Cryogenic OGS Limited reported a significant improvement in profitability for the financial year ended March 31, 2026, with profit after tax rising 67.2% to ₹1,018.27 lakhs. This growth was supported by a 24.1% increase in revenue from operations, which reached ₹4,082.24 lakhs. The company’s 29th Annual General Meeting, held on August 20, 2026, also highlighted strategic business developments, including new vendor approvals and international certifications that strengthen its position in the oil and gas sector.

The financial performance reflects strong operational efficiency, with the EBITDA margin expanding by 481 basis points to 31.7% compared to the previous year. Excluding a one-time gain on the sale of land, the underlying profit before tax grew by 48.2%. The company maintained its debt-free status, funding its growth through internal accruals and proceeds from its public issue in July 2025.

Financial Performance

What the Numbers Show

The divergence between the reported 67.2% growth in net profit and the 48.2% growth in underlying profit before tax indicates that non-operational items contributed significantly to the bottom-line expansion. While the core operational profitability improved substantially, as evidenced by the nearly 500-basis point jump in EBITDA margins, the inclusion of a one-time gain on the sale of land amplified the final profit figure. This suggests investors should focus on the underlying PBT growth and margin expansion as more sustainable indicators of the company’s operational health.

Strategic Developments

During the meeting, Chairman Niles Natvarlal Patel outlined several key business milestones achieved during and subsequent to the financial year:

• Honeywell LNG LLC Order: In March 2026, the company received a direct purchase order for an LNG metering skid to be manufactured at its Vadodara facility.
• Engineers India Limited (EIL) Approval: EIL approved Cryogenic OGS as a vendor for piping spools, opening opportunities in public sector projects.
• ADNOC and ASME Certifications: Post-FY26, the company received ADNOC approval for its metering skids and obtained ASME U-stamp certification, enhancing its capability for demanding domestic and international projects.

Corporate Actions

The company announced the incorporation of Cryogenic OGS Middle East FZE to strengthen its presence in the Gulf region. Additionally, it formed Infravolt Engineering to expand its precision manufacturing capabilities. The Board of Directors was authorized to approve material related-party transactions with Infravolt Engineering Private Limited, a subsidiary of the company.

Mrs. Kiranben Nilesbhai Patel was re-appointed as a director after retiring by rotation. The meeting concluded at 11:27 am, with all resolutions passed via e-voting as per SEBI guidelines.

Cryogenic OGS Limited will convene its 29th Annual General Meeting on Thursday, August 20, 2026, to secure shareholder approval for a ₹10 crore omnibus related party transaction (RPT) with its subsidiary, Infravolt Engineering Private Limited. The Board of Directors has recommended this authorization under Regulation 23 of the SEBI Listing Regulations, as the prior approval granted via postal ballot has expired. This transaction limit represents approximately 24.39% of the listed entity’s annual consolidated turnover for the immediately preceding financial year, highlighting the strategic dependency on the subsidiary for operational continuity.

The special business item authorizes the company to advance loans, provide guarantees or securities, and purchase or sell goods and services to Infravolt Engineering. The Audit Committee has reviewed these transactions, confirming they are conducted on an arm’s length basis in the ordinary course of business. Funds are intended to support the working capital requirements and business expansion of the subsidiary, in which Cryogenic OGS holds a 51% direct stake. The Board asserts that these transactions will strengthen the consolidated business operations of the parent company without incurring external financial indebtedness for this specific purpose.

Key Transaction Details

Alongside the special business, the ordinary business agenda includes the adoption of audited financial statements for the financial year ended March 31, 2026, and the re-appointment of Mrs. Kiranben Nileshbhai Patel (DIN: 03435065) as a Director. She retires by rotation and, being eligible, offers herself for re-appointment. Mrs. Patel brings over 15 years of experience in HR and logistics operations and currently holds 2,598,000 shares in the company.

What the Numbers Show

The proposed RPT limit of ₹10 crore constitutes a significant portion of the company’s operational scale, equating to roughly one-quarter of its previous year’s consolidated turnover. This high percentage underscores the strategic importance of Infravolt Engineering to Cryogenic OGS’s overall business structure. As a newly incorporated entity, Infravolt has no prior transaction history or defaults with the listed entity, indicating this is an initial formalization of inter-company support mechanisms rather than a continuation of existing debt obligations. The reliance on internal accruals and surplus funds for these advances suggests the parent company is leveraging its liquidity to fuel subsidiary growth.

Voting Schedule and Compliance

Shareholders eligible to vote must be registered in the depositories as of the cut-off date, Friday, August 14, 2026. The remote e-voting period begins at 9:00 a.m. IST on Monday, August 17, 2026, and ends at 5:00 p.m. IST on Wednesday, August 19, 2026. Institutional shareholders are required to submit scanned copies of board resolutions authorizing their representatives to vote. The scrutinizer for the e-voting process is M/s. Ruchita Patel & Associates, Company Secretary.

Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, effective December 13, 2024, the company is not required to close its registers of members and share transfer book. Therefore, Cryogenic OGS will not close its registers during this period, allowing continuous trading while maintaining voting eligibility based on the specified cut-off date.