 crores with 47% from industrial gas, 36% from LNG and 17% from Cryo Scientific Division. Exports comprised 64% of our total order backlog.
Strategic Initiatives & Business Updates #
Major Strategic Announcements: #
- Successful commissioning of the Savli plant, which surpassed INR 200 crore turnover in its first year.
Savli plant is now fully commissioned and has surpassed INR200 crore turnover in its very first year of operation.
- Manufacturing India’s first indigenously designed 4K helium cryostat for an MRI magnet system, installed at AIIMS Delhi.
INOX India has played a pivotal role in this initiative by manufacturing the country’s first indigenously designed 4K helium cryostat for MRI magnet system…
- Achieved IATF 16949 certification for cryogenic fuel tanks, a key requirement for automotive OEM suppliers.
INOX India has become the first Indian company to receive the IATF 16949 certification for cryogenic fuel tank.
New Products, Services, or Markets: #
- Secured first order for oxygen, nitrogen, and CO2 IMO containers from Australia.
…securing an order from Australia for oxygen, nitrogen and CO2 IMO containers, our first of its kind…
- Entry into 40-feet IMO containers for LNG with an order from a U.S.-based customer.
- Developed specialized liquid helium containers (Helium Dewars), expecting demand to scale in FY26.
- Successfully developed and commissioned Gen 2 LNG fuel tank for vehicles; received requests for over 1,500 units for FY26 delivery.
- Stainless Steel Kegs: Gained ABInBev global certification (98% score) and Paulaner Brewery (Germany) approval. Heineken approval in final stages.
…stainless steel kegs division has gained significant global recognition marked by our recent achievement of ABInBev global certification…received approval from Paulaner Brewery in Germany and are in the final stage of obtaining approval from Heineken.