Expo Engineering & Projects Ltd (formerly known as Expo Gas Containers Ltd) convened its Board of Directors meeting on Monday, May 11, 2026, as previously intimated to the Bombay Stock Exchange on May 06, 2026. The meeting commenced at 10:15 AM and concluded at 1:55 PM. Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the company disclosed the outcome of the meeting, signed by Managing Director Hasanain S. Mewawala. Subsequently, on May 12, 2026, the company submitted newspaper cuttings of the extract of its Standalone Audited Financial Results for the quarter and year ended March 31, 2026 to the Bombay Stock Exchange, in compliance with Regulation 47(1)(b) and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were published in two newspapers — English daily Free Press and regional language daily Navshakti (Mumbai), both dated May 12, 2026. Alongside, the company released its Q4 & FY26 Investor Presentation on May 12, 2026, providing a comprehensive overview of financial performance, order book, and strategic direction.

Management Commentary

Chairman Murtuza S. Mewawala commented on the company's performance: "I am pleased to share that Expo Engineering & Projects Ltd delivered a profitability-focused performance in Q4 & FY26, underpinned by disciplined execution and continued emphasis on operational efficiencies. For Q4 FY26, the Company reported Revenue from Operations of ₹17.28 crore, with EBITDA of ₹0.88 crore. Notably, EBITDA margins has shown a slight reduction due to market instability but the Company has maintained overall annual performance. Our focus during the quarter remained on sustaining in the market and maintaining business efficiency." He further noted that the order book as on 31st March 2026 stands at ₹93.53 crores, supported by new orders from IOCL and Reliance during the quarter. The Chairman also highlighted the company's focus on prudent capital deployment, operational efficiency, and timely execution across ongoing and upcoming projects.

Board Approvals

The board approved several key items at the meeting. These included the Standalone Audited Financial Results for the quarter and year ended March 31, 2026, along with the Auditors' Report, Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, Statement of Changes in Equity, and related notes. The board also approved related party transactions for the half year ended March 31, 2026, and a declaration of unmodified audit opinion in compliance with Regulation 33(3)(d) of the Listing Regulations. Additionally, the board approved the appointment of various intermediaries and professional advisors — including a merchant banker, legal advisors, registered valuer, and other consultants — for the purpose of evaluating and structuring the proposed merger of Expo Project Engineering Services Private Limited with Expo Engineering and Projects Limited. The board also re-appointed Mr. Sunil Sawant, Commerce Graduate, as Internal Auditor for the financial year April 1, 2026 to March 31, 2027, based on the recommendation of the Audit Committee.

Significant Developments — New Orders

During Q4 FY26, the company secured several notable work orders. The key order wins are summarised below:

Financial Performance

The company's standalone audited financial results (₹ in lacs) reflect a notable decline in revenue and profitability compared to the previous year. The following table summarises the key financial metrics:

Full-year net sales declined to ₹6,822.55 lacs from ₹11,474.37 lacs in the previous year. Net profit for FY26 stood at ₹174.13 lacs, compared to ₹318.29 lacs in FY25. For the quarter ended March 31, 2026, the company reported a net loss of ₹66.19 lacs against a profit of ₹156.68 lacs in the corresponding quarter of the previous year. The company's current orders in hand stand at approximately ₹93.53 crores (net).

Annual Consolidated Financial Performance

The investor presentation also provides consolidated annual financial performance data (₹ in crores):

Order Book and Revenue Split — Q4 FY26

The investor presentation provides a detailed breakdown of the order book and revenue by product and geography for Q4 FY26 (₹ in crores):

Order Book by Product:

Order Book by Geography:

Revenue by Product (Q4 FY26):

Revenue by Geography (Q4 FY26):

IND AS Reconciliation

The following table presents the reconciliation of net profit from previous GAAP to IND AS for the comparative period:

Balance Sheet Highlights

The standalone statement of assets and liabilities (₹ in lacs) as at March 31, 2026 is presented below:

Total assets grew to ₹8,698.51 lacs from ₹8,192.29 lacs, driven by an increase in inventories and non-current trade receivables. Total equity improved to ₹3,927.35 lacs from ₹3,184.05 lacs, supported by warrant application money of ₹550.50 lacs received during the year.

Cash Flow Summary

The standalone cash flow statement (₹ in lacs) for the year ended March 31, 2026 is as follows:

Operating cash flow turned negative at ₹(640.90) lacs for FY26, compared to a positive ₹545.67 lacs in FY25, primarily due to an increase in inventories. Financing activities generated ₹700.10 lacs, aided by warrant application money of ₹550.50 lacs and short-term borrowings of ₹216.20 lacs.

Auditor's Report and Compliance

Statutory auditors M/s. K. S. Shah & Co., Chartered Accountants (FRN 109644W), issued an unmodified audit opinion on the standalone financial statements for the year ended March 31, 2026. Managing Director Hasanain Shaukatali Mewawala and Chairman & CFO Murtuza Shaukatali Mewawala jointly declared that the auditors have not expressed any modified opinions, audit qualifications, or other reservations. The auditors confirmed that the company's internal financial controls over financial reporting were adequate and operating effectively as at March 31, 2026. The auditors also noted an online banking fraud during the year wherein funds amounting to ₹15.23 lacs were misappropriated; the company has filed a cyber-crime report and FIR with the relevant authorities, and the amount is kept under receivables pending investigation.

Disputed Tax Dues

The following disputed tax dues are outstanding as reported by the auditors:

Merger Proposal Update

At the board meeting, the company approved the appointment of intermediaries and professional advisors for evaluating and structuring the proposed merger of Expo Project Engineering Services Private Limited with Expo Engineering and Projects Limited. The board discussed the feasibility and potential implications of the scheme. Related party transactions for the half year ended March 31, 2026 included managerial remuneration of ₹13,80,000 (six monthly) paid to Managing Director Hasanain S. Mewawala, and a loan and advance to Expo Project Engg. Services Pvt Ltd, which reduced from ₹54,31,204 to ₹90,502 after a repayment of ₹53,40,702 during the period. The financial results will be filed in XBRL mode within the stipulated timeframe and hosted on the company's website. The company's name was changed from Expo Gas Containers Limited to Expo Engineering and Projects Limited with effect from July 21, 2025, following a special resolution passed at an extraordinary general meeting on June 27, 2025, and approvals from the ROC and BSE dated July 21, 2025 and July 31, 2025 respectively.

Way Ahead

As outlined in the investor presentation, the company's strategic priorities include continuing to bid for projects aligned with its strengths and capacity, upgrading qualifications to participate in large-value tenders, leveraging upgraded manufacturing facilities for faster production cycles, expanding its customer base beyond public sector oil companies into chemicals and steel manufacturing, enlisting with overseas Project Management Consultants to increase export share, and exploring manufacturing of equipment using exotic materials for high-value, precision-engineered products.

Expo Engineering & Projects Limited (formerly known as Expo Gas Containers Limited) has submitted a NIL statement of deviation or variation in the utilisation of funds raised through a preferential issue of convertible warrants, filed on 11th May 2026 under Regulation 32(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the quarter ended 31st March 2026. The statement, duly reviewed by the Audit Committee, confirms that there has been no deviation or variation in the utilisation of proceeds from the objects disclosed in the notice dated 4th June 2025, read with the corrigendum dated 21st June 2025, calling an Extra Ordinary General Meeting of the Company on 27th June 2025.

Preferential Issue Details

The company had raised funds through a preferential issue of convertible warrants to promoter and non-promoter categories. The key parameters of the fund-raising exercise are outlined below:

Of the total issue size, the company received 25% upfront — amounting to Rs. 5,50,50,012/- (Five Crore Fifty Lakh Fifty Thousand Twelve only), at Rs. 17.50 per warrant for 31,45,715 warrants — as subscription amount during the quarter ended 30th September 2025. The balance 75% at Rs. 52.50 per warrant is receivable upon exercise of the conversion option by warrant holders within the 18-month tenure of the warrants. During the quarter ended 31st March 2026, the company has not received any proceeds towards conversion of warrants into equity shares.

Fund Utilisation Against Stated Objects

The table below presents the allocation and utilisation of funds against each stated object, as disclosed in the filing:

As evidenced by the table, no modification has been made to any of the stated objects, and there is no variation in the amount utilised relative to the disclosed purposes.

Audit Committee Review

The Audit Committee reviewed the statement and noted that there was no deviation or variation in the use of funds raised through the preferential issue. The statement will also be made available on the company's website at www.expogas.com . The filing was signed by Hasanain Mewawala, Managing Director (DIN 00125472), on 11th May 2026.