Expo Engineering and Projects Limited has secured a ₹44.67 crore contract from Oil and Natural Gas Corporation Limited (ONGC) for the maintenance and inspection of floating roof crude oil storage tanks in Gujarat.
According to an exchange filing dated June 9, 2026, the contract was awarded through ONGC’s Central Procurement Department and will be executed over a period of three years.
Shares of Expo Engineering were trading at ₹69.75, up 0.79 percent from the previous close of ₹69.20. During the session, the stock touched an intraday high of ₹72.90 and a low of ₹65.52.
The company has a market capitalization of ₹159 crore and trades at a price-to-earnings ratio of 91.78 times.
Scope of work
The contract involves maintenance and inspection of existing floating roof crude oil storage tanks at ONGC’s CPF Gandhar facility under the Ankleshwar Asset in Gujarat.
Order details
- Customer: ONGC
- Contract value: ₹44.67 crore (inclusive of GST)
- Location: CPF Gandhar, Ankleshwar Asset, Gujarat
- Duration: Three years
- Nature of contract: Maintenance and inspection
The company said the order does not involve any related-party transaction and that the promoter group has no interest in the awarding entity.
Revenue visibility over three years
After excluding GST, the effective value of the contract works out to around ₹37.9 crore.
Spread over the contract period, the order is expected to contribute annual revenue of approximately ₹12.6 crore, or around ₹1.05 crore per month.
The long-term nature of the agreement provides revenue visibility through:
- FY27
- FY28
- FY29
Opportunity from oil and gas investments
Maintenance contracts generally require lower capital deployment and can offer better cash conversion compared with project-based engineering work.
India’s oil and gas sector continues to witness investments aimed at:
- Enhancing domestic production
- Modernizing infrastructure
- Extending the life of existing assets
Such investments are creating opportunities for companies involved in inspection and maintenance services.
About the company
Formerly known as Expo Gas Containers Limited, Expo Engineering and Projects Limited specializes in:
- Design and fabrication
- Inspection services
- Maintenance work
- Pressure vessels
- Storage tanks
- Oil and gas infrastructure assets
The Mumbai-based company has more than four decades of experience and holds:
- IBR certification
- PESO certification
It caters to public-sector as well as private-sector energy companies.
Key highlights
| Particulars | Details |
|---|---|
| Order value | ₹44.67 crore |
| Customer | ONGC |
| Contract duration | 3 years |
| Effective value excluding GST | ₹37.9 crore |
| Estimated annual revenue contribution | ₹12.6 crore |
| Estimated monthly revenue contribution | ₹1.05 crore |
| Market capitalization | ₹159 crore |
TL;DR:
Expo Engineering and Projects has secured a ₹44.67 crore contract from ONGC for maintenance and inspection of crude oil storage tanks at its Gujarat facility. The three-year agreement provides revenue visibility through FY29.
AI summary:
- Expo Engineering won a ₹44.67 crore order from ONGC.
- The contract will run for three years.
- It covers tank maintenance and inspection work in Gujarat.
- Annual revenue contribution is estimated at ₹12.6 crore.
- The company serves the oil and gas infrastructure sector.
