Cryogenic OGS Limited

Energy — Oil & Gas Equipment & Services · BSE

₹421.00+₹18.20 (+4.52%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with modest growth. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Cryogenic OGS Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Cryogenic OGS Limited designs, manufactures, and sells filtration, metering, and separation systems in India.

IndustryOil & Gas Equipment & Services

SectorEnergy

Employees42

Annual revenue₹41 Cr

How does it make money?

Turns over ₹41 Cr a year. Of every ₹100 of sales, about ₹25 reaches shareholders as profit, with ₹32 left at the operating level before interest, tax and depreciation. Each of its 42 employees supports ₹97.2 lakh of revenue a year, the signature of a people-led business.

EBITDA margin31.7%

Net margin24.9%

Revenue / employee₹97.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are RELIANCE INDUSTRIES LTD, OIL AND NATURAL GAS CORP., BHARAT PETROLEUM CORP LT, INDIAN OIL CORP LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

RELIANCE INDUSTRIES LTDP/E 21.9x · ROE 8.3%

OIL AND NATURAL GAS CORP.P/E 6.4x · ROE 11.7%

BHARAT PETROLEUM CORP LTP/E 7.3x · ROE 17.1%

INDIAN OIL CORP LTDP/E 5.3x · ROE 15.4%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.5%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 24.4% against a peer median of 15.4% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE21.5%

ROE24.4%

Peer median ROE15.4%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +85% while net margin moved +35% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+85%

Margin effect+35%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

78/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

54.7x

1.4Y Median

46.3x

17 monthly readings · mean 47.1x · range 26.1x–74.8x

Sector Median

6.9x

median of 4 sector peers

⚠️Current valuation is approximately 18% above its 1.4y median of 46.3x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 697% above the peer median of 6.9x.

vs. its own history

Fair

46.3x median over 17 months · +18%

vs. sector peers

Expensive

6.9x median of 4 peers · +697%

vs. generic bands

Expensive

Above 35x

P/E (Trailing)

54.7x

P/B

11.00x

EV/EBITDA

44.6x

PEG

1.53

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 27.5% to 31.7% over 3 years.
Cash generation is improving
Free cash flow is up 248% over 3 years.
High return on capital employed
ROCE of 21.5% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Return on equity is falling
ROE has dropped from 23.3% to 18.6% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 31.5% to 21.5% — often a sign of competition or overexpansion.
Inventory building faster than sales
Inventory is up 318% against revenue growth of 85% — stock may not be moving.

Red Flags

1 item require attention · 1 high

🔴Inventory building faster than salesFinancial
Inventory up 318% against revenue up 85% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.5% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 27.5% to 31.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹5 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 697% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 23.3% to 18.6%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.9% CAGR
Latest reported year was 1.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 30%✓ 31.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹5 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 19%✓ 21.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹601 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

54.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

11.00x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹7.69

Profitable

Profitable on a per-share basis

ROE

24.4%

Strong

Strong capital efficiency

ROCE

21.5%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

1.4%

Modest

Modest growth

Profit Growth (YoY)

3.7%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹421

ROA

13.4%

Good

Assets are working hard

Operating Margin

27.0%

Good

Healthy core-business profitability

Net Margin

24.9%

Good

Strong bottom-line conversion

Current Ratio

13.30

Comfortable

Healthy short-term liquidity

52W Range Position

89%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

421.4 / 391.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

50.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹22 Cr	₹24 Cr	₹33 Cr	₹41 Cr	+22.9%
EBITDA	₹6 Cr	₹7 Cr	₹9 Cr	₹13 Cr	+28.9%
EBITDA Margin	27.5%	30.9%	26.7%	31.7%	—
PAT (Net Profit)	₹4 Cr	₹5 Cr	₹6 Cr	₹10 Cr	+35.7%
EPS	₹2.85	₹3.74	₹4.26	₹7.69	+39.1%
ROE	23.3%	23.4%	21.0%	18.6%	—
ROCE	31.5%	31.2%	28.4%	21.5%	—
Free Cash Flow	₹1 Cr	₹2 Cr	₹2 Cr	₹5 Cr	+51.5%

🟢 Revenue has grown at 22.9% a year over 3 years.

🟢 EBITDA has grown at 28.9% a year over 3 years.

🟢 EBITDA Margin has risen from 27.5% to 31.7% over 3 years (+4.2 pts).

🟢 PAT (Net Profit) has grown at 35.7% a year over 3 years.

🟢 EPS has grown at 39.1% a year over 3 years.

🔴 ROE has fallen from 23.3% to 18.6% over 3 years (-4.6 pts).

🔴 ROCE has fallen from 31.5% to 21.5% over 3 years (-10.0 pts).

🟢 Free Cash Flow has grown at 51.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹67 Cr

Total Liabilities

₹12 Cr

Total Debt

₹8 Cr

Cash & Equivalents

₹33 Cr

Operating Cash Flow

₹8 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

81.9%

Peer Comparison

Company	P/E	ROE
RELIANCE INDUSTRIES LTD	21.9x	8.3%
OIL AND NATURAL GAS CORP.	6.4x	11.7%
BHARAT PETROLEUM CORP LT	7.3x	17.1%
INDIAN OIL CORP LTD	5.3x	15.4%

Recent News

2 positive1 mixed3 general

CRYOGENIC 52 Week High Streak After Second Straight Session

Univest, 07 Oct

CRYOGENIC OGS LIMITED Share Price

Upstox, 05 May

Cryogenic OGS secures first export order under its piping spools segment

Business Standard, 19 SeptOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Cryogenic OGS bags $231,820 purchase order from Honeywell LNG, USA

Alice Blue, 27 MarOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

CRYOGENIC OGS LIMITED Upper Circuit Today: Price, Data and Peers

Univest, 01 Oct

Cryogenic OGS Limited Reports FY26 Results; Revenue Grows 24% to ₹4,082 Lakhs

scanx.trade, 07 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.2/20

🟢Financial HealthStrong17.8/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong11/15

🔴ValuationDemanding5.3/15

🔴RiskHigh1.8/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 17% a year22.9% CAGR
✓EBITDA margin holds above 30%31.7%
✓Free cash flow remains positive₹5 Cr
✓Debt / EBITDA stays below 2x0.6x
✓ROCE stays above 19%21.5%