**1. Business Performance:** INOX India delivered stellar Q4 and FY26 financial results.

Full-year revenue surged 21.2% YoY to ₹1632 Cr, with Q4 revenue hitting a record ₹475 Cr.

Adjusted PAT for FY26 climbed 19.3% to ₹261 Cr.

The LNG segment was a key growth driver, achieving its highest-ever revenue of ₹457 Cr in FY26, while Q4 also saw record export revenue of ₹291 Cr. **2. Growth Drivers or Strategy:** The company is strategically focused on the global clean energy transition, leveraging huge opportunities in Liquid Hydrogen, LNG, and Fusion Energy.

Key areas include small-scale LNG solutions, mini-LNG terminals for island nations, and LNG as a clean fuel for heavy transport.

The strategy centers on continuous product innovation and customized cryogenic solutions. **3. Recent Developments:** Major recent wins include securing a high-value order from a US space company and an order for marine fuel tanks for LNG ships.

They also dispatched over 2 million disposable cylinders and completed a complex LOX tank for submarines.

Q4 order bookings hit a record ₹504 Cr, boosting the total backlog to a robust ₹1514 Cr. **4. Key Financial Metrics:** For FY26, Adjusted EBITDA stood at ₹388 Cr (23.8% margin) and Adjusted PAT at ₹261 Cr (16.0% margin). The company maintains a strong, net debt-free balance sheet with approximately ₹257 Cr in free cash, supporting aggressive growth plans. **5. Management Commentary / Outlook:** Management is geared to lead the green and clean energy future through integrated cryogenic solutions, consistent innovation, and continuously upgrading manufacturing infrastructure.