INOX India Q2 FY27 results: net profit up 9.4% to ₹66.56 crore, revenue up 27.4%

How did INOX India perform in Q2 FY27?

INOX India reported consolidated revenue of ₹456.48 crore for Q2 FY27, compared with ₹358.22 crore in Q2 FY26 and ₹370.79 crore in Q1 FY27. The corresponding increases were 27.4% year on year and 23.1% sequentially. Total income was ₹467.34 crore, up 26.6% from ₹369.07 crore in the year-ago quarter.

EBITDA rose to ₹88.86 crore from ₹77.96 crore in Q2 FY26 and ₹75.87 crore in Q1 FY27. The EBITDA margin was 19.5%, down 2.3 percentage points from 21.8% a year earlier and 1.0 percentage point from 20.5% in the previous quarter.

Profit before tax was ₹88.80 crore, up 9.4% from ₹81.19 crore in Q2 FY26 and 17.5% from ₹75.59 crore in Q1 FY27. Net profit was ₹66.56 crore, compared with ₹60.84 crore and ₹58.07 crore, while basic EPS was ₹7.32, up from ₹6.70 and ₹6.40.

On a standalone basis, revenue was ₹445.32 crore and profit after tax was ₹64.59 crore in Q2 FY27, compared with standalone profit before tax of ₹58.61 crore.

What changed in INOX India's costs and profit?

Total expenses rose 30.6% to ₹378.54 crore from ₹289.89 crore in Q2 FY26, exceeding the 27.4% increase in revenue. Cost of materials was the largest increase, rising 62.0% by ₹82.13 crore to ₹214.51 crore, while other expenses increased 29.1% by ₹28.06 crore to ₹124.34 crore.

Employee cost increased 25.9% by ₹8.75 crore to ₹42.52 crore, and depreciation rose 29.5% by ₹2.25 crore to ₹9.87 crore. Finance costs fell 47.5% by ₹0.95 crore to ₹1.05 crore. Other income was unchanged at ₹10.85 crore.

There was no exceptional item in Q2 FY27, compared with a ₹2 crore exceptional gain in Q2 FY26. Tax expense increased 9.2% by ₹1.88 crore to ₹22.23 crore, which limited the increase in net profit to 9.4% despite the higher revenue and EBITDA.

Management said the margin decline reflected a mix of trade and strategic pricing, product mix and logistics, and expected the Q2 effect to be temporary. The company also cited logistics inflation and trade disruption as risks to costs and delivery.

How did the first half of FY27 go?

For H1 FY27, INOX India reported consolidated revenue of ₹827.27 crore, up 18.5% from ₹697.85 crore in H1 FY26. Total income rose 17.7% to ₹848.93 crore from ₹721.37 crore.

Profit before tax increased 1.7% to ₹164.38 crore from ₹161.70 crore, while net profit rose 2.2% to ₹124.64 crore from ₹121.96 crore. Basic EPS was ₹13.72, compared with ₹13.44 in H1 FY26.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹2,093.60 crore, compared with ₹2,015.85 crore at 31 March 2026. Total equity rose to ₹1,227.77 crore from ₹1,117.61 crore, while cash increased to ₹16.21 crore from ₹16.03 crore.

Borrowings fell to no borrowings at 30 September 2026 from ₹69.50 crore at 31 March 2026. Inventories rose to ₹534.89 crore from ₹478.18 crore, trade receivables to ₹348.85 crore from ₹312.86 crore, and trade payables to ₹168.54 crore from ₹155.76 crore.

For H1 FY27, operating cash flow was ₹170.36 crore, compared with ₹25.87 crore in H1 FY26. Investing cash flow was negative ₹78.09 crore against negative ₹38.08 crore, financing cash flow was negative ₹92.55 crore against positive ₹34.81 crore, and capital expenditure was ₹31.88 crore versus ₹55.09 crore.

How has INOX India done over the last 8 quarters?

Revenue increased year on year in each of the last eight quarters. It reached ₹460.65 crore in Q4 FY26 before falling to ₹370.79 crore in Q1 FY27 and rising to ₹456.48 crore in Q2 FY27. The lowest quarterly revenue in the period was ₹333.63 crore in Q3 FY25.

Net profit peaked at ₹75.24 crore in Q4 FY26 and fell to ₹58.07 crore in Q1 FY27 before rising to ₹66.56 crore in Q2 FY27. The period’s lowest profit was ₹58.07 crore, while the highest was ₹75.24 crore.

The EBITDA margin peaked at 22.4% in Q1 FY26 and reached its low of 19.5% in Q2 FY27. Revenue and profit both moved higher in the latest quarter, while the margin continued to decline.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results, statement of assets and liabilities, cash-flow statement and limited-review report for the quarter and half year ended 30 September 2026, along with the press release. The meeting began at 4:30 pm and concluded at 4:43 pm on 3 November 2026.

INOX India also filed an investor presentation for the analyst and investor conference call. The presentation highlighted a repeat LNG storage-tank order from a domestic steel customer, a three-year global supply agreement with Heineken, an order for the LIGO-India observatory project and the company’s largest single order from a global aerospace company.

What did INOX India's management say?

Management maintained FY27 EBITDA-margin guidance at 21–24% and said the Q2 margin decline was temporary. It also kept the beverage-keg plant utilisation target of 50–60% by year-end and said business growth should be at least 18–20%, with potential to accelerate if larger opportunities materialised.

Management said the order backlog reached ₹2,268 crore, including 72% from exports, while the specialised aerospace and space backlog was about ₹1,100 crore. Roughly 80–90% of the US aerospace assignment was targeted for completion in FY28, with overall delivery targeted by March 2028.

The company expected construction of the Kandla manufacturing facility to be completed by March 2027. Outcomes from two larger Dholera semiconductor bids were expected within four to six weeks, and management said the beverage-keg order book rose about 155% year on year in Q2.

CEO Deepak Acharya said: “This is a very bulky and lumpy order, I can say, in this quarter. That does not mean that we will continue at the same pace going forward.” Management identified West Asia, trade disruption, logistics inflation, strategic pricing, product mix, skilled-manpower availability and execution of large specialised orders as risks.

How did INOX India shares react?

The filing was released after market hours from a prior close of ₹1,884.80. The price was down 2.7% after five minutes, down 1.4% after 15 minutes and up 0.1% after 30 minutes; by the reaction-day close, it was up 3.4%. By the next day’s close, it was up 5.9% from the pre-results close.

On the reaction day, the Other Industrial Products peer group had a median move of 2.0%, so INOX India’s 3.4% move was 1.3 percentage points higher. By the next day’s close, the peer median was 1.8%, while the stock was up 5.9%, a 4.0 percentage-point excess move.

Earlier reaction-day moves included 3.4% for the current result, down 0.4% on 3 August 2026, unchanged on 12 May 2026, up 1.7% on 12 February 2026 and down 0.4% on 5 November 2025. The largest move in the listed history was up 4.9% on 8 November 2024.

How did other Other Industrial Products companies do?

Fourteen Other Industrial Products companies filed for the quarter as of 6 November 2026, against a median revenue growth of 11.3%. Ten grew more slowly than INOX India, while four grew faster. Five of the peers with comparable profit data reported higher profit.