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Expo Engineering and Projects Ltd (formerly Expo Gas Containers Ltd) reported Q2 FY26 revenue of ₹1,499.99 lacs, down roughly 53% YoY from ₹3,189.55 lacs, while PAT rose about 28.5% YoY to ₹84.78 lacs (EPS ₹0.37 vs ₹0.29). For H1 FY26, revenue fell around 33.8% YoY to ₹3,284.53 lacs, but PAT nearly doubled to ₹189.23 lacs from ₹94.76 lacs (EPS ₹0.83 vs ₹0.42), as the company cut costs sharply—total expenses for H1 dropped from ₹4,865.91 lacs to ₹3,095.62 lacs. Operating cash flow, however, swung negative to (₹336.89) lacs versus ₹763.37 lacs last year, largely due to a ₹626 lac inventory build-up and lower payables. The company allotted 31,45,715 convertible warrants at ₹70 each (total issue ₹22.02 cr) and received ₹5.50 cr as 25% upfront subscription; no funds were utilised in the quarter and the audit committee noted no deviation. Detailed related-party transactions were disclosed, including borrowings of ₹2 cr+ from Expo India Agencies and Murtuza Mewawala (KMP), plus creditors of ₹2.93 cr to Expo India Agencies.
Profitability improved despite a steep revenue slump, but the sharp top-line fall and negative operating cash flow raise concerns about underlying demand and working-capital health. Shareholders should note the heavy related-party exposure with promoter-group entities and a large short-term borrowing base (~₹3,143 lacs) relative to total equity (~₹3,924 lacs), while the fresh ₹22 cr warrant issue provides funding flexibility.