Cryogenic OGS Limited H1FY27 revenue rises 44%, PAT margin falls

Cryogenic OGS Limited reported H1 FY27 standalone revenue from operations of Rs 30.3568 crore, up 44.11% year on year, and EBITDA margin of 32.42%, up 246 basis points. PAT margin nevertheless fell 392 basis points to 22.27%, as depreciation and interest increased and H1 FY26 included a Rs 1.2395 crore plot-sale gain.

How did Cryogenic OGS perform in H1 FY27?

Cryogenic OGS increased standalone revenue, EBITDA and PAT in H1 FY27, although PAT grew more slowly than the other two measures. Revenue from operations reached Rs 30.3568 crore, compared with Rs 21.065 crore in H1 FY26 and Rs 19.7574 crore in H2 FY26. The year-on-year increase was 44.11%, while the half-on-half increase was 53.65%, according to the unaudited standalone profit and loss statement.

Total income was Rs 31.2211 crore in H1 FY27, up 43.79% from Rs 21.7125 crore in H1 FY26, as other income increased to Rs 86.43 lakh from Rs 64.75 lakh. Total expenditure rose 38.81% to Rs 21.379 crore. EBITDA consequently rose 55.96% year on year to Rs 9.8421 crore and increased 48.43% from Rs 6.6306 crore in H2 FY26.

PAT was Rs 6.7592 crore, up 22.52% from Rs 5.5167 crore a year earlier and 44.86% from Rs 4.666 crore in H2 FY26. Earnings per share were Rs 4.73 in H1 FY27, versus Rs 4.52 in H1 FY26 and Rs 3.17 in H2 FY26. The presentation labels the standalone periods unaudited, making these interim rather than audited full-year results.

Why did Cryogenic OGS EBITDA and PAT margins diverge?

Cryogenic OGS reported a higher EBITDA margin but a lower PAT margin because post-EBITDA charges increased and the prior-year period contained a non-recurring gain. EBITDA margin rose to 32.42% in H1 FY27 from 29.96% in H1 FY26, a 246-basis-point improvement. It remained below the 33.56% reported in H2 FY26, declining 114 basis points on a half-on-half basis.

PAT margin fell to 22.27% from 26.19% in H1 FY26 and was also below the 23.62% reported in H2 FY26. Depreciation was Rs 44.90 lakh in H1 FY27, up from Rs 25.03 lakh a year earlier, while interest expense increased to Rs 27.49 lakh from Rs 2.04 lakh. H1 FY26 also included Rs 1.2395 crore of profit on sale of a plot, with no corresponding gain in H1 FY27.

Profit before tax increased 25.26% to Rs 9.1182 crore, materially below EBITDA growth of 55.96%. Tax rose 33.81% to Rs 2.359 crore from Rs 1.7629 crore. These movements coincided with PAT growth of 22.52%, leaving net profit growth below revenue growth of 44.11%; the presentation does not assign the margin movement to a single factor.

What changed in Cryogenic OGS’s balance sheet?

Cryogenic OGS’s standalone trade receivables rose to Rs 14.2456 crore at 30 September 2026 from Rs 4.7952 crore at 31 March 2026. The Rs 9.4504 crore increase took receivables to almost three times the March balance. It was also larger than the Rs 9.1774 crore increase in total assets, which reached Rs 75.8949 crore at the September reporting date.

Loans and advances increased to Rs 9.0089 crore from Rs 93.33 lakh over the same period, while other assets declined to Rs 35.309 crore from Rs 43.7847 crore. Fixed assets changed modestly to Rs 17.3314 crore from Rs 17.2043 crore. The presentation gives balance-sheet categories but does not disclose the ageing, collection period or customer concentration of receivables.

Shareholders’ funds increased to Rs 61.411 crore at 30 September 2026 from Rs 54.6518 crore at 31 March 2026. Trade payables rose to Rs 3.2387 crore from Rs 2.5168 crore, while other liabilities increased to Rs 10.3749 crore from Rs 8.9045 crore. Separately, the investment thesis page reports Rs 25.18 crore of cash and near-cash, nil bank borrowings, and Rs 8.40 crore of long-term liabilities that are predominantly lease liabilities on leasehold land.

How does precision engineering affect Cryogenic OGS’s consolidated mix?

Cryogenic OGS reported H1 FY27 consolidated revenue of Rs 40.1004 crore, including Rs 9.7436 crore from precision engineering products and Rs 30.3568 crore from oil and gas equipment. Precision engineering represented about 24.3% of disclosed consolidated revenue, while oil and gas equipment represented about 75.7%. The oil and gas equipment amount matches the reported standalone revenue from operations.

Consolidated EBITDA was Rs 10.7325 crore, with an EBITDA margin of 26.76%, compared with standalone EBITDA of Rs 9.8421 crore and a 32.42% margin. Consolidated PAT was Rs 7.3748 crore and the corresponding PAT margin was 18.39%, versus standalone PAT of Rs 6.7592 crore and a 22.27% margin. The presentation supplies consolidated totals and revenue bifurcation but does not disclose separate profitability for precision engineering products.

The consolidated EBITDA margin was 5.66 percentage points below the standalone EBITDA margin, while the consolidated PAT margin was 3.88 percentage points lower. Those differences show that the group’s revenue and earnings mix differs from the standalone oil and gas equipment business. They do not establish the profitability of either segment individually because the presentation does not provide segment-level EBITDA or PAT.

Conclusion

The H1 FY27 figures combine a 246-basis-point improvement in standalone EBITDA margin with a 392-basis-point reduction in PAT margin. Revenue growth lifted EBITDA to Rs 9.8421 crore, but higher depreciation, interest and tax, together with the absence of the Rs 1.2395 crore H1 FY26 plot-sale gain, limited the increase in PAT to 22.52%. The balance sheet also shows receivables of Rs 14.2456 crore and consolidated precision engineering revenue of Rs 9.7436 crore.

The next disclosed development to watch is management’s plan for a facility on a 30-year lease with capacity of roughly four times the current scale, funded from internal accruals. Cryogenic OGS also identifies liquefied natural gas, green hydrogen, advanced measurement, process automation and precision-engineered components as new growth vectors, while the movement in receivables from Rs 4.7952 crore at March 2026 remains an unresolved working-capital matter in the supplied results.