Transcript of Earnings Call held on 4th November, 2026

IN OX CVA HISTORICALLY FUTURISTIC IIL:SECSE:INTM:297 Date: 7th November, 2026 Corporate Relations Department The Manager Listing Department BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading Ring Exchange Plaza', C-l, Block G, Rotunda Building, P J Towers Bandra - Kurla Complex, Dalal Street, Fort Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 544046 Symbol: INOXINDIA Subject: Transcript of Conference Call with the Investors / Analysts. Dear Sir/Madam, The Company had organized a conference call with the Investors/Analysts on Wednesday, 4th November, 2026. A copy of Transcript of conference call held with the Investors/Analysts is enclosed herewith and the same is also uploaded on the Website of the Company. You are requested to take the same on your record. Thanking you. Yours faithfully, For INOX India Limited INOX INDIA LIMITED ClNNo.:L99999GJ1976PLC018945 9th Floor, K P Platina, Race Course, Vadodara -390 007, Gujarat, India, Tel.;-t91265 6160100 1f al\;-t91265 23414491i nox@inoma.com 1w ww.inoxcva.com “INOX India Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. DEEPAK ACHARYA – CHIEF EXECUTIVE OFFICER – INOX INDIA LIMITED MR. PAVAN LOGAR – CHIEF FINANCIAL OFFICER – INOX INDIA LIMITED MR. SUNIL LAVATI – HEAD, INVESTOR RELATIONS – INOX INDIA LIMITED MODERATOR: MR. MOHIT KUMAR – ICICI SECURITIES LIMITED Page 1 of 20 INOX India Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the INOX India Limited Q2 FY27 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need any assistance during this conference, please signal for an operator by pressing star followed by zero on your touch-tone telephones. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Mohit Kumar: Thank you, Sir. Good morning. On behalf of ICICI Securities, I welcome you all to the Q2 FY27 earnings call of INOX India Limited. Today, we have with us from the management, Mr. Deepak Acharya, CEO; Mr. Pavan Logar, CFO; and Mr. Sunil Lavati, Head, Investor Relations. We will begin with the opening remarks from the management, which will be followed by Q&A. Thank you, and over to you, sir. Deepak Acharya: Thank you so much. Good morning, ladies and gentlemen, and a warm welcome to INOX India Limited Q2 and H1 FY27 earnings conference call. I hope you had an opportunity to review our financial results and investor presentation. I will begin by sharing an overview of the global business environment, our performance across the key business verticals, and the important developments that are shaping our growth trajectory. Let me touch upon the global business and macroeconomic environment. As you are aware, the ongoing West Asia conflict has created additional challenges for the global economy, particularly in logistics and supply chains. These developments have made the operating environment more complex for everyone. We at INOX India are navigating these challenges with a focus on execution, operational efficiency, and customer commitments. Despite this, underlying demand drivers across industrial gases, LNG infrastructure, aerospace, space applications, scientific research, and semiconductor manufacturing remain very encouraging. These sectors require increasingly sophisticated cryogenic systems, precision- engineered equipment, and reliable manufacturing capabilities. We believe these requirements create opportunities for us. We continue to strengthen our position as a trusted partner for complex cryogenic equipment and engineered solutions, mainly due to our manufacturing infrastructure, technical expertise, and expanding presence across domestic and international markets. Let me now throw some light on our current order book. During the quarter, we have achieved a significant milestone. Our order backlog crossed INR2,200 crores, making it the highest level in the company's history. Of these, orders from customers in the space sector comprise about INR1,100 crores, reflecting the growing traction of our offerings in this segment and being a partner of choice for customers. Also, in the September quarter, we have received a mega order for subcoolers from a U.S. space company. We are planning to manufacture these at our Savli facility. This is an important Page 2 of 20 INOX India Limited November 04, 2026 development for our business and further strengthens our position in specialized cryogenic equipment. Let me now take you through the key developments across the business verticals, starting with industrial gas solutions. Our industrial gas solution business continued to see a healthy demand for equipment used in storage and transportation of industrial gases. During the quarter, we received orders worth approximately INR60 crores from domestic players covering transportation equipment, train tanks, and large storage tanks. These orders reinforce the continued demand for reliable gas handling infrastructure. We have also made significant progress in liquid cylinder manufacturing. Following the revamp of our manufacturing unit, production has ramped up meaningfully, with more than 1,500 liquid cylinders dispatched in the first half of FY27, worth more than INR25 crores, as against 1,600 in the last year. We are particularly encouraged by the progress of this business, as we are currently the only player with liquid cylinder manufacturing capabilities, positioning us uniquely in the Indian market. We believe the enhanced production capacity will further strengthen our ability to cater to growing customer demand. Additionally, we secured repeat orders from the disposable cylinders from the U.S. market, along with repeat orders for DOT cylinders from existing customers. Repeat orders from established customers reflect the importance of product quality, delivery reliability, and consistent execution. I'll now update you on the traction from the LNG solution vertical. The LNG solution business continues to benefit from the growing requirement of LNG transportation, storage, and fueling infrastructure. The current geopolitical environment has also reinforced the importance of energy security and reliable storage infrastructure. We are seeing increasing traction in LNG transportation, particularly in the semi-trailer segment. During the quarter, we secured a combined order of 40-plus LNG semi-trailers from various customers. These orders demonstrate continued demand for LNG transportation solutions. We also secured orders aggregating approximately INR14 crores from a domestic customer for storage tank vaporization systems and unloading pump kits. Additionally, we received an order from a leading city gas distribution company for an LNG fueling station, along with orders for vertical tank vaporizers for a glass plant at Bharuch. Another encouraging development is the emergence of LNG-powered railway applications in India. Following the recent launch of an LNG train by Indian Railways, we have received 4 related orders, of which 2 have been dispatched. We view this as a promising beginning of a new application area and an opportunity to build our capabilities as the market develops. These developments demonstrate the breadth of our LNG portfolio spanning transportation, storage, fueling, and emerging applications. Page 3 of 20 INOX India Limited November 04, 2026 Let me now take you through the development of Cryo-Scientific and advanced engineering solutions. Our Cryo-Scientific business continues to build capabilities in highly specialized applications that demand engineering precision, stringent quality standards, and the ability to operate under complex technical conditions. During the quarter, we secured an order worth approximately INR35 crores for specialized cryog [Showing first 8,000 characters — download PDF for full document]