Oval Projects Engineering
August 28, 2025 – September 1, 2025
| Price | ₹80 - ₹85 |
| Premium | ₹0 |
|---|---|
| Lot size | 1600 |
| Allotment | Sep 2, 2025 |
| Listing | Sep 4, 2025 |
Oval Projects Engineering About
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 3200 | 272000 | 686 |
| sHNI | 3 | 4800 | 408000 | 100 |
| bHNI | 8 | 12800 | 1088000 | 200 |
IPO Details
| Total Issue Size | 54,99,200 shares (aggregating up to ₹46.74 Cr) |
| Fresh Issue | 54,99,200 shares (aggregating up to ₹46.74 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,52,70,068 shares |
| Share Holding Post Issue | 2,07,69,268 shares |
| Reserved for Market Maker | 3,04,000 shares (aggregating up to ₹2.58 Cr) |
| Market Maker | SMC Global Securities Ltd. |
Key Performance Indicator (KPI)
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| RONW | 20.85% | 17.12% | 19.71% |
| ROCE | 21.32% | 17.75% | 17.70% |
| EPS | 6.65 | 6.37 | 2.84 |
| P/E Pre IPO | 13.91 | ||
| P/E Post IPO | 18.92 |
Company Financial (In ₹Crore)
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 156.23 | 103.8 | 82.25 |
| Total Income | 103.44 | 78.99 | 64.09 |
| Profit After Tax | 9.33 | 4.4 | 3.19 |
| EBITDA | 18.08 | 9.89 | 3.46 |
| Net Worth | 55.88 | 33.67 | 17.75 |
| Reserves and Surplus | 40.61 | 20 | 17.68 |
| Total Borrowing | 53.7 | 32.41 | 32.21 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Oval Projects Engineering Limited | - | - | 10.00 |
| Likhitha Infrastructure Limited** | 15.34 | 269.55 | 5.00 |
| Konstelec Engineers Limited ** | 19.39 | 60.90 | 10.00 |
(Source: RHP,The EPS, P/E Ratio, NAV, RoNW of Oval Projects Engineering Limited are taken as per Restated Consolidated Financial Statement for the Financial Year 2024-25. The Figures as at March 31, 2025 and are taken from the financial results uploaded on respective Stock Exchange(s) figures marked **)
Peer Comparison (Financial Performance)| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Oval Projects Engineering Limited | 31.89 | 20.85 | 6.65 |
| Likhitha Infrastructure Limited** | 5.40 | 18.52 | 17.57 |
| Konstelec Engineers Limited ** | 20.30 | 4.93 | 3.14 |
About Company
Industry: Infrastructure Development
Focus Areas: Oil & Gas, City Gas Distribution, Urban Development, and Energy sectors across India
Company Overview :
Oval Projects Engineering Limited is an infrastructure development company with expertise across upstream, midstream, and downstream activities in the Oil & Gas sector. Its services include pipeline laying, construction of processing plants, CGS works, and providing O&M services for power plants and EPC projects.
The company delivers turnkey solutions nationwide, with strong project presence in regions such as Agartala (Tripura) and several other locations across India. To date, it has successfully executed over 900 km of pipeline installations while continuing to expand its operations in Oil & Gas and Power sectors.
Business Segments :
- Oil & Gas Infrastructure
- Designing and executing gas processing plants, oil/petrochemical storage terminals, and pipeline laying.
- Developing infrastructure for distribution networks.
- Oil & Gas Operation & Maintenance (O&M)
- Providing services to CGD companies and public sector entities.
- Expertise in pipeline repairs, maintenance, scheduled shutdowns, and managing gas genset power plants & CNG stations.
- Special Infrastructure Projects
- Gained experience in civil infrastructure during oil & gas projects.
- Currently executes technical infrastructure works funded by the Government, World Bank, and ADB.
Strength
Strong Promoter & Experienced Management: Led by promoter Goutam Debnath with 15+ years of industry experience, supported by a skilled management team combining technical, operational, and business expertise.
Efficient Resource Utilization: Focus on improving execution processes, upgrading skills, modernizing machinery, and streamlining procurement to ensure optimal use of resources.
Robust Order Book: More than 30 ongoing projects with pending execution worth ₹45,299.61 Lakhs (as of April 2025), reflecting strong growth visibility and diversified project portfolio.
Weakness
Legal Proceedings: Ongoing cases involving the Company, Promoter, and Directors; any adverse outcome may impact operations and financial stability.
Negative Cash Flows: Past negative cash flows raise uncertainty over sustaining profitability and avoiding future losses.
High Working Capital Needs: Business growth depends on significant working capital; lack of sufficient cash flows or financing could strain operations and repayments.
Oval Projects Engineering Lead Manager(s)
Oval Projects Engineering Address
House No. 451568,
Milan Chakra, (Near Prajapita Brahmakumari Center)
Badharghat, P.O. A.D. Nagar
Agartala, Tripura, 799003
Phone: +91 7085049473
Email: cs@ovalprojects.com
Website: https://www.ovalprojects.com/