Oval Projects IPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 28 August 2025 |
| IPO Closes on | 1 September 2025 |
| Allotment on | 2 September 2025 |
| Credit of shares on | 3 September 2025 |
| Tentative Listing on | 4 Sepetmber 2025 |
Oval Projects IPO Condenses Verdict
Oval Projects Engineering has posted steady growth in revenues and profits over the last three years with FY25 income of Rs. 103.44 crore and PAT of Rs. 9.33 crore. However, the balance sheet shows very high inventory (Rs. 44.57 crore) and receivables (Rs. 42.56 crore) compared to monthly revenues of Rs. 8.52 crore, which is not normal for an EPC player. Coupled with borrowings of Rs. 53.70 crore, this raises concerns on working capital management. May avoid.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
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About Oval Projects
Incorporated in 2013, Oval Projects Engineering Limited is engaged in infrastructure development with focus on Oil & Gas, City Gas Distribution, Urban Development and Energy sectors across India. The company provides turnkey solutions covering upstream, midstream and downstream segments in Oil & Gas, including pipeline laying, gas processing plants, CGS works and O&M services for power plants and EPC projects. It has successfully executed over 900 km of pipeline installations and maintains a presence in regions such as Agartala, Tripura and several other locations nationwide.
Its business segments include:
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Oil & Gas Infrastructure: Design and execution of gas processing plants, petrochemical storage terminals, pipelines and distribution facilities.
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Operation & Maintenance: O&M services for CGD companies and PSUs, covering pipeline maintenance, shutdown management, CNG stations and gas genset power plants.
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Special Infrastructure Projects: Execution of civil and technical infrastructure projects, including assignments funded by Government, World Bank and ADB.
As on March 31, 2025, the company employed 123 people on its rolls.
Oval Projects IPO Details
|
Sector: Infrastrcuture Development |
|
| IPO opens on | 28 August 2025 |
| IPO closes on | 1 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 54,99,200 Shares / Rs 46.74 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 304,000 Shares |
| Net offer to Public | 51,95,200 Shares Rs. 44.16 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 80-85 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1600 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,04,000 (5.53%) |
| QIB Shares Offered | 15,60,000 (28.37%) |
| NII (HNI) Shares Offered | 14,40,000 (26.19%) |
| Retail Shares Offered | 21,95,200 (39.92%) |
| Total Shares Offered | 54,99,200 (100.00%) |
| Individual investors (Retail) (Min) | 2 | 3,200 | 2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | 2,72,000 |
| S-HNI (Min) | 3 | 4,800 | 4,08,000 |
| S-HNI (Max) | 7 | 11,200 | 9,52,000 |
| B-HNI (Min) | 8 | 12,800 | 10,88,000 |
Who are the Promoters of Oval Projects IPO?
The promoters hold 72.91% of the pre-IPO capital
What are the Objects of Oval Projects IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Utilization towards long-term working capital requirements of our Company Rs. 37.03 Crore
+General Corporate purposes
Oval Projects IPO Lead Managers
SMC Capital ltd
| Registered Office of the Company |
| Oval Projects Engineering Ltd. House No. 451568, Milan Chakra, (Near Prajapita Brahmakumari Center) Badharghat, P.O. A.D. Nagar Agartala, Tripura, 799003 |
| Who is the Registrar to the IPO? Mas Services ltd |
Oval Projects Financials Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-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 |
| Amount in Rs. Crore | |||
Performance Indicators
| KPI | Values |
| ROE | 20.85% |
| ROCE | 21.32% |
| RoNW | 20.85% |
| PAT Margin | 9.12% |
| EBITDA Margin | 17.68% |
| Price to Book Value | 2.67 |
| EPS-Pre | 6.11 |
| PER-Pre | 13.91 |
How Oval Projects IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Oval Projects Engineering | 20.85 | |
| Likhitha Infrastructure | 15.34 | 18.52 |
| Konstelec Engineers | 19.39 | 4.93 |
Oval Projects IPO Review
by Paresh Gordhandas, CA & Research Analyst
Incorporated in 2013, Oval Projects Engineering Limited is an infrastructure development company engaged in Oil & Gas, City Gas Distribution, Energy and Urban Infrastructure projects. The company has executed over 900 km of pipeline installations and provides turnkey EPC and O&M solutions across upstream, midstream and downstream segments.
Financially, the company has reported consistent growth. Total income rose from Rs. 64.09 crore in FY23 to Rs. 78.99 crore in FY24 and further to Rs. 103.44 crore in FY25. Profit After Tax also improved from Rs. 3.19 crore in FY23 to Rs. 4.40 crore in FY24 and Rs. 9.33 crore in FY25. EBITDA expanded sharply to Rs. 18.08 crore in FY25 versus Rs. 9.89 crore in FY24, reflecting improved operational margins. Net worth as of March 31, 2025 stood at Rs. 55.88 crore with reserves of Rs. 40.61 crore.
On the flip side, the company’s balance sheet raises red flags. Trade receivables at Rs. 42.56 crore and inventory at Rs. 44.57 crore are very high compared to its monthly revenues of Rs. 8.52 crore. Cash and bank balance of Rs. 20.30 crore and other advances of Rs. 15.44 crore also look outsized. Moreover, borrowings of Rs. 53.70 crore indicate significant reliance on debt to manage working capital.
Chanakya View: While the company operates in a niche sector with visible growth, its working capital stress and high borrowings make the issue risky. Considering stretched receivables and inventory, we advise investors to avoid this IPO.
The IPO size is Rs. 46.74 crore, consisting of a fresh issue of 0.55 crore shares. The IPO opens on August 28, 2025 and closes on September 1, 2025. Allotment is expected on September 2, 2025 and listing on BSE SME on September 4, 2025.
The price band is Rs. 80 to Rs. 85 per share. Minimum application lot is 1,600 shares. Retail investors need to apply for at least 2 lots (3,200 shares) requiring Rs. 2,56,000, while HNIs must apply for a minimum of 3 lots (4,800 shares) requiring Rs. 4,08,000.
The company reported revenue of Rs. 103.44 crore and PAT of Rs. 9.33 crore in FY25, showing steady growth compared to Rs. 64.09 crore revenue and Rs. 3.19 crore PAT in FY23.
Yes. Trade receivables of Rs. 42.56 crore, inventory of Rs. 44.57 crore and advances of Rs. 15.44 crore are high compared to monthly revenues of Rs. 8.52 crore. Borrowings of Rs. 53.70 crore further strain the balance sheet.
Despite growth, the high receivables, inventory and debt raise serious concerns. Chanakya recommends avoiding this IPO.
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