Thank you, Ira. Good morning, everyone.

On behalf of ICICI Securities, I welcome you all to the Q3 FY '26 earnings call of INOX India Limited. Today, we have with us from the management Mr.

Deepak Acharya, CEO; Mr. Pavan Logar, CFO.

We will begin with the opening remarks from the management, which will be followed by Q&A. Thank you, and over to you, sir.

Thank you, Mohit. Good morning, everyone.

I welcome all our shareholders, investors, analyst friends to our Q3 and nine-month FY '26 earnings call of INOX India Limited. I trust you had the opportunity to review our results, earnings release, and investor presentation, which are available on the stock exchange and our website.

Joining me today is our CFO, Pavan Logar, who will later take you through the detailed financial performance, following which we will open the floor for the questions. Macro and industrial context: As we move towards the close of FY '26, India's macroeconomic outlook remains robust, supported by strong domestic fundamentals and sustained policy focus.

Amid a period of global uncertainty, India has emerged as a relative bright spot, offering a narrative of resilience and cautious optimism. As per the first advance estimate released by the National Statistics Office, real GDP growth for FY '25-26 is estimated to be 7.4%, higher than the previous year of 6.2%, underpinned by resilient consumption, steady investment activity, and continued infrastructure momentum.

Growth continued to be led by the service sector, which remains the primary engine of the economy, while manufacturing and constructions are expected to grow at around 7% from 5.25% previous year, reflecting stable momentum in the secondary sector. Healthy growth of private consumption and gross fixed capital formations highlights sustained demand and investment confidence.

These trends remain well aligned with the INOX India strategic focus on cryogenics, LNG, industrial gases, scientific infrastructure, and beverage packaging solutions. We are well-positioned to play a meaningful role in India's economic expansion, supporting the cryogenic demands of growing manufacturing base.

Business performance overview: The third quarter and the first nine months of FY '26 reflects sustained execution momentum for INOX India, supported by robust order inflows, deeper customer engagements, and increasing acceptance of our products across the globe. Our diversified business model, strong export orientation, and focus on technologically complex and high-value products continue to strengthen our competitive position and a long-term growth visibility.

Now, I will take you through the segmental highlights. The industrial gas solutions: Industrial gas segment delivered an outstanding performance during Q3 and the first nine months FY '26, marked by record order wins, volume growth, and global recognition.

During the quarter, we received an order from a leading US-based aerospace company for two cryogenic storage tanks 1,000 cubic meters each. This order underscores the customer confidence in INOX India's engineering capabilities and product reliability in highly critical applications.

We achieved the highest-ever quarter order intake for our liquid nitrogen containers product category under the brand name CryoSeals, with an order quantity close to 20,000 units in Q3. CryoSeals orders for the first nine months reached to excess of 50,000 units, exceeding the volume achieved in the entire previous financial year.

Liquid cylinders demand also remained exceptionally strong. During the quarter, we received orders exceeding 1,700 liquid cylinders, taking the cumulative nine-month figures to more than 2,300 units, representing the highest-ever volumes for the product line.

In disposable cylinders, we secured high-value order during the quarter despite the tariff. This includes order exceeding 7 lakh disposable cylinders from a US customer during this quarter, highlighting sustained demand and our ability to remain competitive in challenging trade environment.

LNG solutions: The LNG segment continued its strong growth trajectory during Q3 and the first nine months of FY '26, supported by rising adoption of LNG as a clean and cost-effective fuel across marine, industrial, and transportation applications. During the quarter, we received an LNG marine fuel tank order from a European customer for two tanks of 150 cubic meters each.

The marine segment is regaining momentum globally with an increasing number of vessels being converted to LNG, creating a long-term demand opportunities. We also secured orders for LNG storage tanks for LNG terminal project in Africa, comprising of two tanks of 500 cubic meters each from South Korean customer.

In India, we crossed a significant milestone with over 250 LNG semi-trailers now operating on Indian roads, commanding a market share of over 85%. Strong traction continue for our most efficient 43-kL LNG trailer.

In the US, we introduced 48-cubic-meter LNG semi-trailer with DOT approval, opening up a new opportunities in North America market. On the LNG fuel tank front, we also commissioned a fully automated serial production line for LNG fuel tanks at our Kalol plant to meet the stringent quality requirement of automotive OEMs in India.

We are witnessing encouraging traction from OEMs, and we expect this momentum to translate into a stronger demand in the coming quarters. I am happy to share that our group company, INOX Air Products, flagged off its first PESO-approved LNG-powered cryogenic tanker, following regulatory changes permitting LNG-fueled vehicles.

Built in Gujarat and powered by 450-liter LNG tank supplied by INOX India, this tanker is expected to reduce CO2 emissions by 25% and particulate emission by 95%, enabling more sustainable industrial gas logistics while delivering significant cost saving. This milestone should open up a growth avenue for LNG fuel tanks in the cryogenic transportation space as well.

Additionally, the Petroleum and Natural Gas Regulatory Board has highlighted a significant opportunity for LNG in the heavy transport sector. As per PNGRB, LNG has the potential to replace 30% to 40% of diesel usage in heavy vehicles over the next five to seven years, which could result in substantial saving in imports and meaningful environmental benefits.

Cryo Scientific division: Cryo Scientific division continue to strengthen its position as a trusted partner for complex global scientific infrastructure projects. We continue to receive repeat orders from ITER France, reflecting our strong execution track record at the site.

During the period, we received orders for installation of work of X, Y, and W cryolines and warm lines, refurbishment of lower cryostat thermal shield, and fabrication and installation of biosheild shimming plates. We are proud to announce the successful completion of several highly prestigious milestones at ITER site.

INOX India achieved a benchmark by cooling down the magnet cold test bench to 4 degree Kelvin, and sector 3 was successfully lowered and installed inside the tokamak pit. These achievements reinforce our technical expertise and execution excellence in mission-critical cryogenic applications.

Beverage keg: The beverage keg business delivered important strategic wins during Q3 and the first nine months of FY '26. We received our first-ever order from Heineken for supply of kegs to European market, making a significant entry into Europe and opening the door for large opportunities ahead.

INOX India has also been approved by Molson Coors of USA, one of the world's leading brewing company. With approval from Heineken, AB InBev, and Molson Coors, we are now approved by global breweries representing over 40% of the global beer market.

This positions our keg business strongly for scale-up geographies in the coming years. Recognitions: We are also proud to share that INOX CVA received a significant global recognition at the Gasworld Global Innovation Awards.

INOX CVA was awarded the winner of the Most Impactful ESG Initiative for our sustainability practices. Was also recognized for the launch of India's first ultra-high purity ammonia ISO tank, winning the Innovation in Distribution category.

These awards reinforce our leadership in purposeful innovation, sustainable-driven engineering, and global thought leadership. Further, we were conferred with the prestigious CII Industry-Academic Partnership Award 2025 in the Platinum category, the highest tier of the awards at the group level.

This recognition was based on our impactful collaboration with IIT Mumbai, IIT Delhi, IISc Bangalore, and ITM University, focused on advanced research, welding excellence, and skill development. The social and intellectual impact created through this initiatives clearly stood out at a national level.

Outlook: As we look ahead, a strong order pipeline, expanding global customer base, increasing share of high-value immunity products, and capacity augmentation initiatives provide us with strong confidence in sustaining our global growth momentum. We remain focused on operational excellence, innovation-led growth, and delivering long-term value to all our stakeholders.

Thank you for your continued trust and support. I will now hand over the call to Mr.

Pavan Logar, our CFO, to take you through the financial highlights.

Thanks, Deepak, and good morning, everyone. I will now take you through the financial highlights for the quarter and nine months ended 31st December 2025.

For this quarter, total income stood at ₹436 crores, representing a growth of around 27% Y-o-Y, driven by strong execution across key segments, making the highest-ever quarterly sales. Company also reported highest-ever quarterly export revenue of ₹271 crores.

Adjusted EBITDA stood at ₹102 crores, which is up by 34% Y-o-Y. The highest-ever adjusted EBITDA reflecting improved operating efficiency and better product mix.

Adjusted profit after tax was ₹68 crores, growing 32% Y-o-Y, supported by margin expansion and robust volume growth. For nine months FY '26, total income for nine-month revenue stood at ₹1,157 crores with growth of 20% on Y-o-Y.

Adjusted EBITDA for nine months at ₹281 crores with growth of 23% on Y-o-Y. Adjusted PAT for nine months stood at ₹189 crores, registering a growth of 23.7% over the same period last year.

As of 31st December 2025, our order backlog stood at ₹1,457 crores, providing strong revenue visibility for the coming quarters. Of this, 63% is from exports and 37% from domestic market, reaffirming our strong global presence.

Our total fund availability as on Q3 FY '26 stood at ₹160 crores, providing ample headroom to support future capacity expansion, ongoing project execution, and other strategic initiatives. That concludes my remarks on the financial performance for the quarter and nine months.

I would now request the moderator to open the floor for question answers. Thank you.

Yeah. Hi, sir.

Good morning. Congrats on a good quarter on execution front.

My first question is on the order inflow front. We have been in the range of about ₹350 to ₹400 crores of quarterly order inflows consistently.

Now near ₹400 crores with one of large order wins, which has pushed the order inflow above ₹450 crore for a quarter last year. When can we expect order inflow above ₹450 crores on a consistent basis, sir?

That will be my first question.

Yeah. We are very positive about increasing order flow.

We wish that you will see substantial good results in Q4 and next year going forward because we are bidding for some high-value orders which are not materialized in Q3, but we are very close in Q4 and maybe the first quarter of the next year. We are hopeful that after that, we will get a good orders inflow.

Sir, order inflow of above ₹450 crore, will it be driven based on only large-value orders or we can see the inflow consistently above ₹450, near ₹500 crores?

There are always some big orders can [unclear] ₹350 to ₹400 is our standard. As this is a cross talking.

[foreign language] Can you? [foreign language] [foreign language]

Sorry, sir. I missed you.

I think the line was not audible.

Something is going on. Can you stop that?

I am saying around ₹300 to ₹350 is our standard orders and one of two one or two bigger orders can move us to more than ₹500 crores going forward now.

Understood. Sir, my second question, last [unclear] close to ₹900 crores will be executed in second half of FY '26, which will roughly entail about ₹470 crores of

Yeah. Now, is it better?

My question is on the execution. Last time around, we had mentioned that about ₹900 crores of revenue will be executed in second half of FY '26, which entails about ₹470 crores in the last quarter.

Are we on track to achieve that or will we exceed it?

We are absolutely on track, and we can perform perhaps better than this.

Fine, sir. My final question on the gross margin front, this quarter gross margins have been lower.

Is it due to rise in commodity prices? Can you explain that?

Actually, this gross margin even also, 1% to 3%, we are always telling that it is not possible to track exactly. Plus-minus 3%, you have to take it granted actually.

Sometimes in some projects, it is lower, but otherwise commodity doesn't affect us. Because maximum big orders, we are taking the orders on the basis of the formulas only.

Automatically, the rates are adjusted according to the commodity rates. Normally, commodity rates are affecting our company.

In case of small orders, in which the formula is not there, some little bit affect may be there. Plus-minus 2% 3%, we have to keep as a normal thing in the data.

Understood. That was helpful.

Thank you, sir. All the best.

Yeah. Thanks for the opportunity.

I think it would help if you could give us some sense on the LNG side. How is the demand shaping up for LNG fuel tanks on the OEM side?

I think in the opening remarks, you mentioned about market share being 85%. What is the potential on the semi-trailer side if you can give some more insights?

That'll be helpful. Secondly, government has huge plans of launches.

I think Vikram-1 is going to be launched in mid-'26. Did we have a role in that?

Government is talking of huge increase in space launches. Vikram-1 Skyroot is investing more than ₹1,000 crores.

Are we placed for that opportunity? Did we have a role in that?

If you could comment on that also, that'll be helpful.

Yeah. If you see LNG, LNG fuel tank is not the only business.

It is a smaller business, I can say. The major business lies in the LNG fueling stations, LNG, LCNG stations, and LNG satellite stations.

If you see, total out of 65 stations, LNG fueling stations are either has started, are in operation or maybe under final stage of commissioning. We have almost 69% market share in fueling station.

We have LCNG station out of 64 fully commissioned, fully equipment supplied are around 23 by INOX India, which is almost 36%. Balance, we have partially given some equipment from our side.

On LNG satellite stations, we have 88 satellite stations all over India. Out of that, we have supplied 64 stations, comprising of 73% of the total sales so far happened in India.

Overall, if you see the average, 65% to 70% market share for these products, which are the major products. Besides that, the fuel tank what you rightly said, we are the only Indian manufacturer in India as on today.

We have enhanced our capacity by serial production line for the LNG fuel tanks, and we are supplying to the all the majors. However, in the last quarter, we could not see much of a impact of requirement from fuel tanks.

This quarter, that is Q4, we have received a good amount of tank requirement from the major OEMs. We will be supplying those fuel tanks on road.

One such a important change which has happened that PNGRB has now allowed use of LNG fuel tanks on the pressure vessel as well. For example, we have the cryogenic tank, which is installed on the truck, which is a part pressure vessel.

Earlier, pressure vessel, the small pressure vessel, that is fuel tank, was not allowed. Now it is allowed, and we have installed the first such tank in our company, INOX Air Products, under the approval from PESO and RTO.

That is giving a substantial good results. If this exercise is fruitful, we are just watching the performance for next two, three months.

There can be a very big demand for even for retrofitting of this fuel tanks.

Okay. That is helpful on the LNG side.

On

the space side, yes, we have variety of projects which are going ahead. The lunar project, which is likely to come, the RFQ will be coming before March, and we are very well-placed into this because we have done the second launchpad for the ISRO, where we have supplied all the ground equipments.

Besides that, there are two, three more projects which are coming in, such as engine test facilities there, propellant tank manufacturing is there, or 50 tonnes ASU plant requirement is there. We are all bidding for such projects for ISRO.

Skyroot, Agnikul, and all that, many other small you can say startups, we are associated with them from the beginning, and we supply them a lot of equipment. Even we tell them about the various activities what we are doing.

They can use our facility for some testing because they are some financial constraints are there. We are helping them to grow faster because that will help us in years to come for further development.

If as they grow big, we will also do more business with them. That is our philosophy.

Understood. You said March this tender should open or it should close?

Matlab, what is the timeline from the Yeah.

RFQ will come now.

RFQ will come. Then that should be what, a three to six months process for closure of the government side?

Normal, it will be three months, three months. Maybe the Q1 of next year, the quote will be we have to give the final quotations.

Okay. Understood.

Thank you. I'll come back if I have more questions.

Thank you, Prakash.

Hi. Good morning.

I hope I'm audible.

Yeah.

Great. Sir, earlier, you confirmed that our large supply contracts are normally linked with price variation or an escalation clause.

I just wanted to confirm that is there any cap on it or the complete commodity inflation can be passed on to the customers?

No, we have the formula which we already worked upon. If there is around 3% increase, decrease, maybe there are various factor like wages is there, steel prices is there, inflation is there, commodity prices is there.

That formula is there. If there is a increase in around 3% plus-minus, then we automatically increase our pricing or decrease our pricing depending on that.

If it is a totally long one-year contract or like that. When for a particular project is there, it is a fixed contract.

We book our material when we get the order immediately. We don't have to have any risk of increase in pricing or any other things into the contract.

Understood. My second question is, do we have any update on the small-scale LNG bids that we had made for Indonesia, Philippines, Andaman?

It would be good if we have current status or a finalization timeline. Yeah.

I understand your anxiety, but somehow the process is little slow. We are very much on the verge of getting a final tender from the Andaman Nicobar.

Indonesia and Malaysia, it's still under active consideration only. The tenders are not released.

Okay. Understood.

Thank you so much. I'll get back in the queue if I have more questions.

All the best.

Thank you, Jayaney.

Am I audible, sir?

Yeah. Slightly louder is better.

I wanted to ask you is that what was the order inflow in Q3?

Q3 order inflow Just a minute. It was around 390 ₹392 crore.

Okay. Where will you close this FY '26 at?

What will be the order

book? We will be meeting our targets, whatever we have planned around ₹1,700.

Okay. Any guidance in terms of going ahead FY '27?

Is it fine now?

still same. You continue.

I was asking this, would you like to give any guidance for FY '27?

FY '27, at least whatever we are targeting around 18% to 20% growth will continue, and we have various opportunities we are looking ahead. We definitely meet that target of around 18% to 20% growth.

Okay. Only one last question.

What will be the execution timeline of the current order book, sir?

Depending on the size of the project. The normal standard projects are there, which is like tanks are there, which three to four months; slightly complex is around eight months; and big project like Bahamas and other thing, it takes from one year to 18 months.

Thank you so much. That's all from my side, sir.

Thank you.

Hello, sir. Congratulations on the great set of numbers.

I just wanted to know that now we have the approval from Heineken and AB InBev. We have approx 40% exposure in the market, right?

Are there any other approvals planned for this coming quarter and

Yeah. We were working on AB this Carlsberg and Asahi, and somehow we are pushing them, but they wanted to come in January now.

I know they will be slightly delayed now. Yes, we have bidded for the Carlsberg requirement.

Though they are not visited us, once they allocate the order, they will definitely come for the audit.

Okay. What is the lifespan of this kegs that we make?

It depends on the use, but roughly 20 to 25 years.

Okay. Okay.

Okay. I have one more question that right now, we have a very strong export growth for this quarter, right?

What is the margin difference between the domestic and the export that we do?

Normally, 2% to 3% higher on exports.

Okay. You mentioned that the LNG for ocean, right ocean vehicles, right, ships and everything.

How long does that last? For example, you had mentioned that for commercial vehicles, normal vehicles last 500 to 600 km, while we assemble two tanks, it last approx 900 km.

What about ships?

Ships, it's depend on how much movement is there. The ships, they normally it's at least one tank of 800 cubic meter, they fill in.

The possibility is there, now we have designed the ships with bunkering can happen on the sea itself. That is not a constraint that how much kilometer it has to travel.

They get the information that, okay, the tank is getting empty, the bunkering vessel will come and fill it on the sea itself. That is not a constraint.

Sir. Last question that in the two concalls before this, you had mentioned you are planning to build some products for data center cooling opportunity.

Is there any update on that?

Yes. We are very close to discussion with one of the German company who is manufacturing this sort of a big racks for the IT industry.

We will provide them the cooling system. They and to us together, we are expecting a small prototype to be developed first, and then we will go in a big way.

The chances that it will happen is around six to eight months in next coming few months.

Okay. What would be the margins in this?

It's too primitive to tell you about this, but substantial margins will be there because the present cooling is through air conditioning or water. This will substantially save them the energy cost, and it's a very complex you can say mechanism.

First time will be introduced in the market. Definitely, it will have a good margins.

Okay. Okay.

Thank you so much, and all the best, sir.

Thank you. Thank you.

Thank you.

Thank you so much, Divyam.

Sir, thank you for the opportunity, and congratulations on the good set of numbers. Sir, my first question is with respect to the Savli plant.

Sir, wanted to understand when can we reach optimum utilization in this plant. I believe beer kegs for this quarter was only 1.4% of total sales.

Although we have bid for the orders from this global alcoholic beverage companies, we are yet to see growth in that. By what time, I think there will be a slow ramp-up of utilization, but by when can we expect optimum utilization at the Savli plant?

The Savli plant is not only the keg plant. We have also the cryo shop there.

As you know that the keg plant has a capacity to produce around 3 lakh kegs on a annual basis. Presently, we are having order book around 65,000, 70,000 kegs.

Our utilization is that low. We have already occupied one part of that shop for CSD work.

Hello? We are getting orders from Heineken now.

We have received from Bulgaria, Croatia, and we are expecting few more as well. The volume is not increasing to our expectation, but hopefully maybe around 80,000 to 1 lakh order by March end, we should be getting.

Our utilization into the keg plant is little less, as you are rightly said. On the cryo shop, we are almost 70% full now.

We have a lot of orders we are pumping in. It caters to the domestic as well as international market.

Whatever is surplus for our Kalol, Kandla facility, we are transferring it to Savli facility. We don't find any capacity utilization issues in Savli barring the inflow of orders for the keg plant.

Understood, sir. That 80 to 1,000 orders that you mentioned for Q4, those will be new orders or for the full year?

For the full year. For the full year.

Right. Right.

Understood, sir. Sir, one more question with respect to the semiconductor opportunity.

I think we supplied cryogenic tanks for Tata semiconductor facility in Assam. If you can give some details on the order value and the kind of opportunity that you see in this space going forward, and have we visibility for more such orders for the upcoming financial year?

Yeah.

Recently, even the Ministry of Transportation and I think waterways, they have published that such small waterways are available for shipping the tanks. We have recently supplied 250 cubic meter into two tanks to the Assam project.

We also supplied some vaporizers, piping, skids, and other thing. The roughly value for this is not so big, but around ₹8 crores.

We also received order for Dholera project now with FBT tanks, some storage tanks, piping, and skids roughly around ₹10 to ₹12 crores. Slowly and steadily, we are entering into this area, and whatever initial requirements are there, we have started supplying.

Perhaps, we are the only one you can say in this sector now because we have demonstrated our capabilities in semiconductor industry to the Korean, to the Japanese and Singapore market earlier.

Understood, sir. Great.

That's really helpful.

Sir,

my next question is with respect to the another project that you executed for Indian Railways. I think we also supplied LNG tanks for retrofitting in a train, maybe in Ahmedabad.

Wanted to understand was it a hybrid real diesel and LNG use or it was a complete transition to LNG? Did that require a change in the engine of the train?

Yeah. Very good question, and this is not happened.

Though we have supplied the equipment earlier, this news has come in the quarter four now. We supplied 2,200-liter LNG storage and regasification system for integration in 1,400-hp dual power unit cars.

That they called as a DPUs. Of dual that is diesel and LNG trains.

This was one of the first initiative we took almost a year back. We have already supplied two such installations to railways, and the trains are working from Ahmedabad to Mehsana and other Sabarkantha and other areas.

Their basic idea is that wherever there are coal-based trains which are still there, and electricity lines are difficult to lay. In that area, railway is trying to put this LNG-powered train.

We are successful in doing that. RDSO approvals now they have received.

They have placed four more orders to us, and two of them we are just on the verge of dispatch and two are under construction. Once that is well-proven, I think the ministry also and many railway authorities have shown that it's a substantial savings.

Almost 40% they're depending on the LNG and 60% balance on the conventional diesel. Going forward, we see wherever there is a possibility, railway will convert the engine to this dual-power technology.

We are very hopeful that this business will grow much faster.

Sir, this dual-power technology does not require any change in engine of the train?

There requires modification in the engine, and that is being done.

Understood. Understood, sir.

That's very helpful. I think that's another growth lever for the company.

Absolutely. Absolutely.

Even railway is very bullish about it now.

Right, sir. Sir, just one last question.

We have seen the Indian currency depreciating recently. Since around 60%, 65% of our revenue this quarter came from exports, do you think there can be some lever for us to improve our margins for Q4?

Certainly, slight improvement will be definitely there because we have the orders in hand from either US dollar or euros. Both the currencies are almost going mad now.

There is almost 20%, 25% increase in the European and around 10% to 12% in US dollars. Whatever advance we have received, it is in the old rates, but the new things which would come definitely with the new rates.

We'll have some slight margins improvement as we dispatch this in quarter four now.

Understood, sir. That's very helpful, sir.

Thank you so much, and all the best.

Thank you so much. Thank you, Mohit.

Hello. Am I audible?

Yeah. Yeah.

Yeah. Thank you, sir.

Thank you for all your effort and thank you to you and your team for all the efforts that we can clearly see in revenue numbers and margins and everything. Thank you, first of all.

Sir, I have two questions. One is what is our capacity utilization just now?

We have four plants to that extent. Our Kalol and Kandla facility is almost 85%, 90% full.

Our Silvassa also is almost 90%. Our Savli plant, there are two main plants.

One is cryo plant and another is keg plant. Our keg plant is almost 25% to 30% utilized, whereas our cryo plant is 70% utilized.

This is the first year of our cryo shop. Going forward, definitely, we will like always to work around at least 90-plus for the capacity utilization for all our plants.

We have enough space in Savli, and we are looking for some space at Kandla also. As the opportunity increase, definitely, we will expand our facility at both these two locations.

How much time will it take for expanding the capacity?

See, basically, as the land is already acquired or is in our hand, it takes around six to eight months to build the shed and the machinery. It takes around three to four months to streamline the whole operation.

Almost a year, you can consider.

Okay. Understood.

Sir, our revenue is coming from order book only or is there any kind of revenue where we get the order and we can execute within few days or weeks, something like that?

I could not understand your question. The revenue always come from the order booking.

Only order book?

Routine orders also come like the disposable cylinders. We are getting the orders and it is produced in a day or two.

Fast moving items.

Fast moving items are also there. We have multiple product line, you can say.

We have CryoSeals, we have disposable cylinders, we have vaporizers, we have liquid cylinders, we have fuel tanks. These small-small products are very fast in moving that way.

For disposable cylinders, rightly said, you start in the morning and finish in the evening, and next day you dispatch. That is the speed of the disposable cylinders, whereas some bigger

What is share of this kind of revenue, sir?

It's almost 30%, 30% to 40% is through this products.

Okay. Your order book what we can see as of now, in December would be around 70% of your next revenue, correct, if we just try to calculate?

Yeah. Yeah.

Okay. Sir, last question.

When you are giving guidance of 18%, 20%, okay, and when we understand the updates from you, it's there are lots of tailwinds that we are having in the business. Why we are sticking to only 18%, 20%?

Is it an conservative guidance that you are giving or how it is?

It's very difficult question to answer. Yes, we are slightly conservative in giving this numbers because the lumpy orders are there, which we can't commit.

Whatever is the standard growth and some risk in those orders, that we can commit. Whereas something comes up big projects like third launchpad or many such projects are coming in, if that goes, then it will be substantial growth, no problem.

Okay. Thank you, sir.

Thank you so much.

Thank you.

Hi. Thank you for the opportunity.

Just wanted to check on the aerospace additional order that you have mentioned. Is this the same amount as the one in last quarter, and just give some more color on what this is, is this more than tanks or is it just tanks, etc.?

The last quarter was 1,500 cubic meter tank, it was slightly bigger. These tanks are 1,000 cubic meter into two tanks.

From the same customer in US, which is very well-known party in aerospace in US. We are expecting few more as well from them now.

These will all be in the tank side or are we going to do more components for that space as

well? Time being, it is the mostly storage tanks for variety of their applications.

Maybe oxygen, nitrogen, or many other gases. Depending on the requirement, we design the equipments.

Even we are designing some heat exchangers for all of them also, but we are not received any order so far. Enquiries are coming from them now.

Because they are very mega projects coming up in US, and they are finding it difficult that such type of huge tanks manufacturers are also very less in the world. We have got that advantage now.

Right. Makes sense.

With now the tariffs sort of also rationalized, is the negotiation moving quicker than what it was let's say last quarter or are you seeing some change there?

They were thinking a lot. Now they are not thinking.

They are just releasing now.

Okay. Lovely.

My second question is on Mr. Eduardo Menezes' visit.

Any update on if that would open up new partnerships with our sister company, Air Products going forward?

We are working with them for variety of requirements worldwide, and we will be working with some projects which they have in line. Not yet materialized everything, but very positive discussion is going on.

Got it. Lastly, on a lot of capacities coming on cell manufacturing on the solar module side.

At least Air Products is putting out a lot of press releases to that extent. Just wanted to understand what would be our participation in the cell capacity that's coming online across India now from a variety of solar module manufacturers.

Thank you.

Yeah. Mainly solar modules manufacturing, they are using ultra-high purity ammonia, which we are already supplied eight units to them and we are recently received additional five units.

Going forward, there is a substantial requirement of this ultra-high purity ammonia for solar applications. We are again the first in India to develop such product because it's a very critical product, and we have developed that.

We are hopeful that not only INOX Air Products, but there are many such companies who are entering into it. Even we are supplying equipments to the solar glass manufacturers like Vishakha, then Saint-Gobain, and many other people.

This is a good requirement which is coming up, and we are catering to those requirements.

Understood. Thank you so much, and all the best.

Yeah. Thank you for the opportunity, and congratulations on a great set of numbers.

A couple of questions. Firstly, in terms of the LNG segment, in Q1, you had given a growth guidance that it will be bare minimum 20% growth.

What I see is this nine months itself, we have exceeded FY '25 numbers. Where do we see LNG in terms of revenue for this coming year?

Secondly, it's with respect to the kegs division. In Q2, we had a target of about 100,000 units for the full year.

Where are we in terms of that, in terms of quantity as well as nine-month FY '26 numbers? Thirdly, with respect to disposable cylinders.

The last concall, you had said we had an internal target of about 2 million units. Where are we in terms of that?

Because H1, we were at about 0.5 million in terms of production units, correct? How much of it is towards national refrigeration?

Yeah.

I will answer the third question first, perhaps. The disposable cylinder, we are doing very well.

We will cross our target of 2 million cylinders this year. One of the important customer from US has placed their quarter one, quarter two requirements, more than 7 lakh cylinders to us.

We will be delivering them as on schedule. We are quite hopeful that disposable cylinder business is going to cross the last year's what we have achieved in volume as well as in the revenue.

The next question was on your

Kegs.

Kegs. Okay.

Kegs, in Q3, we order book was around 15,662 units, and sell was around 15,241 units. In nine months, we have order book of around 67,000-plus and sell of around 36,000 so far.

We have still in Q4, we have order book which is there. We'll finish that.

We will try to order book of around 100,000 and sell of around 60,000 to 70,000, we will try to achieve in Q4. Because it's continuously working now.

We have received orders from Heineken from Croatia and Bulgaria. Few more orders are in pipeline now.

Supplying to Germany, South America, and other countries.

Fine, sir. Just one thing regarding the Carlsberg approval.

The samples that we had sent in November, they've been approved, right? Only the audit has been further delayed, which was already delayed in the last quarter.

They have delayed their visit. However, but they have send us the tender, and we have filled that tender.

Results are likely to come shortly now.

Got it, sir. Thanks.

Yeah. Hi, sir.

Congratulations on a very good set of numbers. Sir, just one question in terms of

Yeah. Can you hear me now?

Yeah.

Yeah. Yeah.

Congrats on a good set of numbers. Sir, just one question in regards to the industrial gas division.

Sir, this order from the US aerospace company, could you give us some sense on how big is the opportunity for say the next two to three years? How well we are penetrated within that client?

Do we enjoy a good market share vis-à-vis the other global players in this specific opportunity? Could you give some sense on that?

Because industrial gases is one of our large revenue contributors.

Yeah. As this aerospace company is one of the top leading private company in the US, and they're spending huge amount of money for the future.

You can say many heavy-duty rockets they are going to launch, for which they require huge amount of facilities. They are just scouting all over the world to see how they can get quick deliveries for the equipment.

That is the key of everything, and definitely the quality and reliability of the products. In last 1 and 1.5 year, we have been working very closely with this company.

We are regularly meeting their technical people, their operation people, understanding their pain areas. They are now very close to us to give their requirements or even the product development what they want.

Most likely, they will also visit our facility to see our future expansions and how big vessels, because Bahamas vessels of 1,500 cubic meter is under progress. They would like to see our facility.

They have given us a very big RFQ for next six months now. Once they are clear about our capabilities, and if we can deliver this equipment as per their schedule, I think we have a very good opportunity working with them.

Okay. Just trying to get a bit more on the financial per se, just wanted to understand, say, last year, we had X from them in terms of our revenues.

Would it be say 1.5x or 2x this year? That could scale up to say a 3x by next one or two years?

Could you give some kind of a color on the same? [foreign language] [laughter]

Two, three, two times, three times, we are even ready for five times as well. No problem.

Whatever the challenge they throw on us, definitely we will make our best to see that we cater their requirements. What we know is very clearly that for such a huge requirement, there are very few manufacturers in the world who can really handle

their

requirements. They have to depend on us.

At least 50% of their requirement will be ours. That much I can tell you.

Okay. Sir, this opportunity would be much larger than the ISRO opportunity, if I'm not wrong.

No, ISRO is a different ball game. There is not the storage tank.

There are many such equipment. Yes, totally the investment what they are looking at is very high.

How much we can really do and what is their speed at which they want it is more important. Yes, the ISRO is a smaller as compared to this opportunities.

Okay. Okay.

Sir, lastly on the same thing, the margins from this client would be slightly higher because it's more of a time-constraint commitment vis-à-vis on a degree of 1% or 2%?

If you see the last quarter, in spite of 50%, they have given us the order. Now we have 25% almost putting that steel component and the additional duty because of the Russian oil and all that.

It is now coming to 20% to 25%. We are very hopeful that they will give a very big share for their requirement to INOX India.

Okay. Okay.

Perfect, sir. Thank you so much, sir.

Thank you.

Thank you everybody for joining this call. I hope we have answered all your queries.

If something is pending, we can still continue to discuss over mail or maybe call. We will be happy to answer your all queries.

We hopefully we'll meet again in Q4 with still better numbers and better performance. Thank you so much for your kind hearing, patience.

Thank you. Thank you so much.

Thank you.