🔍

Expo Engineering And Projects Ltd (526614)

📊 BSE: 526614 🏢 Other Industrial Products 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Expo Engineering's revenue was ₹13.8 Cr (-23.0% year on year, -20.4% on the previous quarter), and net profit ₹0.6 Cr (-41.6% year on year); the operating margin was 12.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹13.8	-23.0%	-20.4%
Operating profit	₹1.6	-13.9%	+86.8%
Net profit	₹0.6	-41.6%	from loss
EPS (₹)	0.27	-41.3%	from loss
Operating margin	12.0%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

BSE Approves Listing of 31.46 Lakh Shares on Warrant Conversion at Rs 70/Share

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 01 Oct 2026, 02:56 PM

Expo Engineering And Projects Ltd has secured BSE listing approval for 31,45,715 equity shares issued upon warrant conversion to promoters and non-promoters. The shares have a face value of Rs 4 each and were issued at a premium of Rs 66 per share (issue price of Rs 70 per share), representing an aggregate value of approximately Rs 22.02 crore. Trading approval will follow upon submission of depository confirmation and required statutory documentation within SEBI's stipulated timeframe.

Listing approval granted for 31,45,715 equity shares of face value Rs 4 each
Issued at a premium of Rs 66 per share (total issue price of Rs 70 per share)
Total capital raised via converted warrants stands at approximately Rs 22.02 crore
Shares bear distinctive numbers from 2,27,96,401 to 2,59,42,115
Application for trading approval must be submitted within 7 working days

💡 Track the upcoming trading approval notice and monitor the updated shareholding pattern filing under Regulation 31(1)(c) to observe the dilution impact on promoter and public holdings.

Expo Engineering Revises Merger Share Swap Ratio to 14:1, Promoter Stake to Rise to 57.99%

🟡 NEUTRAL ⭐ 6/10

M&A 📅 24 Sep 2026, 05:44 PM

Expo Engineering and Projects approved an amendment to the draft scheme of merger by absorption of Expo Project Engineering Services Private Limited. Under the revised share exchange ratio of 14:1, the company will issue 14 equity shares (face value Rs 4) for every 1 share (face value Rs 10) of the unlisted transferor entity. A total of 14,00,000 new equity shares will be allotted to the promoters who own 100% of the transferor company. Post-merger, total equity will expand from 2,59,42,115 to 2,73,42,115 shares, increasing promoter holding from 55.72% to 57.99% and diluting public shareholding from 44.28% to 42.01%.

Revised Share Exchange Ratio set at 14:1 (14 shares of Rs 4 face value for 1 share of Rs 10 face value)
Total of 14,00,000 equity shares to be issued to 100% promoter-held transferor company
Promoter shareholding increases from 55.72% (1,44,56,210 shares) to 57.99% (1,58,56,210 shares)
Public shareholding diluted from 44.28% to 42.01% with share count unchanged at 1,14,85,905
Scheme remains subject to regulatory approvals from BSE, SEBI, and NCLT

💡 Track statutory approvals from stock exchanges, SEBI, and NCLT, alongside disclosures of the financial contribution and assets of the absorbed unlisted entity.

Aegis Investment Fund Increases Diluted Holding to 9.96% via Warrant Conversion

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 25 Aug 2026, 01:19 PM

Aegis Investment Fund PCC has submitted a SEBI SAST disclosure following the conversion of 14,14,285 convertible warrants into equity shares. Prior to this, the fund held 11,70,594 equity shares (5.13% of voting capital, 4.51% diluted). Following the warrant conversion approved on August 20, 2026, its total potential/diluted holding stands at 25,84,879 shares or 9.96% of the expanded diluted capital of 2,59,42,115 shares.

Aegis Investment Fund converted 14,14,285 warrants into equity shares upon payment of the remaining 75% amount.
Total holding increased to 25,84,879 shares (equivalent to 9.96% of total diluted share capital).
Warrants were originally issued at Rs. 70 per share (face value Rs. 4 with Rs. 66 premium).
Diluted equity share capital after full warrant issue reaches Rs. 10,37,68,460 (2,59,42,115 shares).

💡 Track subsequent shareholding pattern updates to confirm the exact updated equity base and the deployment of warrant subscription proceeds into business operations.

Expo Engineering Wins ₹3.62 Cr Tank Fabrication Order from BPCL Mumbai Refinery

🟢 POSITIVE ⭐ 5/10

OTHER 📅 24 Aug 2026, 05:16 PM

Expo Engineering and Projects Ltd has received a work order valued at ₹3.62 crore (inclusive of 18% GST) from Bharat Petroleum Corporation Limited (BPCL) for its Mahul Refinery in Mumbai. The project entails tank fabrication works for BPCL's SAF Project and is slated for completion within 10 months from the purchase order date. The order value represents approximately 5.7% of the company's TTM revenue of ₹64 crore, reinforcing its ongoing relationship with public sector oil refiners.

Order value of ₹3,62,47,140 (inclusive of GST @ 18%) awarded by BPCL
Scope comprises tank fabrication works for SAF Project at Mumbai Refinery
Execution timeline set at 10 months from the date of Purchase Order
Order size represents ~5.7% of the company's TTM revenue of ₹64 crore

💡 Track execution progress and billing milestones over the 10-month timeline across upcoming quarterly financial results.

Expo Engineering Secures ₹3.62 Cr Tank Fabrication Work Order from BPCL

🟢 POSITIVE ⭐ 5/10

OTHER 📅 24 Aug 2026, 05:08 PM

Expo Engineering and Projects Ltd has received a domestic work order valued at ₹3.62 crore (inclusive of 18% GST) from Bharat Petroleum Corporation Limited (BPCL). The contract covers tank fabrication works for BPCL's SAF Project at its Mumbai Mahul Refinery. The order is scheduled for completion within 10 months from the date of the purchase order and accounts for approximately 5.7% of the company's TTM revenue of ₹64 crore.

Received work order amounting to ₹3,62,47,140 (inclusive of 18% GST)
Contract awarded by Bharat Petroleum Corporation Limited, Mahul Refinery Mumbai
Scope entails tank fabrication works for SAF Project at Mumbai Refinery
Execution timeline set at 10 months from the date of purchase order

💡 Track execution progress and revenue recognition over the 10-month delivery timeframe in upcoming quarterly filings.

Promoter Hasanain Mewawala Converts 1.41 Lakh Warrants into Equity at ₹70/Share

🟢 POSITIVE ⭐ 4/10

FUNDRAISE 📅 24 Aug 2026, 04:58 PM

Promoter Hasanain S. Mewawala has converted 1,41,429 warrants into equity shares of Expo Engineering And Projects Ltd following payment of the balance 75% warrant amount. The warrants were allotted at an issue price of ₹70 per share (₹4 face value plus ₹66 premium). Following this allotment, his diluted stake increases from 8.14% (21,12,334 shares) to 8.69% (22,53,763 shares). This conversion is part of the total 31,45,715 preferential warrants originally approved by shareholders in June 2025.

1,41,429 warrants converted into equity shares following board approval on 11-Aug-2026 and conversion on 20-Aug-2026
Warrant conversion executed at an issue price of ₹70 per share (₹4 face value + ₹66 premium)
Promoter Hasanain Mewawala's diluted shareholding increases to 8.69% (22,53,763 shares) from 8.14%
Part of a larger 31,45,715 convertible warrant allotment approved under preferential issue

💡 Track the conversion schedule of the remaining preferential warrants within the 18-month tenure and verify utilization of proceeds toward debt reduction or working capital.

Expo Engineering Allots 18.13 Lakh Shares on Warrant Conversion; Collects ₹9.52 Cr

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 20 Aug 2026, 01:05 PM

Expo Engineering and Projects Ltd has approved the allotment of 18,12,859 equity shares of face value ₹4 each upon conversion of warrants at an issue price of ₹70 per share (including ₹66 premium). The company received the remaining 75% warrant exercise consideration amounting to ₹9.52 Cr, bringing total warrant proceeds to ₹12.69 Cr. Post-allotment, the company's paid-up equity share capital increases to ₹10.38 Cr comprising 2,59,42,115 equity shares. Key allottees include Aegis Investment Fund PCC (14,14,285 shares) and promoter Hasanain Shaukatali Mewawala (1,41,429 shares).

Allotted 18,12,859 equity shares at an issue price of ₹70 per share (face value ₹4, premium ₹66).
Received balance 75% warrant subscription amount totaling ₹9.52 Cr (total warrant issue size ₹12.69 Cr).
Paid-up share capital expanded to ₹10.38 Cr across 2,59,42,115 equity shares.
Major allottee is Aegis Investment Fund PCC receiving 14,14,285 shares; zero warrants remain pending conversion.

💡 Track the deployment of the ₹9.52 Cr cash inflow toward debt reduction (current debt at ₹33 Cr) or working capital in subsequent quarterly filings.

Expo Engineering Schedules 43rd AGM for Sep 10, 2026; E-Voting Cut-Off Set for Sep 3

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 04:29 PM

Expo Engineering And Projects Limited has issued a compliance intimation under Regulation 36(1)(b) of SEBI LODR Regulations regarding the dispatch of letters to shareholders without registered email addresses. The 43rd Annual General Meeting (AGM) for FY 2025-26 is scheduled to take place virtually on September 10, 2026, at 11:30 AM IST. The company has fixed September 3, 2026, as the cut-off date to determine shareholder voting eligibility. This filing represents standard statutory compliance with no direct impact on financial performance.

43rd Annual General Meeting scheduled for Thursday, September 10, 2026, at 11:30 a.m. via Video Conferencing.
Cut-off date set for Thursday, September 3, 2026, to determine shareholder e-voting entitlement.
Notice and FY 2025-26 Annual Report made available via web links for shareholders without registered emails under Regulation 36(1)(b).

💡 Shareholders holding shares as on September 3, 2026, should review the FY26 Annual Report on the company website and participate in the remote e-voting process.

Expo Engineering Board to Meet on Aug 20, 2026 to Consider Warrant Conversion

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 17 Aug 2026, 03:50 PM

Expo Engineering And Projects Ltd has scheduled a Board of Directors meeting on August 20, 2026, to consider and approve the conversion of warrants into equity shares. The conversion remains subject to the warrant holders depositing the balance outstanding consideration. The specific number of warrants, exercise price, and total capital to be infused were not disclosed in the intimation notice.

Board meeting scheduled on Thursday, August 20, 2026.
Agenda focuses on approval of warrant conversion into equity shares.
Conversion is conditional upon depositing the balance outstanding subscription amount.
Notice submitted under Regulation 29 of SEBI LODR Regulations, 2015 on August 17, 2026.

💡 Track the outcome of the August 20, 2026 board meeting for details on the number of shares allotted, issue price, and total equity capital infused.

Expo Engineering submits FY26 Annual Report, reports ₹94 Cr order book and ₹44 Cr ONGC win

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 02:03 PM

Expo Engineering and Projects Limited has published its 43rd Annual Report for FY 2025-26 ahead of its upcoming Annual General Meeting in September 2026. For FY26, the company recorded revenue of ₹68.23 crore compared to ₹114.74 crore in FY25, with PAT standing at ₹1.93 crore. The Chairman's address highlighted a year-end order book of ₹94 crore (~147% of TTM revenue) and a major contract win of ₹44 crore from ONGC. The company also reflected ₹5.51 crore in warrant application money raised during the year.

Order book stood at ₹94 crore at the close of FY26, offering revenue visibility over the medium term
Secured a major order worth ₹44 crore from ONGC, representing ~69% of TTM revenue
FY26 full-year revenue contracted to ₹68.23 crore from ₹114.74 crore in FY25
Raised ₹5.51 crore via warrant application money in FY26

💡 Track execution timelines and quarterly conversion of the ₹94 crore order backlog, particularly the ₹44 crore ONGC project, to evaluate top-line recovery in upcoming quarters.

Expo Engineering Submits 43rd AGM Notice; Reports ₹122 Cr Order Book in Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 01:56 PM

Expo Engineering and Projects Limited has issued the notice for its 43rd Annual General Meeting scheduled for September 10, 2026. In the accompanying Annual Report, the company highlighted a current order book of ₹122 crore across more than 25 projects, up from ₹94 crore at the close of FY26. The order book includes a significant ₹44.66 crore order from ONGC. For FY26, annual revenue declined to ₹68.23 crore from ₹114.74 crore in FY25, while PAT was ₹1.93 crore.

43rd AGM scheduled to be held on September 10, 2026, via Video Conferencing.
Current order book expanded to ₹122 crore (>25 projects in hand) vs ₹94 crore at the end of FY26.
Bagged a major Maintenance & Inspection order worth ₹44.66 crore from ONGC.
Raised ₹22.02 crore via issuance of 31.45 lakh convertible warrants to promoters and non-promoters.
FY26 revenue reported at ₹68.23 crore compared to ₹114.74 crore in FY25.

💡 Track shareholder voting results post-AGM and monitor execution progress on the ₹122 crore order book in upcoming quarterly filings.

₹122.9 Cr Order Book and ₹44.66 Cr ONGC Win Highlight Q1 FY27 Presentation

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 03:50 PM

Expo Engineering reported Q1 FY27 revenue of ₹13.75 Cr with an EBITDA of ₹1.65 Cr, showing margin recovery. The company secured a major ₹44.66 Cr order from ONGC, which alone represents approximately 65% of its TTM revenue of ₹68 Cr. The total net order book has reached ₹122.90 Cr, providing significant revenue visibility of nearly 1.8x TTM revenue. Management is pivoting towards 'elite' high-value tenders and exotic metal fabrication to improve pricing power and margins.

Net order book stands at ₹122.90 Cr as of June 30, 2026, representing ~180% of TTM revenue.
Secured a significant M&I order worth ₹44.66 Cr (inclusive of GST) from ONGC for crude oil storage tanks.
Q1 FY27 Revenue from operations reported at ₹13.75 Cr with a PAT of ₹0.61 Cr.
Storage tanks constitute 94% of the current order book value at ₹114.93 Cr.
Secured a ₹3.74 Cr order from Reliance for the supply of hoppers, diversifying the private sector client base.

💡 Investors should monitor the execution pace of the ₹122.9 Cr order book and the impact of the ONGC project on quarterly margins. Key to watch is the company's ability to successfully transition into high-value exotic metal fabrication (Titanium, Nickel) as planned.

Expo Engineering sets 43rd AGM for Sept 10, 2026; Book Closure from Sept 4

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 03:23 PM

Expo Engineering and Projects Ltd has announced its 43rd Annual General Meeting (AGM) scheduled for September 10, 2026, at 11:30 AM. In accordance with regulatory requirements, the company has fixed a book closure period from September 4, 2026, to September 10, 2026. This is a standard procedural filing to determine shareholder eligibility for the meeting. No dividend declaration was specified in this particular notice.

43rd Annual General Meeting scheduled for September 10, 2026
Book closure period defined as September 4, 2026, to September 10, 2026 (7 days)
AGM meeting time set for 11:30 AM
Equity shares have a paid-up value of Rs 4 each

💡 Investors should review the upcoming Annual Report for updates on the company's strategy to enter the exotic metals segment and its participation in Strategic Petroleum Reserve projects.

Rs 18.51 Cr Order Win from IOCL for Storage Tank Maintenance

🟢 POSITIVE ⭐ 9/10

OTHER 📅 11 Aug 2026, 06:31 PM

Expo Engineering and Projects Ltd has secured a significant domestic work order worth Rs 18.51 crore from Indian Oil Corporation Limited (IOCL). The contract involves the maintenance and inspection of crude oil storage tanks at WRPL, Viramgam, and is to be executed within 11 months of site clearance. This order is highly material for the company, representing approximately 27.2% of its TTM revenue of Rs 68 crore. This win from a major PSU client provides strong revenue visibility and reinforces the company's specialized engineering credentials in the oil and gas sector.

Total order value of Rs 18.51 crore inclusive of 18% GST
Order size represents ~27.2% of the company's TTM revenue of Rs 68 crore
Execution timeline of 11 months from the date of site clearance
Contract awarded by Indian Oil Corporation Limited (IOCL), Western Pipelines Division
Work involves Maintenance & Inspection (M&I) of crude oil storage tanks

💡 Investors should monitor the commencement of site clearance as it triggers the 11-month execution timeline and subsequent revenue recognition in quarterly results.

Rs 22.02 Cr Fundraise: Expo Engineering Reports Nil Deviation in Warrant Proceeds Utilization

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 11 Aug 2026, 06:23 PM

Expo Engineering and Projects Ltd has reported zero deviation in the utilization of funds from its Rs 22.02 Cr preferential warrant issue for the quarter ended June 30, 2026. The company originally raised Rs 5.505 Cr (25% upfront) in September 2025, of which Rs 4.69 Cr has been utilized to date. A significant portion of the total issue, Rs 14.00 Cr, is earmarked for debt repayment but remains unutilized as the remaining 75% of warrant funds are pending conversion. No new funds were received during the June 2026 quarter as no warrants were converted into equity shares.

Total preferential issue size of Rs 22.02 Cr involving 31,45,715 convertible warrants at Rs 70 each.
Rs 5.505 Cr (25% upfront) was received in September 2025, with no additional proceeds received in the June 2026 quarter.
Rs 3.82 Cr has been utilized for working capital needs against an original allocation of Rs 5.02 Cr.
Rs 14.00 Cr allocated for the repayment of bank loans (Saraswat Bank and others) remains entirely unutilized.
Warrant holders have an 18-month window from September 2025 to exercise conversion by paying the remaining 75% (Rs 52.50 per warrant).

💡 Investors should monitor the conversion timeline of the warrants (expiring around March 2027); the resulting Rs 14 Cr debt repayment is critical for reducing the company's current debt of Rs 33 Cr.

View All 526614 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Storage Tanks constitute 98% of the product mix. In Q2 FY26, total revenue from operations was INR 15.00 Cr, representing a 52.98% YoY decline from INR 31.90 Cr in Q2 FY25, primarily due to project execution phasing. However, FY25 annual revenue grew 51.57% to INR 114.74 Cr from INR 75.70 Cr in FY24.

Geographic Revenue Split

The company primarily operates in India with a manufacturing facility in Murbad, Thane. It has a historical track record of exports to Japan, UK, Germany, Middle East, and Africa, though specific current % splits are not disclosed.

Profitability Margins

Net Profit Margin improved significantly to 5.67% in Q2 FY26 from 2.07% in Q2 FY25. For the full year FY25, PAT margin was 2.77% compared to 1.00% in FY24, driven by higher scale and operational efficiencies.

EBITDA Margin

EBITDA Margin (excluding other income) expanded to 13.33% in Q2 FY26, a 772 bps increase from 5.61% in Q2 FY25. EBITDA grew 11.73% YoY to INR 2.00 Cr despite lower revenues, reflecting improved cost management.

Capital Expenditure

The company raised INR 7.52 Cr via equity infusion in 2024 for CAPEX focused on advanced machinery and efficiency. Additionally, it issued convertible warrants worth INR 22.02 Cr in 2025 to fund growth and capacity expansion.

Credit Rating & Borrowing

CRISIL has assigned a 'Stable' outlook. Interest coverage ratio stood at 1.31 times as of March 31, 2024, with debt protection metrics considered below average but expected to improve with scale.

⚙️ Operational Drivers

Raw Materials

Steel and exotic metals (Titanium, Nickel) are primary inputs. In Q2 FY26, raw material costs were INR 2.89 Cr, representing 19.2% of total revenue, down from 57.7% in Q2 FY25.

Capacity Expansion

The company operates a state-of-the-art manufacturing facility in Murbad, Thane. It is currently upgrading qualifications to participate in large-value tenders and plans to enter the exotic metals segment to serve high-value precision engineering sectors.

Raw Material Costs

Raw material costs were INR 40.57 Cr in FY25 (35.3% of revenue) compared to INR 22.43 Cr in FY24. The company is susceptible to price volatility, as evidenced by its 2003-04 exit from a large IOCL order due to rising input costs.

Manufacturing Efficiency

The company is leveraging upgraded facilities to ensure faster production cycles and timely deliveries, targeting the 'elite bracket' of high-value tenders with less competition.

📈 Strategic Growth

Growth Strategy

Growth is targeted through participation in India's Strategic Petroleum Reserve (SPR) projects, expanding refining capacity (targeted to reach 310 MMTPA by 2030), and diversifying into exotic metal fabrication for high-precision products.

Products & Services

Coded pressure vessels, deaerators, storage tanks (cone roof, crude oil, surge relief), in-plant piping, and heavy engineering process plant equipment.

Brand Portfolio

Expo Engineering and Projects Ltd. (formerly Expo Gas Containers Ltd.)

New Products/Services

Entry into exotic metals (Titanium, Nickel) segment for high-value precision engineering, expected to target sectors with higher value addition and less competition.

Market Expansion

Focusing on expanding the customer base to include Chemicals and Steel manufacturing sectors and increasing the export share in heavy engineering equipment.

🌍 External Factors

Industry Trends

India's refining capacity is projected to grow from 256.8 MMTPA to 310 MMTPA by 2030. Oil demand is expected to double to 11 million barrels/day by 2045, creating sustained demand for high-pressure storage vessels.

Competitive Landscape

Operates in a competitive tender-based market for heavy engineering, but is moving toward specialized segments (exotic metals) to reduce competitive intensity.

Competitive Moat

Moat is based on 40+ years of engineering expertise, specialized certifications (ISO, IBR, PESO), and a long-standing relationship with major PSUs like BPCL and IOCL.

Macro Economic Sensitivity

Highly sensitive to the US$ 25 billion investment cycle in India's oil and gas infrastructure and the Union Budget 2025-26 allocation of INR 5,597 Cr for ISPRL Phase II.

Consumer Behavior

Shift toward sustainable aviation fuel (2% blending by 2028) and biodiesel (5% by 2030) is driving new infrastructure requirements in the energy sector.

Geopolitical Risks

Vulnerable to global oil price fluctuations and physical dangers/threats inherent in the oil and gas industry infrastructure.

⚖️ Regulatory & Governance

Industry Regulations

Operations must comply with IBR (Indian Boiler Regulations) and PESO (Petroleum and Explosives Safety Organization) standards for manufacturing pressure vessels and storage tanks.

Environmental Compliance

The company integrates clean environment and sustainable development into business objectives, maintaining ISO 14001:2015 certification for environmental management.