The Oval Projects Engineering IPO will open on August 28, 2025, and close on September 1, 2025. It is a Book Built Issue through which the company aims to raise ₹46.74 crores, comprising a fresh issue worth ₹46.74 crores and an offer for sale of up to 1,600 equity shares with a face value of ₹10 each. The IPO price band has been set at ₹80 to ₹85 per share. The quota distribution includes 50% for QIBs, 35% for retail investors, and 15% for NIIs. The allotment date is scheduled for September 2, 2025, while the listing on BSE will take place on September 4, 2025.
Financially, the company has delivered strong growth, with revenue rising to ₹103.44 crores in FY 2025 compared to ₹78.99 crores in FY 2024, and net profit increasing to ₹9.33 crores in FY 2025 against ₹4.40 crores in FY 2024. This consistent performance reflects the company’s solid fundamentals and growth potential, making the Oval Projects Engineering IPO an attractive option for investors who are looking at it from a long-term investment perspective.
Oval Projects Engineering IPO Date & Price Band Details
The Oval Projects Engineering IPO opens on August 28, 2025, and closes on September 1, 2025. With a price band of ₹80–₹85 per share and a lot size of 1600 shares, the IPO aims to raise ₹46.74 crores. It will be listed on BSE SME with defined retail, QIB, and NII quotas.
| Category | Details |
|---|---|
| IPO Open Date: | August 28, 2025 |
| IPO Close Date: | September 1, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹80 to ₹85 Per Share |
| Issue Size: | Approx ₹46.74 Crores |
| Fresh Issue: | Approx ₹46.74 Crores |
| Lot Size: | 1600 Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE SME |
| Retail Quota: | Not more than 35% |
| QIB Quota: | Not more than 50% |
| NII Quota: | Not more than 15% |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
| Anchor Investors List: | Click Here |
Oval Projects Engineering IPO Market Lot
The minimum market lot for Oval Projects Engineering IPO is 3,200 shares, requiring an application amount of ₹2,72,000, making it suitable primarily for serious retail and HNI investors.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,72,000 |
| Retail Maximum | 2 | 3,200 | ₹2,72,000 |
| S-HNI Minimum | 3 | 4,800 | ₹4,08,000 |
| S-HNI Minimum | 8 | 11,200 | ₹9,52,000 |
| B-HNI Minimum | 9 | 12,800 | ₹10,88,000 |
Oval Projects Engineering IPO Allotment & Listing Dates
The Oval Projects Engineering IPO will open on August 28, 2025, and close on September 1, 2025. The IPO allotment date is scheduled for September 2, 2025, and the IPO listing on BSE SME will take place on September 4, 2025.
| Type | Date |
|---|---|
| IPO Open Date: | August 28, 2025 |
| IPO Close Date: | September 1, 2025 |
| Basis of Allotment: | September 2, 2025 |
| Refunds: | September 3, 2025 |
| Credit to Demat Account: | September 3, 2025 |
| IPO Listing Date: | September 4, 2025 |
Oval Projects Engineering IPO: Promoters
The promoter of Oval Projects Engineering is Mr. Goutam Debnath, who plays a key role in driving the company’s growth and strategic direction.
Oval Projects Engineering IPO Company Financial Report
The company has shown strong financial growth, with revenue increasing to ₹103.44 crores in FY 2025 compared to ₹78.99 crores in FY 2024. Similarly, net profit rose to ₹9.33 crores in FY 2025 from ₹4.40 crores in FY 2024, reflecting its robust performance and profitability.
| Period Ended | Revenue | Expense | Profit After Tax | Assets |
|---|---|---|---|---|
| 2023 | ₹64.09 | ₹59.72 | ₹3.19 | ₹- |
| 2024 | ₹78.99 | ₹72.05 | ₹4.40 | ₹- |
| 2025 | ₹103.44 | ₹90.42 | ₹9.33 | ₹- |
Oval Projects Engineering IPO Valuation – FY2025
Oval Projects Engineering demonstrates strong financial metrics with an ROE of 20.85% and ROCE of 21.32%. The company maintains an EBITDA margin of 17.68% and a PAT margin of 9.12%. With an EPS of ₹6.65 and NAV of ₹31.89, it reflects solid returns and stable financial performance.
| KPI | Values |
|---|---|
| ROE: | 20.85% |
| ROCE: | 21.32% |
| EBITDA Margin: | 17.68% |
| PAT Margin: | 9.12% |
| Debt to equity ratio: | – |
| Earning Per Share (EPS): | ₹6.65 (Basic) |
| Price/Earning P/E Ratio: | NA |
| Return on Net Worth (RoNW): | 20.85% |
| Net Asset Value (NAV): | ₹31.89 |
Oval Projects Engineering IPO Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Likhitha Infrastructure Limited | 17.57 | 15.34 | 18.52 | 5.40 | ₹42,1.68 Cr. |
| Konstelec Engineers Limited | 3.14 | 19.39 | 4.93 | 20.30 | ₹19,5.66 Cr. |
Objects of the Issue – Oval Projects Engineering IPO
- Utilization towards long-term working capital requirements of the company
- Funding for general corporate purposes
Oval Projects Engineering Company Overview, Strengths, and Risks
Oval Projects Engineering Limited is an infrastructure services company specializing in engineering, procurement, and construction (EPC) and operations and maintenance (O&M) services. Since its establishment in 2013, the company has focused on the onshore Oil & Gas, City Gas Distribution, Urban Development, and Energy sectors in India. Headquartered in Agartala, Tripura, it has expanded its operations to a pan-India presence.
The company’s services cover a broad range of activities, including:
- Oil & Gas Infrastructure: EPC work for gas gathering/processing stations, cross-country pipeline laying, and terminal station development.
- City Gas Distribution (CGD): Laying and maintaining City Gas Distribution networks, including both steel and MDPE pipelines.
- Urban Development: Executing civil and infrastructure works for projects like school buildings and market places, often for government-funded initiatives.
- O&M Services: Providing operation and maintenance for pipelines, CGD networks, and other facilities.
The company has a strong client base, heavily weighted toward public sector undertakings and government-controlled entities, including ONGC. As of early 2025, its order book stood at over ₹450 crore.
Strengths
- Robust Project Execution Capabilities: The company has a demonstrated track record of completing projects, having laid over 900 km of pipelines. It has a team of experienced professionals and a commitment to adhering to international standards.
- Strong and Experienced Management: The company is led by an experienced promoter, Goutam Debnath, who has over a decade of technical experience in the oil and gas infrastructure sector. This leadership provides a competitive advantage and a clear vision for growth.
- Strong Order Book: With a significant order book of around ₹453 crore as of early 2025, the company has visible and sustained growth potential.
- Diverse Service Offerings: By providing a mix of EPC and O&M services, and by participating in both Oil & Gas and general infrastructure projects, the company has diversified its revenue streams.
- Commitment to Quality and Safety: Oval Projects Engineering is certified under ISO 9001:2015, ISO 14001:2015, and OHSAS 18001:2007, indicating a focus on quality management, environmental responsibility, and occupational health and safety.
Risks
- Reliance on Key Clients: The company’s business is heavily concentrated on a few major clients, particularly public sector entities. As of FY2025, over 90% of its revenue was from government-controlled entities. This high client concentration makes it vulnerable to payment delays, project cancellations, or any negative changes in relationships with these clients.
- Working Capital Management and Negative Cash Flow: Despite a significant increase in revenue and profit, the company reported a negative operating cash flow in FY2025. This was primarily due to higher trade receivables and increased working capital requirements, a common challenge when dealing with large government contracts.
- Competitive Market: The engineering and construction industry in India is highly competitive, with numerous firms vying for projects. The company must continually differentiate itself through expertise and quality to secure new contracts.
- Sustainability of Financial Performance: The company’s significant boost in its profit and revenue in FY2025 has raised questions about the sustainability of this rapid growth. Potential investors may be concerned about whether this performance can be maintained in the long term.
- Litigation/Contractual Disputes: A legal case from 2025 indicates a dispute with ONGC regarding alleged forged documents. While the company stated this was an “inadvertent error,” such incidents can damage a company’s reputation and lead to contract terminations or other penalties.
Oval Projects Engineering IPO Review
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Oval Projects Engineering IPO Registrar
MAS Services Ltd.
Phone: (011) 2610 4142
Email: ipo@masserv.com
Website: https://www.masserv.com/opt.asp
Oval Projects Engineering IPO Lead Managers aka Merchant Bankers
- SMC Capitals Ltd
Oval Projects Engineering Company Address
Oval Projects Engineering Ltd.
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/
FAQs about Oval Projects Engineering IPO
The total issue size is approximately ₹46.74 crores, consisting entirely of a fresh issue of shares.
The price band is set at ₹80 to ₹85 per equity share.
The minimum market lot for a retail investor is 3,200 shares, which requires an application amount of ₹2,72,000 at the upper price band.
The IPO will open for subscription on August 28, 2025, and will close on September 1, 2025.
The basis of allotment is scheduled for September 2, 2025.
The shares are scheduled to be listed on the BSE SME on September 4, 2025.
The promoter of the company is Mr. Goutam Debnath.
The company has shown strong financial growth, with revenue increasing to ₹103.44 crores and net profit rising to ₹9.33 crores in FY 2025.
The funds raised from the IPO will be used for the company’s long-term working capital requirements and general corporate purposes.
You can visit the official website at https://www.ovalprojects.com/ or contact the IPO registrar, MAS Services Ltd.
Disclaimer: This content is provided strictly for educational and informational purposes only. The securities or investments mentioned are based on publicly available information and should not be construed as investment advice or recommendations. Investors are advised to consult with their financial advisor before making any investment decisions.
