Cryogenic OgsShare price, financial results, shareholding and management
- Market cap
- ₹535 cr
- Stock P/E
- 52.5peers 19.4
- Book value
- ₹37.8
- Price to book
- 9.91
- EV / operating profit
- -
- Market cap to sales
- 13.10
- ROCE · FY26
- 33.2%
- ROE · FY26
- 24.8%
- ROE, 3-year average
- 24.5%
- Operating margin · FY26
- 27.8%peers 15.3%
- Sales growth, 3 years
- 22.9%
- Profit growth, 3 years
- 36.5%
- Debt to equity
- 0.00peers 0.30
- Borrowings
- ₹0 cr
- Interest cover
- 123.6×
- Cash from business / op. profit
- 71%
- Debtor days
- 43
- Pledged
- 0.00%
- Promoter holding
- 74.29%
- Change in promoter holding
- +0.77 pts
- Shareholders
- 682
- 52-week high / low
- ₹453 / ₹151
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Cryogenic Ogs share price chart
Close on 6 Nov 2026 · +4.99% on the day · Vol 42,750
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -15.5%
- 3 months
- +10.5%
- 6 months
- +92.6%
- 1 year
- +81.6%
- Traded a day, 20 days
- ₹0.92 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +24% | +70% |
| 3 years, a year | +23% | +37% |
| Latest half, H2 FY26 | +4% | +49% |
About Cryogenic Ogs: business, products and customers
Cryogenic OGS designs and builds steel equipment packages that filter, measure, dose and load fuel at oil depots, terminals and gas plants. Most of it goes to the automation companies that equip India's oil company terminals, and its shares trade on BSE SME.
Cryogenic OGS was started in Vadodara in 1997 by Nilesh Patel, first doing job work for research institutes, and moved into oil and gas equipment around 2008. From a leased plant at Por, near Vadodara, it designs, fabricates and tests metering skids that measure fuel when it changes hands, truck and wagon loading skids, additive dosing systems that turn ordinary petrol into premium grades, air eliminators, basket strainers and prover tanks used to calibrate meters. Newer lines include LNG metering skids, density probes made with a European partner, piping spools and lifting jigs for wind turbines.
Its products sit in terminals run by IOCL, BPCL and HPCL, but it mostly sells to the five or six automation companies, such as Honeywell, Emerson, Endress and Hauser, Yokogawa and Advanced Systek, that win terminal automation contracts. Vendor approval from the oil companies and global approvals from these firms keep new makers out, and the company says nine in ten customers come back.
Read more about the business
The business model shapes the numbers. Until recently customers supplied the costly meters, valves and instruments free, so the company billed only for design, piping and fabrication; it is now moving to turnkey orders where it purchases these items itself, which lifts revenue per skid, needs more working capital and passes part of the cost straight through. Each skid is built to order, so sales follow project timing, and a large overseas order such as the Egypt skids is supplied through an EPC contractor. The documents name no listed competitor; asked about Inox India and Loyal Equipments, the founders said neither competes with it.
What is new: Engineers India approved it for piping spools in January 2026, Honeywell's US LNG business placed a direct order in March 2026, and it gained the ASME U-stamp and ADNOC enlistment after the year closed. It set up a Dubai subsidiary for Gulf business and a 51% subsidiary, Infravolt Engineering, which makes busbar kits for solar inverters.
From the FY26 and FY25 annual reports, the January 2026 investor event transcript, the May 2026 investor presentation and the September 2026 order announcements.
Read the deeper study ↓In its favour
- Sales have grown fast: 23% a year over three years.
- It earns a high return on the money it uses: ROCE 33% in FY26.
- It has little debt for its size: debt to equity 0.00.
- The promoters own a large part of the company: 74.29%.
To watch
- Delivery of the ₹19.4 cr export piping spool order within 12 to 20 weeks of September 2026 (Exchange announcement, 18 September 2026).
- Execution of Infravolt's busbar orders and the first consolidated results in FY27 (Annual report FY26, p.48 and p.50).
- Orders from the Gulf after the ADNOC enlistment and from the ASME U-stamp (Annual report FY26, p.7 and p.15).
- Building of the larger facility on the land acquired for expansion (Investor presentation, May 2026, p.6).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Cryogenic Ogs revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Cryogenic Ogs half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 13 | 19 | 21.07 | 19.76 |
| Expenses | 10 | 15 | 15.40 | 14.09 |
| Operating profit | 4 | 4 | 5.66 | 5.67 |
| OPM | 27.0% | 22.0% | 26.9% | 28.7% |
| Interest | 0 | 0 | 0.02 | 0.09 |
| Depreciation | 0 | 0 | 0.25 | 0.33 |
| Profit before tax | 4 | 5 | 7.28 | 6.21 |
| Net profit | 3 | 3 | 5.52 | 4.47 |
Cryogenic Ogs profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 23 | 22 | 24 | 33 | 40.82 |
| Expenses | 19 | 16 | 18 | 25 | 29.49 |
| Operating profit | 4 | 6 | 6 | 8 | 11.33 |
| OPM | 19.0% | 26.0% | 26.0% | 24.0% | 27.8% |
| Other income | 1 | 1 | 1 | 1 | 1.61 |
| Interest | 0 | 0 | 0 | 0 | 0.11 |
| Depreciation | 0 | 1 | 1 | 1 | 0.58 |
| Exceptional and other items | -1 | -1 | 1 | · | 1.24 |
| Profit before tax | 4 | 5 | 7 | 8 | 13.49 |
| Tax rate | 25.0% | 20.0% | 28.6% | 25.0% | 24.5% |
| Net profit | 3 | 4 | 5 | 6 | 10.18 |
| EPS ₹ | 3.12 | 3.89 | 5.10 | 5.80 | 7.69 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Cryogenic Ogs profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 19.0% | 26.0% | 26.0% | 24.0% | 27.8% |
| Tax rate | 25.0% | 20.0% | 28.6% | 25.0% | 24.5% |
| ROCE | · | 30.3% | 35.0% | 31.7% | 33.2% |
| ROE | · | 25.8% | 25.0% | 23.8% | 24.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Cryogenic Ogs debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It has almost no borrowings. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Cryogenic Ogs balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.50 | 0.50 | 0.50 | 10 | 14 |
| Reserves | 13 | 17 | 22 | 18 | 40 |
| Net worth | 13.50 | 17.50 | 22.50 | 28 | 54 |
| Borrowings | 2 | 0 | 0 | 0 | 0 |
| Other liabilities | 6.50 | 6.50 | 5.50 | 6 | 13 |
| Total liabilities | 22 | 24 | 28 | 34 | 67 |
| Fixed assets | 8 | 7 | 7 | 7 | 16 |
| Capital work in progress | 0 | 0 | 0 | 0 | 2 |
| Investments | 1 | 1 | 2 | 2 | 2 |
| Other assets | 13 | 16 | 19 | 25 | 47 |
Cryogenic Ogs cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 2 | 2 | 2 | 2 | 8 |
| Cash from investing | -1 | 0 | -1 | -1 | -21 |
| Cash from financing | -1 | -2 | 0 | 0 | 15 |
| Net cash flow | 0 | 0 | 1 | 1 | 2 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 41 | 85 | 80 | 73 | 43 |
| Inventory days | 59 | 58 | 106 | 112 | 138 |
| Days payable | 161 | 162 | 116 | 57 | 44 |
| Cash conversion cycle | -60 | -19 | 71 | 128 | 138 |
| Working capital days | -51 | 15 | 62 | 95 | 91 |
Cryogenic Ogs peers and competitors
Listed SME companies in the same industryBy sales, Cryogenic Ogs is number 41 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Global Pet Industries | 193 | 36.4 | 55.6 | 5.3 | 9.6% | 0.00 |
| Skytech Infinite Platform | 31 | 7.4 | 51.7 | 4.2 | 12.9% | 0.49 |
| Roopa Screen | 118 | 18.2 | 50.7 | 6.5 | 19.9% | 0.45 |
| Sunita Tools | 772 | 124.8 | 46.9 | 6.2 | 20.3% | 0.61 |
| Vruddhi Engineering Works | 39 | 12.7 | 43 | 3.1 | 13.0% | 0.55 |
| Cryogenic Ogs | 535 | 52.5 | 40.8 | 10.2 | 27.8% | 0.00 |
| Presstonic Engineering | 62 | 23.8 | 40.5 | 2.6 | 17.7% | 0.31 |
| Faalcon Concepts | 38 | 11.2 | 33.9 | 3.4 | 19.5% | 0.19 |
| Emkay Taps and Cutting Tools | 102 | 12.6 | 32.6 | 8.1 | -7.3% | 0.00 |
| Ishan International | 11 | 27.2 | 26.9 | 0.4 | 1.9% | 0.27 |
| Sjp Ultrasonics | 108 | 20.5 | 26.6 | 5.2 | 31.2% | 0.29 |
| Median of the 10 others | 82 | 19.4 | 41.8 | 4.7 | 15.3% | 0.30 |
Cryogenic Ogs shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Cryogenic Ogs shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 73.52% | 73.52% | 74.29% |
| Foreign investors (FIIs) | 3.34% | 1.51% | - |
| Indian institutions (DIIs) | 9.19% | 3.51% | - |
| Number of shareholders | 345 | 440 | 682 |
Cryogenic Ogs study: the business from its own documents
Read from 5 of the company's own documentsCryogenic Ogs so far
From the company's own record
- 18 Sept 2026Order worth ₹19.36 cr
- 30 Sept 2026An order announced
- 31 March 2026Promoters at 74.29%
- 5 Oct 2026Highest close since listing, ₹452.00
Cryogenic Ogs key facts from the filings
Each figure with the document it comes from
- Sales
- ₹40.8 cr
- FY26 revenue from operations, up 24.1%, helped by more turnkey work.Annual report FY26, p.49
- Operating margin
- 27.8%
- FY26 operating EBITDA margin, up from 24.2% as materials fell to 51.6% of sales.Annual report FY26, p.49
- Order book
- ₹31.0 cr
- Orders in hand at 1 April 2026, about three quarters of FY26 sales.Annual report FY26, p.50
- Top ten customers
- 89%
- Share of revenue from ten buyers, the firms that automate oil company terminals.Investor event transcript, January 2026, p.12
- Capacity use
- 45%
- Average use of the Por plant in FY26; land for a facility four times larger has been acquired.Annual report FY26, p.12; Investor presentation, May 2026, p.6
Show 5 more facts
- Cash
- ₹32.8 cr
- Cash and deposits at March 2026, mostly from the July 2025 issue, with no borrowed debt.Annual report FY26, p.49 and p.50
- Export spool order
- ₹19.4 cr
- First independent export order for piping spools, from a global EPC company, to run 12 to 20 weeks.Exchange announcement, 18 September 2026
- Infravolt orders
- ₹17.9 cr
- Busbar kit orders from FIMER India for the 51% subsidiary formed after FY26.Annual report FY26, p.17 and p.48
- One-off gain
- ₹1.2 cr
- Gain on sale of a plot included in FY26 profit; profit before it grew 48.2%.Annual report FY26, p.49
- Direct exports
- ₹0.15 cr
- FY26 export sales booked directly, against ₹0.20 cr in FY25; nearly all sales are billed in India.Annual report FY26, p.64
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says FY27 starts with an order book of ₹31.0 cr and calls it a foundation year. Since then it has announced a ₹19.4 cr export order for piping spools in September 2026 and a ₹5.1 cr domestic order for propane, methane and hydrogen metering skids, both to be delivered in 12 to 20 weeks, and its subsidiary Infravolt holds busbar orders of ₹17.9 cr. It plans to move from components to complete turnkey packages, use its Dubai subsidiary and ADNOC enlistment to bid in the Gulf, build a larger facility in phases on land it has acquired, and report consolidated results from FY27. In January 2026 the founders said they expected second-half growth similar to the first half.
| What management said | When | What happened |
|---|---|---|
| Second-half FY26 growth similar to the first half | January 2026 investor event | Second-half FY26 sales ₹19.8 cr, up 1.37% on a year earlier (May 2026 presentation, p.19) |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns its money designing and building approved fuel measuring and loading equipment, sold mainly through the automation firms that equip oil terminals.
Its weak spots are a few large buyers, lumpy project orders, and new lines outside its core that are still small.
AverageCan it set its own prices?Margins have held up because each skid is custom designed, but buyers are large firms and late delivery carries penalties.
StrongHow strong is it against rivals?Approvals from the oil companies and global automation firms take years to earn, and the company claims most of the market for some catalogue products.
WatchWho are its customers?A handful of automation and EPC firms working for the same oil companies bring nearly all of the sales.
StrongDoes it need a lot of money?Little: it has no borrowed debt, plenty of cash from its issue, and collected dues faster even as it grew.
AverageCan it keep finding new work?New approvals have brought export and piping orders, but the order book covers less than a year of sales.
AverageDo good and bad years swing a lot?Profit has grown steadily, but sales move with the timing of big projects from one half to the next.
Who runs Cryogenic Ogs?
Promoters, directors and officers; tap a name for the background
NNNilesh N. PatelPromoter, Chairman and Managing Director · holds 56.02%
Mechanical engineer who founded the company in 1997 and has led it since, with more than two decades in the oil and gas industry; developed the catalogue products.
Annual report FY26, p.19; Investor event transcript, January 2026, p.4DPDhairya PatelPromoter and Whole-Time Director · holds 0.01%
BTech in petroleum engineering from Pandit Deendayal Energy University, Gandhinagar; joined in 2022 and runs sales, marketing and development. Dhairya Patel told investors that Nilesh Patel is Dhairya Patel's father.
Annual report FY26, p.19 and p.61; Investor event transcript, January 2026, p.3 and p.4KNKiranben Nileshbhai PatelPromoter and Non-Executive Director · holds 18.19%
With the company since its early years, handling human resources and logistics for more than a decade; Whole-Time Director until June 2024.
Annual report FY26, p.19, p.61 and p.67SGShashank GargIndependent Director
Practising chartered accountant with more than a decade in tax and audit.
Annual report FY26, p.19PSPrerana S. BokilIndependent Director
Company secretary and law graduate working in legal and secretarial compliance.
Annual report FY26, p.19RMRavi Milapchand JainChief Financial Officer
Chief Financial Officer supporting the board.
Annual report FY26, p.19RKRashmi Kamlesh OtavaniCompany Secretary and Compliance Officer
Company Secretary and Compliance Officer.
Annual report FY26, p.19Cryogenic Ogs latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹19.8 cr (+4%), net profit ₹4.5 cr (+49%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 73.52% to 74.29%.
- 30 Sept 2026: an order announced.
- 18 Sept 2026: order worth ₹19.36 cr announced.
Cryogenic Ogs announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateWe hereby inform that the Company has received approval for manufacturing of Piping Spools and Basket Strainer under Inspection of IBR - 1950 CodePDF ↗
- Company UpdateWe hereby inform that the Company has received an enlistment approval from ADNOC (Abu Dhabi National Oil Company)PDF ↗
- Company UpdateWe are pleased to inform you that Cryogenic OGS Limited has received a Purchase Order from an International MNC Specializing Industrial Process Engineering amouPDF ↗
- Insider Trading / SASTWe hereby inform that the trading window shall remain closed with effect from 1st October, 2026 for all designated persons and their immediate relatives pursuanPDF ↗
- Company UpdateWe are pleased to inform you that Cryogenic OGS Limited has received a Purchase Order from a Global EPC Company amounting to USD 2,022,816 (i.e. approximately RPDF ↗
Cryogenic Ogs annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- 31 Jan 2026 ↗read
- 31 May 2026 ↗read
- 31 Oct 2025 ↗read
Cryogenic Ogs share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Cryogenic Ogs' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,80,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Cryogenic Ogs
What does Cryogenic Ogs do?
Cryogenic OGS designs and builds steel equipment packages that filter, measure, dose and load fuel at oil depots, terminals and gas plants. Most of it goes to the automation companies that equip India's oil company terminals, and its shares trade on BSE SME.
What is the share price of Cryogenic Ogs?
₹374 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Cryogenic Ogs?
₹535 cr at the close on 6 Nov 2026, on 1,42,80,000 shares.
What is the P/E of Cryogenic Ogs?
52.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Cryogenic Ogs' revenue and profit?
Revenue ₹41 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Cryogenic Ogs?
Nilesh N. Patel, Dhairya Patel, Kiranben Nileshbhai Patel; promoters held 74.29% at 31 March 2026.
What is Cryogenic Ogs' website?
www.cryogenicogs.com
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Built from 2 investor presentations, 2 annual reports, 1 earnings call transcript, 5 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.