Loyal Equipments is a family-run industrial workshop that designs and builds the heavy steel vessels, heat exchangers, and modular skids that keep refineries, chemical plants, and power stations running - essentially, the custom-made guts of large process industries. Founded in 1993 by a former Ingersoll Rand veteran and now led by his son, who started on the shop floor, the company has grown from a small Ahmedabad fabricator into a BSE-listed manufacturer with the ASME code stamps that signal it can build equipment tough enough for the world’s most demanding pressure and temperature conditions. Its recurring approach is to win on credentials, not price: it gets the international certifications, gets on the approved-supplier lists of government-owned engineering giants, and then earns repeat orders from the same blue-chip customers by delivering exactly to their specifications.
Business segments
A single engine - custom-engineered process equipment - built on a foundation of international code stamps and long-standing relationships with government-backed project owners.
1. Process equipment: the custom-built steel inside industrial plants
Loyal Equipments makes the heavy, made-to-order pressure vessels and heat exchangers that process industries cannot operate without, earning revenue project by project from a roster of state-owned energy companies and global engineering firms.
- Custom, not catalogue - every product is designed and fabricated to a specific customer’s engineering requirements, using proprietary design techniques and advanced software, so the company competes on technical capability rather than on selling a standard item.
- Code stamps open the door - the company holds the ASME ‘U’ and ‘U2’ stamps, the National Board ‘NB’ mark, and the ‘R’ certificate, which together certify it can fabricate pressure vessels and pressure-retaining items to the highest international safety standards, a non-negotiable requirement for supplying major oil and gas projects.
- Approved by the buyers that matter - it is a registered supplier with government undertakings like Engineers India Limited and Gujarat State Petronet, specifically for pressure vessels and heat exchangers, which gives it a direct line to large public-sector orders that private competitors without those listings cannot easily access.
- Repeat business from household industrial names - the customer list includes Linde, Siemens Energy, BPCL, HPCL, IOCL, GAIL, Reliance, ONGC, L&T, and Ingersoll Rand, and the company cites “continuously long experience” with these organizations, meaning much of its order book comes from relationships built over decades.
- One site, one segment - all design, fabrication, and assembly happens on a single 28,500-square-meter campus in Gandhinagar, Gujarat, equipped with CNC plasma cutting, in-house modular furnaces, and overhead cranes, and the company reports as a single operating segment with no separate geographies.
Green hydrogen initiative
An early-stage bet to apply the company’s fabrication and project-execution skills to the emerging green hydrogen market, anchored by a non-binding partnership with an Italian electrolyser technology firm.
- A turnkey integrator, not an inventor - under a 12-month memorandum of understanding signed in April 2025 with Italy’s F2N Green Hydrogen, Loyal will handle end-to-end project execution - engineering, procurement, fabrication, integration, and after-sales support - while F2N provides the electrolyser technology and technical consultancy.
- Targeting India’s industrial hydrogen users - the partnership is aimed at green hydrogen applications for refineries, steel plants, mobility, and renewable energy storage, sectors that already overlap with Loyal’s existing customer base in heavy industry.
- Local manufacturing is the long game - if the initial 12-to-18-month market development phase yields enough orders, the two parties plan to evaluate setting up local manufacturing in India using F2N’s proprietary designs, which would move Loyal from project integrator to licensed manufacturer.
Group structure and partners
A standalone, promoter-led Indian company with a single manufacturing site, a recently divested US subsidiary, and a tight circle of long-standing financial and technical partners.
- Exited the US subsidiary - Loyal previously had a wholly owned subsidiary, Loyal Equipments Inc. in Texas, but fully divested it at fair value during FY23, bringing its international presence back to zero and refocusing the business entirely on its Indian manufacturing base.
- A related-party landlord - the company pays rent to Loyal Engineers, a proprietorship owned by a family member of the promoters, for its operational premises, a related-party arrangement disclosed in its annual filings.
- Banking and listing backbone - HDFC Bank is its sole named banker, its shares are listed on the BSE and held in dematerialized form with NSDL and CDSL, and its registrar is Link Intime India, a standard setup for a small-cap listed Indian manufacturer.