1. Opening Hook
Just months after listing, Cryogenic OGS walked into a Valueportal investor call and casually dropped words like Egypt, Nigeria, and 30% EBITDA—no chest-thumping, no spreadsheet yoga. While most SME managements celebrate survival, these guys are busy explaining why assembling skids was beneath them and why full-system integration is the real money printer.
The highlight? A quiet pivot that turns them from a low-margin fabricator into a capital-light, margin-hungry systems integrator—without upsetting PSU clients or EPC giants. Oh, and they’re doing this while sitting on zero debt and ₹27 crore cash.
Sounds boring? Read on. The interesting stuff is hiding behind “technical explanations” and “working capital discipline.” 😏
2. At a Glance
- Revenue up 57% YoY (H1FY26) – Listing hangover? Nope, this is execution talking.
- EBITDA margin ~30% – SME, not SaaS, yet margins behaving suspiciously well.
- Zero debt balance sheet – Old-school discipline in a leverage-happy market.
- Capacity utilization ~35–40% – Factory bored, management not worried.
- Order book ₹22–25 cr; bids worth ₹65 cr – Pipeline heavier than current revenues.
3. Management’s Key Commentary
“Earlier, high-value components were free-issued by customers.”
(We were doing the hard work but not
getting paid for the expensive parts 😏)
“Now we take end-to-end responsibility.”
(Translation: same client, bigger invoice, better margins)
“We get better pricing from OEMs than large MNCs.”
(Small size, big bargaining power—counterintuitive but real)
“Density defines quality in oil & gas.”
(If this probe works, PSUs can’t ignore us 😎)
“Entry barriers are very high for new players.”
(Approved vendor lists = economic moat, Indian PSU edition)
“We are zero debt for 4–5 years.”
(No financial adrenaline junkies here)
4. Numbers Decoded
| Metric | H1FY26 Snapshot |
|---|---|
| Revenue Growth | +57% YoY |
| EBITDA Growth | +57% YoY |
| EBITDA Margin | ~30% |
| Gross Margin | ~20% |
| Capacity Utilization | ~35–40% |
| Cash on Books | ~₹27 crore |
| Debt | Zero |
Decoded: Margins aren’t a fluke—they’re coming from scope expansion, not accounting magic.
5. Analyst Questions (Decoded)
- Who buys from you?
Mostly EPCs like Honeywell, Emerson—not PSUs directly. (Follow the contractor, not the
