Cryogenic OGS Limited reported a robust financial performance for the fiscal year ended March 31, 2026, with profit after tax (PAT) surging 67.2% to ₹1,018.27 lakh from ₹608.98 lakh in the previous year. The growth was underpinned by a 24.1% rise in revenue from operations to ₹4,082.24 lakh, reflecting strong demand for its precision engineering solutions in the oil, gas, and chemical sectors. This performance marks a significant milestone for the company, which completed its first full financial year as a listed entity on the BSE SME platform following its initial public offering in July 2025.

The financial results were submitted to the Bombay Stock Exchange on July 29, 2026, pursuant to Regulation 34(1)(a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The audited financial statements were reviewed by the Board of Directors and approved on April 30, 2026. M/s. Maloo Bhatt & Co., Chartered Accountants, served as the statutory auditors for the period, issuing an unmodified opinion on the financial statements. The company’s Annual General Meeting is scheduled for August 20, 2026, to be held via video conferencing or other audio-visual means.

Operational efficiency and a shift toward higher-value turnkey projects drove margin expansion during the year. Operating EBITDA rose 42.3% to ₹1,132.90 lakh, improving the EBITDA margin to 27.8% from 24.2% in the prior year. This improvement was largely attributed to a reduction in material costs as a percentage of revenue, which fell from 57.3% to 51.6%. Employee benefit expenses increased by 31.1% to ₹262.73 lakh, aligning with the implementation of new Labour Codes notified in November 2025. Other expenses rose 43.0% to ₹581.96 lakh, reflecting investments in capacity and capability building.

The profit before tax stood at ₹1,349.18 lakh, inclusive of a one-time exceptional gain of ₹123.95 lakh from the sale of a land plot. Excluding this non-recurring item, the underlying profit before exceptional items and tax grew by 48.2% to ₹1,225.23 lakh, indicating genuine operational strength. The company maintained a debt-free balance sheet, with no commercial borrowings. Cash and cash equivalents increased significantly to ₹3,278.24 lakh from ₹1,106.67 lakh, supported by net cash inflows from operating activities of ₹798.59 lakh and proceeds from the public issue.

Strategic developments during the year included vendor approvals from Engineers India Limited for piping spools and ASME U-stamp certification, enhancing the company’s eligibility for international projects. Cryogenic OGS also secured a direct purchase order from Honeywell LNG LLC in the United States and expanded its footprint through the incorporation of subsidiaries in Dubai and India. The company’s order book stood at ₹31 crore as of April 1, 2026, providing visibility into future revenue streams.

Financial Performance Snapshot

*EBITDA for FY25 derived from disclosed growth rate and current year figure.

What the Numbers Show

The divergence between the top-line revenue growth of 24.1% and the bottom-line PAT growth of 67.2% highlights the leverage effect of improved operational margins and efficient working capital management. While revenue grew steadily, the reduction in material cost intensity allowed EBITDA to expand at a faster pace. Furthermore, the decline in trade receivables by 27.6% to ₹479.52 lakh despite revenue growth indicates stronger collection cycles, contributing to a substantial increase in operating cash flows. This combination of margin expansion and cash generation underscores the company’s transition from a component supplier to a integrated solutions provider with enhanced pricing power and operational discipline.

Infravolt Engineering Private Limited, a subsidiary of Cryogenic OGS , has secured an order from Fimer India Private Limited for the supply of busbar kits. The order is valued at ₹5,27,00,451.53, including GST, and is scheduled for delivery by November 30, 2026. This contract win strengthens the subsidiary's order book in the electrical infrastructure sector.

Order Details

The following table summarises the key details of the order as disclosed:

The order from Fimer India for busbar kits represents a significant contract win for Infravolt Engineering. Busbar kits are critical electrical components used in power distribution systems, and such orders reflect demand from industrial and energy sector clients. The disclosure confirmed that the order is domestic in nature and does not involve any related party transactions.