Oval Projects Engineering IPO: ₹46.7 Cr Fresh Issue – Pipelines, Profits & Pressure Valves

1. At a Glance

Oval Projects Engineering Ltd, Agartala-based infra specialist, is tapping the SME markets with a ₹46.7 Cr fresh issue IPO. Price band ₹80–85, retail entry ticket ₹2.56 lakh minimum (matlab ek “gas pipeline” ke liye poori family ka monthly budget nikal jaayega). Company ka kaam Oil & Gas infra, city gas distribution, power O&M aur urban development EPC hai. FY25 mein revenue grew 31% to ₹103 Cr, PAT doubled 112% to ₹9.3 Cr. Order book visible, margins decent. Promoter Goutam Debnath abhi 72% holding leke baithe, IPO ke baad dilute hoga.

2. Introduction

Oil & Gas infra contractor ke bina India ka energy dream adhoora hai. Oval Projects Engineering (2013-born) ne iss field mein apna naam banaya – 900+ km pipelines laid, O&M services to CGD companies, and power plants ke shut-down/start-up ka jugaad. Agartala se start hua, ab World Bank & ADB funded projects bhi execute kar rahe hain.

IPO ka paisa majorly jayega long-term working capital mein – matlab tender jeeta, project shuru, payment aaya ek saal baad → gap ko public ke paiso se fund karna hai.

SME listing hone se liquidity thin rahegi, lekin valuation ke hisaab se company ek mid-sized contractor banne ki koshish kar rahi hai jo Oil & Gas + infra dono rides par baithna chahta hai.

3. Business Model (WTF Do They Even Do?)

Verticals:

1. Oil & Gas Infrastructure – pipelines, terminals, processing plants, CGD infra.
2. O&M Services – pipeline repair, maintenance, shutdowns, genset power plants.
3. Urban & Special Infra – civil infra during oil & gas projects, later expanded to standalone government infra contracts.

Revenue Style: EPC contractor = turnkey projects. Risk unka, execution bhi unka, payment kabhi late.

Clients: CGD companies, PSUs, World Bank-funded projects, ADB-funded projects. Matlab “client list achhi hai, lekin cheque kab aayega woh Rab hi jaane.”

4. Financials Overview

Quarterly (YoY & QoQ):