Business Overview

Cryogenic OGS Ltd provides precision metering, filtration, dosing, pressure reduction and turnkey skid solutions for Oil & Gas, LNG, Chemicals, Aviation and Power industries. The company specializes in custody transfer systems where ownership of oil, gas or fuel passes from one party to another, governed by legal metrology rules and standards such as API MPMS and OIML R117.

Key Business Applications

  • Metering: Custody Transfer Metering Skids for products like Motor Spirit, High Speed Diesel, Natural Gas, LNG, Aviation Fuel and Hydrogen
  • Filtering: Basket & duplex strainers, air eliminators for removal of particulates and water
  • Additive Dosing: Additive Dosing Skids and Chemical Injection Skids for precise injection of additives
  • Loading/Unloading: Truck and Wagon Loading Skids for various fuels

Manufacturing Capabilities

  • 9,300 m² manufacturing facility in Vadodara, Gujarat
  • Capacity for 200 skids concurrent production
  • 100+ engineering and manufacturing team
  • Integrated facility brings design, assembly and testing under one roof
  • ASME U STAMP and IBR Approved Workshop (valid to Sep 2028)

Financial Performance (H1FY27 Standalone)

  • Revenue from Operations: ₹3,035.68 lakh (₹30.36 Cr), up 44.11% YoY
  • EBITDA: ₹984.21 lakh, up 55.96% YoY
  • PAT: ₹675.92 lakh, up 22.52% YoY
  • EBITDA Margin: 32.42% (up 246 bps YoY)
  • PAT Margin: 22.27% (down 392 bps YoY)
  • EPS: ₹4.73, up 4.65% YoY

Consolidated Financial Performance

  • Revenue from Operations: ₹4,010.04 lakh (₹40.10 Cr)
  • EBITDA: ₹1,073.25 lakh (₹10.73 Cr)
  • PAT: ₹737.48 lakh (₹7.37 Cr)
  • EBITDA Margin: 26.76%
  • PAT Margin: 18.39%

Balance Sheet Position (Standalone as of 30 Sept 2026)

  • Shareholders' Funds: ₹6,141.10 lakh
  • Trade Receivables: ₹1,424.56 lakh
  • Fixed Assets: ₹1,733.14 lakh
  • Cash and near-cash: ₹25.18 Cr
  • No bank borrowings; long-term liabilities of ₹8.40 Cr are predominantly lease liabilities

Order Inflow (H1FY27)

The company disclosed six orders to BSE between April and September 2026:

  • 21 May 2026: Endress+Hauser India - Metering skids - ₹1.49 Cr
  • 2 Jun 2026: Fimer India (Infravolt) - Busbar kits - ₹12.59 Cr
  • 8 Jul 2026: Fimer India (Infravolt) - Busbar kits, repeat - ₹5.27 Cr
  • 20 Aug 2026: Instrumentation MNC - Natural gas metering skids - ₹4.60 Cr
  • 18 Sept 2026: Global EPC (export) - Piping spools - ₹19.36 Cr
  • 30 Sept 2026: Process engineering MNC - H₂/propane/methane skids - ₹5.08 Cr

Total disclosed order value: ₹48.39 Cr

New Business Verticals

Piping Spool Fabrication: Newly commercialized vertical offering ASME B31.3-compliant piping spool fabrication for refineries and petrochemical plants. Maiden export order valued at ₹19.36 Cr from a global EPC firm, execution within 12-20 weeks. EIL vendor approval obtained.

Subsidiaries

Cryogenic OGS Middle East F.Z.E. (100% owned, Dubai, UAE): Platform for international business & market access, direct participation in GCC opportunities including ADNOC, Aramco, KOC and PDO ecosystems.

Infravolt Engineering Private Limited (51% owned, India): Precision manufacturing & new-industry platform focusing on solar power and railway power electronics. Manufactures copper precision components and busbars for electrical and traction control systems.

Infravolt Engineering Performance

  • Achieved ₹9.74 Cr revenue from operations within 3-4 months of establishment (4 May - 30 September 2026)
  • Focus on nesting manufacturing to maximize material yield
  • Plans for backward integration and customer/product expansion to improve margins

Expansion Plans

  • Land acquired for facility expansion (roughly 4x current scale) on 30-year lease
  • Funded entirely from internal accruals
  • New growth vectors include LNG, green hydrogen, advanced measurement, process automation and precision-engineered components

Management Team

  • Chairman & Managing Director: Nilesh N. Patel
  • Non-Executive Director: Kiran N. Patel
  • Whole-time Director: Dhairya Patel
  • Independent Directors: Shashank Garg, Prerana S. Bokil
  • Chief Financial Officer: Ravi M. Jain
  • Company Secretary & Compliance Officer: Rashmi K. Otavani

Industry Trends

Structural growth drivers include energy transition initiatives and clean energy infrastructure development. The company cites industry reports projecting custody metering system market to reach USD 31.18 billion by 2034 at 6.21% CAGR.

Disclaimer Note

The presentation contains forward-looking statements subject to risks and uncertainties. It does not constitute an offer or recommendation to purchase securities.