**NSE/BSE Listed | Established 1982** Expo Engineering and Projects Limited (formerly **Expo Gas Containers Limited**) is a specialized Indian heavy engineering firm providing end-to-end solutions—encompassing design, manufacturing, fabrication, and installation—for critical process plant equipment and large-scale on-site infrastructure. Following a strategic rebranding in **July 2025**, the company has transitioned from a container manufacturer to a comprehensive **Engineering, Procurement, and Construction (EPC)** and project-based solutions provider. --- ### **Core Competencies & Specialized Metallurgical Expertise** The company operates through three synergistic business verticals, distinguishing itself through the ability to work with complex and exotic metallurgies required for high-pressure and corrosive environments. | Business Vertical | Key Products & Services | Specialized Metallurgies | | :--- | :--- | :--- | | **Process Plant Equipment** | High-pressure vessels, heat exchangers, reactors, columns, towers, deaerators, and custom fabrications. | **Carbon Steel (NACE/HIC), Stainless Steel, Duplex Steel.** | | **On-Site Engineering** | Fixed/floating roof storage tanks, mounded bullets, Horton spheres, and project piping. | **Inconel, Monel, Hastelloy, Alloy Steel, and Cladded Steel.** | | **Maintenance & Revamp** | Repair of crude oil tanks, aluminum dome roof installation, and column internal revamping. | **Titanium and Nickel** (Emerging focus). | --- ### **Strategic Infrastructure & Manufacturing Assets** Operations are centralized at a state-of-the-art integrated facility in **Murbad, Thane** (90 km from Mumbai), designed to handle heavy-duty industrial fabrication. * **Total Land Bank:** Nearly **5 acres (20,234.3 Sq. M)**. * **Heavy Fabrication Bay:** **4,000 Sq. M** (Main bay: **120m x 20m**; extended in 2009). * **Medium & Light Bay:** **3,473 Sq. M**. * **Open Yard Facility:** **11,324 Sq. M** for large-scale assembly. * **Quality Certifications:** Authorized **ASME U & R stamp** manufacturer; **ISO 9001:2015**, **ISO 14001:2015**, and **ISO 45001:2018** (OHSAS) certified. * **Technological Upgrades:** Recent **CAPEX** includes the installation of a **CNC Profile Cutting Machine** to accelerate production cycles and improve precision. --- ### **Market Positioning & Client Ecosystem** Expo serves as a critical tier-1 vendor to the **Oil & Gas, Petrochemicals, Green Hydrogen, Pharmaceuticals, and Power** sectors. * **Marquee Domestic Clients:** Long-standing relationships (**5–10 years**) with **Indian Oil Corporation Limited (IOCL)**, **Reliance Industries Limited (RIL)**, **Bharat Petroleum (BPCL)**, **HPCL**, **SAIL**, and **Nippon Engineering**. * **Global Footprint:** Exports tailor-made equipment to the **USA, Russia, Israel, Indonesia, and Bangladesh**. * **Strategic Pivot:** The company is aggressively diversifying beyond Public Sector Undertakings (**PSUs**) to capture high-margin private sector business and emerging **Green Hydrogen** projects. --- ### **Order Book Execution & Recent Contract Wins** The company maintains a robust pipeline with significant incremental order accretion. As of **September 2025**, the order book stood at **₹104.76 Crore**. **Key Recent Work Orders (FY 2025-26):** * **IOCL (Haldia Refinery):** **₹14.53 Crore** rate contract for maintenance and inspection. * **IOCL (Durgapur):** **₹7.25 Crore** for site-specific engineering. * **IOCL (Western Region):** **₹4.90 Crore** for pipeline works in Rajkot. * **Reliance Industries (Jamnagar):** Multiple orders totaling over **₹2.5 Crore** for carbon steel fittings and Green Hydrogen plant equipment. * **BPCL (Paradeep):** **₹37.22 Crore** for the construction of storage tanks. * **BPCL (Mahul):** **₹25.62 Crore** for refinery-specific work orders. --- ### **Financial Performance & Capital Strengthening** The company has successfully transitioned from a period of debt restructuring (completing a **One-Time Settlement** in 2009) to a phase of aggressive growth and margin expansion. **Comparative Financial Summary:** | Metric | 9M FY26 (Dec 2025) | FY25 (Full Year) | FY24 (Full Year) | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹50.94 Cr** | **₹114.74 Cr** | **₹75.70 Cr** | | **EBITDA Margin** | **10.67%** | - | - | | **Profit After Tax (PAT)** | **₹2.40 Cr** | **₹3.18 Cr** | **₹0.76 Cr** | | **PAT Margin** | **4.72%** | **2.77%** | **1.00%** | **Capital Infusion Strategy:** * **April 2024:** Raised **₹7.52 Crore** via equity shares at **₹20/share** for working capital and CAPEX. * **September 2025:** Issued convertible warrants worth **₹22.02 Crore** at **₹70/unit** (including **₹66 premium**). * **Allocation of Funds:** **₹14 Crore** earmarked for debt repayment; **₹5.02 Crore** for working capital; **₹3 Crore** for general corporate purposes. --- ### **Macro Growth Drivers & Sector Outlook** Expo is strategically positioned to benefit from India’s massive energy infrastructure push: * **Refining Capacity:** India aims to increase capacity to **450 MMTPA by 2030** (currently projected to reach **309.5 MMTPA by 2028**). * **Strategic Petroleum Reserve (SPR):** The Union Budget 2025-26 allocated **₹5,597 Crore** for SPR expansion. Expo is a primary bidder for the **6 new planned SPR sites**. * **Energy Transition:** Active participation in the **Green Hydrogen** mission and upcoming petrochemical complexes like the **Nayara Energy Petrochemical Complex** and **BPCL Bina Refinery** expansion. --- ### **Risk Mitigation & Governance Framework** The company manages a complex risk profile through a structured **Internal Control System** and **Audit Committee** oversight. * **Operational Resilience:** To mitigate climatic risks (such as the **October 2024 cyclone** which impacted the Murbad plant), the company maintains **comprehensive insurance coverage** and backup power protocols. * **Geopolitical Hedging:** Management actively monitors **U.S. and EU sanctions** and global oil volatility, adjusting logistics and payment settlements to protect export margins. * **Financial Integrity:** No frauds were reported under **Section 143(12)** for FY 2023-24. The company’s **₹55 Crore** bank facilities are rated **CRISIL B-/Stable** (Long Term) and **CRISIL A4** (Short Term), secured by fixed assets in **Mumbai and Murbad**.