INOX India, a leader in cryogenic storage and advanced energy solutions, reported robust financial and operational performance for the third quarter (Q3) and nine months ended December 31, 2024. Amidst a challenging global economic landscape, the company showcased resilience, driven by strong order inflows in industrial gas solutions, LNG infrastructure, and cryo-scientific projects. With a strategic focus on sustainable energy, INOX India is well-positioned to capitalize on India’s clean energy transition and global demand for innovative storage and transportation solutions.
INOX India Financial Highlights (INR Crores)
| Metric | Q3 FY25 | Q3 YoY Growth | 9M FY25 | 9M YoY Growth |
|---|---|---|---|---|
| Total Income | 349 | +18.2% | 971 | +10.7% |
| EBITDA | 83 | +17.0% | 235 | +8.6% |
| Profit After Tax (PAT) | 57 | +17.4% | 158 | +4.3% |
Segment-Wise Order Backlog & Revenue (Q3 FY25)
| Segment | Order Backlog (%) | Revenue Contribution (%) |
|---|---|---|
| Industrial Gas (IG) | 45% | 68% |
| LNG | 36% | 14% |
| Cryo-Scientific Division | 19% | 13% |
Micro-Economic Condition
There are varying perspectives on India’s economic growth, with the credit rating agencies such as Fitch and CRISIL expressing confidence in a strong performance in the second half of the current financial year.
Rating agencies anticipate a revival in private sector capital expenditure, supported by inflation remaining well within the Reserve Bank of India’s target range.
The Union Budget 2025 outlines the strategic measures to accelerate consumption, catalyze private sector investments, and reinforce public infrastructure spending, ensuring momentum toward high-growth trajectory.
Building on its commitment to a sustainable energy future, the government has once again prioritized transformative initiatives, this time by opening the nuclear energy sector to private investment.
The INR 20,000 crore allocation for Nuclear Energy Mission, particularly for small modular reactors, is a visionary move that will accelerate the adoption of efficient and sustainable nuclear power.
- At INOX India, The company is proud to continue to this transformative journey through its expertise in cryogenic storage, hydrogen handling and advanced cooling technologies and robust solution, supporting SMRs and fusion energy.
Segment Wise Performance
Industrial Gas solutions
During the quarter, the company received a significant contract from Highview Power U.K. for their upcoming liquid air energy storage facility at Carrington, Manchester, UK.
- Under the contract, INOX India will supply 5 vertical 690-meter-cube high-pressure EN Design vacuum-insulated cryogenic tanks for the project.
- This contract makes INOX India’s entry into the cutting-edge field of liquid air energy storage and represent the Company’s first order for the liquid air energy storage project.
The company also received orders from domestic customers on storage and transport equipment.
And also secured orders for ammonia IMO containers from its group Company, slated for delivery in Q4 of this current fiscal year.
LNG segment
During the quarter, INOX India achieved a significant milestone by securing its largest-ever order in the LNG business.
- This prestigious contract encompasses the comprehensive turnkey design, engineering and supply of state-of-the-art Mini LNG receiving and regasification terminals located in The Bahamas.
- The terminal will play a pivotal role in supplying natural gas to an advanced 60-megawatt combined-cycle power plant, operated by an independent power producer, specifically designed to provide sustainable shore power to the cruise ships at the bustling Nassau Cruise Port.
- This would be the largest installation of double-walled vacuum-insulated cryogenic tanks in the world and also the largest one ever made by our Company.
- Notably, the facility will feature an unparalleled collective storage capacity of 15,000 metric ton of LNG, making a global first with the installation of the largest double-walled vacuum-insulated LNG storage tank.
- This is the result of 2 such projects successfully completed by the Company in the past few years: in Scotland; and second one, in Caribbean Island.
The company is to collaborate with Lloyds Metal & Energy, one of the India’s leading iron ore producers and power generation companies, on a landmark project in Gadchiroli, Maharashtra.
- Under this collaboration, INOX India will provide a larger fleet of LNG trailers to ensure the facility demand for LNG is consistently met.
- The unique proposition of this is it will be the largest LNG facility in India catering to the industries without direct natural gas pipeline connectivity.
- LMEL aims to use LNG as its prime source of fuel for its 4 million tons per annum pellet plant at Gadchiroli. The LMEL is transporting LNG by road, despite challenging remote locations around 1,100 kilometers from the port.
The country has seen around 40, 50 fueling station operations, so far. The company believes prominent automotive manufacturers has a vision of launching 1 million LNG trucks by 2035 and it will be the game changer for industry and for the company.
INOX India has also supplied LNG fuel tanks to railways, for which demonstration and trials are going on.
Cryo-scientific division
The quarter witnessed repeat maintenance orders from ITER France.
The company also received order from Wroclaw University of Science and Technology, Poland for feed boxes and T branches.
Prospects of CSD division is improving, because of big science projects coming in Europe and U.S.
Stainless Steel Keg segment
In the Stainless Steel Keg segment, The company is pleased to report significant traction, with sample orders successfully delivered to leading breweries across Europe and United States.
The company’s keg facility has earned the prestigious FSSC 22000 certification, underscoring our unwavering commitment to Global Food and Safety Standards.
For this segment, the season starts from January to July. The major breweries have started sending requests for their renewal requirements, and we hope to convert these requests to order in next quarter.
Final Thought: INOX India isn’t just growing—it’s shaping the future of energy. With strong financials, groundbreaking projects, and a clear sustainability focus, the company is a compelling player in the global clean energy transition.