INOX India is also building capabilities in hydrogen infrastructure, leveraging its expertise in ultra-low temperature cryogenic engineering. The company manufactures storage tanks, vacuum-insulated containers, and transportation systems required for liquid hydrogen, which must be stored at around –253°C.
The Vadodara-based cryogenic major, which reported revenue of about ₹1,350 crore in FY25, is targeting ₹1,600 crore in FY26.
With 18–20% annual growth, the company is on track to approach ₹2,000 crore over the next two years, supported by a business mix spanning LNG infrastructure, industrial gases, and specialised engineering, company officials told businessline.
“From a two-litre container storing bull semen to a 400-tonne vessel, we are a supermarket of cryogenic equipment,” CEO Deepak Acharya said, highlighting the range that buffers the company from sector-specific shocks.
The expansion is being supported by strong demand from overseas markets and specialised engineering projects. INOX India reported revenue of ₹436 crore in the December quarter of FY26, up 27% year-on-year, with exports accounting for 62% of the total.
For the first nine months of FY26, total income rose 20% to ₹1,157 crore, while adjusted net profit increased 23.7% to ₹189 crore.
A robust order backlog of about ₹1,450–1,500 crore provides revenue visibility of 9–10 months. Industrial gases account for roughly 47% of the order book, followed by LNG infrastructure at about 31% and cryogenic scientific applications at around 23%, with export markets contributing a majority of the pipeline.
Riding India’s LNG transition
A significant part of the company’s growth strategy is tied to India’s push to expand the use of LNG in long-haul transport and industrial logistics.
INOX India has built a strong presence in the LNG semi-trailer segment, supplying vacuum-insulated tanks used to transport liquefied gas. As Government efforts to promote LNG-powered heavy vehicles and expand fuelling infrastructure are expected to drive demand, the company has also developed specialised LNG fuel tanks for heavy-duty vehicles.
INOX has supplied cryogenic tanks for India’s first PESO-approved LNG-powered cryogenic tanker used in industrial gas logistics., company officials said
Positioning for the hydrogen economy
INOX India is also building capabilities in hydrogen infrastructure, leveraging its expertise in ultra-low temperature cryogenic engineering.
The company manufactures storage tanks, vacuum-insulated containers, and transportation systems required for liquid hydrogen, which must be stored at around –253°C.
“Hydrogen is the ultimate fuel… but at what cost is very important,” Acharya said, indicating that commercial viability at scale remains some years away.
Capacity expansion at Savli
To support rising demand, INOX India is scaling up its Savli facility in Gujarat, a key export-oriented manufacturing hub.
The plant has the capacity to fabricate over 20,000 tonnes of stainless steel cryogenic equipment annually and includes automated production lines for LNG fuel tanks and specialised storage systems.
The facility generated over ₹200 crore in its first year and continues to ramp up utilisation as export orders scale.
From LNG logistics to fusion reactors
Beyond energy infrastructure, INOX India has built a presence in high-technology scientific projects.
Its work on the ITER nuclear fusion programme in France has generated over ₹650 crore in business, with annual visibility of ₹80–100 crore. The company is also involved in developing air-independent propulsion systems for Indian Navy submarines, a programme expected to scale as India expands its fleet.
New niche forays
New business lines are adding further depth. In beverage kegs, INOX is targeting a capacity of up to one million units annually, translating into a ₹400–500 crore opportunity, with approvals from global brewers such as Heineken and AB InBev.
The semiconductor segment, currently contributing ₹80–100 crore, is expected to scale as new fabrication plants come online. The company is supplying specialised containers for ultra-high purity gases used in chip manufacturing, a segment that requires high precision and offers strong entry barriers.
“With projects spanning LNG transport networks, nuclear fusion research, and hydrogen infrastructure, INOX India is positioning itself at the intersection of clean energy, advanced science, and global industrial supply chains, Noted Acharya, CEO of INOX
Published on March 23, 2026