Inox India Ltd Management Discussions

01 Business Environment

1.1 Global Economy

The global economy entered FY 2025-26 on a strong footing, carrying forward the resilience built through FY 2024-25. Global growth remained solid in the second half of 2025, expanding at an annualised rate of approximately 3.25%, marginally higher than the projected rate, supported by accommodative financial conditions, front-loaded fiscal support, and the powerful structural tailwind of AI-driven capital expenditure. The widespread deployment of artificial intelligence across technology infrastructure propelled business investment to historic levels, acting as a meaningful offset to geopolitical headwinds.

The onset of the West Asian conflict, beginning in late February 2026, resulted in a major energy supply shock. The effective closure of the Strait of Hormuz through which approximately 20% of global energy supply transits, triggered a sharp spike in oil, gas, and fertiliser prices, elevating costs and weighing on demand across energy-importing economies. This event has injected significant uncertainty into the near-term outlook.

The Organisation for Economic Co-operation and Development (OECD)1, in its Interim Economic Outlook, March 2026, projects global GDP growth at 2.9% in 2026 before inching upwards to 3.0% in 2027. The report frames the outlook as the interplay of two opposing forces – strong technology-related investments and lower effective tariff rates, on the upside; and the energy supply shock weighing on costs and demand, on the downside. G20 headline inflation is projected higher than previously expected in 2026, at 4.0%, before easing to 2.7% in 2027.

Fitch Ratings2, in its Global Economic Outlook for March 2026, projects world GDP growth at 2.6% in 2026, revised upward from 2.4% in December 2025, on the assumption that the energy price shock is short-lived. Global growth was 2.7% in 2025, close to its historical average. Fitch raised its 2026 annual average Brent crude oil forecast to USD 70/ barrel, assuming that the Strait of Hormuz effectively remains closed for approximately one month before prices normalise. However, an adverse scenario with oil at USD 100/barrel would reduce world GDP by ~0.4% after four quarters and add 120-150 bps to inflation in Europe and the US, resulting in a significant global supply shock.

J.P. Morgan Private Bank3, in its March 2026 energy shock analysis, identifies the Strait of Hormuz closure as the most immediate systemic threat to the global economy. The report highlights that oil price shocks of more than 30% have historically preceded recessions, and that a sustained price of USD 90/barrel could catalyse a 10–15% decline in equity markets, with the resulting wealth effect amplifying demand destruction beyond the direct consumer channel. However, it also notes that current pricing in futures markets implies a swift resolution, with energy prices expected to normalise in H2 2026.

1.2 Indian Economy

India continues to distinguish itself as the worlds fastest-growing major economy, maintaining this distinction for the second consecutive fiscal year. The Indian economy achieved 8.0% growth in H1 FY26 (April–September 2025) and 7.8% in Q3 FY26 (October–December 2025). India is expected to contribute approximately 17% of global real GDP growth in 2026, reinforcing its unique standing among major economies.

S&P Global Ratings4,in its "Economic Outlook Asia-Pacific Q2 2026" in March 2026, raised Indias FY26 GDP growth forecast by 40 bps to 7.6%, and its FY27 forecast by 20 bps to 7.1%. The rating agency attributes growth to resilient private consumption (est. 8.6% growth in FY26), a recovery in private investment (est. 6.9%), and solid services exports. While the West Asian conflict poses risks to the fiscal position through higher energy prices, S&P notes that Indias strong services trade surplus and diversified economic base provide a meaningful cushion. S&P projects inflation rising to 4.3% in FY27 as it normalises from the low levels seen in FY26.

Morgan Stanley5,in its March 2026 India outlook, describes India as the best-positioned economy in Asia amid ongoing global trade tensions and the energy shock, owing to its low goods export intensity as a percentage of GDP, strong and growing services exports, and robust policy support for domestic demand. The Reserve Bank of Indias proactive easing cycle including multiple rate cuts, significant liquidity injections, and calibrated regulatory relaxations are together expected to stimulate credit growth and support investment activity, with the consumption revival and capex acceleration expected to strengthen Indias growth momentum over the medium term.

02 The Cryogenic Opportunity

2.1 Science, Technology & Application

Cryogenics is the branch of physics and engineering concerned with the generation, behaviour, and application of materials at extremely low temperatures, formally defined as below 150?C. The term derives from the Greek kryos

("frost") and genic ("to produce"), coined in 1894. Its practical relevance spans an extraordinarily broad range of critical applications across the modern economy.

Industrial gases oxygen, nitrogen, argon, hydrogen, and helium are the lifeblood of sectors from steelmaking to semiconductor fabrication, from food preservation to healthcare. Their economical storage and distribution at commercial scale is only possible through liquefaction at cryogenic temperatures, making Air Separation Units (ASUs), cryogenic storage tanks, tankers, and regasification systems the foundational infrastructure of the industrial gas supply chain. The energy sector is similarly dependent: LNG production requires natural gas to be cooled to 162?C, while the emerging hydrogen economy demands an even more exacting 253?C for liquid hydrogen storage and transport. Liquid Air Energy Storage (LAES), an emerging application that stores renewable energy in the form of liquefied air adds a new dimension to cryogenics role in the global energy transition.

In life sciences, cryogenic temperatures preserve blood, stem cells, tissues, embryos, and pharmaceutical compounds. In advanced manufacturing, cryogenic treatment enhances the metallurgical properties of tool steels and aerospace components. In space exploration and defence, cryogenic propellants power launch vehicles and research platforms.

And in the frontier of deep science, quantum computing, nuclear fusion, and particle physics, cryogenic systems are an enabling prerequisite. This breadth of application positions cryogenic engineering as a foundational enabling technology for the 21st centurys energy, industrial, and knowledge economy.

03 India Demand Landscape

3.1 Structural Growth Drivers

Indias cryogenic equipment market is entering a multi-decade structural growth phase, driven by the simultaneous acceleration of energy transition policy, industrial modernisation, healthcare infrastructure expansion, and the emergence of deep-technology sectors. The following themes represent the primary demand catalysts:

Energy Transition & LNG

The governments target to raise natural gas share of the primary energy mix from ~6% to 15% by 2030 requires a fundamental build-out of LNG import terminal capacity, satellite regasification stations, pipeline networks, and distribution infrastructure. NITI Aayog6 estimates the need for approximately 800 LNG fuelling stations by 2030 to support a projected fleet of 50,000 LNG trucks, creating substantial demand for cryogenic storage and transport equipment. LNG offers 30% lower carbon emissions, 90% lower NOx and particulate matter, and fuel cost savings of 20–30% versus diesel, making it a compelling fuel transition pathway for heavy freight and industrial applications.

Green Hydrogen Mission

Indias National Green Hydrogen Mission targets 5 MMT of annual green hydrogen production by 2030. Liquid hydrogen which must be stored at 253?C, requires the most demanding cryogenic engineering specifications of any industrial gas. This mission will catalyse a substantial long-term demand wave for liquid hydrogen cryogenic tanks, transfer systems, and distribution infrastructure, positioning INOXCVA as a critical enabler of Indias hydrogen economy.

Healthcare & Life Sciences

The post-COVID acceleration of Indias healthcare infrastructure build-out hospital capacity expansion, growing MRI diagnostics penetration, biobanking growth, and vaccine cold-chain investments is driving sustained demand for medical-grade cryogenic gases and the storage and transport equipment required to serve healthcare facilities. This segment provides relatively stable, non-cyclical demand for the cryogenic ecosystem.7

Semiconductor & Electronics Manufacturing

Government-led initiatives under the India Semiconductor Mission and the Production Linked Incentive (PLI) schemes are catalysing domestic fabrication and advanced packaging facilities. These operations require ultra-high-purity industrial gases such as nitrogen, argon, helium, and oxygen in precise cryogenic delivery, creating a rapidly expanding demand segment for high-specification industrial gas equipment.

Steel, Metal & Industrial Processing

India is among the fastest-growing major steel producers globally. The expansion of electric arc furnace steelmaking, continuous casting, and advanced alloy processing drives growing industrial oxygen and nitrogen consumption. Cryogenic treatment of tool steels and aerospace-grade metal components adds further demand alongside the core industrial gas segment.

Food Processing & Cold Chain

Rapid urbanisation, rising food safety standards, and the formalisation of the food supply chain are driving adoption of Individual Quick Freezing (IQF) technology and Modified Atmosphere Packaging (MAP) using liquid nitrogen. Government focus on reducing post-harvest food losses and growing organised retail and processed food exports reinforce this trend.

Space, Defence & Deep Science

Indias accelerating national space programme, the countrys participation in the ITER international nuclear fusion project, and growing investment in quantum computing research represent a specialised but high-value and growing demand segment for precision cryogenic systems. These applications require bespoke engineering at the frontier of cryogenic technology.

3.2 India Cryogenic Market Tailwinds

The Indian cryogenic tanker market is experiencing significant growth, driven by dual demand from industrial gases and medical gases, and the governments push for a cleaner energy transition. Policy momentum is particularly strong: the governments LNG promotion for heavy transport, incentives for natural gas vehicles (NGVs), and capital investment in LNG import terminals and pipelines directly underpin demand for cryogenic tankers, fuelling stations, and regasification infrastructure. Indias LNG demand is projected to grow at a CAGR of 6.5%8 from 2023 to 2030, providing clear visibility on this growth trajectory. Indias net-zero by 2070 commitment further ensures that cryogenic infrastructure will remain integral to the countrys evolving energy and industrial landscape for decades to come.

04 Company Overview & Divisional Review

INOXCVA is a global leader in the design, engineering, manufacturing, and installation of cryogenic equipment and systems. With over three decades of operational experience, the Company has built a distinctive combination of customisation capability, end-to-end solution depth, ISO-certified quality infrastructure, and an extensive global commercial footprint spanning subsidiaries and service centres in Brazil, marketing offices in Europe, and deep customer relationships across 590+ clients in FY26. The Company operates through four focused divisions:

Industrial Gas Division

Manufactures and installs a comprehensive range of cryogenic storage and transport systems for industrial gases including oxygen, nitrogen, argon, carbon dioxide, Helium, and hydrogen. Products range from 1-litre portable dewars to 1,500,000-litre stationary tanks and transport tanks up to 60,000 litres. The divisions complete portfolio encompassing microbulk units, vaporizers, Cryo Bio tanks, and regasification equipment serves the full spectrum of industrial gas producers and distributors globally.

LNG Division

Designs and manufactures equipment across the LNG value chain, including static tanks (up to one million litres), transport trailers, satellite regasification stations, marine fuel tanks, vehicle-mounted LNG fuel systems, and integrated LNG/LCNG fuelling stations. INOXCVA is establishing global leadership in modular mini-LNG terminal technology, successfully delivering projects in Scotland and Antigua, and Executing a third major contract in The Bahamas featuring ten vacuum-insulated tanks with 15,000 cubic metres combined capacity, serving as a regional clean energy hub.

Cryo Scientific Division (CSD)

Operates at the frontier of science and engineering, delivering bespoke cryogenic solutions for space exploration, advanced physics research, quantum computing, and nuclear fusion. CSD contributes to Indias national space mission through ISRO-related infrastructure, and is among a select group of Indian companies participating in the ITER international nuclear fusion project. The Divisions expertise spans superconductivity, liquid helium distribution systems, cryogenic propulsion, and space simulation chambers.

Stainless Steel KEG Division

Leverages the Companys core stainless steel fabrication and precision welding expertise to manufacture and distribute premium returnable beverage kegs in collaboration with the Supermonte Group, Italy. Launched in FY25, this division extends INOXCVAs addressable market into a growing global segment where demand for eco-friendly, durable stainless steel containers is rising as beverage producers phase out single-use alternatives.

05 Financial Performance & Analysis

5.1 Consolidated Financial Overview

Particulars (Rs. Cr)	FY26	FY25	YoY Change (%)
Total Income	1,632	1,347	21.2%
EBITDA before exceptional Expenses/Income	388	323	20.2%
EBITDA Margin (%)	23.8%	24.0%	-0.2%
PBT Incl. Other Comprehensive Income	342	297	15.3%
PAT	258	224	15.3%
PAT Margin (%)	15.8%	16.6%	-0.8%
EPS (Rs.)	28.41	24.90	14.10%

Total Income

In FY26, the Company recorded its highest ever total income of Rs. 1,632 Cr, driven by sustained execution across all four divisions, deepening international penetration, and the continued ramp-up of newer segments.

EBITDA & EBITDA Margin

EBITDA for FY26 stood at Rs. 388 Cr, compared to Rs.323 Cr in FY25. The EBITDA Margin for FY26 was 23.8%, compared to 24.0% in FY25, reflecting operating leverage benefits on a higher revenue base alongside disciplined cost management.

Profit Before Tax (PBT)

PBT increased by 15.3% to Rs. 342 Cr in FY26, compared to Rs. 297 Cr in FY25, supported by higher operating income and declining finance costs driven by the Companys strong balance sheet.

PAT & PAT Margin

PAT increased by 15.3% to Rs. 258 Cr in FY26, compared to Rs. 224 Cr in FY25. PAT Margin for FY26 was 15.8%, compared to 16.6% in FY25.

Earnings Per Share (EPS)

EPS for FY26 was Rs. 28.41 per share, compared to Rs. 24.90 per share in FY25.

5.2 Orders, Backlog & Business Activity

In FY26, Order Inflow was at Rs. 1,685 Cr, up 9.9% YoY, reflecting sustained global demand across the Companys addressable segments.

Order Backlog as at end-FY26 stood at Rs. 1,514 Cr, with 49% from Industrial Gas, 28% from LNG, 22% from the Cryo Scientific Division providing strong visibility on near-term revenue and 1% Others including SS Kegs.

Export orders comprised 63% of the Order Backlog, underscoring the Companys robust international competitive positioning and growing global market share.

The Company served 590+ customers across geographies, spanning industrial gas producers, LNG operators, space agencies, and healthcare institutions.

5.3 Key Financial Ratios

Particulars	FY26	FY25	Change (%)
Debtors Turnover	5.62	6.14	-8.4%
Inventory Turnover	3.27	2.82	16.0%
Interest Coverage (Times)	38.04	35.98	5.7%
Current Ratio (Times)	1.78	1.68	6.7%
Debt-Equity Ratio	0.06	0.04	64.1%
EBITDA Margin (%)	23.8%	24.0%	-0.2%
Net Profit Margin (%)	15.8%	16.6%	-0.8%
Return on Net Worth (%)	23.08%	25.87%	-2.8%

Note: All ratios are based on Consolidated Financial Statements. Debtors Turnover: Revenue/Avg. Trade Receivables. Inventory Turnover: Revenue/Avg. Inventory. Interest Coverage: EBIT/Finance Costs. Debt-Equity: Borrowings/Total Equity. EBITDA Margin: EBITDA/Total Income. Net Profit Margin: PAT/Total Income. RONW: PAT/Total Equity.

06 Strategic Positioning & SWOT

INOXCVA occupies a distinctive position in the global cryogenic equipment industry, combining deep customisation capability, end-to-end solution design, manufacturing excellence, and a competitive cost structure from its India-based manufacturing base. The Companys unique positioning as a significant supplier to the worlds major industrial gas producers underscores its credibility and technical standing on the global stage.

Strengths

• Global leader in customised cryogenic equipment; among the largest cryogenic tank manufacturers in the world.

• Complete end-to-end capability: design, engineering, manufacturing, installation, and after-sales service.

• Addresses multiple market segments ranging from Industrial Gases, Sustainable containers, to LNG and Cryo-Scientific, with heavy bias on Clean Energy.

• Diversified customer base of 590+ clients across industrial gas, LNG, scientific, and beverage segments.

• Export-oriented manufacturing at Kandla Special Economic Zone; logistics and duty advantages for international business.

• International commercial infrastructure: subsidiaries and service centres in Brazil, marketing offices in Europe.

• Backward and forward integration with group companies contributing 10% of revenues.

• Robust financial profile: Debt-Equity of 0.06x (FY26), interest coverage of 38.04x, RONW of 23.08%.

Weaknesses

• High product customisation requirements limit mass-production economies of scale, increasing per-unit cost relative to high-volume standardised manufacturers.

• High transportation costs for large tanks constrain cost-competitive supply to proximate regional markets for heavy equipment.

• Customer concentration: top ten customers contributed 51% of FY26 revenues, creating sensitivity to individual customer demand cycles.

• Captive manufacturing by major industrial gas producers can reduce the addressable third-party market in certain product categories.

Opportunities

• Indias 15% gas-in-energy-mix target requires large-scale LNG terminal, satellite station, and tanker infrastructure directly addressable by the LNG Division.

• Indias Semiconductor Mission and PLI schemes create a high-purity industrial gas equipment demand segment of rapidly growing strategic importance.

• National Green Hydrogen Mission: 5 MMT/year target by 2030 will drive long-term demand for liquid hydrogen cryogenic infrastructure a segment where INOXCVA is uniquely positioned.

• Mini-LNG terminal technology, demonstrated in Scotland, Antigua, and The Bahamas, applicable globally to island nations, remote industrial zones, and off-grid power applications.

• Non-cryogenic engineered products for defence, nuclear, and automotive sectors leverage existing manufacturing capabilities and can diversify revenue streams.

• Strategic acquisitions and joint ventures in high-growth technologies geographies Southeast Asia, Middle East and Africa to accelerate market penetratio

Threats

• Export revenue concentration (59% of FY26 revenues) creates exposure to anti-dumping investigations, trade barriers, or currency volatility in key export markets.

• Long equipment life cycles: major operators periodically relocate existing equipment, deferring new procurement and creating episodic demand troughs.

• Future demand for LNG and hydrogen equipment is sensitive to commodity prices and government policy continuity, both of which carry structural uncertainty.

• Escalating geopolitical tensions, particularly the West Asian conflict and the resulting energy market volatility, may affect customer capital expenditure timing.

• Increasing competition from low-cost manufacturers in emerging markets offering aggressive pricing on standardised equipment categories.

07 Capital Allocation & Balance Sheet Strength

INOX India Limiteds balance sheet represents a key strategic asset. With a Debt-Equity ratio of 0.06x in FY26 and interest coverage of 38.04x, the Company possesses significant financial headroom to fund organic growth, capacity expansion, and strategic investments without compromising financial stability. The Companys negligible leverage, combined with a strong working capital management track record (Debtors Turnover of 5.62x in FY26), provides the foundation for continued value creation.

08 Environmental, Social & Governance (ESG)

8.1 Environmental Stewardship

INOXCVAs products are foundational enablers of the global energy and industrial transition. By facilitating the storage and distribution of LNG a lower-carbon transition fuel and the emerging hydrogen economy, the Company is a direct contributor to global decarbonisation. The Companys operations are managed under an ISO 14001:2015-certified Environmental Management System, with ongoing focus on energy efficiency, waste reduction, water management, and minimising its environmental footprint at all manufacturing locations.

8.2 Quality, Safety & Occupational Health

INOXCVA operates under an ISO-certified Integrated Management System encompassing ISO 9001:2015 (Quality), ISO 14001:2015 (Environment), and ISO 45001:2018 (Occupational Health & Safety). The Companys zero-harm commitment is operationalised through comprehensive task-specific safety training, regular emergency preparedness drills, real-time online legal compliance monitoring across all sites, and systematic near-miss and incident reporting. INOXCVA actively commemorates National Safety Week and World Environment Day across all locations.

8.3 Social: Human Capital

During FY 2025–26, the Company strengthened its human capital base with the addition of 341 employees, alongside key strategic leadership appointments, including the Key Personnel for Projects and Instrumentation & Engineering, further accelerating its innovation and execution capabilities.

The flagship programme ‘Nirmaan: Creating Tomorrows Excellence continues to serve as a structured development platform, nurturing technical expertise and leadership capabilities among Post Graduate Engineer Trainees (PGETs), Graduate Engineer Trainees (GETs), and Management Trainees (MTs).

Reinforcing its commitment to inclusive growth, the Company has introduced a focused CSR initiative at its Skill Development and Excellence Centre to train female welders, fostering greater gender diversity in the workforce.

A strong emphasis on employee well-being is reflected through ongoing health, wellness, and mental resilience programmes conducted across all locations. Additionally, targeted interventions on gender inclusivity and emotional intelligence have been delivered for mid- and senior-level managers to build a more empathetic and inclusive leadership culture.

On the digital front, the Company has enhanced HR efficiency and transparency through the implementation of two key systems—CHROMA for Performance Management and Spine HR for payroll and attendance management.

8.4 Governance

INOXCVA operates under a robust governance framework anchored by the Board of Directors, the Audit Committee, the Risk Management Committee, and other board-level committees. The Company maintains transparent disclosure practices in full compliance with SEBIs Fair Disclosure and Listing Obligations, ensuring equitable access to information for all stakeholders. A comprehensive code of conduct, whistleblower policy, and insider trading prevention framework underpin the Companys culture of integrity.

09 Risk Management

INOX India Limited operates a structured enterprise risk management (ERM) framework integrated into strategic planning and operational execution. The Board of Directors, through the Audit Committee and Risk Management Committee, provides governance oversight. Periodic risk assessments identify, evaluate, and prioritise risks across strategic, operational, financial, compliance, and reputational dimensions.

Principal Risks & Mitigations

Manufacturing Continuity: Dependence on four principal facilities. Mitigation: comprehensive preventive maintenance, business continuity planning, and multiplant production redundancy.

Customer Concentration: Top 10 customers contributed 51% of FY26 revenues. Mitigation: active geographic and segment diversification; growing the mid-market customer base internationally.

Input Cost Volatility: Exposure to steel, stainless steel, and energy price fluctuations. Mitigation: strategic procurement, vendor diversification, and selective pass-through pricing in contracts.

Order Book Execution: Orders subject to revision, delay, or cancellation. Mitigation: disciplined project management, milestone-based payment terms, and early-warning monitoring.

Cybersecurity & Technology: Increasing digitalisation raises exposure to system failures and cyber threats. Mitigation: ERP security investments, IT governance framework, and regular system audits.

Regulatory & Compliance: Multi-jurisdictional regulatory complexity. Mitigation: centralised compliance monitoring platform and dedicated compliance teams across all locations.

Geopolitical & Export Risk: 59% export revenues expose the Company to trade policy shifts and shipping disruptions. Mitigation: geographic revenue diversification and proactive trade compliance management.

10 Internal Controls & Governance

INOX India Limited maintains a robust internal control framework commensurate with the scale, complexity, and geographic scope of its operations. The framework is designed to provide reasonable assurance on financial reporting reliability, regulatory compliance, and operational efficiency.

Structured Authority Matrix & SOPs: Clearly documented standard operating procedures and delegation of authority for revenue and capital expenditure approvals across the organisation.

Risk-Based Internal Audit: An independent Internal Audit function reports directly to the Audit Committee quarterly, executing a risk-prioritised annual audit plan covering procurement, inventory, sales, production, and compliance.

IT-Enabled Controls & ERP: ERP systems drive process standardisation, workflow automation, access controls, and data integrity. External and internal auditors independently test Internal Financial Controls (IFC) over financial reporting.

Audit Committee Oversight: Regular review of findings, deficiencies, and management responses, with formal closure tracking mechanisms.

Compliance Management: Centralised statutory compliance monitoring with real-time visibility tools across all manufacturing and office locations.

Based on the review conducted during the year, management is of the opinion that the Companys internal control system is adequate and operating effectively.

11 Investor Relations

Investor Relations is a strategic function at INOX India Limited, designed to build enduring, trust-based relationships with shareholders, institutional investors, and research analysts through consistent, transparent, and timely communication. The IR programme encompasses quarterly earnings releases and investor calls, participation in domestic and international investor conferences, proactive one-on-one institutional engagement, and a comprehensive IR section on the Company website. All disclosures comply with SEBIs Fair Disclosure and Listing Obligations, ensuring equitable information access for all market participants.

12 Strategic Outlook & Priorities

INOXCVA enters FY2026-27 with a strong order backlog, a healthy balance sheet, a deepening global customer base, and an enviable position at the intersection of multiple multi-decade structural growth themes. The Companys strategic priorities for the medium term are:

LNG Infrastructure Leadership: Accelerating execution on the strong LNG order backlog while deepening capabilities in mini-LNG terminal technology for global deployment.

Green Hydrogen Readiness: Investing in the engineering and manufacturing capabilities required to address the nascent but rapidly formalising liquid hydrogen demand wave from Indias National Green Hydrogen Mission and global hydrogen economy initiatives.

Cryo Scientific Expansion: Growing the CSD divisions contribution to national space and defence infrastructure, and expanding its international project pipeline in nuclear fusion and advanced research applications.

International Market Deepening: Strengthening commercial presence in Southeast Asia, the Middle East, and Africa through targeted partnerships, service centre expansion, and regional marketing investments.

Digital Manufacturing & Quality: Advancing automation, IoT integration, and predictive quality management across manufacturing facilities to improve throughput, reduce defect rates, and enhance customer delivery reliability.

Talent & Leadership Development: Sustaining investment in engineering talent, leadership capability, and cross-functional expertise to support the Companys growth agenda and technical differentiation.

References

?OECD – Economic Outlook Interim Report March 2026 ("Testing Resilience"), March 26, 2026

https://www.oecd.org/en/publications/oecd-economic-outlook-interim-report-march-2026_d4623013-en.html

? Fitch Ratings – Global Economic Outlook (GEO), March 2026

https://www.fitchratings.com/economics/global-economic-outlook-excerpt

?J.P. Morgan Private Bank – "Pandoras Bog: The Global Energy Shock of 2026", March 2026

https://privatebank.jpmorgan.com/nam/en/insights/ latest-and-featured/eotm/pandoras-bog-the-global-energy-shock-of-2026

4S&PGlobalRatings–"EconomicOutlookAsia-PacificQ22026: Geopolitical Strife Stalls the Momentum", March 25, 2026

https://www.spglobal.com/ratings/en/regulatory/article/ economic-outlook-asia-pacific-q2-2026-geopolitical-strife-stalls-the-momentum-s101675873

5Morgan Stanley – Indias Resurgence Should Weather Trade Tensions (Thoughts on the Market), March 13, 2026

https://www.morganstanley.com/ideas/thoughts-on-the-market-asia-equities

6NITI Aayog – LNG for Transportation: Roadmap for India (LNG stations and trucking targets by 2030)

https://trucks.cardekho.com/en/news/detail/lng-trucks-in-india-why-lng-makes-sense-2677.html

7MarketsandMarkets™ – Cryogenic Equipment Market Report, January 2026 USD 13.55B (2024) ? USD 22.96B

(2030), CAGR 9.3%

https://www.marketsandmarkets.com/Market-Reports/ cryogenic-equipment-market-735.html

8 TechSci Research – India Cryogenic Tanker Market Forecast LNG demand CAGR 6.5%, 2023–2030 https://www.techsciresearch.com/report/india-cryogenic- tanker-market/7541.html

Internal Policy References: https://inoxcva.com/pdf/Policies%20%26%20Code%20 of%20Conduct/Risk%20Management%20Policy.pdf

https://inoxcva.com/pdf/InoxCVA%20IT%20Policy%20 2024-v2.pdf https://inoxcva.com/docs/policies/3.Code%20of%20 Practices%20and%20Procedures%20for%20fair%20 disclosure%20of%20UPSI.pdf

Cautionary Statement

This document contains statements about expected future events, financial and operating results of INOX India Limited that may be forward-looking in nature. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. Actual results may differ materially. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements, except to the extent required by applicable law.