Key Financial Performance (FY2025-26)

Revenue from Operations: ₹4,082.24 lakhs (24.1% growth from FY25 ₹3,290.46 lakhs)

Total Revenue: ₹4,243.48 lakhs (including other income of ₹161.24 lakhs)

EBITDA Margin: 31.7% on revenue from operations

Profit Before Tax: ₹1,349.18 lakhs (includes exceptional gain of ₹123.95 lakhs)

Profit Before Exceptional Items and Tax: ₹1,225.23 lakhs (48.2% growth)

Profit After Tax: ₹1,018.27 lakhs (67.2% growth from FY25 ₹608.98 lakhs)

Earnings Per Share: ₹7.69 (up from ₹5.80 in FY25)

Debt Position: No borrowed debt; debt-free balance sheet

Cash & Cash Equivalents: ₹3,278.24 lakhs (up from ₹1,106.67 lakhs)

Capital Structure Changes

IPO Details: Listed on BSE SME platform on July 10, 2025, issuing 37,80,000 fresh equity shares at ₹47 per share (including premium of ₹37)

Funds Raised: ₹17.77 crore through public issue

Utilization of Proceeds: Strengthened working capital base and funded capacity expansion

Current Share Capital: ₹14,28,00,000 (14.28 million shares of ₹10 each)

Promoter Holding: Nilesh N. Patel (56.02%), Kiran Nileshbhai Patel (18.19%)

Operational Highlights

Order Book: ₹31 crore as of April 1, 2026

Key Orders Received:

  • Direct purchase order from Honeywell LNG LLC, USA for LNG metering skid
  • Multiple orders for LNG truck loading skids
  • 143 truck loading skids for Egypt-based end user
  • Orders aggregating ₹17.86 crore for Infravolt Engineering from FIMER India for busbar kits

Manufacturing Facility: 9,300 square meters at Por Industrial Park, Vadodara with integrated design, assembly and testing capabilities

Strategic Developments

Subsidiaries Established:

  • Cryogenic OGS Middle East F.Z.E (wholly owned, incorporated March 13, 2026 in UAE)
  • Infravolt Engineering Private Limited (51% owned, incorporated May 4, 2026)

Approvals & Certifications:

  • Engineers India Limited vendor approval for piping spools (January 2026)
  • ASME U-stamp certification (after reporting period)
  • ADNOC enlistment (after reporting period)
  • ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 certifications

Product Portfolio Expansion:

  • Metering skids for liquids (MS/HSD/SKO)
  • LNG metering and truck/wagon loading skids
  • Hydrogen and green ammonia metering skids
  • Natural gas metering skids
  • Aviation turbine fuel metering & filtration skids
  • aDENS density probes
  • Pressure reduction skids

Corporate Governance

Board of Directors:

  • Nilesh N. Patel (Chairman & Managing Director, DIN:01368574)
  • Dhairya Patel (Whole-time Director, DIN:09145811)
  • Kiran Nileshbhai Patel (Non-Executive Director, DIN:03435065)
  • Prerana S. Bokil (Independent Director, DIN:10272554)
  • Shashank Garg (Independent Director, DIN:10194229)

Key Managerial Personnel:

  • Ravi Milapchand Jain (Chief Financial Officer)
  • Rashmi Kamlesh Otavani (Company Secretary & Compliance Officer)

Board Committees: Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, CSR Committee

Auditors: Maloo Bhatt & Co., Chartered Accountants (Statutory Auditors)

Annual General Meeting

Date: August 20, 2026 at 11:00 AM

Mode: Video Conferencing/Other Audio Visual Means

Business:

1. Adoption of audited financial statements for FY26

2. Re-appointment of Mrs. Kiranben Nileshbhai Patel as director

3. Approval of material related party transactions with Infravolt Engineering up to ₹10 crore

Related Party Transactions

Proposed: Omnibus approval for transactions with Infravolt Engineering Private Limited (subsidiary) aggregating ₹10 crore

Nature: Loans, guarantees, securities, purchase/sale of goods and services

Rationale: Support working capital requirements and business expansion of subsidiary

Dividend and Reserves

Dividend: No dividend recommended for FY26

Reserves: No amount proposed to be carried to reserves

Risk Factors

Identified risks include commodity price risk, interest rate risk, foreign exchange risk, compliance risk, human resources risk, competition risk, and industrial safety risk. Mitigation strategies outlined for each risk category.

Forward Outlook

FY2026-27 expected to be foundation year for next phase of growth with focus on:

  • Moving from component supply to integrated turnkey solutions
  • Deepening LNG and cryogenic franchise
  • Expanding into renewable energy and energy transition markets
  • Growing exports through UAE subsidiary
  • Leveraging new certifications and approvals