BSE: 526614
EXPO ENGINEERING AND PROJECTS
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.4 | 19.3 | 26 of 27 | 4% |
| P/B | 4.6 | 2.5 | 19 of 24 | 22% |
| 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 | 180 | 103 | 13 of 31 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 26 Oct 2026 · BSE grants trading approval for 3,145,715 warrant-conversion shares | capital market events | low | — | — |
| 9 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 1 Oct 2026 · Listing approval for 31.46 lakh shares from warrant conversion | capital market events | low | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 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 | — | — |
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.