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Cryogenic equipment manufacturer INOX India expects further aerospace contract wins after securing a ₹200 crore ($21m) order from a US-based private space company during the fourth quarter.
While the client identity is undisclosed, market point toward Jeff Bezos-owned Blue Origin.
In its latest earnings call, INOX India said it is anticipating additional orders of a “similar nature and similar value” during the first half of its next financial cycle as global investment in aerospace infrastructure continues to rise.
The order was highlighted as part of INOX India’s growing exposure to advanced cryogenic applications beyond its traditional industrial gas and liquefied natural gas (LNG) businesses.
“This order is a direct outcome of our proven execution capabilities and reinforces the growing confidence that global aerospace players have in INOX India’s engineering expertise,” said CEO Deep Acharya.
Cryogenic systems are increasingly important within the space sector for the storage and transfer of ultra-cold fuels including liquid oxygen and liquid hydrogen.
The company also pointed to increasing investment in “defence and aerospace cryogenic systems” as one of several long-term structural growth opportunities alongside LNG and hydrogen infrastructure.
Acharya revealed that additional aerospace contracts could materialise in the first or second quarter of the next financial cycle.
“In the Q1, or maybe Q2, we are expecting a few more orders of similar nature and similar value,” he added.
INOX India is also expanding its manufacturing capabilities to support larger-scale cryogenic projects.
The company recently acquired around seven acres of land near Kandla Port in Gujarat for a new facility capable of producing ultra-large tanks up to nine metres in diameter, 60 metres in length, and weighing up to 500 tonnes.
The facility is expected to support “large scale aerospace tanks” and LNG storage infrastructure.
In April, the company dispatched its of cryogenic tanks from Kandla Port to a mini-LNG terminal project in the Bahamas.
The 1,500-cubic-metre tanks will store the gas at extremely low temperatures (around –162°C). LNG will be fed through the terminal to Island Power Producers’ 60MW combined cycle power plant, which in turn supplies power to cruise ships at the Nassau Cruise Port.
INOX India last week reported its fourth quarter and full-year financial results, totalling ₹475 crore ($49.6m) and ₹1,632 crore ($170.5m) respectively.
North and Central America accounted for around 26% of revenue, up from 14% the previous year, driven substantially by aerospace-related orders and LNG infrastructure projects.
