AI-generated · cited to primary sources · not investment advice
Inox India (544046) Nov 2025 Filing Analysis
Does management do what it says?
Management delivered an adjusted EBITDA margin of 23.5% for Q3 FY26, which is within the guided range of 20% to 24%. (4 met across 4 tracked commitments)
“We have the consolidated EBITDA and we are operating within the range of around 20% to 24% on an average based on the different products because it is very difficult to monitor on a case-to-case basis.”
Management expects to receive an order from ISRO by the end of the year. — target: order placement
“Hopefully, by December end, the RFQ will be out. And if everything goes well and fast, end of the year, they should place the order.”
Management expects the LNG fuel tank market to grow such that they represent 25% to 30% of the mix, requiring 30,000 to 40,000 tanks annually in 3 to 5 years. — target: 30,000 to 40,000 tanks (+3 more commitments)
“So going forward, we see a lot of good potential. And over a period of time in next 3 to 5 years, the LNG fuel tanks will be at least 25% to 30% in my opinion. That will require around 30,000 to 40,000 tanks a year.”
See the full cited Management analysis of Inox India
How durable is the business?
Revenue share for Q2 FY26 was 25%. While slightly lower than the previous 28% share, management is scaling LNG drill tank production by 10x and bidding for large Southeast Asian projects. (1 stable, 1 expanding)
“income is... 25% from the LNG... for the Q2 FY26.”
See the full cited Business Model analysis of Inox India
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