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.

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.