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:
| Order Details: |
Value (Inclusive of GST) |
| IOCL, Durgapur — Conversion of 5 Nos. EFRVT (MS) Tanks into Aluminium Geodesic Dome Roof Tanks: |
₹7.25 crore |
| IOCL, Viramgam — Roof dismantling by cold cutting and sludge evacuation of Tank VT-08: |
₹4.90 crore |
| Reliance — Supply of Reducing Tees and Elbows (Order 1): |
₹1.22 crore |
| Reliance — Supply of Reducing Tees and Elbows (Order 2): |
₹0.12 crore |
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:
| Metric: |
Q4 FY26 (Audited) |
Q3 FY26 (Unaudited) |
Q4 FY25 (Audited) |
FY26 (Audited) |
FY25 (Audited) |
| Net Sales/Income from Operations: |
1,728.34 |
1,809.68 |
3,982.73 |
6,822.55 |
11,474.37 |
| Other Income: |
17.47 |
0.14 |
14.72 |
17.93 |
15.20 |
| Total Operating Income: |
1,745.81 |
1,809.82 |
3,997.45 |
6,840.48 |
11,489.57 |
| Total Expenditure: |
1,745.38 |
1,758.73 |
3,747.32 |
6,599.73 |
11,077.83 |
| Profit/(Loss) Before Tax: |
0.43 |
51.09 |
250.13 |
240.75 |
411.74 |
| Net Profit/(Loss) for the Period: |
(66.19) |
51.09 |
156.68 |
174.13 |
318.29 |
| Other Comprehensive Income: |
18.66 |
- |
(5.22) |
18.66 |
(5.22) |
| Total Comprehensive Income: |
(47.53) |
51.09 |
151.46 |
192.79 |
313.07 |
| EPS (₹4/- each) Basic & Diluted: |
(0.21) |
0.22 |
0.66 |
0.85 |
1.37 |
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):
| Metric: |
FY26 |
FY25 |
FY24 |
| Revenue from Operations: |
68.22 |
114.74 |
75.70 |
| Other Income: |
0.18 |
0.15 |
0.13 |
| Total Revenue: |
68.40 |
114.89 |
75.83 |
| Cost of Raw Materials: |
16.49 |
40.57 |
22.43 |
| Employee Benefit Expenses: |
10.52 |
10.53 |
10.36 |
| Other Expenses: |
34.89 |
55.31 |
37.14 |
| EBITDA (Excl. Other Income): |
6.32 |
8.33 |
5.77 |
| EBITDA Margin (%): |
9.26% |
7.26% |
7.62% |
| Depreciation and Amortization: |
0.38 |
0.46 |
0.44 |
| Finance Cost: |
3.71 |
3.91 |
4.40 |
| PBT: |
2.41 |
4.12 |
1.02 |
| Total Tax: |
0.67 |
0.93 |
0.26 |
| PAT: |
1.74 |
3.18 |
0.76 |
| PAT Margin (%): |
2.77% |
2.77% |
1.00% |
| Basic EPS (₹): |
0.85 |
1.37 |
0.44 |
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:
| Product: |
Amount (₹ in Cr) |
Share (%) |
| Storage Tanks: |
88.54 |
95% |
| Vessels: |
4.99 |
5% |
Order Book by Geography:
| Geography: |
Amount (₹ in Cr) |
Share (%) |
| Maharashtra: |
27.86 |
30% |
| Gujarat: |
10.10 |
11% |
| Rajasthan: |
1.63 |
1% |
| Karnataka: |
0.14 |
0% |
Revenue by Product (Q4 FY26):
| Product: |
Amount (₹ in Cr) |
Share (%) |
| Storage Tanks: |
16.59 |
96% |
| Vessels: |
0.69 |
4% |
Revenue by Geography (Q4 FY26):
| Geography: |
Amount (₹ in Cr) |
Share (%) |
| Orissa: |
4.32 |
25% |
| Haryana: |
3.69 |
21% |
| Rajasthan: |
2.10 |
12% |
| Maharashtra: |
1.69 |
10% |
| Ladakh: |
1.55 |
9% |
| West Bengal: |
1.35 |
8% |
| Gujarat: |
1.28 |
7% |
| Karnataka: |
0.55 |
3% |
| Uttar Pradesh: |
0.85 |
5% |
IND AS Reconciliation
The following table presents the reconciliation of net profit from previous GAAP to IND AS for the comparative period:
| Particulars: |
Quarter ended Mar 31, 2025 |
Year ended Mar 31, 2025 |
| Net Profit under previous GAAP: |
156.68 |
318.29 |
| Actuarial Gain/(Loss) on Other Comprehensive Income: |
(5.22) |
(5.22) |
| Net Profit under IND AS: |
151.46 |
313.07 |
| Total Comprehensive Income under IND AS: |
151.46 |
313.07 |
Balance Sheet Highlights
The standalone statement of assets and liabilities (₹ in lacs) as at March 31, 2026 is presented below:
| Particulars: |
As at 31.03.2026 |
As at 31.03.2025 |
| Total Non-Current Assets: |
1,363.37 |
927.78 |
| Total Current Assets: |
7,335.14 |
7,264.51 |
| Total Assets: |
8,698.51 |
8,192.29 |
| Equity Share Capital: |
911.85 |
911.85 |
| Warrant Application Money: |
550.50 |
- |
| Other Equity: |
2,465.00 |
2,272.20 |
| Total Equity: |
3,927.35 |
3,184.05 |
| Non-Current Liabilities: |
391.17 |
533.23 |
| Total Current Liabilities: |
4,379.98 |
4,475.00 |
| Total Liabilities: |
4,771.15 |
5,008.23 |
| Total Equity and Liabilities: |
8,698.51 |
8,192.29 |
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:
| Particulars: |
FY26 |
FY25 |
| Net Cash from Operating Activities: |
(640.90) |
545.67 |
| Net Cash Used in Investing Activities: |
(67.41) |
(221.77) |
| Net Cash from Financing Activities: |
700.10 |
(226.62) |
| Cash & Cash Equivalents, End of Period: |
296.72 |
304.93 |
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:
| Particulars: |
Forum Where Dispute is Pending |
Financial Year |
Amount (₹ in Lacs) |
| Income Tax: |
Assistant Commissioner of Income Tax |
2010-11 |
34.40 |
| Income Tax: |
Commissioner of Income Tax (Appeals) |
2011-12, 2012-13 |
235.17 |
| GST: |
Appellate Authority |
2017-18 |
42.40 |
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.
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