Atmastco Limited has secured a ₹15 crore work order from Megha Engineering & Infrastructures Limited (MEIL) for the supply of pre-fabricated structural steel components for the HPCL Rajasthan Refinery Limited (HRRL) project in Barmer, Rajasthan.
The company disclosed the order in a voluntary filing under Regulation 30 on June 11.
Shares of Atmastco were trading at ₹174, marginally higher than the previous close of ₹173.90. The company has a market capitalization of ₹430.38 crore and trades at a P/E ratio of 17.38.
Order details
The contract relates to the Circulating Fluidized Bed Combustion (CFBC) package at the refinery project.
Atmastco’s scope includes the manufacture and supply of:
- Piperack 10C structure.
- Ducting structures.
- Boiler support structures.
- Finish-painted fabricated steel components based on approved drawings.
The order has been awarded by MEIL, which is handling the CFBC boiler package at the refinery.
Part of HPCL Rajasthan Refinery project
The work forms part of the 9 million tonnes per annum refinery being developed by HPCL Rajasthan Refinery Limited, a joint venture between:
- Hindustan Petroleum Corporation Limited (HPCL).
- Government of Rajasthan.
The refinery is being constructed at Pachpadra in Barmer district.
Order size in context
The ₹15 crore contract represents around 5.1 percent of Atmastco’s FY26 revenue of ₹293 crore.
The company did not specify a completion timeline and said execution would be carried out as per purchase order terms.
Potential expansion into oil and gas
The order strengthens Atmastco’s presence in the downstream oil and gas sector.
The company has traditionally catered to sectors such as:
- Steel plants.
- Power boilers.
- Railway infrastructure.
Association with MEIL could also provide opportunities for additional orders as the Barmer refinery project progresses.
Financial performance
Atmastco reported revenue of ₹293 crore in FY26, compared with ₹290 crore in FY25.
Net profit remained steady at ₹19 crore.
Key FY26 numbers
| Particulars | FY26 | FY25 |
|---|---|---|
| Revenue | ₹293 crore | ₹290 crore |
| Net profit | ₹19 crore | ₹19 crore |
| Borrowings | ₹104 crore | ₹74 crore |
| Interest expense | ₹12 crore | — |
| Operating cash flow | ₹12 crore | -₹33 crore |
| ROCE | 20.4% | — |
| ROE | 18.2% | — |
Working capital position
Some operating metrics improved during the year.
Debtor days
- FY26: 113 days
- FY25: 206 days
Working capital days
- FY26: 199 days
- FY25: 179 days
Cash conversion cycle
- FY26: 270 days
- FY25: 306 days
Inventory days remained elevated at 329 days.
Equity issuance approval
Separately, Atmastco said NSE has granted in-principle approval for the conversion of warrants into equity shares.
The approvals follow resolutions passed at the company’s EGM held on June 6.
The proposals cover:
- Conversion of warrants into 35 lakh shares.
- Conversion of warrants into 60 lakh shares.
About the company
Founded in 1987 and based in Bhilai, Chhattisgarh, Atmastco provides engineering, EPC and structural solutions for industrial and infrastructure projects.
The company operates two manufacturing facilities spread across 55 acres, with a total installed capacity of 49,500 metric tonnes per annum.
Its operations cater to:
- Steel sector.
- Ferrous industry.
- Non-ferrous industry.
- Infrastructure projects.
TL;DR
Atmastco has received a ₹15 crore order from Megha Engineering for supplying structural steel components for the HPCL Rajasthan Refinery project in Barmer. The contract represents about 5% of the company’s FY26 revenue and expands its presence in the oil and gas sector.
AI summary
- Atmastco secured a ₹15 crore order from MEIL.
- The work is linked to the HPCL Rajasthan Refinery project.
- The contract covers piperack and boiler support structures.
- The order equals about 5.1% of FY26 revenue.
- FY26 revenue stood at ₹293 crore, while net profit was ₹19 crore.