- POSITIVE
Annual Revenue Oval Projects Engineering Mar-2026 Annual Revenue is Rs 157 Cr which is growth of 52.0% YoY.
- POSITIVE
Annual Net Profit Oval Projects Engineering Mar-2026 Annual Net Profit is Rs 15 Cr which is growth of 58.6% YoY.
Oval Projects Engineering was incorporated on October 7, 2013. The company provides EPC and O&M industrial infrastructure services across India, with a strong presence in the Oil & Gas sector. Beginning as a project management consultancy, it has expanded over the last decade into diversified infrastructure services
| Bidding Dates |
|---|
| 28 Aug 2025 - 01 Sep 2025 |
| Subscription |
|---|
| 1.57x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹256,000 | 2 | 2 | 1600 | 5.5 M | ₹80 - ₹85 | 53.07 % | ₹439.9 M - ₹467.4 M | RHP DOC |
Oval Projects Engineering IPO SUBSCRIPTION STATUS
01 Sep '25Total1.57x
Retail Individual Investor1.13x
HNI (NII) Investors2.18x
Qualified Institutional Buyers1.7x
Oval Projects Engineering IPO overall subscription rate was 1.57 times the total available shares
Oval Projects Engineering IPO retail subscription rate was 1.13 times in the retail segment
Oval Projects Engineering IPO non-institutional investor subscription rate was 2.18 times in the non-institutional investor category
Oval Projects Engineering IPO Qualified Institutional Bidder subscription rate was 1.7 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
01 Sep 2025 (Day 3) | 1.13x | 2.18x | 1.7x |
29 Aug 2025 (Day 2) | 0.43x | 1.05x | 0.79x |
28 Aug 2025 (Day 1) | 0.18x | 0.65x | 0.79x |
Oval Projects Engineering FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 102.3 | 9.3 | -16.1 | -15.2 | 17.7% |
| FY24 | 78.0 | 4.4 | -1.2 | -1.5 | 12.7% |
| FY23 | 59.0 | 3.2 | 12.0 | 9.6 | 5.9% |
Oval Projects Engineering IPO SUBSCRIPTION STATUS DETAILS
Oval Projects Engineering had 5.5 M shares on offer
Oval Projects Engineering IPO offer price was in the range ₹80 - ₹85
Oval Projects Engineering IPO minimum Investment was ₹256000
Oval Projects Engineering IPO issue size was ₹ 439.9 M - ₹ 467.4 M
Oval Projects Engineering had a minimum lot size of 1600 Shares per application
Oval Projects Engineering NUMBER OF SHARES ON OFFER
Total5.5 M
Fresh Issue5.5 M
Offer for Sale0
Post Issue Promoter Holding %53.07 %
Oval Projects Engineering IPO IMPORTANT DATES
| Issue Open Date | 28 Aug 2025 |
| Issue close Date | 01 Sep 2025 |
| Allotment Date | 02 Sep 2025 |
| Refund Date | 03 Sep 2025 |
| Demat Account Credit Date | 03 Sep 2025 |
| Listing Date | 04 Sep 2025 |
| Listing on Exchange(s) | BSE |
| Oval Projects Engineering Allotment Status | Exchange/ Registrar |
Oval Projects Engineering IPO subscription opened on 28 Aug 2025, and closed on 01 Sep 2025
IPO allotment for Oval Projects Engineering was finalized on Tuesday, 02 Sep 2025
IPO listing for Oval Projects Engineering was on BSE on Thursday, 04 Sep 2025
Oval Projects Engineering IPO LISTING GAINS
| Issue Price (adjusted) | 85.0 |
| Listing Open Price | 85.3 |
| Listing Close Price | 85.0 |
| Listing Gain% | 0.3% |
| Current Gain% | -47.1% |
Oval Projects Engineering Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oval Projects Engineering Ltd. | 44.9 | 93.3 | 6.8 | 0.1 | 0.6 | 12.5 | 6.3 | 154.2 | 49.1 | 13.7 | 47 | 6.6 | 47 |
| Larsen & Toubro Ltd. | 3770 | 530416.8 | 32 | 7 | 1.8 | 14.7 | 3.6 | 291635 | 12.2 | 16084 | 7 | 117.9 | 4.5 |
| GMR Airports Ltd. | 93.1 | 98261.8 | 205.5 | 1 | 6.3 | -5.9 | 0.3 | 15200.8 | 40.3 | 175.5 | 144.7 | 0.5 | 203.3 |
| Rail Vikas Nigam Ltd. | 198.8 | 41446 | 46.1 | -1.9 | 2 | 8.9 | 4 | 21187.4 | 1.3 | 874.7 | -31.7 | 4.3 | -24.5 |
| Kalpataru Projects International Ltd. | 1451.5 | 24787.6 | 21.8 | 0.4 | 0.9 | 13.4 | 3.8 | 27247.9 | 21.8 | 1040 | 77.6 | 66.5 | 60.9 |
| NBCC (India) Ltd. | 77 | 20803.5 | 28 | 0.9 | 1.6 | 23.9 | 4.4 | 13195.9 | 7.5 | 720 | 33.1 | 2.8 | 30.6 |
Annual
Balance Sheet
Ratios
Cash Flow
Oval Projects Engineering annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
Nested row level
Base Level
Reporting Type
Standalone
Cell Data
Actual
Table Settings
YoY & New to Old
CAGR Columns
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Nested row level
Base Level
Export
| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 | Mar '22 |
|---|---|---|---|---|---|---|---|
37.2% | 156.9 | 103.2 | 79 | 60.8 | 56.9 | ||
Operating Exp. Ann. | 34.2% | 128.6 | 84.9 | 68.1 | 53.2 | 51.4 | |
Operating Profit Ann. | 111.2% | 24.5 | 17.4 | 9.9 | 2.6 | 5.3 | |
OPM Ann. % | 54.3% | 15.64% | 16.90% | 12.47% | 4.26% | 9.34% | |
33.8% | 136.2 | 90.1 | 72.1 | 56.8 | 53 | ||
EBITDA Ann. | 55% | 28.3 | 18.3 | 10.9 | 7.6 | 5.5 | |
EBITDA Ann. margin % | 12.9% | 18.01% | 17.75% | 13.76% | 12.53% | 9.67% | |
Interest Ann. | 30.2% | 6.4 | 4.7 | 3.3 | 2.9 | 0.8 | |
Depr. | 19.7% | 1.2 | 0.6 | 0.7 | 0.7 | 0.8 | |
PBT Ann. | 73.8% | 21 | 13.2 | 6.9 | 4 | 3.9 | |
Tax Ann. | 78% | 6.2 | 3.8 | 2.6 | 1.1 | 1.1 | |
72.2% | 14.8 | 9.3 | 4.3 | 2.9 | 2.9 | ||
Net Profit Ann. | 70.2% | 14.8 | 9.3 | 4.4 | 3 | 2.9 | |
NPM Ann. % | 22% | 9.67% | 9.13% | 5.60% | 5.33% | 5.03% | |
EPS Adj. latest Ann. | 71.8% | 7.1 | 4.5 | 2.1 | 1.4 | 1.4 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
52%
2Y CAGR
40.9%
3Y CAGR
37.2%
Net Profit Ann.
1Y CHG
59.1%
2Y CAGR
83.4%
3Y CAGR
70.2%
Operating Exp. Ann.
1Y CHG
51.5%
2Y CAGR
37.4%
3Y CAGR
34.2%
Oval Projects Engineering INFORMATION ON IPO ISSUE
About Oval Projects Engineering
Oval Projects Engineering was incorporated on October 7, 2013. The company provides EPC and O&M industrial infrastructure services across India, with a strong presence in the Oil & Gas sector. Beginning as a project management consultancy, it has expanded over the last decade into diversified infrastructure services
Object of the Issue
- To meet long-term working capital requirements
- General corporate purposes
Oval Projects Engineering - PROMOTERS
| Name |
|---|
| Goutam Debnath |
Oval Projects Engineering - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Goutam Debnath | Chairman & Managing Director |
| Himangshu Mahawar | Non-Executive Non-Independent Director |
| Khitish Kumar Nayak | Non-Executive Independent Director |
| Sneha Banik | Whole Time Director |
| Tarun Malik | Non-Executive Independent Director |
Oval Projects Engineering Book Running Lead Manager
SMC Capitals Limited
oval.ipo@smccapitals.com
Oval Projects Engineering Registrar to the issue
MAS Services Limited
ipo@masserv.com
Oval Projects Engineering Strengths
Project execution capabilities
The company’s strong in-house design, engineering, procurement, and construction teams enable execution of large and complex projects, particularly in oil & gas. With efficient management, cost control, and a robust supply chain, it ensures timely, competitive, and value-driven project delivery
Strength
Optimal utilisation of resources
The company continuously enhances execution processes, employee skills, and machinery modernisation to optimise resource use. It regularly reviews procurement and project execution to resolve bottlenecks and ensure smooth, efficient operations
Strength
Order book
The company views its order book as a key indicator of future performance, focusing on quality, high-margin, and prestigious projects to strengthen its reputation. By diversifying across sectors, it broadens project opportunities and optimises business volume and margins
Strength
Oval Projects Engineering Risks
Capital intensive
The company’s business requires high working capital, and growth has historically depended on it. Insufficient cash flows or a lack of financing could impact its business, financial condition, and results of operations
Risk
Licenses & approvals
The company operates under various statutory permits, licenses, and approvals, many of which require periodic renewal. Any delay, non-compliance, or failure to obtain or update these approvals, especially after its conversion to a public company, could adversely affect business operations
Risk
Competition
The company faces competitive pressures from existing players and new entrants in both the public and private sectors. Rising competition and aggressive bidding may affect its ability to secure future business, impacting its financial condition and operations
Risk
IPO FAQs
The promoter of the company is Goutam Debnath.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 80.0 - 85.0.
The IPO application opens on Aug 28, 2025 and closes on Sep 01, 2025.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 256,000.0, the maximum value for this IPO is Rs 272,000.0.
This IPO will be allotted on Sep 02, 2025.
The refund will be credited to your account on Sep 03, 2025.
The allotted shares will be credited to your demat on Sep 03, 2025.
Oval Projects Engineering Ltd.’s shares listed on the stock exchanges on Sep 04, 2025.