Engineering - Construction · Founded 1982 · www.expoepl.com · BSE 526614 · · ISIN INE561D01025
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Business
Expo Engineering And Projects Ltd. is an Indian company operating in the Engineering - Construction sector. Its core business model likely involves providing Engineering, Procurement, and Construction (EPC) services for various infrastructure and building projects. The company primarily makes money by winning and executing construction contracts for clients, which can include government bodies, public sector undertakings, and private developers. Revenue is generated through project milestones, progress billings, and final project completion.
Revenue Mix
Specific details on key segments and their revenue contribution are not publicly available without financial reports. However, for a company in this industry, potential segments could include:
Roads, bridges, and other transportation infrastructure.
Water supply and sanitation projects.
Commercial, residential, or industrial building construction.
Power transmission and distribution projects.
The revenue mix would largely depend on the types of contracts secured in a given period.
Industry
The Engineering - Construction industry in India is characterized by its competitive and fragmented nature, with numerous players ranging from large multinational corporations to regional and local contractors. It is highly dependent on government spending on infrastructure and the overall economic cycle. Expo Engineering And Projects Ltd. likely operates as a regional or mid-sized player, competing on factors such as project execution capabilities, cost-effectiveness, adherence to timelines, and relationships with clients. Its positioning would be influenced by its track record and specific expertise in certain types of projects.
MOAT
Construction companies generally possess limited durable competitive advantages compared to other sectors. For Expo Engineering And Projects Ltd., potential sources of advantage could include:
Project Execution Track Record: A strong history of timely and quality project completion can build client trust and lead to repeat business.
Client Relationships: Long-standing relationships, particularly with government agencies or large private sector clients, can be crucial.
Cost Efficiency: Ability to manage costs effectively through efficient supply chain, labor management, and operational processes.
Specialized Expertise: Niche capabilities in specific types of complex projects (e.g., difficult terrain, specialized structures).
However, these are often project-specific and may not constitute a wide, enduring moat.
Growth Drivers
Key factors that can drive growth for Expo Engineering And Projects Ltd. over the next 3-5 years include:
Government Infrastructure Push: Continued high capital expenditure by the Indian government on national infrastructure projects (roads, railways, ports, airports).
Urbanization and Industrialization: Growing demand for residential, commercial, and industrial buildings and associated infrastructure in urban centers.
Specific Government Schemes: Initiatives like the National Infrastructure Pipeline, Smart Cities Mission, and affordable housing programs.
Economic Revival: Increased private sector capital expenditure and investment in real estate and industrial projects.
Focus on Water Infrastructure: Growing demand for water supply, irrigation, and sanitation projects.
Risks
Project Execution Risks: Delays, cost overruns, quality issues, and unforeseen technical challenges can severely impact profitability.
Intense Competition and Margin Pressure: The fragmented nature of the industry often leads to aggressive bidding, compressing profit margins.
Cyclicality: The construction sector is highly cyclical, sensitive to economic downturns, interest rate changes, and government policy shifts.
Working Capital Management: High working capital requirements due to long project cycles and payment delays from clients, potentially impacting liquidity.
Regulatory and Environmental Risks: Changes in environmental regulations, land acquisition issues, and obtaining necessary permits can cause significant delays.
Input Price Volatility: Fluctuations in prices of raw materials (cement, steel) and fuel can erode margins if not adequately hedged or accounted for in contracts.
Dependency on Key Clients/Sectors: Over-reliance on a few large government contracts or a specific sector can concentrate risk.
Management & Ownership
Without specific information, it is typical for Indian engineering and construction companies of this size to be promoter-driven, often with family members holding significant stakes and leadership positions. The quality of management, particularly their experience in project execution, financial prudence, and ability to manage stakeholder relationships, is critical for success in this industry. Ownership structure is likely concentrated among the promoter group.
Outlook
Expo Engineering And Projects Ltd. operates in a sector with significant long-term growth potential, driven by India's ongoing infrastructure development and urbanization. The government's continued focus on capital expenditure in infrastructure provides a robust pipeline of opportunities. However, the company faces inherent risks associated with project execution, intense competition, working capital management, and the cyclical nature of the industry. Its success will largely depend on its ability to efficiently execute projects, manage costs effectively, maintain strong client relationships, and navigate regulatory complexities while preserving a healthy balance sheet. The interplay of these operational efficiencies against the backdrop of industry challenges will define its trajectory.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 26 | 18 | 32 | 25 | 40 | 18 | 15 | 18 | 17 | 14 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 26 | 18 | 32 | 25 | 40 | 18 | 15 | 18 | 17 | 14 |
| Total Expenditure | 25 | 16 | 30 | 24 | 36 | 16 | 13 | 17 | 16 | 12 |
| Operating Profit | 1 | 1 | 2 | 2 | 3 | 2 | 2 | 2 | 1 | 2 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | -0 | 0 | 1 | 1 | 2 | 1 | 1 | 1 | -1 | 1 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | 0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | -0 | 0 | 1 | 1 | 2 | 1 | 1 | 1 | -1 | 1 |
| Adjusted Earnings Per Share | -0.1 | 0.1 | 0.3 | 0.3 | 0.7 | 0.5 | 0.4 | 0.2 | -0.3 | 0.3 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 45 | 36 | 50 | 60 | 49 | 48 | 73 | 80 | 76 | 115 | 68 | 64 |
| Other Income | 3 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 48 | 37 | 50 | 60 | 51 | 48 | 73 | 80 | 76 | 115 | 68 | 64 |
| Total Expenditure | 41 | 31 | 44 | 54 | 45 | 43 | 67 | 74 | 70 | 106 | 62 | 58 |
| Operating Profit | 7 | 6 | 6 | 6 | 6 | 5 | 6 | 7 | 6 | 8 | 6 | 7 |
| Interest | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 4 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4 | -0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | -2 | 1 | 4 | 2 | 3 |
| Provision for Tax | 1 | 1 | 1 | 0 | 0 | 3 | 1 | -0 | 0 | 1 | 1 | 1 |
| Profit After Tax | 1 | 0 | 0 | 1 | 0 | -2 | 1 | -2 | 1 | 3 | 2 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 0 | 1 | 0 | -2 | 1 | -2 | 1 | 3 | 2 | 2 |
| Adjusted Earnings Per Share | 0.3 | 0.1 | 0 | 0.5 | 0.2 | -1.3 | 0.3 | -1.2 | 0.4 | 1.4 | 0.8 | 0.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -41% | -5% | 7% | 4% |
| Operating Profit CAGR | -25% | -5% | 4% | -2% |
| PAT CAGR | -33% | 0% | 0% | 7% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 10% | 74% | 69% | 28% |
| ROE Average | 5% | 7% | 3% | 1% |
| ROCE Average | 9% | 10% | 8% | 9% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 23 | 23 | 23 | 24 | 24 | 22 | 22 | 20 | 21 | 32 | 39 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 11 | 10 | 13 | 14 | 14 | 1 | 1 | 2 | 2 | 1 | 0 |
| Other Non-Current Liabilities | -4 | -4 | -4 | -4 | -2 | 6 | 3 | 4 | 5 | 4 | 4 |
| Total Current Liabilities | 26 | 27 | 29 | 29 | 38 | 46 | 54 | 54 | 50 | 45 | 44 |
| Total Liabilities | 55 | 55 | 61 | 62 | 75 | 75 | 80 | 80 | 79 | 82 | 87 |
| Fixed Assets | 7 | 6 | 6 | 5 | 5 | 4 | 4 | 4 | 3 | 5 | 5 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1 | 13 | 10 | 6 | 7 | 4 | 8 |
| Total Current Assets | 48 | 49 | 55 | 57 | 69 | 58 | 66 | 71 | 69 | 73 | 73 |
| Total Assets | 55 | 55 | 61 | 62 | 75 | 75 | 80 | 80 | 79 | 82 | 87 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 3 | 2 | 4 | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| Cash Flow from Operating Activities | -1 | -2 | -1 | -5 | -6 | -2 | -1 | 0 | 1 | 5 | -6 |
| Cash Flow from Investing Activities | -1 | -0 | -0 | 0 | -0 | -0 | -0 | -0 | -0 | -2 | -1 |
| Cash Flow from Financing Activities | 3 | 1 | 3 | 3 | 6 | 2 | 1 | 0 | -0 | -2 | 7 |
| Net Cash Inflow / Outflow | 1 | -2 | 2 | -2 | -0 | 0 | 0 | 1 | 0 | 1 | -0 |
| Closing Cash & Cash Equivalent | 3 | 2 | 4 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.3 | 0.06 | 0.05 | 0.53 | 0.19 | -1.27 | 0.31 | -1.16 | 0.4 | 1.4 | 0.76 |
| CEPS(Rs) | 0.62 | 0.39 | 0.39 | 0.86 | 0.51 | -0.98 | 0.59 | -0.92 | 0.63 | 1.6 | 0.93 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 11.89 | 11.95 | 12 | 12.52 | 12.71 | 11.44 | 11.73 | 10.69 | 11.13 | 13.97 | 14.81 |
| Core EBITDA Margin(%) | 8.23 | 12.77 | 11.51 | 9.73 | 8.68 | 10.5 | 6.07 | 6.73 | 6.45 | 6.15 | 7.91 |
| EBIT Margin(%) | 13.66 | 13.95 | 10.45 | 8.73 | 10.37 | 9.63 | 5.99 | 2.35 | 6.05 | 5.93 | 7.66 |
| Pre Tax Margin(%) | 2.56 | 2.25 | 2.1 | 2.08 | 1.37 | 1.25 | 1.32 | -2.44 | 1.14 | 3.04 | 3.01 |
| PAT Margin (%) | 1.26 | 0.29 | 0.18 | 1.67 | 0.73 | -5.01 | 0.69 | -2.32 | 0.84 | 2.35 | 2.18 |
| Cash Profit Margin (%) | 2.64 | 2.04 | 1.47 | 2.73 | 1.97 | -3.85 | 1.31 | -1.84 | 1.34 | 2.69 | 2.66 |
| ROA(%) | 1.07 | 0.19 | 0.15 | 1.62 | 0.52 | -3.23 | 0.77 | -2.75 | 0.95 | 3.96 | 2.06 |
| ROE(%) | 2.52 | 0.47 | 0.39 | 4.29 | 1.48 | -10.51 | 2.7 | -10.35 | 3.64 | 12 | 5.31 |
| ROCE(%) | 13.06 | 10.35 | 10.24 | 9.66 | 8.61 | 7.46 | 8.17 | 3.58 | 8.75 | 12.83 | 9.07 |
| Receivable days | 123.81 | 154.41 | 122.89 | 115.01 | 144.26 | 125.32 | 59.85 | 38.74 | 23.03 | 34.16 | 78.12 |
| Inventory Days | 190.2 | 260.43 | 206.86 | 186.14 | 239.67 | 258.5 | 161.68 | 170.85 | 196.4 | 120.22 | 207.41 |
| Payable days | 343.08 | 312.56 | 125.78 | 109.37 | 149.65 | 127.85 | 126.86 | 143.55 | 118.02 | 73.55 | 203.41 |
| PER(x) | 23.95 | 170.56 | 191.54 | 8.93 | 10.14 | 0 | 36.79 | 0 | 58.47 | 37.53 | 83.7 |
| Price/Book(x) | 0.6 | 0.79 | 0.76 | 0.38 | 0.15 | 0.48 | 0.98 | 1.03 | 2.08 | 3.75 | 4.32 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.82 | 1.19 | 0.87 | 0.66 | 0.83 | 1.03 | 0.85 | 0.76 | 1.1 | 1.29 | 2.57 |
| EV/Core EBITDA(x) | 5.38 | 7.52 | 7.38 | 6.79 | 7.11 | 9.59 | 10.93 | 9.32 | 14.06 | 17.39 | 27 |
| Net Sales Growth(%) | -26.18 | -18.77 | 38.4 | 20.05 | -18.21 | -1.94 | 50.8 | 10.43 | -5.64 | 51.58 | -40.54 |
| EBIT Growth(%) | -14.69 | -16.94 | 2.56 | 0.34 | -2.88 | -8.93 | 10.61 | -56.4 | 142.14 | 48.11 | -23.8 |
| PAT Growth(%) | -70.71 | -81.22 | -15.04 | 1013.37 | -64.42 | -777.5 | 124.63 | -471.27 | 134.19 | 321.38 | -45.29 |
| EPS Growth(%) | -70.71 | -81.21 | -15.08 | 1013.11 | -64.43 | -777.58 | 124.63 | -471.31 | 134.19 | 251.86 | -45.29 |
| Debt/Equity(x) | 1.16 | 1.18 | 1.3 | 1.36 | 1.57 | 1.86 | 1.84 | 2.04 | 1.93 | 0.98 | 0.97 |
| Current Ratio(x) | 1.83 | 1.83 | 1.91 | 2 | 1.78 | 1.26 | 1.22 | 1.32 | 1.37 | 1.62 | 1.67 |
| Quick Ratio(x) | 0.86 | 0.83 | 0.87 | 0.91 | 0.91 | 0.5 | 0.46 | 0.42 | 0.41 | 0.71 | 0.53 |
| Interest Cover(x) | 1.23 | 1.19 | 1.25 | 1.31 | 1.15 | 1.15 | 1.28 | 0.49 | 1.23 | 2.05 | 1.65 |
| Total Debt/Mcap(x) | 1.94 | 1.49 | 1.72 | 3.61 | 10.51 | 3.86 | 1.88 | 1.97 | 0.93 | 0.26 | 0.22 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.41 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 |
| FII | 0 | 0 | 0 | 0 | 0 | 3.41 | 3.41 | 3.41 | 3.7 | 4.83 |
| DII | 0 | 0 | 0 | 0 | 0 | 2.2 | 2.98 | 3.15 | 3.28 | 5.47 |
| Public | 32.59 | 43.05 | 43.05 | 43.05 | 43.05 | 37.44 | 36.66 | 36.49 | 36.08 | 32.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.28 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.08 | 0.08 | 0.08 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.07 | 0.07 | 0.07 | 0.12 |
| Public | 0.62 | 0.98 | 0.98 | 0.98 | 0.98 | 0.85 | 0.84 | 0.83 | 0.82 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.9 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -41% | -5% | +7% | +4% |
| Operating Profit CAGR | -25% | -5% | +4% | -2% |
| PAT CAGR | -33% | — | — | +7% |
| Share Price CAGR | +10% | +74% | +69% | +28% |
| ROE Average | +5% | +7% | +3% | +1% |
| ROCE Average | +9% | +10% | +8% | +9% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 67.41 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 | 56.95 |
| FII | 0 | 0 | 0 | 0 | 0 | 3.41 | 3.41 | 3.41 | 3.7 | 4.83 |
| DII | 0 | 0 | 0 | 0 | 0 | 2.2 | 2.98 | 3.15 | 3.28 | 5.47 |
| Public | 32.59 | 43.05 | 43.05 | 43.05 | 43.05 | 37.44 | 36.66 | 36.49 | 36.08 | 32.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.28 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.08 | 0.08 | 0.08 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.07 | 0.07 | 0.07 | 0.12 |
| Public | 0.62 | 0.98 | 0.98 | 0.98 | 0.98 | 0.85 | 0.84 | 0.83 | 0.82 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.9 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 | 2.28 |
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