Cryogenic Ogs Ltd (544440)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Cryogenic Ogs' revenue was ₹20.0 Cr (+5.3% year on year, -4.8% on the previous half-year), and net profit ₹4.0 Cr (+33.3% year on year); the operating margin was 30.0%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹20.0 | +5.3% | -4.8% |
| Operating profit | ₹6.0 | +50.0% | +0.0% |
| Net profit | ₹4.0 | +33.3% | -33.3% |
| EPS (₹) | 3.13 | -0.6% | -19.1% |
| Operating margin | 30.0% | — | — |
📢 Recent Corporate Announcements
Cryogenic Ogs Limited has received approval from the Office of the Director of Boiler, Gujarat State, for manufacturing Carbon Steel, Stainless Steel, and Alloy Steel Piping Spools and Basket Strainers under the IBR-1950 Code. The certification is valid for two years, from September 24, 2026, to September 23, 2028. This compliance certificate enables the company to participate in regulated tenders across boiler and high-pressure steam applications, supporting growth over its TTM revenue base of ₹73 crore.
- Approval granted under Indian Boiler Regulation (IBR) – 1950 Code
- Covers manufacturing of Carbon Steel, Stainless Steel, and Alloy Steel Piping Spools and Basket Strainers
- License validity period is 2 years, from 24/09/2026 to 23/09/2028
- Issued by the Office of the Director of Boiler, Gujarat State
Cryogenic Ogs Ltd has secured vendor enlistment approval from Abu Dhabi National Oil Company (ADNOC) for its Industrial Strainers category (Category Code: 160765, Manufacturer ID: 20037655). The enlistment qualifies the company to directly bid and participate in tenders floated by ADNOC. This supports Cryogenic's ongoing strategy to expand into the Middle East against its TTM revenue base of Rs 73 Cr. No direct commercial order value was disclosed alongside the approval.
- Received enlistment approval under Manufacturer ID Code: 20037655 from ADNOC
- Approval granted for Industrial Strainers category under Category Code: 160765
- Enables direct participation in future tenders and supply opportunities floated by ADNOC
- Validity period of approval not disclosed (listed as NA in the filing)
Cryogenic OGS Limited has received a purchase order valued at ₹5,07,54,947 (inclusive of GST) from an international MNC specializing in industrial process engineering. The contract involves the supply of Propane, Methane, and Hydrogen metering skids. The order represents approximately 7.0% of Cryogenic OGS's TTM revenue of ₹73 crore and is scheduled for execution within 12 to 20 weeks. The transaction is domestic, at arm's length, and carries no promoter interest.
- Order value is ₹5,07,54,947 (inclusive of GST)
- Execution timeline set at 12 to 20 weeks
- Scope covers supply of Propane, Methane, and Hydrogen metering skids
- Order represents approximately 7.0% of TTM revenue (₹73 Cr)
Cryogenic OGS Limited has informed the exchange regarding its participation in an investor conference titled 'Alpha Ideas SME Stars 2026'. The physical group meeting is scheduled for Sunday, September 6, 2026, at 9:00 AM IST in Mumbai. The company's management team will interact with investors and analysts using only publicly available information. Cryogenic OGS reported TTM revenue of ₹73 Cr and TTM PAT of ₹16 Cr.
- Event: Participation in 'Alpha Ideas SME Stars 2026' investor interaction conference
- Date & Time: Sunday, 6th September, 2026 at 9:00 AM IST
- Format: Physical group meeting in Dadar East, Mumbai
- Compliance: No unpublished price sensitive information (UPSI) will be shared
Cryogenic OGS Limited has received two domestic purchase orders worth ₹4.60 crore (inclusive of GST) from a multinational industrial instrumentation and process optimization solutions company. The scope involves the supply of Natural Gas Metering Skids. The order represents approximately 6.3% of its TTM revenue of ₹73 crore and is scheduled for execution on or before October 20, 2026.
- Order value totals ₹4,60,20,000 (₹4.60 crore) inclusive of GST across two purchase orders
- Scope encompasses the supply of Natural Gas Metering Skids
- Execution timeline requires delivery on or before October 20, 2026
- Order value corresponds to ~6.3% of the company's TTM revenue of ₹73 crore
Cryogenic Ogs Ltd has announced its Annual General Meeting (AGM) will be held on August 20, 2026. The company has established August 14, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Remote e-voting will be conducted over a three-day period from August 17 to August 19, 2026. In accordance with updated SEBI regulations, the company will not be closing its registers of members or share transfer books for this event.
- Annual General Meeting (AGM) is scheduled for Thursday, August 20, 2026
- Cut-off date for e-voting entitlement is Friday, August 14, 2026
- Remote e-voting period runs from August 17 (9:00 AM) to August 19 (5:00 PM), 2026
- Registers of members and share transfer books will not be closed, per SEBI regulations effective December 13, 2024
Cryogenic OGS reported a strong performance in its first full year post-listing, with FY26 revenue growing 24.1% to ₹40.82 crore. Profit After Tax (PAT) surged 67.2% to ₹10.18 crore, although this was aided by a one-time gain from a land sale; underlying profit before tax still grew by 48.2%. The company successfully utilized ₹17.77 crore in IPO proceeds to strengthen working capital and expand capacity. Strategic milestones include obtaining the ASME U-stamp and enlistment by ADNOC, which are expected to drive international growth in the Middle East.
- Revenue from operations increased 24.1% YoY to ₹40.82 crore in FY26
- EBITDA margin expanded by 481 basis points to reach 31.7%
- Profit After Tax (PAT) grew 67.2% to ₹10.18 crore, including an exceptional gain
- Raised ₹17.77 crore through an SME IPO in July 2025 to fund growth
- Achieved international validation with a direct purchase order from Honeywell LNG LLC, USA
Cryogenic Ogs Ltd has scheduled its 29th Annual General Meeting (AGM) for August 20, 2026. A key agenda item is the approval of material related party transactions with its subsidiary, Infravolt Engineering Private Limited, for an aggregate amount up to ₹10 crore. This proposed limit represents approximately 13.7% of the company's TTM revenue of ₹73 crore and 18.5% of its net worth. Other business includes the adoption of FY26 audited financial statements and the re-appointment of Director Mrs. Kiranben Nileshbhai Patel.
- 29th AGM scheduled for August 20, 2026, at 11:00 a.m. via video conferencing.
- Seeking shareholder approval for material related party transactions with subsidiary Infravolt Engineering up to ₹10 crore.
- Cut-off date for determining e-voting eligibility is set for August 14, 2026.
- Remote e-voting period is from August 17, 2026 (9:00 a.m.) to August 19, 2026 (5:00 p.m.).
- The transaction limit of ₹10 crore includes loans, guarantees, securities, and purchase/sale of goods/services.
Cryogenic Ogs Ltd's subsidiary, Infravolt Engineering Private Limited, has secured a domestic order worth Rs 5.27 crore for the supply of Busbar Kits. The contract was awarded by Fimer India Private Limited on July 8, 2026, and is expected to be fully executed by November 30, 2026. This represents a fresh revenue stream for the subsidiary with a relatively short execution cycle of approximately five months. The transaction is confirmed to be at arm's length with no promoter interest involved.
- Order value aggregates to Rs 5,27,00,451.53 including GST
- Execution and delivery to be completed by 30th November 2026
- Contract awarded by domestic entity Fimer India Private Limited
- Order involves the supply of Busbar Kits by subsidiary Infravolt Engineering
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment (Oil and Gas Solutions). Revenue from operations grew 35.62% YoY to INR 32.90 Cr in FY25 from INR 24.26 Cr in FY24. In H1 FY26, revenue reached INR 21.06 Cr, representing a 57% YoY growth compared to INR 13.41 Cr in H1 FY25.
Geographic Revenue Split
While specific percentage splits are not disclosed, the company has a significant domestic presence (200+ locations) and is rapidly expanding exports. Key international projects include a turnkey project for Honeywell Nigeria and a contract for 143 Truck Loading Skids for an end-user in Egypt.
Profitability Margins
Net Profit Margin for FY25 was 18.02%, a slight decrease from 19.95% in FY24. However, H1 FY26 PAT margin stood at 20%, showing recovery. Operating Profit Margin for FY25 was 25.13% compared to 28.39% in FY24.
EBITDA Margin
EBITDA margin expanded significantly to 30% in H1 FY26 from 21% in H1 FY25, a 900 bps improvement driven by a shift toward high-value turnkey projects and better sourcing control.
Capital Expenditure
The company operates an 8,300 sq. meter ISO-certified manufacturing facility in Vadodara. While specific future INR Cr figures are not disclosed, the company is investing in 'new-age operational initiatives' and advanced instrumentation manufacturing.
Credit Rating & Borrowing
Interest costs decreased by 22% YoY to INR 2.04 Lakhs in H1 FY26 from INR 2.63 Lakhs in H1 FY25, indicating low reliance on external debt and efficient capital management.
Operational Drivers
Raw Materials
Key raw materials include steel (for fabrication), specialized components (valves, flowmeters, instruments, pumps), and power. Cost of materials consumed was INR 21.25 Cr in FY25, representing 64.6% of total revenue.
Import Sources
The company sources high-value items and technology from European countries, specifically mentioning a European technology leader for the development of aDENS Density Probes.
Key Suppliers
Not specifically named, but the company has transitioned from client-supplied high-value items to procuring 100% of key equipment like valves and flowmeters independently to capture full project value.
Capacity Expansion
Current facility is 8,300 sq. meters in Vadodara, Gujarat. Expansion is focused on 'Strategic Market Integration' into meter run manufacturing for global ultrasonic flowmeter OEMs.
Raw Material Costs
Raw material costs accounted for 64.6% of revenue in FY25 (INR 21.25 Cr). The company manages costs by integrating procurement into its turnkey model, allowing for better sourcing control and higher value addition.
Manufacturing Efficiency
Efficiency is driven by in-house engineering using Auto-CAD and Plant 3D for customized design, reducing coordination risk and ensuring precision in fabrication.
Logistics & Distribution
The company manages complex international logistics, evidenced by the delivery of 100% procurement and delivery for the Honeywell Nigeria project.
Strategic Growth
Expected Growth Rate
57%
Growth Strategy
The company is transitioning from a component fabricator to an integrated turnkey solutions provider (Engineering, Procurement, Construction). This allows them to capture 100% of project value. Growth is also driven by new product launches (aDENS Density Probes) and expansion into high-growth sectors like LNG, hydrogen, and renewables.
Products & Services
Gas metering skids, meter runs, chemical and additive injection skids, strainers, air and vapor eliminators, pressure vessels, LPG vapor eliminators, prover tanks, and aDENS Density Probes.
Brand Portfolio
Cryogenic OGS, aDENS.
New Products/Services
Launched aDENS Density Probes and advanced into meter run manufacturing for global ultrasonic flowmeter OEMs, targeting recurring global business.
Market Expansion
Targeting Africa and the Middle East (Egypt, Nigeria) and expanding domestic presence in segments prioritized for government investment like LNG and renewables.
Market Share & Ranking
The company claims a 'major market share' in catalogue products like basket strainers and air eliminators for liquids in India.
Strategic Alliances
Collaborated with a European technology leader for the development of the aDENS Density Probes.
External Factors
Industry Trends
The Indian oil and gas equipment market is evolving toward integrated turnkey solutions. There is a strong shift toward energy transition technologies (LNG, Hydrogen), where the company is positioning itself as a critical partner.
Competitive Landscape
Faces competition from European manufacturers and local engineering firms. Competitive edge is maintained through lower cost structures and integrated turnkey capabilities.
Competitive Moat
Moat is built on 20+ years of PSU relationships, stringent global certifications (API, ASME, ATEX), and the high technical barrier of entry for precision measurement skids. These are sustainable due to the high cost of failure in oil and gas operations.
Macro Economic Sensitivity
Highly sensitive to Oil & Gas sector CAPEX and government infrastructure spending on energy transition (LNG/Hydrogen).
Consumer Behavior
Industrial clients are shifting toward 'single-point responsibility' vendors to reduce coordination risks in complex projects.
Geopolitical Risks
Exposure to regional stability in Africa (Nigeria) and the Middle East (Egypt) for large-scale export projects.
Regulatory & Governance
Industry Regulations
Operations must comply with API, ASME, IS 2825, and ATEX regulations for safety and performance in demanding industrial environments.
Environmental Compliance
The company is ISO 14001:2015 certified for environmental management; specific compliance costs are not disclosed.
Taxation Policy Impact
Tax expense for H1 FY26 was INR 1.76 Cr, representing an effective tax rate of approximately 24.2% of PBT.
Legal Contingencies
The auditor's report indicates that the company has maintained proper records and no material discrepancies were noticed; no major pending litigation values are disclosed.
Risk Analysis
Key Uncertainties
Commodity price risk (steel), global economic slowdown affecting export demand, and potential human resource attrition in a specialized engineering field.
Geographic Concentration Risk
While expanding, the company still has a high concentration in India (200+ locations) and specific emerging markets like Egypt and Nigeria.
Third Party Dependencies
Increasing dependency on technology partners for new product lines like the aDENS probes.
Technology Obsolescence Risk
Risk is mitigated by continuous investment in Auto-CAD, Plant 3D, and strategic partnerships with European technology leaders.
Credit & Counterparty Risk
The company deals with major PSUs and global EPC leaders (ABB, Honeywell), which typically represent high-quality receivables.
