Expo order book is 91% storage tanks, 45% located in Gujarat

Expo Engineering & Projects Ltd reported a net order book of ₹141.41 crore at 30 September 2026, with storage tanks contributing ₹129.07 crore, or 91%. Gujarat accounted for ₹63.96 crore, or 45%, making Expo’s disclosed order book concentrated by both product and geography.

How concentrated is Expo’s order book by product?

Storage tanks account for ₹129.07 crore of Expo’s ₹141.41 crore net order book, leaving vessels at ₹12.34 crore. The product split was 91% storage tanks and 9% vessels in the Q2 FY27 order-book disclosure.

Vessels were the only other disclosed product category, with an order-book value ₹116.73 crore below storage tanks. The mix was also more tilted towards tanks than Q2 FY27 revenue: storage tanks provided 78% of revenue, 13 percentage points below their 91% order-book share, while vessels provided 22% of revenue against 9% of orders.

The presentation separately identified the order book as ₹141.41 crore net and ₹167.45 crore gross at 30 September 2026. Its product table totals ₹141.41 crore, meaning the disclosed 91% and 9% allocations relate to the net figure rather than the gross order book.

Which states account for Expo’s order book?

Gujarat was Expo’s largest disclosed order-book geography at ₹63.96 crore, or 45% of the ₹141.41 crore total. Maharashtra followed at ₹30.63 crore, or 22%, while West Bengal ranked third at ₹22.75 crore, or 16%.

Gujarat, Maharashtra and West Bengal together represented ₹117.34 crore, or 83% using the presentation’s percentage allocations. Haryana added ₹15.32 crore and 11%, while Bihar, Ladakh, Orissa, Karnataka and Rajasthan together accounted for ₹8.75 crore, including Karnataka’s ₹14 lakh.

The order-book distribution differed from Q2 FY27 revenue geography. Maharashtra was the largest quarterly revenue contributor at ₹3.70 crore and 25%, followed by Gujarat at ₹3.62 crore and 24%; Ladakh generated ₹2.98 crore and 20% of revenue despite representing ₹2.19 crore and 2% of the order book. The presentation used Orissa for the order-book category and Odisha for the revenue category.

How does Q2 FY27 revenue compare with Expo’s order-book mix?

Expo’s Q2 FY27 revenue was less concentrated in storage tanks than its net order book, although tanks remained the largest product line. Storage-tank revenue was ₹11.78 crore, or 78% of total quarterly revenue of ₹15.01 crore, while vessels generated ₹3.23 crore, or 22%.

The ₹141.41 crore net order book was about 9.4 times Q2 FY27 revenue of ₹15.01 crore, although the presentation did not specify a conversion period for the entire order book. Expo reported earnings before interest, taxes, depreciation and amortisation, or EBITDA, of ₹1.66 crore for the quarter, and management said EBITDA margins were almost the same as in the previous quarter.

Quarterly revenue was distributed across seven disclosed locations, compared with nine locations in the order book. Maharashtra, Gujarat, Ladakh and West Bengal produced ₹12.57 crore, or 84%, of Q2 FY27 revenue, while Gujarat, Maharashtra, Ladakh and West Bengal represented ₹120.32 crore, or 85%, of the order book.

What new orders did Expo disclose in Q2 FY27?

Expo disclosed a ₹15.69 crore crude-oil storage-tank maintenance and inspection work order at IOCL WRPL, Viramgam, and a revised ₹8.30 crore Zeeco India order. The Zeeco India work covered thermal oxidisers, refractory-related services, combustion ducting, air systems, platforms and ladders, bringing the two orders to ₹23.99 crore.

The other listed work included a ₹4.22 crore tankage job at BPCL’s Haldia Coastal Installation, a ₹3.60 crore tank-fabrication project at BPCL’s Mumbai Refinery, and a ₹1.89 crore internal aluminium floating-roof installation at the same refinery. Expo also listed two L&T orders worth ₹3.58 crore and ₹79 lakh for clean-out doors and manholes, and duct blasting and painting, respectively.

The seven disclosed order values totalled ₹38.07 crore. The ₹15.69 crore Viramgam work, ₹4.22 crore Haldia job, ₹3.60 crore fabrication project and ₹1.89 crore floating-roof installation were described as tank-related, while the ₹8.30 crore revised Zeeco India order covered industrial equipment and services rather than storage tanks.

Conclusion

Expo’s Q2 FY27 disclosure shows a larger tank weighting in its outstanding work than in its quarterly revenue: storage tanks accounted for 91% of the ₹141.41 crore net order book, compared with 78% of ₹15.01 crore revenue. Geographic patterns also differed, with Gujarat holding 45% of orders while Maharashtra delivered the largest revenue share at 25% during the quarter.

The next point to watch is whether management’s participation in ongoing tenders produces the incremental order accretion it expects in coming quarters. Management said the ₹141.41 crore net and ₹167.45 crore gross order books, supported by timely execution, are intended to provide revenue visibility, but the presentation did not provide a dated order-conversion schedule.