BSE: 544440
CRYOGENIC OGS LIMITED
Designs and builds oil and gas process equipment — principally metering skids, filtration products such as air eliminators and basket strainers, and pressure reduction systems — at an 8,300 sqm Vadodara facility. Customers include Indian oil PSUs (IOCL, BPCL, HPCL) and international end-users (Honeywell, Emerson, Schlumberger, Dangote, ConocoPhillips), with most orders routed through 5–6 EPC majors including Honeywell, Emerson, Endress+Hauser, Yokogawa and ABB. FY26 revenue from operations was ₹40.82 crore, with an order book of ₹31 crore as of April 2026 and the top 10 customers accounting for 89% of revenue. A newly launched aDENS density probe line extends the catalogue into instrumentation, with the firm approved as a domestic PSU vendor in a segment previously 100% imported. A 51%-owned subsidiary, Infravolt Engineering, supplies busbar kits for solar inverters, with FIMER India orders of ₹17.86 crore, opening a renewable-energy adjacency. Materials form the biggest cost line at 55.5% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Metering skids, Filtration products, Pressure reduction systems, aDENS density probes, Busbar kits (subsidiary Infravolt). Small, zero-debt, order-book-driven engineering services and equipment manufacturer to oil & gas, with a renewable-energy adjacency via subsidiary.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 41 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.69 |
| ROE % · ROCE % | — · 21.5 |
| Debt / equity (x) | — |
| Cash from operations | 8 |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 21 | 20 |
| Profit before tax | 7 | 6 |
| Net profit | — | — |
| EPS (₹) | 4.52 | 3.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 47,010 | 97.6 | 25.05 | 81.1 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 32,374 | 87.3 | 10.56 | 56.3 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 28,600 | 52.1 | 6.41 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 23,149 | 72.0 | 11.57 | 40.8 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 21,672 | 62.6 | 4.55 | 30.8 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,592 | 100.7 | 6.14 | 57.0 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 14,712 | 516.7 | 4.32 | 44.3 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 14,156 | 55.6 | 8.41 | 58.0 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 57.1 | 28.5 | 94 of 130 | 28% |
| ROCE | 21.3 | 11.3 | 26 of 142 | 82% |
| Market cap | 627 | 322 | 55 of 141 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Cryogenic OGS gets IBR approval to make piping spools and basket strainer | business updates | medium | — | — |
| 8 Oct 2026 · ADNOC enlists Cryogenic OGS as approved vendor for Industrial Strainers | business updates | high | — | — |
| 30 Sept 2026 · Cryogenic OGS bags Rs 5.08 crore order from international MNC | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of H2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Cryogenic OGS secures first export order worth Rs 19.36 Cr in Piping Spools | business updates | high | — | — |
| 7 Sept 2026 · Cryogenic OGS at investor meet flags 67 percent PAT jump, zero debt | investor communications | low | — | — |
| 25 Aug 2026 · Cryogenic OGS to meet investors at Alpha Ideas SME Stars 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · AGM 2026 results: All 3 resolutions passed unanimously | compliance | low | — | — |
| 20 Aug 2026 · 29th AGM: All 3 resolutions passed with 100% votes in favour | board shareholder meetings | medium | — | — |
| 20 Aug 2026 · Cryogenic OGS 29th AGM: PAT jumps 67%, three resolutions passed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.