Cryogenic Ogs Ltd

BSE: 544440

₹ 357.4-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 510 crWebsite: www.cryogenicogs.comUpdated: 24 Oct 2026

About

Cryogenic OGS makes metering skids, truck loading skids, piping spools and catalogue products such as air eliminators and basket strainers for oil and gas customers, and it is moving toward full turnkey project execution. FY26 revenue grew 24.06% to ₹4,082 lakhs. Management says the company holds 80-90% of the Indian market for some catalogue products, including air eliminators and basket strainers.^[1][2]

Products and business model

Management says the company holds 80-90% of the Indian market for catalogue products such as air eliminators and basket strainers, which are installed at more than 200 terminals (Q2 FY26 call).^[2]
The company is moving from fabrication-only work, about 30% of a skid's value, to end-to-end turnkey orders that include high-value bought-out items (Q2 FY26 call).^[2]
It has begun making meter runs as a catalogue product for global ultrasonic flowmeter OEMs, supplied case by case (Q2 FY26 call).^[2]
It launched aDENS density probes with a European technology partner and has begun winning first orders (Q4 FY26 call).^[1]
It has supplied nacelle lifting jigs to Suzlon since becoming a vendor about 1-1.5 years before the Q2 FY26 call.^[2]

Operations and capacity

The plant ran at about 35-40% capacity utilisation as of the Q2 FY26 call. Management says it can support double the revenue at that time.^[2]
Fixed assets rose to ₹1,562 lakhs in H2 FY26 from ₹732 lakhs at Sep-25 (Q4 FY26 call).^[1]

Order book

The order book was ₹31 cr as of 1 April 2026, compared with ₹22-25 cr cited on the Q2 FY26 call.^[1][2]
The bid pipeline was ₹65 cr as of the Q2 FY26 call.^[2]

Customers and export markets

The company is executing a record order for 143 truck loading skids for an end-user in Egypt, placed through Emerson. It is one of the company's largest orders (FY26).^[1][2]
It completed its first full-scope international turnkey project, a USM-based custody transfer metering skid for Honeywell Nigeria, which was being shipped at the Q4 FY26 call.^[1][2]
aDENS density probe orders came from BPCL Jammu, IOCL Mangalore and private players (Q2 FY26 call).^[2]
The company plans to expand into the GCC, the Americas and Africa through its UAE subsidiary, including direct bidding with ADNOC, Aramco, KOC and PDO (Q4 FY26 call).^[1]

Expansion and capex

Land has been acquired for a 3,52,776 sq ft facility, about 4x the current scale, to be built in phases (Q4 FY26 call).^[1]
Management said significant capex for a new facility would be needed once revenue reaches ₹75-100 cr, expected within about two years of the Q2 FY26 call.^[2]
The company plans to bring full aDENS manufacturing to India and to build LNG and green hydrogen metering capability (Q2 and Q4 FY26 calls).^[2][1]
Infravolt, a 51% subsidiary, will make precision components for solar inverters and railway power-electronics applications (Q4 FY26 call).^[1]

Approvals and certifications

EIL approval for piping spools has been secured. Applications have been filed for ADNOC approval of metering skids and catalogue products, and for EIL approval of metering skids (Q4 FY26 call).^[1]
ASME U Stamp certification was at an advanced approval stage at the Q4 FY26 call, and management expects related order inflow within FY27.^[1]

Market Cap

₹510 Cr

High / Low

₹453 / 151

Stock P/E

50.1

Price / Book

9.3

Book Value

₹38

EPS

₹7.1

No. of Shares

1.43 Cr

ROCE

19.7%

ROE

18.6%

OPM

29.1%

Debt / Equity

0.15

Sales

₹41 Cr

Net Profit

₹10 Cr

Promoter holding

74.3%

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