Expo reports ₹38.07 crore of named project orders in Q2 FY27

Expo Engineering & Projects Ltd disclosed ₹38.07 crore of named new and revised work in Q2 FY27, calculated from orders for Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Larsen & Toubro and Zeeco India. The largest was a ₹15.69 crore M & I order for a crude-oil storage tank at IOCL WRPL, Viramgam.

What orders did Expo report in Q2 FY27?

Expo reported ₹38.07 crore of identified Q2 FY27 orders and a revised order across four customers. The total comprises ₹15.69 crore from IOCL, ₹9.71 crore from three BPCL orders, ₹4.37 crore from two L&T assignments and a ₹8.30 crore revised order from Zeeco India.

The ₹15.69 crore IOCL contract was the largest individual disclosed addition, accounting for about 41% of the ₹38.07 crore total. Expo described the work as M & I work on a crude-oil storage tank at IOCL WRPL, Viramgam; the presentation does not expand the M & I abbreviation.

The named orders were disclosed with Q2 FY27 revenue of ₹15.01 crore, earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹1.66 crore, and profit after tax (PAT) of ₹0.74 crore. The ₹38.07 crore total of identified work was more than twice Q2 FY27 revenue, although Expo did not disclose delivery dates or revenue-recognition schedules for the individual assignments.

Which projects did IOCL, BPCL, L&T and Zeeco award Expo?

Expo said the three BPCL assignments totalled ₹9.71 crore and covered work at Haldia Coastal Installation and BPCL Mumbai Refinery. The largest BPCL order, worth ₹4.22 crore, concerns enhancing the safety integrity of AG IFR Tank TK-12 at Haldia Coastal Installation.

At BPCL Mumbai Refinery, Expo listed ₹3.60 crore of tank fabrication work for the SAF Project and a ₹1.89 crore contract to install internal aluminium floating roofs on Tank 434 and Tank 433. Together, the two Mumbai Refinery assignments total ₹5.49 crore, which is ₹1.27 crore more than the Haldia order; the presentation does not define SAF or IFR.

Expo identified two L&T orders worth ₹3.58 crore and ₹0.79 crore. The ₹3.58 crore assignment covers 26 sets of clean-out doors and seven sets of manholes at HIL, Kansariguda, while the ₹0.79 crore job covers blasting and painting of stock-house ducts for the AMNS BF#3 project at Hazira, Gujarat.

Zeeco India’s ₹8.30 crore revised order covers thermal oxidizers, refractory-related services, combustion ducting, air, platforms and ladders. It was the second-largest individual disclosed order, after the ₹15.69 crore IOCL contract, and exceeded BPCL’s largest single assignment by ₹4.08 crore.

How does the Q2 FY27 work compare with Expo’s order book?

Expo reported a net order book of ₹141.41 crore as of September 30, 2026, while management also stated a gross order book of ₹167.45 crore. The detailed product and geography tables use the ₹141.41 crore net figure, against which the ₹38.07 crore of named Q2 FY27 work equals about 27%.

Storage tanks accounted for ₹129.07 crore, or 91%, of the ₹141.41 crore net order book, compared with ₹12.34 crore, or 9%, for vessels. The IOCL and BPCL projects are tank-related, but Expo did not allocate each named Q2 FY27 order between the storage-tank and vessel categories in its order-book disclosure.

The Q2 FY27 revenue mix was less concentrated in storage tanks than the order book. Storage tanks generated ₹11.78 crore, or 78%, of ₹15.01 crore revenue, while vessels generated ₹3.23 crore, or 22%; vessels therefore represented a 13-percentage-point larger share of revenue than of the net order book.

Gujarat was Expo’s largest net order-book market at ₹63.96 crore, or 45%, followed by Maharashtra at ₹30.63 crore, or 22%, and West Bengal at ₹22.75 crore, or 16%. In Q2 FY27 revenue, Maharashtra led with ₹3.70 crore, or 25%, narrowly ahead of Gujarat’s ₹3.62 crore, or 24%; the Hazira L&T assignment is the disclosed Gujarat-linked order.

What financial and funding details accompanied Expo’s order update?

Expo said it raised ₹22.02 crore through a preferential allotment of 31,45,715 equity shares in Q2 FY27 and fully utilised the proceeds. It allocated ₹14 crore to repayment of existing bank loans, ₹5.02 crore to working-capital needs and ₹3 crore to general corporate purposes.

Management said the Q2 FY27 EBITDA margin was almost the same as in the preceding quarter, but the presentation provides no prior-quarter revenue, EBITDA or margin percentage for a numerical comparison. The disclosed quarter recorded ₹1.66 crore of EBITDA on ₹15.01 crore of revenue and ₹0.74 crore of PAT.

Management said it was focused on prudent capital deployment, operational efficiency and timely execution across ongoing and upcoming projects. It also said its participation in ongoing tenders and execution capabilities in oil and gas could support incremental order accretion in coming quarters, which is management’s expectation rather than a disclosed award or target.

Conclusion

Expo’s ₹38.07 crore of named Q2 FY27 additions combine oil-storage, tank-fabrication, industrial equipment and revised thermal-oxidizer work. IOCL supplied the largest individual order at ₹15.69 crore, while three BPCL projects totalled ₹9.71 crore and the net order book stood at ₹141.41 crore on September 30, 2026, with storage tanks representing 91%.

What to watch next is execution of the Viramgam, Haldia, Mumbai Refinery, Kansariguda and Hazira assignments against Q2 FY27 revenue of ₹15.01 crore. Management has disclosed ongoing tender participation and expects incremental order accretion, while the ₹22.02 crore preferential-allotment proceeds have been deployed across loan repayment, working capital and corporate purposes.