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46 min ago 3 min read
The space sector accounts for almost half of INOX India’s record INR 2,268 crore ($238m) order backlog, according to the industrial gas equipment manufacturer’s second-quarter FY2027 results.
The company reported around INR 1,100 crore ($115.5m) of orders from the sector as of 30 September 2026, representing 48.5% of its total backlog.
Speaking during the company’s latest earnings call, CEO Deepak Acharya said a single major US customer accounts for the space-sector ‘mega order’.
The package comprises 16 cryogenic subcoolers – 12 for liquid oxygen (LOX) and four for methane – alongside 16 large-capacity storage tanks.
The tanks each have a capacity of approximately 1,500 cubic metres and weigh up to 450 tonnes. The equipment is being manufactured at INOX India’s Savli facility in Gujarat, which is rapidly becoming a major space and manufacturing hub.
The order reflects the company’s growing exposure to the aerospace and space industry, which Acharya described as a lucrative market for its specialist cryogenic equipment.
“We see the aerospace and space industry as very lucrative going forward, and a lot of such challenging projects are coming worldwide,” he said.
The subcoolers are designed to lower the temperature of LOX and methane before the propellants are transferred into launch vehicle tanks, helping maintain the required temperature during filling operations. The systems use liquid nitrogen as the cooling medium.
Acharya said the equipment was developed to meet the requirements of heavier launch vehicles, which need much larger volumes of propellant to be transferred within shorter periods and at high flow rates.
“Here, the huge quantity of liquid has to be handled in a very small time. Very high flow rates are required and sub-cooled liquid is required,” he said.
INOX has already dispatched two storage tanks for the US customer and expects further deliveries approximately every two to three months. The company is targeting completion of the project by March 2028, although Acharya said some deliveries could be delayed beyond that date.
The CEO also outlined the potential for further orders from the customer, which he said could develop another three to five launch pads over the next three to five years, subject to INOX delivering the current equipment to the required quality and schedule.
“If that goes well, we have pretty good chances of getting the future orders,” he said.
Beyond the US project, INOX said it has supplied equipment to four of the five leading private space companies in India.
It estimates a potential opportunity of INR 2,000 ($210m) to 3,000 ($315m) crore from these companies over the next three to five years, as they expand their launch capabilities and infrastructure.
The company is also pursuing opportunities linked to the Indian Space Research Organisation’s planned third launch pad and semi-cryogenic engine test facility.
