Interim report
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® INOX CVA HISTORICALLY FUTURISTIC IlL SEC SE INfM : :271 D ate:~' August 202 6 Corporate Relations Departm ent The Manager Listing Department BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading lUng Exchange Plaza', C-1, Block G, Rotunda Building, P J Towers Bandra - Kurla Complex, Dalal Street, Fort Bandra (E), Mumbai - 400 001 Mumbai - 400 051 ScripCode-544046 Symbol: INOXINDIA Subje ct: Outcome of Board Meeting held on 3nt August, 2026. Dear Sir/ Madam, Pursuant to Regulations 30 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), we wish to inform you that, the Board of Directors of the Company at its Meeting held today i.e. 3ro August, 2026 , have inter-alia, considered, approved and taken on record, the following items of Agenda: 1. Unaudited Standalon e and Consolidated Financial Results and Limited Review Report issued by the Statutory Auditors for the quarter ended 30th June , 2026 (Annexure - 1) 2. Press Release on the Unaudited Financial Results for the quarter ended 30th June, 2026. (An n exure - 2) The above information shall be made available on the website of the Company at www.inoxcva.com. The meeting of the Board of Directors commenced at 04:20 p.m. and concluded at 04:38 p.m. You are requested to take the same on your record . Thanking you, Yours faithfully, For INOX India Limited Encl : As above -~-~ -::-' r-:, ~_:_9;_:t_~~_l ,9_~_6;_eL~_~_~~_:e4_, :-ad-od- a-ra-'-39-0-00-7-. G-u-jar-at-, l-nd-ia'.I-Te-I.-:+-9-t 2-6-5 -61-6-01-0o-lr~-a~-: +-90-1 2-6-;<-23-4-t I4-~-9 'I ~-no-x@-I ~-no-xcv-aL-.(-o ~--'~_www-IT-in-o;-cv-a D-co-m II
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SRBC&COLLP Chartered Accountants 2111. Floor, B Wing. Privllon Ambll BRT Road, Behind Iskcon Temple Off SG Highway, Ahmedabad - 380 059 , India Tel : +91 7966083900 Independent Auditor's Review Report on the Quarterly Unaudited Consolidated Financial Results of INOX India Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors INOX India Limited I. We have reviewed the accompanying statement of unaudited consolidated financial results of mox India Limited (the "Holding Compa ny") and its subsidiaries (the Holding Company and its subsidiaries together referred to as the "Group") for the quarter ended June 30, 2026 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation s, 2015, as amended (the "Listing Regulations") . 2. The Holding Company 's Management is respons ible for the preparation of the Stateme nt in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 20 13 as amended, read with relevant rules issued thereunder a nd other accounting principles generally accepted in India and in compliance with Regu lation 33 of the Listing Regulations. The Statement has been approved by the Holding Compan y' s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 241 0, " Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substant ially less in scope than an audit conducted in accorda nce with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also perfonned procedures in accordance with the Master Circular issued by the Securitie s and Exchange Board of India under Regulation 33(8) of the L isting Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: a. INOX India Limited - Holding Company b. INOXCY A Comercio E Industria De Equipmentos Criogenicos Ltda. - Wholly Owned subsidiary c. INOXCYA Europe B.Y. - Wholly Owned subsidiary 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompany ing Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunde r and other accounting principles genera lly accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. SRBC& co LLP, a Limited Liability Pannership with LLP Identity No. AAB-4318 Regd. Office: 22, Camac Street, Block 'B', 3'" Floor, Kolkata - 700 016
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S R BC &COLLP Chartered Accountants 6. The accompanying Statement includes the unaudited interim financial results and other unaudited fmancial information (before consolidation related adjustments), in respect of one subsidiary, whose unaudited financial results and other unaudited financial information include total revenues of Rs. 1,332.00 lakhs, total net profit after tax of Rs. 164.19 lakhs, total comprehensive income of Rs. 164.19 lakhs, for the quarter ended June 30, 2026, as considered in the Statement which have been reviewed by its independent auditor. The independent auditor's report on unaudited interim financial results and other unaudited financial information of this Subsidiary has been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of such auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditor. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number : 324982E1E300003 Santosh AgalWal ~~b7S --ON: cn-s..toth ~~, c-!N, D·PInONII Oil. : 20:28 08.0] 17:4Q;3] .<WJ(l ' per Santosh Agarwal Partner Membership No.: 093669 ODIN: 26093669XLCBAB4575 Place: Ahmedabad Date: August 03, 2026
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INOX Indla Limited Reelstered Office : 9th Floor, K P Plat ina, Race Course, Vadodara -390 007, Gularat , India (IN : 199999GJl976PL(018945 Phone : 0265-6160100 email : secre tarlal.l ncplnoxcva.com Website : www.lnoxcva .com Statement of Unaudited Consol idated Financial Results for the quarter ended 30th June , 2026 30th June , Sr. No. Partic ula rs 2026 Unaudited I Revenue from Operations 37.079.03 " Other income 1,080.5 1 III TotallncolM II'" II) 38,159.54 IV Expenses Cost of Materials Consumed 14.961 .14 Purchase ofTraded Goods 8.40 Changes in Inventories of Finished goods and Semi Finished Goods (559.64) Employee Benefits Expense (Refer note 3 and 7) 4.224.58 Finance Costs 159.15 Deprec iati on and Amortisation Expense 949.96 Other expen ses 10,857.39 30.600.98 Captive Consumpt ion of Mat eria l Total expenses (IV) 30,600 .98 V Profit before exceptional It ems and tax (III - IV) 7.558.56 VI Exceptional Items - Income/(Expense) (refer note 5 and 6) VII Profit before tax (V + VI) 7,558.56 VIII Tax expense (1) CurrenttalC 1,763 .49 (2) Deferred talC Charge/(Cr ed it) 58.33 (3) TalC adjustment pertaIn ing to earlier years (cred It) (70.46) IX Profit after talC for the period/year (VII - VIII) 5,807 .20 X Other comprehensive Incomellioss) (OCI) A Items that will be rec:lasslfled to profit & loss Net gain due to Foreign Currency Translation differences 88 .71 B Items that will not be reclasslfied to profit & 1055 (liRe-measurement gain/(Ioss) on the Defined Benefit Plans 211 .42 (ii) Tax on above (53.21) Other comprehensive Income/lloss) (net of tax) for the perlod/vear (X) 246.92 XI Total compr ehensive income (net of talC) for the period/year (IX + X) 6,054.12 Profit for the period/year attributable to : 5,807.20 Owners of the Parent 5,807 .20 Non-controll Ing Intere sts - Other comprehensive (lossJlincome for the period/year attributab le to : 246.92 Owne rs of the Parent 246 .92 Non-cont rolling Interest s Total comprehensive Income for the period/vear attributable to : 6,054 .12 OWners of the Parent 6,054 .12 Non-controlling Interests XII Earnlnes per equity share - (Face Value of III! 2 each)(Not a nnualised) BasIc (In III!) 6.40 Diluted (In III!) 6.38 XIII Paid up Equity Share capital [Face Value III! 2 each] 1.815.27 XIV Ot her Equity (All amo unts are In III! Lakh unless otherwise stated) 3 months ended Year ended 31st March , 30th June, 31st March , 2026 2025 2026 Audited UNiudited Audited Rriernote 8 46.065.35 33.962.45 1,58,706 .29 1,458.86 1.266.86 4.518.92 47,524.11 35,229.31 1,63,225.21 20,413 .32 14,341.61 67.253.95 1,447 .69 1,447.69 (999.88) (865.50) 2.019.44 3.817.30 3.387.91 14,592.27 351.01 72.45 923. 11 !XJ2.07 756.79 3,361.55 11,921.23 9,484.83 40.093.5 4 37,852 .74 27.178.09 1,29.69 1.55 (984.93) 37,852.74 27,178.09 1,28,706.62 9,671 .47 8,051.22 34,518.59 320.65 - (327.91) 9,992 .12 8,051.22 34,190.68 2,523 .93 1,957.25 8,494.24 (54.95) (17.82) (91.83) (0.57) - (0.57) 7,523 .71 6,111.79 25,788.84 19.05 26.67 62.58 (169.02) (62.10) (40.09) 42.54 15.63 10.09 (107.43 (19.80) 32.58 7,416.28 6,091.99 25,821.42 7,523.71 6,111.79 25,788.84 7,523 .71 6,111 .79 25,788 .84 - - (107.43) (19.80) 32.58 (107.43) (19.80) 32.58 7,416.28 6,091.99 25,821 .42 7,416 .28 6.091.99 25,821.42 - - 8.29 6.73 28.41 8.27 6.71 28.33 1.815 .27 1,815.27 1,815 .27 1,09,945.58
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Not": , , The Statement of Unaudited Consolidated financial results rthe Stiltement~) of INOX India Umited ("the Holdina Company") and its subsidiaries (the Company and its subsidiaries tOiether referred to IS "the Group") have been reviewed by the Audit Committee and approved by the Board of Dlrecton; in their respective meetinas held on 3rd AUiust, 2026. The Statutory Auditors have arried out limited review of Consolidated financial results of the Group for the quarter ended on 30th June, 2026. Share·Based payments : The Nomination and Remuneriltion Committe e (NRC) of the Holding Company ilt the ir meetina held on 8th Augun 2023, 7th February 2025 and 12th February, 2026 have aranted 3,64,895, 7,593 and 2,267 stock options, respectively, to the emplovees of the HoIdlna Company vide lette r dated Ist August 2023, 7th Februilry 2025 and 13th February, 2026 respectively. hch stock option converts Into one equity shilre of the Holdini Compilnv on exercise bv respective emplovees . The options are granted at an exercise price of ~ 2 per optio n. The optio ns arant ed under the plan will lIest with employees at the end of second/t hird Velr from the Irant date . The Exercise Period In respect of iI Vested Option will be subject 10 a maximum period of 4 (Four) years commencina from the date of Ve5tini. The compen$.itlon costs of stock options iranted to employees are accounted using the rair 1I.lue method Oller vest ina period classified as Employee benefits expense . 4 Secment Information : The Group is hailing onlv one report able business sellment in accordance with Ind AS 108 on ~O pera tJn, se,ment ~ I.e. CryOlenlc tanks for IIqulfied ,ases, disposable cylinders etc. 5 During the year ended 31st March, 2025, the Holdln, Company's USA subsidiary, i.e. Cryogenic Vessels Alternatilles Inc, U SA~ (CVA) (which had been voluntary wound up/liquidated in the earlier years) had entered Into a seUlement aareem ent dated 7th October 2024 In respect of past years claims in rderence to case filed on a CVA's customer In USA. The said settlement pert.ined to certain trade related dispute of e.rlier years. Pursuant to such aifeement , CVA Inc was auaranteed settlement amou nt of U5$ 8SO.013 (~717 . 25 lakh) (net of leaal fees and expenses accrue to the leaal firm) which was receilled by the Holdlna Company durlni the financial year 2024·25. CVA Inc wu wound up by the Holdini Company in the earlier years, in financial year 2019·20, IS it had Incurred business losses including on account of operational custo mer claims. The losses Incurred bV the CVA Inc were borne by the HoldiltJ ComPiliny by wly of write off of out stand lna lIalues of loans and inllestments in Iquity Ind preference shares of CVA Inc which were fully prOllided in financial year 2018·19. Further, as per thl Ifo resaid Settlement agreement , aJA was liso ent itled to additional receipts of up to US$ 1,000,000 which was dependent on happenlna!non ·happen lni of defined future ellents I.e. sale of CVA's useh . Pursuant to the abolle, durini the financial year ended 31st March 2026, the customer had furthe r acknowledged an add itional amount of US$ 5,71,480 (~ 521.05 lakh) (net of lea:al fee5 Ind expenses accrue to the legal firmJ(includin, US$ 34S,n2 (U20 .6S lakh) ackowledied durini the quarter ended 31st March, 2026) which had since been realised by the Holdina Company, resultini In. full and fin.1 settle ment of claims under the aireemen!. Accordln,lV, the abolle settlement receipts of ~521 . 05 I.kh halle bee n recOlJnised as Income in the books and classified as bceptiona l items in the Finandal results for the year ended 315t March, 2026 (includina ~3 20. 65 lakh for the quarter ended 31st March, 2026). 6 Durin, the yen end ed 3Ist March, 2026, the Inte rnationa l Centre for Dispute Resolution (Internation al Arbitral Tribunal, USA) (the Arbitral Tribunal) paned an arbitration ,wlfd reia rding ill demillnd for arbitrat ion Ind statemlnt of claim filed bV Tavlor·Whilrton America Inc (TWA) on the Holdina Company on 6th November 2024 and amendment thereof on 18th April 2025 pursuant to a Non·Compete clause contained In the Asset Purchase Agreement dated 12th NOllember 2018 for sale of Issets of the Holding Company's erstwhile USA 5ubsidJ.ry, I.e. CryOienic Vessels Alterniltilles Inc, USA (CVA) (which had been voluntary wound up/llquldated in the earlier years). Pursuant to such Non·Compete clause contained In the Asset Purchase Agreement, It had been aareed that the Holding Company shall not, Inter alia, directly or Indlrectlv eniilge In thl sale of competlni business products thrOUjh any manufacturln, presence , distribut ion facility, or thlrd·party distribution facility In the United States for a period of ten vears from the dosln, date of the Asset Purchase Aareement, I.e. 12th NOllember 2018. On 9th March 2021, the Holdina Company entered Into an A(ency A(reement with Allcryo, Inc., USA (Allayo) pursuant to which the HoIdlnll CompanV stored and shipped certain products at the request of the customers which the Arbitral Tribunal Identified as the ~ dlstributlon facility'" as beln, in lliolation of the ilbove Non Compete clause despite certain ambl,ultles In the term ~ dlstrlbutlon facilitY' which WIS not defined .nywhere In the Asset Purchase Aareement. The Arbitral Tribunal found that the term "distribution facility" IS used in the industry, encompasses more than a distributorsh ip; namelv, It Is a facility that is desianed to receive, store and distribute products to customers and accordlnilV, dirmed the Holdin, Company to pay US$ 944,651 (~ 848.96Iakh) t~rds leaal and other costs to TWA, while dismlssina all other compensation claims filed bV TWA against the Holdlna Company. Accordingly, the Holdlna Compilnv has accounted for the abo lle amount of ~848 .96 lakh and disclosed/recorde d as bceptional Items (e~pense) In the Financial results for the year ended 31st March, 2026. 7 On November 2025, The GOllernment of India has consolidated 29 existini labour lei islations into a unified framework comprisina four labour Codes I.e. the Code on Wages 2019, the Industrial Relations Code 2020, the Code on Social Security 2020, ilnd the Occupational Safet>t, Health and Worklni Conditions Code 2020 (collectillelv referred to as the ~ New Labour Codes· ). The Ministry of labour & Employment has published the FAQs and also notified the Central Rules on 8th Mav, 2026 to enable assessment of the financial impact due to chanie s in rea:ulatJons. The Holdlni Company had ilssessed and disclosed the Incremen tal Impact of the5e chanies on the basis of Internal manaaement assessment and the best Information allallable, consistent with the ,uldance provided by the Institute of Chartered Accountants of India. The Holdlna Company has complied with the New labour Codes to the enent applicable and accounted for estimated Increase In liability for Gratuity arisini out of past service cost and Increase in liability for Compensale d absences (leave encashment) of 111: 129.38lakh and ~ 195.00 lakh respm illety as employee blnefits Ixpense in the Financiill results for Ihe year ended 31st March, 2026 in accordance with Ind AS 19, "Employee 8e n erlts ~. The Holdlna Company continues to montior the finalisation of State Rules, as welt as GOllernment clarification on other aspects of the labour Codes, and will recoanlse the consequential Impact, if any, based on such dellelopments . 8 Fiaures for the quarter ended 31st March, 2026 rePfesents the difference between the audited figures in respect of the full financial Veilr aoo the publishld unaudited filures of nine months ended 31st December, 2025 which were subject to limited review bvthe Auditors. , The abolle unaudited consolidated fln.ncials results indudes financial Informatlon of thl Holdini Comp.nV i.e. INOX India Umlted & its subsidiaries namely INOXCVA Comerdo E Industria De Equipmentos CriOlJenlcos ltda . and INOXCVA Europe 8.V. 10 The abolle unaudited consolidated financial results for the qUilrter ended 30th June, 2026 are I~ilable on the BSE Umlted website (URL: WoIo'W.bselndia.com, National Stock Exchan,e of India Umited website (URl: WoIo'W.nseindia.com ) and on the Company's website (URL: http s :II_· ino~ cva . com) . For .nd on behalf of the ~rd of OIrectOtt of tNOX India Umlted PARAG ::=--==- :~~:=R ~ ':'_ -:. Para, Kulkarni Executille Director OlN: 00209184 Place : Nashlk Date : lrd AUlun , 2026
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SRBC&COLLP Chartered Accountants 2' " Floor, B Wing , Prtvilon AmbU BRT Road, Behind Iskcon Temple orf SG Highway, Ahmedabad - 380 059 , India Tel : +91 7966083900 Independent Auditor's Review Report on the Quarterly Unaudited Standa lone Financial Results of IN OX India Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors INOX India Limited I. We have reviewed the accompanying statement of unaudited standalone financial results of INOX India Limited (the "Co mpany ") for the quarter ended June 30, 2026 (the "Statement") attached herewith , being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement s) Regulation s, 2015, as amended (the "L isting Regulation s") . 2. The Company's Management is responsib le for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (lnd AS 34) " Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 20 13 as amended , read with relevant rules issued thereunder and other accounting principle s generally accepted in India and in compliance with Regulation 33 of the Listing Regulations . The Statement has been approved by the Company's Board of Director s. Our responsibility is to express a conclusion on the Statement based on OUI review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10, "Rev iew of Interim Financiallnfonnation Perfonned by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perfonn the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial infonnation consists of making inquiries , primarily of persons responsible for financial and accounting matters, and app lying analyt ical and other review procedures . A review is substant ially less in scope than an audit conducted in accordance with Standards on Aud iting and consequently does not enable us to obtain assurance that we would become aware of all signific ant matte rs that might be identified in an audit. Accordingly , we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (' Ind AS ') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in lndia, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed. or that it contains any material misstatement. For S R B C & CO LLP Chartered Accountants ICA I Firm registration number: 324982FJE300003 Santosh =''''~-O .... _._ ... ___ . c>oIN. Agarwal o;..~0!I . !llH : 41 _ 21'~"lCr per Sa ntosh Agarwal Partner Membership No.: 093669 UDIN: 26093669FJIJGS562I Place of Signature : Ahmedabad Date: August 03, 2026 SRBC & co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318 Regd. Office: 22. Camac Street, Block 'S', JnI Floor, Kolkata -700 016
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INOX India Limited Rellstered Office : 9th Floor, K P Platina, Race Course, Vadodara-39 0 007, Gularat , India ON: L99999GJ1976PlC018945 Phone : 0265-6160100 email: secret.rlll.inf!)in oxcva.com Website : www.inoxcva.com Statement of Unaudited Standalone Financial Results for the quarter ende d 30t h June, 2026 5,. 30t h June, N •. Particu lars 2026 Unaudited , Revenue from Opera tions 35,699.98 II Other Income 1,113.12 "' Total Income (I + II) 36,813.10 'V Expenses Cost of Materials Consume d 14,313.06 Purchase ofTraded Goods 8.40 Changes in Inventories of Finished goods and Semi Finished Goocls 1456.16) Employee Benefits Expense (Refer note 3 and 7) 3,944.45 Finance Costs 141.73 Depreciation and AmortisatiOn Expense 816.53 Other expenses 10,736.22 29.504.23 Captive Consumption of Material . Tota l Expe nses (IV) 29.504 .23 V Profit before exceptio nal items and tax (lit - IV) 7,308.87 V, Exceptional Items -Income/(Expen se) (refer note 5 and 6) VII Profit before tn (V + VI) 7.308.87 VIII Tax expe nse (1) Current ta )( 1,710.00 (2) Deferred ta)( Charge 32.51 (3) Tax adjustment pert aining to earlier years (credit) (70.46) 'X Profit aftertax for the perio d/year (VII - VIII) 5,636.82 X Other comprehen sive income/lloss) (OCI) A Items thu will be redasslfted to profit & loss B Items that will not be reclassifted to profit & loss (l)Re-measurement galn/( los5) on the Defined Benefit Plans 211.42 (ii) Tax on above 153.21) Other com prehensive income/(Ioss) (net of tu) for the period/year (X) 158.21 XI Tota l comprehe nsive income (net of tax) for the per iod/year (IX + X) 5,79S.03 XII Earnings per equity share - (Face Value of III: 2 each)(No t an nualised) 8aslc (in 111:) 6.21 Diluted (in 111:) 6.19 XIII Paid up Equity Share ca pitallFace Value II; 2 each] 1,815,27 X,V Other Equity (All amou n are n • • un ... illl:Lkh Ie th erwses a e t t d) 3 months ended Year ended 31st March, lOth June, 31st March, 2026 2025 2026 Audited Unaudite d Audited Refer note 8 45,546.30 32,739.15 1,55,727.25 1,340.85 1,247.38 4,444.49 46,88 7.15 33,986.53 1,60,171 .74 20,631.34 12,695.44 66,321.08 1,447.69 1,447.69 (1,385.85) 1109.37) 739.59 3,591.58 3,231.92 13,768.35 326.00 62.96 874.99 792.97 719.33 3,074.70 11,827.39 9,391.20 39,982 .14 37,232.12 25,991.48 1.26,208.54 . (57.84) 37,232 .12 25,991 .48 1,26,150 .70 9,655.03 7,995.05 34,021,04 320.65 . 1327.91) 9.975.68 7.995.05 33.693.13 2.521.00 1,930.00 8.365.00 26.81 25.53 89.48 10.57) 10.57) 7,428,44 6,039 .52 25,239.22 . (169.02) (62.10) 140.09) 42.5' 15.63 10.09 (126.48) (46.47 130.(0) 7,301.96 5,993,05 25,209,22 8,18 6.65 27,81 8.16 6.64 27.73 1,815.27 1,815.27 1,815 .27 1,12,052.40
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Notes: 1 The Statement of Unaudited Standalone financial results ("the Statement") of INOX India limited ("the Company") have been reviewed by the Audit Committee and approved by the Board of Directors in theI r respective meeti ngs held on 3td August, 2026. 2 The Statutory Auditors have carried out limited review of Standalone financial results of the Company for the quarter ended on 30th June, 2026. 3 Share-Based payments : The NomInatIon and Remuneration Committee (NRC) of the Company at their meeting held on 8th August 2023, 7th February 2025 and 12th February, 2026 have granted 3,64,895, 7,593 and 2,267 stock options, respectivelv , to the emplovees of the Company vide letter dated 1st August 2023, 7th February 202S and 13th February, 2026 respectively. Each stock option converts into one equity share of the Company on exercise by respective employees . The option s are granted at an exercise price of .11:2 per OPtion. The options granted under the plan will vest wIth emplovees at the end of second/third year from the grant date . The EII:ercise Period in respect of a Vested Option will be subject to a maximum period of 4 (Four) years commencing from the date of Vesting. The compensation costs of stock options granted to employees are accounted using the faIr value method over vesting period classified as Employee benefits elCpense. 4 Segment Information : The Company Is having only one reportable business segment in accordance with Ind AS 108 on ~Operatlng segment" I.e. CryogenIc tanks for liquified gases, disposable cylinders etc. 5 During the year ended 31st March, 2025, the Company' s USA subsidiary, I.e. Cryogenic Vessels Alternatives Inc, USA" (CVA) (which had been voluntary wound up/liquidated In the earlier years) had entered Into a settlement agreement dated 7th October 2024 in respect of past years claims In referenc e to case filed on a evA 's customer In USA. The said settle ment pertained to certai n trade related dispute of earlier years. Pursuant to such agreement, evA Inc was guaranteed settlement amount of US$ 850.013 (II: 717.2S lakh) (net of legal fees and expenses accrue to the leaal firm) which was received by the Company during the flnanclal year 2024-25. evA Inc was wound up by the Company In the earlier years, in financial year 2019-20, as it had incurred business losses including on account of operatlonal customer claims. The Ioues Incurred by the CVA Inc were borne by the Company by way of write off of outstanding values of loans and investments in equity and preference shares of CVA Inc which were fully provided in financial year2018 -19. Further, as per the aforesaid Settlement agreement, evA was also entitled to additional receipts of up to US$ 1,000,000 which was dependent on happening/non happening of defined future events i.e. sale of CVA's assets. Pursuant to the above, during the financial year 31st March 2026, the customer had further acknowledged an additional amount of US$ 5,71,480 (II: 521.05 lakh) (net of legal fees and expenses accrue to the legal firm) (includ ing U5$ 3,4S,772 (lt320.6S lakh) acknowledged during the quarter ended 31st March, 2026) which had since been realised by the Company . resulting In a full and final settlement of claims under the agreement. Accordingly, the above sett lement receipts of ~S21.05 lakh have been recognised as Income in the books and classified as EJCceptional items in the Financial results for the year ended 31st March, 2026 (including 11:320.65 lakh for the quarter ended 31st March, 2026). 6 During the year ended 31st March, 2026, the International Centre for Dispute Resolution (International Arbitral Tribunal. USA) (the Arbitral Tribunal) passed an arbit ration award regarding a demand for arbitration and statement of claim filed bV Taylor-Wharton America Inc (TWA) on the Company on 6th November 2024 and amendment thereof on 18th April 2025 pursuant to a Non-Compete clause contained In the Asset Purchase Agreement dated 12th November 2018 for sale of assets of the Company's erstwhile USA subsidiary, I.e. Cryogenic Vessels Alternatives Inc, USA" (evA) (wh k h had been volu ntary wound up/liquidated in the earlier years). Pursuant to such Non-Compete clause contained in the Asset Purchase Agreement , it had been agreed that the Company shall not, inter alia, directly or indirectly engage In the sale of competing business products through any manufactur ing presence, distribution facilitv, or third-party distribution facility in the United States for a petted of ten years from the closing date of the Asset Purchase Agreement , I.e. 12th November 2018. On 9th March 2021, the Company entered into an Agency Agreement with Allcryo, Inc., USA (Allcryo) pursuant to which the Company stored and shipped certain products at the request of the customers which the Arbitral Tribuna l Identified as the "distribution facility'" as being in violation of the above Non Compete clause despite certain ambiguities In the term "distr ibution facility'" which was not defined anywhere in the Asset Purchase Agreement . The Arbitral Tribunal found that the term "distribution facility " as used in the Industry, encompasses more than a distributorship; namely, it is a facUity that Is designed to receive, store and distribute product s to customers and accordingly, directed the Company to pay USS 944,657 (II: 848.96 lakhl towards legal and other costs to TWA, while dismissing all othe r compen sation claims filed by TWA against the Company. Accordingly, the Company has accounted for the above amount of ~48 . 96 lakh and disclosed/recorded as Exceptionalltems(expense) In the Financial results for the year ended 31st March, 2026. 7 On November 2025, The Government of India has consolidated 29 existing labour le81slatlon s Into a unified framework comprlsln8 four labour Codes I.e. the Code on Wages 2019, the Industria l Relations Code 2020, the Code on Social Security 2020, and the Occupational Safety, Health and Working Conditions Code 2020 (collectlvely referred to as the "New labour Codes" ). The Min istry of labour & Employment has published the FAGs and also notified the Central Rules on 8th May, 2026 to enable assessment of the financial Impact due to changes In regulations . The Company had assessed and disclosed the incremental impact of these chanaes on the basis of Intemal management assessment and the best informatIon available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The Company has compiled with the New labour Codes to the extent applicable and accounted for estimated increase in liability fer Gratuity arising out of past service cost and increase in liability for Compensated absences (leave encashment) of II: 129.38 lakh and II: 195.00 lakh respectively as employee benefits expense in the Financial results for the year ended 31st March, 2026 in accordance With Ind M19, MEmplovee BenefitsM. The Company continues to montier the finalisatlon of State Rules, as well as Government ciarificatlon on other aspects of the labour Codes, and will recognise the consequent ial Impact, If any, based on such developments . 8 FIgures for the quarter ended 31st March , 2026 represents the differen ce between the audited figures in respect of the full financial vear and the published unaudited figures of nine months ended 31st December, 2025 which were subject to limited review by the AudItors . 9 The above unaudited standalone financial results for the quarter ended 30th June, 2026 are available on the 8SE limited website (URl : www .bseindia.com. National Stock Exchange of India limited website fURl : www .nseindia.com)andontheCompany 'swebsite (URl : https :/Iwww.inoxcva.com) . For and on behalf of the Board of Directors of INOX Ind ia limit ed PARAG ~~~ PADMAKAR KULKARNI -------------""' ....... .. __ -....- --" ......... PlrI, Kulklml Executive DIrecto r DIN : 00209184 Place: Nashik Dilte : 3rd Aueust. 2026
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INOX India Ltd announces Q1 FY27 Results Highlights for Q1 FY27 The Company’s Revenue for Q1 FY27 grew 8.3% YoY to ₹ 382 Cr EBITDA for first quarter rose 1.4% YoY to ₹ 90 Cr with EBITDA Margin of 23.5% PAT for Q1 FY27 stood at ₹ 61 Cr with PAT Margin of 15.9% Export Revenue stood at ₹ 222 Cr in Q1 FY27, contributing 58% to total revenues Order Inflow at ₹ 532 Cr for the quarter, taking total order book to ₹ 1,686 Cr Vadodara/Mumbai, Aug 3, 2026: INOX India Ltd (INOXCVA) has released its unaudited financial results for the first quarter ended June 30, 2026, as approved by the Board of Directors. The Company reported Profit After Tax (PAT) at ₹ 61 Cr for Q1 FY27. Quarterly revenue stood at ₹382 Cr, rising 8.3% YoY. EBITDA for the Quarter was at ₹ 90 Cr, up by 1.4%. For the first quarter, exports accounted for 58% of revenue with export sales at ₹ 222 Cr, reflecting continued international demand. The company secured order inflows totaling ₹532 Cr, taking total order book to ₹ 1,686 Cr signifying positive market confidence and the potential of industrial and clean energy sectors. Export orders now exceed ₹1,140 Cr, providing strong revenue visibility for the coming quarters. The Industrial Gases division contributed 53% to the overall revenue during the Quarter. During Q1 FY27, the Company secured a major order from space exploration industry for large cryogenic storage tanks, along with an order for six additional tanks from the same customer, reinforcing INOX India's position as a trusted partner in the global aerospace cryogenic infrastructure segment. The disposable cylinder business continued to witness healthy repeat orders from customers across global markets. The Company also entered the semiconductor infrastructure space by securing initial orders for transportation tanks for semiconductor manufacturing facilities in Dholera. The Cryoseal liquid cylinder business continued to gain traction in India, supported by expansion of the dealer network and enhanced manufacturing automation. The LNG Division contributed 22% of the Company's overall revenue during the quarter. The decline in global LNG prices improved the economic viability of LNG as a transportation fuel, resulting in renewed momentum in LNG fuelling infrastructure. During the quarter, the Company secured multiple orders for LNG fuelling stations while continuing to strengthen its leadership in the LNG semi-trailer segment. Installation activities commenced following the delivery of the first batch of large storage tanks to the mini-LNG terminal project site in The Bahamas. The initial success of the project in The Bahamas has also created new opportunities for satellite LNG stations. During the quarter, the Cryo Scientific Division (CSD) contributed 20% to overall revenue. During the quarter, the Company secured a prestigious order from CERN for the manufacture of highly specialized cryogenic modules for one of the world's most advanced particle physics research facilities, marking its entry INOX India Ltd announces Q1 FY27 Results
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into another globally renowned scientific institution. The Company also received another important repeat order from ITER, France, further strengthening its position in advanced scientific cryogenic engineering. The Stainless-Steel Keg - During the quarter, the Company continued executing orders from leading global customers while expanding engagement with strategic brewery partners. The approved customer base now includes Heineken, AB InBev and Molson Coors, representing over 40% of global beer market volumes. INOX India also continued to expand its portfolio of specialized non-standard keg variants. Other Strategic Developments: Company entered into a strategic partnership with WAYOUT, Sweden, for manufacturing modular water micro-factories in India, extending the Company's advanced manufacturing capabilities into sustainable industrial solutions. Received the AS9100D aerospace quality certification, enabling INOX India to manufacture aerospace components for onboard flight applications and significantly expanding its addressable aerospace market. Partnered with ITM SLS Baroda University for establishing a dedicated skill development center focused on semiconductor pipeline fabrication and orbital welding, supporting India's Semiconductor Mission. Commenting on the Results, Deepak Acharya, Chief Executive Officer – INOX India Limited, added, “Q1 FY27 marks another milestone quarter for INOX India, highlighted by our highest-ever quarterly order inflow of approximately ₹532 crore, taking our current order book to a record ₹1,686 crore. Our export order book now exceeds ₹1,140 crore, reflecting the growing global acceptance of our engineering capabilities and providing strong revenue visibility for the coming quarters. The Quarter witnessed stronger presence in high- growth segments through repeat orders from the aerospace industry, our entry into India's semiconductor ecosystem, prestigious orders from CERN and ITER, and continued progress across LNG infrastructure projects. We also received the AS9100D aerospace quality cert ification, enabling us to expand our participation into onboard aerospace applications, while our partnerships in semiconductor skill development and sustainable water solutions reinforce our focus on building new growth platforms. Backed by a record order book, diversified end markets, expanding global footprint and continued investments in technology and manufacturing capabilities, we remain confident of delivering sustainable long-term growth and creating enduring value for our stakeholders.” Consolidated Q1 FY27 Financial Highlights (₹ crore) Particulars Q1 FY27 Q1 FY26 % Y-o-Y FY26 Total Revenue 382 352 8.3% 1,632 EBITDA 90 88 1.4% 388 PAT 61 61 0% 258 About INOX India Ltd INOX India Ltd (INOXCVA) is one of the largest manufacturers of Cryogenic Storage, Re -gas and Distribution Systems for LNG, Industrial Gases and Cryo-Scientific applications with operations in India, Brazil & Europe. The Company has an extensive user base, spread across more than 100 countries and is serviced by a network of after-sales support associates in more than 30 countries. The company is leading India’s efforts to use LNG for industrial and automotive use. The Company’s key strength lies in design engineering, manufacturing, supply and commissioning of Cryogenic turnkey packaged systems with
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reputation and a vision to deliver a significantly higher value to its consumers. For more information, please visit www.inoxcva.com For more information, contact: Puneet Gupta | puneet.gupta@inoxcva.com