Cryogenic OGS wins first independently secured piping spools export order worth Rs 19.36 crore

Cryogenic OGS Limited has secured its first independently won export order in the piping spools segment, valued at USD 20,22,816, or about Rs 19.36 crore, giving commercial scale to a business vertical that the Vadodara-based engineering company has been building through approvals, certifications and fabrication capabilities.

The order, announced on September 18, 2026, has been placed by an international engineering, procurement and Construction company focused on bulk liquid storage terminals, refineries, and oil and gas process plants. Cryogenic OGS said the supply contract is scheduled for execution within 12 to 20 weeks.

The award is notable because it is the company’s first export order in piping spools that has been secured independently, rather than as part of a wider package or through another project route. Cryogenic OGS manufactures fluid metering, filtration and process equipment for oil and gas infrastructure, and has been seeking to expand from fabrication and assembly work into higher-value, integrated engineering packages.

At Rs 19.36 crore, the piping spools order is equivalent to roughly 47 per cent of Cryogenic OGS’ standalone FY26 revenue from operations of Rs 40.82 crore. The company had also entered FY27 with an Order Book of Rs 31 crore as of April 1, 2026. The latest award therefore represents a sizeable addition for a company whose project revenue can be influenced by customer approvals, inspection schedules and execution timelines.

Piping spools are pre-fabricated pipe assemblies used in process plants and energy infrastructure. The segment fits closely with Cryogenic OGS’ existing fabrication, quality control and engineering operations, which also include metering skids, loading systems, pressure vessels, filtration equipment and LNG-related packages.

The company said it had spent recent quarters establishing the technical, quality and compliance framework necessary to compete in the segment, including industry approvals and certifications. Its annual report had earlier disclosed Engineers India Limited approval for piping spools, an important qualification for code-governed process projects.

Management expects the contract to serve as a reference project while pursuing additional piping spools opportunities from existing customers and new prospects across oil and gas, energy and industrial markets in India and overseas. The company has identified exports as a strategic growth area and incorporated Cryogenic OGS Middle East F.Z.E. in the UAE in March 2026 to support vendor registration and contracting opportunities in the GCC, Africa and the Americas.
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The export push comes alongside a broader attempt to increase turnkey project content. Under this model, the company procures and integrates components such as valves, flowmeters, instruments and pumps instead of limiting its role to engineering and fabrication. While this can raise project value, it can also require tighter control over procurement, inventory and working capital.

Cryogenic OGS reported a 24.1 per cent increase in FY26 revenue, while standalone profit after Tax rose 67.2 per cent to Rs 10.18 crore. However, the company’s project-led business remains exposed to delays in customer capital expenditure, execution risks, materials procurement and acceptance cycles, particularly as overseas and turnkey work expands.

The company stated that its promoters, promoter group and group companies have no interest in the entity awarding the contract. It added that the transaction is not a related-party transaction.

As of 11:46 am on September 18, 2026, Cryogenic OGS shares were trading at Rs 394.45, up 1.99 per cent from the previous close of Rs 386.75. The stock was about 3.4 per cent below its 52-week high of Rs 408.45, while its one-year gain of 139.03 per cent compares with a 3.73 per cent decline in the BSE 500 over the same period.

Disclaimer: The article is for informational purposes only and not investment advice.