Inox India Ltd

FY25 marks a pivotal chapter in our journey. With clarity of purpose and a bold vision, INOX India is expanding its horizons—geographically, technologically, and strategically—while accelerating growth across every vertical. Our relentless pursuit of excellence continues to unlock new opportunities and strengthen our leadership in cryogenic and clean energy solutions.

FY25 marks a pivotal chapter in our journey. With clarity of purpose and a bold vision, INOX

India is expanding its horizons—geographically, technologically, and strategically—while accelerating growth across every vertical.

Our relentless pursuit of excellence continues to unlock new opportunities and strengthen our leadership in cryogenic and clean energy solutions.

I am glad to share details of two of our most historic orders in FY25, which exemplified the theme of Expanding Horizons, Accelerating Growth.

Our first major milestone was a prestigious order for a Mini-LNG receiving and regasification terminal in The Bahamas. We will supply 10 X 1500m³ LNG storage tanks and a re-gasification system for a Power Plant project at the island nation. With a collective storage capacity of 15000 m3 LNG, this would be the largest installation of shop-built double-walled vacuum insulated cryogenic tanks in the world. This turnkey contract includes the complete design, engineering, and supply of a terminal that will fuel a 72 MW combined cycle power plant operated by IslandPower Producer

(IPP). The plant will provide sustainable shore power to cruise ships at Nassau Cruise Port. Notably, this will feature the world's largest installation of shop-fabricated, double-walled, vacuum-insulated cryogenic tanks setting a new benchmark for the industry and for INOX India.

The second breakthrough came from the UK, where we secured an order to supply 5 x 690 KL cryogenic storage tanks for the world's first commercial-scale Liquid Air Energy Storage (LAES) facility in Carrington, Manchester. This marks our entry into the cutting-edge domain of long-duration energy storage. These tanks—the largest of their kind ever manufactured by INOXCVA underscore our engineering capabilities and reinforce our role in enabling next-generation energy infrastructure.

Our proficient teams have undertaken numerous other projects which further embody the spirit of expanding horizons, while delivering growth, and I take the opportunity to applaud their efforts.

Together, these projects demonstrate how INOX India is scaling new heights while deepening its presence across emerging technologies and global clean energy ecosystems.

The year gone by was marked by robust performances. During the fiscal, our consolidated revenue grew from RS.1165 Cr to RS.1354 Cr in FY 2024-25. Our EBITDA stood at RS.330 Cr in FY 2024-25, a growth of 18.3 % from RS.279 Cr with an improved margin of 0.4 % from the previous fiscal. We recorded PAT of RS.224 Cr in FY 2024-25, up from RS.194 Cr in FY 2023-24. With increased visibility the company has shown excellent performance in most of all key performance indicators. We have recorded the highest ever total income of RS.1354 Cr, a growth of 16.2 % from RS.1165 Cr, Highest ever EBITDA RS.330 Cr, a growth of 18.3 % from RS.279 Cr, Highest ever PAT RS.224 Cr, a growth of 15.4 % from RS.194

Cr, Highest ever order booking RS.1533 Cr, a growth of 28.5 % from RS.1193 Cr in FY 2023-24. Additionally, we have recorded the Highest ever export revenue from operation RS.692 Cr, up by 8.5 % YoY and comprising 53 % of the total income. Notably, due to high cash flow generation over the years, we are a debt free, net cash surplus company.

This strong financial position provides us with significant flexibility to invest in growth initiatives.

Let me now turn to some of our other key achievements during the fiscal, beyond the two historic international orders mentioned earlier. As global economies adopt LNG as a preferred transition fuel, the segment continues to witness exponential growth—emerging as the fastest-growing among the three business verticals we operate in. During FY25, INOX India secured a substantial volume of orders in this segment. In addition to the Bahamas project, we received a major contract for LNG storage and regasification systems from leading energy companies in South America. The demand for LNG storage and transportation tanks remains robust, as industries around the world increasingly emphasize upon sustainable energy practices.

In a significant stride towards decarbonization, steel manufacturers are transitioning to LNG-powered trailers for the transportation of finished goods, thereby dramatically reducing carbon emissions and enabling cleaner logistics across their supply chains.

In line with this trend, INOX India received a strategic order for the supply of storage and transport equipment for a major steel plant in Central India. This initiative marks one of the earliest shifts by Indian steelmakers from coal to LNG, paving the way for a promising new market segment for the Company.

We have successfully retained our leadership position in the LNG infrastructure segment within India, securing multiple orders for LCNG and LNG fueling stations from

Indian Public Sector Undertakings (PSUs) as well as private City Gas Distribution

(CGD) companies.

With LNG's growing adoption as an automotive fuel, INOX India has also made significant inroads into the mobility segment.

We received orders from major Indian

Original Equipment Manufacturers (OEMs), underscoring the trust placed in our cryogenic fuel solutions. In a landmark achievement, INOX India became the first Indian company to receive the globally recognized IATF 16949 certification for cryogenic fuel tanks. This international quality management standard, based on ISO 9001 and specific to the automotive industry, is a prerequisite for supplying to global OEMs. This certification significantly strengthens our positioning in the evolving market for LNG-powered vehicles and opens new avenues for growth in clean mobility.

Our CryoScientific division delivered a strong performance in FY25, surpassing the order booking targets set for the year. Notably, the division secured an additional order for the refurbishment of Vacuum Vessel Thermal

Shield (VVTS) panels from ITER, France reinforcing our long-standing partnership with one of the world's most ambitious scientific collaborations. Importantly, we also received significant orders from Wroc aw University of Science and Technology (WUST), Poland, indicating that the division is steadily diversifying its client base and reducing dependency on a single project. Beyond ITER, your Company is actively engaging with a range of prestigious international ‘Big Science' institutions and has been receiving encouraging responses from CERN (Switzerland), FAIR (Germany), and WUST (Poland). These developments reaffirm INOX India's growing stature as a trusted cryogenic partner for advanced scientific research programs across the globe.

The successful resolution of the anti-dumping duty legal case for Disposable Cylinders in the

U.S. proved to be a turning point in FY25, resulting in a significant upswing in both order inflows and sales in this segment. A key highlight was our strategic collaboration with Honeywell one of the largest and most respected customers in the U.S. market. This partnership has not only reaffirmed our product quality and compliance standards but also led to a consistent stream of repeat orders, reinforcing our position as a trusted global supplier of disposable cylinders.

We are proud to share that our Stainless Steel

Keg manufacturing facility has been awarded the prestigious FSSC 22000 certification an internationally recognized benchmark for food safety and quality management systems. This certification underscores our unwavering commitment to global food safety standards and significantly enhances our credibility as a trusted partner for customers worldwide. It is likely among the first of its kind in Asia within this segment, making it a unique selling proposition (USP) for our product and providing us with a clear competitive advantage in both domestic and global markets.

Further validating our progress, INOX India has received approval from AB InBev one of the world's largest breweries—and we are optimistic about receiving substantial orders from them shortly. Our stainless steel kegs have already been dispatched to breweries across India, the United States, Belgium,

Germany, and Brazil. With strong interest emerging from South America, the region presents a promising growth opportunity, and the Company is well-positioned to cater to this market with efficiency and scale.

Last year, we successfully commissioned our fourth state-of-the-art greenfield manufacturing facility at Savli, Gujarat. FY25 marked its first full year of operations, during which the facility recorded an impressive revenue of above H 200 crore—an encouraging start that validates our strategic expansion efforts. With certain capital expenditure initiatives still underway, we anticipate further ramp-up in capacity and operational efficiency, positioning the Savli unit to contribute even more significantly to our top line in the coming years.

In response to the growing workload and rising complexity of global projects, we have significantly strengthened our Design and Engineering function. This includes expanding our highly skilled design team and augmenting our infrastructure to support the evolving demands of international customers.

These enhancements ensure that we remain agile, future-ready, and capable of delivering world-class engineering solutions across diverse geographies and sectors.

Service to the community has been an integral part of our ethos since inception. Our

CSR strategy is driven by a strong commitment to initiatives that enhance the quality of life in the communities where we operate, while also supporting interventions aligned with national priorities. As part of this mission, we continue to run a Mobile Health Unit in the villages surrounding our Kalol plant, delivering essential healthcare services directly to the doorsteps of rural residents.

In the field of education, we are proud to support the Udayan Shalini Project, empowering underprivileged girls to pursue higher education and build brighter futures. We have also contributed to the Army Welfare CSR Fund to support free residential IIT-JEE coaching for the wards of serving and retired Army personnel in Sukna—an initiative that honors our gratitude towards the Armed Forces.

Further reinforcing our focus on healthcare and education, we extended contributions to institutions such as the Indraprastha Global

Education and Research Foundation Hospital, Metta Foundation, IIT Bombay, and IISc Ben-galuru—each of which is doing exemplary work in advancing societal wellbeing through education, research, and medical care.

As we look to the future, the growing global demand for clean energy solutions presents compelling opportunities across the cryogenic value chain. We are fully committed to seizing these opportunities by driving sustainable growth, operational excellence, and innovation. Our unwavering focus on quality, safety, and technological advancement will continue to fuel our ambition and sharpen our competitive edge. A key strategic priority remains the relentless expansion of our global footprint as we work towards our vision of becoming a fully integrated, globally respected cryogenic solutions provider.

With your continued trust and support, we are confident in our ability to strengthen our leadership in this vital sector and contribute meaningfully to a cleaner, greener, and more sustainable world.

I extend my sincere gratitude to all our stakeholders for your unwavering confidence in INOX India. I look forward to celebrating many more milestones together in the years ahead.