Fabricates storage tanks and process plant equipment for industrial customers in India. Work covers new-build fabrication, conversion of existing tanks, and maintenance and inspection of crude-oil and petroleum storage tanks. Products named in recent orders include Floating Roof Crude Oil Storage Tanks, Aluminium Geodesic Dome Roof Tanks, Cast House Deducting Ducts (200 MT supplied to an L&T-led steel project), carbon-steel fabricated fittings, and hopper units. Customers are mainly large oil-and-gas PSUs and corporates — ONGC, Indian Oil Corporation (Durgapur and Haldia), Reliance Industries (Jamnagar) and Larsen & Toubro — with stated end-use sectors of oil and gas, petrochemicals, green hydrogen and steel. The business is order-driven: FY26 revenue was Rs 68.2255 crore against an order book of Rs 93.53 crore at March 31, 2026. Material inputs (27.8% of revenue) and other operating expenses (51.1%) dominate the cost stack, while employee cost is 15.4% of revenue. Management has flagged plans to move into exotic-metal fabrication (titanium, nickel) and to bid for higher-value tenders. A proposed merger with Expo Project Engineering Services Private Limited is pending NCLT approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fabrication of storage tanks and process plant equipment, Maintenance, inspection and conversion services for existing tanks. Small, order-driven, project-based industrial fabrication with lumpy revenue tied to PSU and large-corporate work orders
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 73 | 80 | 76 | 115 | 68 |
| EBITDA (ex other income) | 5 | 3 | 6 | 8 | 6 |
| margin % | 7.2 | 3.2 | 7.6 | 7.3 | 9.3 |
| Owners' profit | 1 | (2) | 1 | 3 | 2 |
| EPS, as reported (₹) | 0.29 | (1.05) | 0.44 | 1.37 | 0.85 |
| ROE % · ROCE % | 2.7 · 19.6 | (10.9) · 8.5 | 3.6 · 19.0 | 10.0 · 21.6 | 4.4 · 14.2 |
| Debt / equity (x) | 1.84 | 2.04 | 1.93 | 0.98 | 0.83 |
| Cash from operations | 1 | 0 | 1 | 5 | (6) |
| Capex | (0) | (0) | (0) | (2) | (0) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18 | 32 | 25 | 40 | 18 | 15 | 18 | 17 |
| Profit before tax | 0 | 1 | 1 | 3 | 1 | 1 | 1 | 0 |
| Net profit | 0 | 1 | 1 | 2 | 1 | 1 | 1 | (1) |
| EPS (₹) | 0.13 | 0.29 | 0.29 | 0.66 | 0.46 | 0.37 | 0.22 | 0.21 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| HBL ENGINEERING LTD | 19,890 | 21.5 | 8.99 | 17.0 | 36.8 | 45.3 | 29.4 | 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · All 4 resolutions passed at Expo Engineering 43rd AGM with 100% assent | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Independent Director Venkat Chittoor reappointed for second 5-year term at AGM | management changes | medium | — | — |
| 10 Sept 2026 · 43rd AGM proceedings filed; four resolutions passed including director reappointment | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Non-promoter fully exits with 3.24 percent open market sale | ownership changes | medium | — | — |
| 25 Aug 2026 · Aegis Investment Fund stake rises to 9.96% via warrant conversion | ownership changes | high | — | — |
| 24 Aug 2026 · BPCL work order worth Rs 4.97 crore for Haldia tankage project | business updates | medium | — | — |
| 24 Aug 2026 · BPCL awards Rs 3.62 Crore tank fabrication work order to Expo Engineering | business updates | medium | — | — |
| 24 Aug 2026 · Promoter Hasanain Mewawala acquires 1.41 lakh shares via warrant conversion | ownership changes | medium | — | — |
| 20 Aug 2026 · Warrants converted into 18.12 lakh equity shares at Rs 70 each | fund raising | high | — | — |
| 19 Aug 2026 · AGM notice published in newspapers; 43rd AGM on 10 September 2026 | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| W P I L LTD. |
| 4,268 |
| 27.0 |
| 2.17 |
| 12.1 |
| 10.2 |
| 13.1 |
| 13.3 |
| 17.7 |
| HARSHA ENGINEERS INT LTD | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 69.6 | 17.3 | 27 of 29 | 7% |
| P/B | 5.2 | 2.5 | 20 of 24 | 17% |
| ROCE | 5.6 | 12.3 | 23 of 31 | 27% |
| ROE | 4.4 | 10.3 | 18 of 24 | 26% |
| Debt / Equity | 0.8 | 0.2 | 19 of 24 | 22% |
| EBITDA margin | 6.1 | 10.8 | 19 of 23 | 18% |
| Revenue growth | (56.6) | (5.5) | 22 of 23 | 5% |
| Profit growth | (142.3) | (5.0) | 22 of 23 | 5% |
| Market cap | 204 | 108 | 12 of 31 | 63% |
| 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 |
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.
