The India-Oman Comprehensive Economic Partnership Agreement (CEPA) went live on June 1, 2026, opening duty-free access on 98% of tariff lines and covering 99.38% of Indian exports by value. Commerce Minister Piyush Goyal called it a gateway to the broader GCC market. India's merchandise exports to Oman are expected to jump 50% in the near term.

Most coverage has focused on the obvious beneficiaries — textiles, gems, and agricultural goods that will see tariff walls disappear. But the companies best positioned to capture these gains are not the ones dominating headlines. They are four small and mid-cap stocks that already have manufacturing plants, mining operations, and port infrastructure inside Oman itself.

Mukka Proteins (MUKKA) — India's Fish Protein Pipeline Into the Gulf

Mukka Proteins runs 16 owned production facilities across India and Oman, making it one of the few NSE-listed companies with actual manufacturing capacity inside the Sultanate. Per their FY26 investor presentation, the company is expanding its Oman footprint with a new facility in the Aljoubah Industrial Area.

The numbers tell the story of a company already built for this moment: FY26 revenue hit Rs 1,449.5 crore, up 44% from Rs 1,006.4 crore in FY25. Export revenue accounts for 79.7% of total sales, flowing to 25+ countries across Asia, the Middle East, Far East, Europe, and the US. Q4 FY26 alone delivered Rs 653.5 crore in revenue with EBITDA margins improving to 12.9%.

Mukka is among India's largest exporters of fish meal and fish oil, and the CEPA's elimination of duties on marine products directly expands its margin advantage. With a GCC-adjacent manufacturing base already running, the company can serve Omani and regional buyers without the logistics penalty that purely India-based exporters face.

JSW Infrastructure (JSWINFRA) — Building Oman's Trade Gateway

JSW Infrastructure is not just exporting to Oman — it is building the physical infrastructure that will handle the trade surge the CEPA is designed to create. Per their Q3 FY26 results presentation, JSW is constructing a 27 MTPA greenfield deep-sea port in Dhofar, Oman, through a strategic partnership with Mineral Development Oman (MDO). JSW Overseas FZE holds 51% of the port SPV, with MDO holding the rest.

The company's Gulf footprint already includes O&M contracts at two dry bulk terminals in Fujairah (24 mtpa) and Dibba (17 mtpa) in the UAE. At the consolidated level, FY26 revenue came in at Rs 4,647 crore with EBITDA of Rs 2,462 crore. Management has guided FY27 revenue to Rs 5,200 crore and FY28 to Rs 8,000 crore, with the Oman port contributing to the latter target.

For investors, the Oman port is a long-duration asset play. As CEPA-driven trade volumes between India and Oman grow, JSW holds a concession on the very port that will handle those goods.

South West Pinnacle Exploration (SOUTHWEST) — Mining Oman's Untapped Mineral Wealth

South West Pinnacle operates through two joint ventures in Oman. The first, established in 2018, holds an 11-year copper mining contract worth USD 125 million (approximately Rs 1,050 crore). Per their FY26 investor presentation, revenues from this contract are expected to reach Rs 700–800 crore over FY27 to FY29. The second JV, formed in 2024 with Alara Resources of Australia, was awarded Exploration and Mining Block 22-B — a mineral block spanning 1,448 square kilometres.

The company's FY26 financials reflect growing momentum: revenue rose 35% to Rs 243 crore from Rs 180 crore in FY25, while PAT nearly doubled to Rs 33 crore with margins expanding to 13.6%. Return on capital employed jumped to 23%.

Oman's government is actively diversifying away from oil dependency, and the CEPA's investment protection provisions make it easier for Indian firms to deploy capital there. South West Pinnacle is already past the exploration stage — it is extracting copper and generating revenue.

Tinna Rubber & Infrastructure (TINNARUBR) — Recycling Tyres From Muscat to Riyadh

Tinna Rubber operates a waste tyre recycling plant in Oman that ran at 93% capacity utilization in Q3 FY26, per their investor presentation. The plant generated FY26 revenue of approximately Rs 30 crore, with GCC markets absorbing 60% of production — a share management expects to reach 80% by Q1 FY27.

The India operations are also scaling: tyre crushing capacity grew 9% to 185,000 tonnes per annum in FY26, with actual volumes up 13% to 155,000 tonnes. Crumb rubber production rose 15%. Tinna is also planning a new plant in Saudi Arabia, using its Oman base as a stepping stone into the larger GCC market.

The CEPA does not just lower tariffs on goods — it establishes a framework for services and investment that makes it easier for companies like Tinna to move materials and capital between India and Oman. The company has already received permission to import end-of-life tyres into Oman, enabling lower input costs and better margins.

What Retail Investors Should Watch

The India-Oman CEPA is not a speculative event — it is a signed, ratified agreement now in force. The four companies above are not hoping to benefit; they already have operations generating revenue in Oman. The key variables to monitor in coming quarters are:

1. MUKKA's Oman facility expansion — commissioning of the Aljoubah plant could step-change regional capacity
2. JSWINFRA's Oman port construction timeline — any delays or acceleration will directly affect the FY28 revenue ramp
3. SOUTHWEST's mining revenue ramp — the USD 125M contract should start contributing meaningfully from FY27
4. TINNARUBR's GCC sales mix — crossing the 80% GCC target would validate the regional demand thesis

All four are small or mid-cap stocks, which means higher volatility but also less analyst coverage and potentially wider mispricings. The CEPA creates a structural tailwind for companies with on-ground Oman operations — a moat that cannot be replicated overnight.

Data sourced from company filings on NSE via Xaro.