INOX India Ltd is a global designer and manufacturer of vacuum-insulated cryogenic equipment - essentially, giant thermos flasks that hold gases at temperatures as low as minus 271°C - and it sits at the intersection of India’s industrial growth and the world’s shift to cleaner energy. Founded in 1991 to make India self-reliant in cryogenic tanks, the company cut its teeth through a 1993 technical collaboration with Japan’s Nippon Sanso and has since grown into one of the world’s top five players in its field, commanding a 60-70% share of the Indian market and serving over 5,000 customers across more than 100 countries. The recurring approach is to take a core expertise - keeping extremely cold liquids cold inside double-walled, vacuum-sealed vessels - and apply it across a widening set of end-markets, from steel plants and hospitals to space rockets and beer kegs, each time using the engineering know-how and cash flows from the last to open the next. # Business segments Three engines at different stages - an industrial-gas workhorse that still generates more than half the business, a fast-scaling LNG platform riding the world’s switch to gas, and a high-precision cryo-scientific unit that supplies fusion reactors and submarines - plus a young fourth leg in stainless-steel kegs that turns the same fabrication skills toward consumer packaging. ## 1. Industrial Gas Solutions: the cryogenic workhorse **This is the division that built the company - it makes the tanks and trailers that store and move liquid oxygen, nitrogen, argon and helium for industries from steelmaking to semiconductors, and it still anchors the order book.** - **Everything from a litre to a million litres** - the product range spans portable 1-litre dewars for lab use all the way to stationary tanks holding 1.5 million litres, plus transport trailers up to 60,000 litres, microbulk units, vaporizers, and disposable cylinders. That breadth means the same factory floor can serve a neighbourhood hospital needing liquid oxygen and a steel mill needing bulk argon. - **Aerospace and energy storage are the newest customers** - in FY26 the division won a roughly ₹200 crore order from a leading US private space company for large-scale cryogenic storage tanks, and separately secured a first-of-its-kind order from a UK customer for liquid-air energy storage tanks, supplying five 690-kilolitre vessels for the world’s first commercial-scale LAES (liquid air energy storage) plant in Manchester. These orders take the same vacuum-insulation technology and apply it to entirely new industries. - **Disposable cylinders crossed two million units despite tariffs** - the division shipped over two million disposable refrigerant-gas cylinders in FY26, with strong repeat orders from US customers even after anti-dumping duties on Chinese rivals tightened the market. A strategic collaboration with Honeywell in the US underpins that flow. - **Transport tanks hit a milestone** - for the first time, the division sold more than 300 transport tanks and semi-trailers in a single year, reflecting rising demand for moving cryogenic liquids by road. - **Certifications are the moat** - the division holds ASME U & R Stamps, DOT 39, CE, EN 13458, EN 13530, IMO, and PESO approvals, among others, and the sheer stringency of design and regulatory requirements limits the number of competitors who can qualify. ## 2. LNG Solutions: the energy-transition growth engine **This division makes the equipment that turns natural gas into a transportable liquid and then turns it back into gas at the point of use - and it is scaling fast as ships, trucks and island nations switch from diesel and coal.** - **Marine LNG is the breakthrough** - a landmark order from Cochin Shipyard for six 800-cubic-metre LNG fuel tanks for CMA CGM, one of the world’s largest shipping lines, marked the company’s entry into the marine LNG ecosystem in FY26. The division had already supplied LNG fuel tanks for NYK Line’s first LNG cruise vessel and for Crowley container ships running between Puerto Rico and the US. - **It is building the world’s largest shop-built vacuum-insulated cryogenic tank installation** - a mini-LNG terminal in The Bahamas featuring ten tanks with a combined 15,000 cubic metres of capacity, designed to serve as a regional clean-energy hub for island nations. The first batch of five 1,500-cubic-metre tanks was completed in FY26, and follow-on orders for regasification equipment on two more Bahamian islands have already arrived. - **Indian roads are already dominated by its trailers** - over 250 of the company’s LNG semi-trailers operate on Indian roads, commanding more than 85% market share, and it has supplied over 60% of the stationary and trailer-mounted LNG tanks in the country. Orders for LCNG fuelling stations from Gujarat Gas, IOCL, BPCL and HPCL reinforce that domestic grip. - **A serial production line is ready for the trucking boom** - the Kalol plant now has a fully automated serial production line for LNG vehicle fuel tanks, with plans to scale to 500-600 tanks per month, anticipating demand for 30,000-40,000 fuel tanks in the next three to five years as India targets 1,000 LNG fuel stations and LNG-fuelled trucks are projected to grow from 50,000 in 2030 to 500,000 in 2040. - **It was the first Indian cryogenic manufacturer to earn automotive-grade certification** - the IATF 16949 certification for LNG fuel tanks signals that the division can supply directly into vehicle OEM supply chains, not just to fuel-station operators. ## 3. Cryo-Scientific Division: the precision-engineering edge **This is the division that builds bespoke cryogenic systems for fusion reactors, space-launch pads, submarine propulsion and quantum computing - tiny in volume, but it proves the company can handle the hardest engineering problems.** - **It supplies the world’s biggest fusion experiment** - the division has completed cryolines and warmlines for the ITER international nuclear fusion project in France and is now executing repeat orders for repairs to more than 200 thermal-shield panels on the reactor’s vacuum vessel. It has also secured large cryogenic-module orders from CERN. - **It built India’s first submarine life-support tank** - the division completed a first-of-its-kind liquid-oxygen tank for Air Independent Propulsion (AIP) systems on Indian naval submarines, developed for DRDO’s Naval Materials Research Laboratory for the Kalvari-class. That is a defence application where failure is not an option. - **It made India the sixth nation to manufacture MRI magnet systems** - in collaboration with the Ministry of Electronics & IT and SAMEER, the division produced India’s first indigenously designed 1.5T superconducting MRI magnet cryostat, a component that was previously entirely imported. - **It fuels India’s space programme** - the division has supplied cryo-propellant storage and servicing systems for ISRO since the second launch pad in 2006, manufactured a thermal-vacuum simulation chamber in 2018, and received an order for an 86-kilolitre liquid-hydrogen storage tank from ISRO. It also jointly designed India’s first trailer-mounted hydrogen transport tank with ISRO. - **Liquid hydrogen is a quiet specialty** - the division has already designed, certified by Korean authorities, and commissioned four 311-cubic-metre liquid-hydrogen storage vessels for a customer in Korea, and received a 90-kilolitre liquid-hydrogen tank order from a European semiconductor facility. ## 4. Stainless Steel Kegs: the fabrication flywheel **Launched only in FY25, this division takes the same stainless-steel welding and vacuum expertise and applies it to returnable beer kegs - and it has already won approvals from three of the world’s four biggest brewers.** - **Three global breweries are already customers** - Heineken, AB InBev and Molson Coors, which together represent more than 40% of global beer volumes, have all qualified the company’s kegs and placed active orders, with Heineken taking deliveries for breweries in Bulgaria, Croatia and Reunion Island. Technical teams from AB InBev and Heineken conduct regular on-site quality checks at the Savli plant. - **It was built with internal cash, not debt** - the world-class keg facility at Savli, Gujarat, was funded entirely through internal accruals at a cost of ₹100 crore, and it was the first organisation in India to receive FSSC 22000 food-safety certification for beverage kegs. - **Distribution is now live in Europe** - partnerships in Germany, Poland and the UK are operational, giving the division direct commercial access to the European market where returnable kegs are the norm. A 30,000-keg order from a German company and a non-standard keg order from Orban, Germany, signal that the product is gaining traction beyond the initial anchor customers. - **Specialised kegs earn better margins** - the division is deliberately shifting toward non-standard keg variants for niche applications, which command higher prices and differentiate it from commodity-focused Chinese competitors, who are already subject to anti-dumping duties in key markets. # Manufacturing, technology and operations **Four integrated factories in Gujarat - plus a fifth under construction at Kandla Port - give the company the scale to build everything from 1-litre dewars to 500-tonne mega-tanks, while an in-house team of over 450 engineers designs the products and the production lines.** - **The Kandla expansion unlocks ultra-large tanks** - a new facility on roughly seven acres near Kandla Port, on a 30-year lease and expected to be commissioned about nine to ten months from May 2026, will be able to manufacture tanks up to 8-9 metres in diameter, 60 metres long and weighing up to 500 tonnes, opening opportunities in LNG mega-storage and large-scale aerospace that existing plants cannot handle. Being roughly 2.5 kilometres from the port slashes logistics costs for export orders. - **The Savli plant was built in six months and is already expanding** - commissioned in record time and funded entirely from internal accruals, its second phase added four shops each 25 metres wide and 200 metres long, equipped with advanced welding, vacuuming and material-handling machinery. - **A robotic cell and an Italian rolling machine do the precision work** - key equipment includes a Yaskawa multi-axis industrial robot for automated welding and plasma cutting, and an Italian-engineered four-roller precision rolling machine that cold-rolls stainless-steel plate from 4 to 25 millimetres thick with exceptional accuracy. - **The company generates some of its own power** - a captive 1.65 MW windmill in Bhachau district and a 1 MW solar plant at the Kalol facility feed the grid that runs the factories. - **Three patents and deep R&D underpin the product pipeline** - the company holds patents on an LNG dispensing system, a sliding spacer for cryogenic piping, and a displacement-decoupling arrangement for double-walled piping, while current R&D projects include second-generation LNG fuel tanks, mobile LNG fuelling systems, an ultra-high-purity ammonia ISO container for semiconductor logistics, and a liquid-helium dewar developed with IIT Bombay using BARC-transferred technology. # Group structure and partners **The company is 75% promoter-held, debt-free, and runs two overseas subsidiaries - a stock-and-sale hub in the Netherlands and a service-and-distribution base in Brazil - while its most important commercial relationship is with a sister company that is itself one of India’s largest industrial-gas producers.** - **INOX Air Products is both a customer and a supplier** - roughly 10% of revenues come from sales of tanks, vaporizers, repair services and spares to INOX Air Products Private Limited (IAPL), a group company with a FY25 standalone turnover of ₹2,790 crore and net worth of ₹6,339 crore, while IAPL in turn supplies industrial gases to INOX India. That backward-and-forward integration creates a captive demand channel. - **The Brazil subsidiary hit a revenue record** - INOXCVA Comércio e Indústria De Equipamentos Criogênicos Ltda. recorded its highest-ever revenue of ₹46 crore in FY24, serving as the company’s Latin American service and distribution arm. - **Technical partnerships open doors that certifications alone cannot** - a collaboration with Italy’s Supermonte Group underpins the keg business, an MoU with IUAC targets indigenous superconducting-magnet systems for clinical and defence use, a strategic tie-up with Honeywell anchors the US disposable-cylinder business, and a “Preferred Partner” agreement with Adani Total Gas strengthens the domestic LNG ecosystem.