#### **Overview** Inox India Limited (INOXCVA) is one of India’s largest and most technologically advanced manufacturers of **cryogenic storage, regasification, and distribution systems**, serving global markets across **industrial gases, LNG, hydrogen, and cryo-scientific applications**. With over 30 years of experience, the company has evolved into a global player with operations in **India, Brazil, and Europe**, and a presence in over **100 countries**, supported by after-sales networks in 25+ nations. As of FY25, INOXCVA is a **debt-free, net cash surplus** company with strong financials, robust innovation capabilities, and leadership in high-barrier engineering sectors. --- #### **Core Business Segments** INOXCVA operates across three key verticals: 1. **Industrial Gas Solutions (IGS)** 2. **LNG & Clean Energy Infrastructure** 3. **Cryo Scientific Division (CSD)** Over the past two years, **exports have accounted for over 50% of total revenue**, demonstrating strong international competitiveness and diversified client base. --- #### **1. Cryo Scientific Division: Global Research & Fusion Leadership** - **ITER Project (France):** INOXCVA secured a **major order worth INR 145 crores** for the **Cryostat Thermal Shield**—a one-time project arising from prior failures, but a testament to INOXCVA’s reliability and technical superiority. - The project spans **two years**, with **90% in-house fabrication** and 10% on-site assembly in France via a 25-member dedicated team. - This reinforces INOXCVA’s status as one of the **few Indian companies contributing to the International Thermonuclear Experimental Reactor (ITER)**. - **Scientific Diversification:** Secured repeat and new orders from **CERN (Switzerland), FAIR (Germany), and Wrocław University of Science and Technology (Poland)**. - **Breakthrough in Medical Tech:** - Developed **India’s first indigenous 1.5T MRI magnet cryostat** with SAMEER and MeitY. - Installed India’s **first indigenously developed MRI machine at AIIMS Delhi**, reducing dependence on imports. - **High-Precision Engineering:** Executing complex repairs for **Vacuum Vessel Thermal Shield (VVTS) panels** using 5-axis machining and welding at its Savli facility. --- #### **2. LNG & Clean Energy Infrastructure: Scaling for Global Demand** - **Bahamas Mega Project:** - Awarded the **largest order in company history**—a **turnkey contract for a 15,000 m³ mini-LNG terminal** in Nassau to supply **72 MW combined-cycle power plant** for shore power to cruise ships. - The project will feature the **world’s largest shop-built, double-walled, vacuum-insulated cryogenic tanks** (10 x 1,500 m³), setting a global benchmark in modular LNG infrastructure. - **India’s LNG Ecosystem Growth:** - Supplies **LNG fuel tanks to all four major Indian OEMs**; over **1,500 Gen 2 tanks ordered** for FY26 delivery. - Partnered with **MSRTC** for diesel-to-LNG bus conversions; systems installed in Gujarat. - Supplies **LNG fuel systems for Indian Railways**, with units operational in Gujarat. - **Global Expansion:** - Commissioned mini-LNG terminals in **Antigua, Scotland, and The Bahamas**. - Exported record **560 m³ marine LNG tanks** to a European shipyard for a Japanese cruise vessel. - Secured LNG semi-trailer orders from the **USA, Taiwan, and South America**. --- #### **3. Industrial Gas & High-Purity Solutions: Innovation in Semiconductors** - **Q1 FY26 Revenue: INR 352 Crores (+16.7% YoY)** – driven primarily by the **Industrial Gas segment**. - **Ultra-High Purity Ammonia Tanks:** - Delivered **India’s first ultra-high purity ammonia ISO containers** (certified by DNV, compliant with IMO/ISO) for **semiconductor and solar panel manufacturing**. - Design pressure: **19.69 bar**, cleanliness level: 7N grade. - Additional **10 units under construction**; INOXCVA is the **only domestic manufacturer** of such high-spec tanks. - **Export Breakthrough:** Secured first order from **Australia** for oxygen, nitrogen, and CO₂ IMO containers—direct competition with Chinese vendors. - **Liquid Hydrogen Leadership:** - Supplied **first 2,000-liter liquid hydrogen tank** to a New Zealand customer. - Installed **liquid H₂ tanks in South Korea**; delivered to DRDO for **submarine AIP systems**. - Developed **LSI (MLS1) insulation tanks** for space and mobility applications. --- #### **4. Beverage Keg Division: Strategic Global Footprint** - **Savli Plant Performance:** - Generated **INR 200 crores in revenue in FY25**, with a **target of INR 300–350 crores in FY26**. - Installed capacity: **300,000 kegs/year**, with **only ~50,000 produced in FY25**. - Scaling up capacity and manpower; over **150 tanks currently under construction**. - **Global Approvals:** - Secured **global supply approvals from Heineken and AB InBev**. - Pending Carlsberg audit expected to open a significant pipeline. - Achieved **FSSC 22000 certification**—**first in Asia** for keg manufacturing. - **New Market Access:** - Appointed **new distributors in the U.K., Germany, and the U.S.** - Strong RFQs: Over **150,000 kegs requested** from India, U.S., Europe, and Australia. - **Partnerships:** Collaborating with **Supermonte (Italy)** to supply premium returnable stainless steel kegs from dual hubs. --- #### **5. Green Transition & New Product Innovation** - **CO₂ Battery Launch:** - Released **India’s first CO₂ battery**—a **scalable, sustainable alternative to lithium-ion**, with superior lifespan and safety. - Secured an **order from an Italian client for a project in India**, despite rising import tariffs. - **Ammonia Transport Growth:** - Anticipates **hundreds of orders** for **ammonia ISO containers** as green ammonia demand rises for fertilizers and semiconductors. - Delivered **first 2,000 m³ ammonia tank to a Middle East customer**. - **Liquid Air Energy Storage (LAES):** - Signed **landmark contract with Highview Power (UK)** to supply **five 690-kL vertical cryogenic tanks** for the **world’s largest commercial-scale LAES facility** in Manchester. - Marks strategic entry into **long-duration energy storage (LDES)**. --- #### **6. Financial & Operational Strength** - **Order Backlog & Revenue:** - **Order Book (FY25): INR 1,359 Crores** - **Exports Contribution:** ~63% of backlog (May 2025 data) - **Q1 FY26 Revenue: INR 352 Crores** (+16.7% YoY) - FY24 Revenue: ~INR 1,200 crores (estimate); **3-Year CAGR: 24%** - **Profitability & Efficiency:** - **EBITDA Margin (FY24): 24%** - **PAT Margin (FY24): 17%** - **RoCE: 39%**, **ROE: 30%** – indicating exceptional capital efficiency. - **Debt & Cashflow:** - **Net cash surplus; debt-free** – funded all recent capex (e.g., INR 100 crore Savli plant) via **internal accruals**. - **Management Guidance:** - Targets **18–20% revenue growth** and **EBITDA growth ahead of revenue** in FY26, supported by **fixed-margin quoting** and strong order execution. --- #### **7. Manufacturing & R&D Capabilities** - **Four Manufacturing Facilities in India:** Kalol, Kandla (SEZ), Silvassa, and **Savli (Gujarat)** – the newest and most advanced. - **Savli Expansion:** Investment of **INR 80 crores**; expected to add **INR 300–500 crores** in capacity over 1–2 years. - **Engineering Powerhouse:** **400+ in-house engineers** focused on R&D, customization, and advanced modeling. - **Patents & Innovation:** - 3 recent patents for **LNG dispensing system**, **sliding spacer for cryogenic piping**, and **displacement decoupling**. - Developed **IIT Bombay-BARC technology-based Helium Dewars** for MRI, research, and quantum computing.