Q1 2027 INOX India Ltd Earnings Call Transcript
Key Points
- Record quarterly order inflow of approximately INR 532 crores, taking the total order book to an all-time high of INR 1,686 crores, with exports exceeding INR 1,140 crores.
- Secured significant repeat orders from a global space exploration customer for large cryogenic storage tanks, strengthening its position as a precision engineering partner for the aerospace ecosystem.
- Received prestigious orders from CERN and ITER France for highly specialized cryogenic systems, reinforcing its capability in complex scientific infrastructure projects.
- Obtained AS9100D Aerospace Quality Certification, expanding its addressable market to include onboard flight applications and propellant tanks, not just ground support equipment.
- Entered new growth platforms, including a partnership with Rayout of Sweden for modular water microfactories and a skill development center for semiconductor pipeline fabrication, diversifying future revenue streams.
- Management remains confident in achieving its 18-20% revenue growth guidance for FY27, attributing the Q1 shortfall to temporary logistics disruptions rather than demand issues.
- Q1 FY27 revenue of INR 382 crores fell short of the targeted INR 410-415 crores due to logistics disruptions, including a sudden spike in freight rates and ship availability issues, which delayed dispatches of INR 32-35 crores worth of ready material.
- EBITDA margin declined slightly year-on-year to 23.5%, though it remains within the guided range of 20-24%.
- The beverage keg business is still not fully utilized, operating at 25-30% capacity, with management only expecting utilization to reach 50-60% by the end of the fiscal year.
- The new Highview Power project has been delayed due to regulatory issues at the customer's end, pushing back potential new orders.
- Domestic order inflows have been relatively slow in the first two quarters, with management noting that Q1 and Q2 are typically slower periods for domestic ordering.
- The company cannot enter the US market until 2028 due to a non-compete agreement, limiting its ability to capitalize on opportunities in that geography in the near term.
Ladies and gentlemen, good day and welcome to INOX India Q1 FY27 Earnings Call. As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing then 0 on your touch tone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Abhinav from ICICI Securities.
Thank you and over to you sir.
Thank you.
Good morning to all. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 earnings call of INOX India Limited. Today, we have with us from the management Mr. Deepak Acharya, CEO and Mr. Sunil Lawati, Head, Investor Relations. We'll begin with the opening remarks from the management, which will be followed by Q&A.
Thank you and over to you, sir.
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