INOX India Ltd announces Q4 and FY25 Results

Vadodara/Mumbai, May 16, 2025: INOX India Ltd (INOXCVA) has released its unaudited financial results for the fourth quarter and full year ended March 31, 2025, as approved by the Board of Directors. The Company reported 55.5% year-on-year growth in Profit After Tax (PAT) to ₹66 Cr for Q4FY25. Quarterly revenue stood at ₹383 Cr, rising by 33% YoY. EBITDA for the quarter was at ₹95 Cr, up by 51.9%.  For the fourth quarter, exports accounted for 53% of revenue with export sales at ₹205 Cr, reflecting continued international demand. The Company secured order inflows totaling ₹364 Cr, taking total order backlog to ₹1356 Cr signifying positive market confidence and potential of industrial and clean energy sectors.

6For FY25, the Company’s PAT rose 15.4% to ₹224 Cr; revenue grew by 16.2% to ₹1354 Cr and EBITDA increased by 18.3% to ₹330 Cr. Exports contributed 53% to the full year revenue.

The Industrial Gases division remained the top revenue contributor at 61%. A significant order for Oxygen, Nitrogen, and CO2 IMO containers was secured from Australia, directly competing with Chinese suppliers. Progress in specialized helium dewar development anticipates strong FY26 demand. Conversion of 6 ethylene oxide transport trucks was completed, with an order for 25 more received, indicating continued niche demand. Nine tanks were delivered for a semiconductor major to Boise, USA, bolstering the semiconductor sector presence. The order to supply 5×690 KL cryogenic storage tanks for the world’s first commercial-scale Liquid Air Energy Storage (LAES) facility in Carrington, Manchester remained the highlight of FY25 for the Industrial Gases division.

LNG division contributed 19% of quarterly revenue. Entry into the U.S. market was marked by an order for 36 IMO 40-foot containers. Advancement in Indian Railways LNG adoption continued, with two fuel systems operational and four more under construction. Discussions with MSRTC for LNG bus fleet conversion are ongoing following successful demonstrations. A major achievement was the IATF certification for the mass manufacturing LNG fuel tank facility. The contract for setting up a Mini LNG Terminal for Island Power Producers at The Bahamas with a storage capacity of 15000 m3 LNG emerged as the biggest order for the LNG division, not just in FY25, but in its entire history.

The Cryo Scientific Division accounted for 16% of total revenue. India‘s first domestically developed MRI machine was installed at AIIMS Delhi. An order for advanced physics research equipment was secured from Wroclaw University/FAIR Germany. Collaborations with space start-ups are expanding, including an order for prototype testing equipment.

The Stainless-Steel Kegs global recognition grew with an outstanding 98% AbInBev global certification score. The Company’s range of kegs is now approved by ABInBev for global markets, besides an approval from Paulaner, Germany. An audit with another global major Heineken, is scheduled in Q1FY26. The increased export and domestic demand from breweries have driven keg volumes past 50,000 units across the US, Europe, and India collectively.

Deepak Acharya, Chief Executive Officer – INOX India Ltd said, “ We concluded FY25 with robust growth, surpassing our financial targets across all business segments, demonstrating robust growth in both our top and bottom lines, even sequentially. We have excelled on all parameters and that defines a monumental FY25 for us, which will be remembered for our endeavors which allowed us to expand our horizons beyond the ordinary. A key achievement was the successful commissioning of our Savli plant, which generated over ₹200 crore in turnover, showcasing our progress in operational excellence, leadership, and innovation. This milestone reflects our unwavering commitment to delivering sustainable, long-term growth, as well as value, while setting new benchmarks for performance across our verticals. Looking ahead to FY26, we are focused on driving growth in high-potential sectors such as hydrogen, helium, semiconductors, and ammonia, while continuing to meet the growing demand for air separation plant equipment. Our LNG division is strategically positioned to capitalize on emerging markets, newer applications, increasing adoption of LNG, and our ability to tailor customized solutions. The LNG segment would emerge as a growth-propellant for our business, fueling further expansion. Our Cryo Scientific division and Stainless-Steel Kegs are set to grow through pioneering innovations, securing global certifications, and responding to rising domestic demand, and newer applications. With a strong foundation built on expertise, sustainability, and a commitment to advancing engineering excellence, we are confident in our ability to lead in these dynamic markets. By staying ahead of industry trends and continuing to innovate, we are poised to accelerate growth and further expand our horizons, creating lasting value for all stakeholders.”

Consolidated Q4 & FY25 Financial Highlights (₹ crore)