Expo Engineering & Projects Ltd

BSE: 526614

₹ 79.7-4.06%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 207 crWebsite: www.expogas.comUpdated: 24 Oct 2026

About

Expo Engineering & Projects builds and maintains storage tanks and makes pressure vessels, mainly for oil and gas companies such as IOCL, BPCL and Reliance. Storage tanks made up 96% of revenue in Q4 FY26. Revenue was Rs 68.23 cr in FY26, and the order book stood at Rs 93.53 cr at 31-Mar-26.^[1][2]

Business segments

Storage tanks: Rs 16.59 cr, or 96% of Q4 FY26 revenue. Vessels: Rs 0.69 cr, or 4%.^[1]
The company also does tank maintenance and inspection work under rate contracts, for example for IOCL Haldia (Q3 FY26) and BPCL Vadinar (Q2 FY26).^[3][4]

Order book

Order book was Rs 93.53 cr at 31-Mar-26, against Rs 114.63 cr in Q3 FY26, Rs 125.20 cr in Q2 FY26 and Rs 111.21 cr in Q1 FY26.^[1][3][4][5]
Storage tanks were 95% of the order book in Q4 FY26, compared with 98% in Q3 FY26 and Q2 FY26 and 97% in Q1 FY26.^[1][3][4][5]
In Q3 FY26 the order book was about 2.25x 9M FY26 revenue.^[3]
Projects in hand: 30 in Q3 FY26, up from 25 in Q1 FY26.^[3][5]
By geography in Q2 FY26, Maharashtra (29%) and Haryana (21%) held the largest shares of the order book.^[4]

Order inflow

Q4 FY26 inflow was Rs 13.49 cr from 4 orders: IOCL Durgapur (Rs 7.25 cr), IOCL Viramgam (Rs 4.90 cr) and two Reliance orders (Rs 1.22 cr and Rs 0.12 cr).^[1]
Q3 FY26: Rs 14.53 cr order (including GST) from IOCL Haldia Refinery for tank maintenance and inspection under a rate contract.^[3]
Q2 FY26: two BPCL Vadinar orders, Rs 5.61 cr for tank maintenance and inspection and Rs 3.41 cr for cone roof tank construction.^[4]
Q1 FY26: Rs 26.10 cr IOCL tank order at Asaoti, Haryana, plus two Reliance orders for Jamnagar totalling Rs 1.56 cr.^[5]

Customers

The main customers named are PSU oil companies IOCL and BPCL, plus Reliance Industries. The company says it has a track record in the oil and gas, defence and energy sectors.^[1][4][5]

Strategy and plans

The company is targeting upcoming strategic petroleum reserve (SPR) storage projects and the build-out of refinery storage in India.^[1][4]
It plans to expand its customer base beyond PSU oil companies into chemicals and steel.^[3][5]
It plans to enlist with overseas project management consultants (PMCs) to raise its export share.^[3][4]
It is exploring making equipment in exotic metals such as titanium and nickel.^[5][3]
It plans to upgrade its qualifications so it can bid for large-value tenders.^[3]

Recent developments

FY26: The company issued 31,45,715 convertible warrants worth Rs 22.02 cr on a preferential basis to promoters and non-promoters. 25% (Rs 5.51 cr) had been received by Q2 FY26.^[4]
An earlier Rs 7.52 cr preferential issue was fully used, as of Q1 FY26.^[5]
FY26 revenue from operations was Rs 68.22 cr, down from Rs 114.74 cr in FY25. Management attributed the earlier quarterly drops to how project execution was phased.^[1][4]

Market Cap

₹207 Cr

High / Low

₹104 / 46

Stock P/E

139.8

Price / Book

4.6

Book Value

₹17

EPS

₹0.8

No. of Shares

2.28 Cr

ROCE

9.1%

ROE

4.9%

OPM

8.9%

Debt / Equity

0.83

Sales

₹68 Cr

Net Profit

₹2 Cr

Promoter holding

55.7%

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