Oval Projects Engineering IPO

About Oval Projects Engineering IPO

The offer consists of a fresh issue component. The fresh issue will include up to 54,99,200 equity shares of face value of ₹10 each aggregating up to ₹46.74 crore. The total number of shares is 54,99,200 equity and aggregate amount ₹46.74 crore.

Oval Engineering IPO opens on August 28, 2025 and closes on Sep 1, 2025. The tentative allotment date is Sep 2, 2025. The listing date is Sep 4, 2025. The credit of shares to the demat account will take place on Sep 3, 2025. The initiation of refunds is Sep 3, 2025.

Oval Projects Engineering is an infrastructure services company engaged in providing engineering, procurement and construction as well as operation and maintenance services in the oil and gas sector. Oval Projects Engineering Limited’s execution capabilities, comprising strong in-house operations consisting of design, engineering, procurement, construction teams, enable them to execute large as well as complex projects. Their track record in oil & gas projects has been instrumental in their consistent sales and performance. Their management team ensures efficient and rapid construction and completion of their pipeline projects, and their procurement team works with vendors who have the scale to deliver and meet their requirements to procure construction materials and equipment. As a result of their end-to-end execution capabilities and in-house resources, they are able to complete our projects at competitive cost as well as create value for future projects through their efficient supply chain, which enables them to benefit from economies of scale.

Objective of Oval Projects Engineering IPO

• To meet long-term working capital requirements.
• General corporate purposes.

Industry Outlook

Global oil demand in 2025 is expected to grow by 1.3 mb/d, y-o-y, unchanged from last month’s assessment. Some minor adjustments were made in Q125, mainly due to the receipt of actual data. In the OECD, oil demand is expected to expand by about 0.1 mb/d, while non-OECD demand is forecast to increase by about 1.2 mb/d in 2025. In 2026, world oil demand is projected to rise by 1.3 mb/d, y-o-y, also unchanged from last month’s assessment. The OECD is anticipated to grow by around 0.1 mb/d, y-o-y, in 2026, while demand in the non-OECD is expected to increase by about 1.2 mb/d, y-o-y.

India holds a significant position in the global oil and gas industry due to its large and growing energy market. The EPC market for oil and gas in India has witnessed a growth rate of 10% CAGR over the past five years, driven by a) India’s pipeline network expanding significantly, with projects such as the Jagdishpur-Haldia-Bokaro-Dhamra Pipeline (JHBDPL) and North East Gas Grid gaining traction. b) The government’s ambitious target of establishing CGD networks in over 400 districts has catalysed demand for EPC services. c) Major refinery upgrades and capacity additions, including the Ratnagiri Refinery and Petrochemicals project, have bolstered EPC opportunities.

Company Information

Oval Projects Engineering Limited is primarily an infrastructure services company engaged in the business of providing engineering, procurement and construction (“EPC”) industrial infrastructure services and operations and maintenance (“O&M”) services to their PAN India customers especially in the Oil & Gas sector. Headquartered in Agartala-Tripura, they commenced their business operations as a project management consultancy company. Over the last decade, they have expanded and diversified their business services to EPC, O&M and other infrastructure services and constantly improved their business processes.

The company focuses on upstream, midstream and downstream facility development activities in the Oil and Gas sector, such as processing plants, pipeline laying, horizontal directional drilling, terminal stations, City Gas Distribution (CGD) work, O&M of PNG/CNG services and other related EPC projects. They also provide O&M services for captive power plants. Beyond Oil & Gas, they actively undertake civil projects catering to urban development, including smart cities. They have been awarded a few projects in urban infrastructure which are funded by international financing organisations. They have a proven track record of delivering complex infrastructure projects.

Their client base comprises established public sector players in the Oil and Gas Industry and central & state Government establishments including those funded by international financing organisations in the infrastructure sector.

Strengths of Oval Projects Engineering IPO

• Strong project execution capabilities.
• Experienced promoter and management team.
• Optimal utilisation of resources.
• Visible growth through a robust order book.

Risks of Oval Projects Engineering IPO

• Delays or a lack of tenders from government entities, along with adverse changes in government policies.
• Significant social, political, or economic changes in the oil and gas sector.
• Increased competition and aggressive bidding by such competitors are expected to make their ability to procure business in future more uncertain.
• Their business and operations involve inherent occupational hazards which can be dangerous and could cause injuries to people or property.
• Fluctuations in the cost of raw materials or any shortages, delays or disruptions in the supply of the raw materials they use in their manufacturing process due to factors beyond their control.
• Outstanding legal proceedings involving the director, Promoters and directors.

Notes: (1) The EPS, P/E Ratio, NAV, RoNW and revenue from operations of Oval Projects Engineering Limited are taken as per Restated Consolidated Financial Statement for the Financial Year 2024-25. (2) P/E Ratio has been computed based on the closing market price of equity shares on the NSE on March 28, 2025 divided by the Basic EPS. (3) RoNW is computed as Consolidated Net Profit after Tax divided by the Consolidated closing net worth. Net worth has been computed as sum of share capital and reserves and surplus reduced by preliminary expenses, if any. (4) NAV is computed as the Consolidated closing net worth divided by the closing outstanding number of equity shares. @ Current Market Price (CMP) is taken as the closing price of respective scripts as on March 28, 2025 at NSE, as applicable. For our Company, Current Market Price is taken same as issue price of equity share. ^ The Figures as at March 31, 2025 and are taken from the financial results uploaded on respective Stock Exchange(s)

Anchor Investor Bidding Date: 26 August 2025

*The Company in consultation with the BRLM, may consider participation by Anchor Investors in accordance with the SEBI (ICDR) Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: MAS Services Limited Book Running Lead Managers: SMC Capitals Limited

Business Model

The company earns its revenue through the following sources:

• Providing engineering, procurement, and construction (EPC) industrial infrastructure services and operations and maintenance (O&M) services to its PAN India customers, especially in the oil & gas sector.
• Undertaking civil projects catering to urban development, including smart cities.

Company Growth Trajectory

Oval Projects Engineering Limited’s total income increased by 30.96% from ₹78.99 crore in FY 2023-24 to ₹103.44 crore in FY 2024-25, primarily due to an increase in their revenue from operations and other income.

The revenue from operations for the year ended FY 2024-25 was ₹102.29 crore as compared to ₹77.97 crore during FY 2023-24. Revenue from operations mainly includes revenue from works contracts, management services, engineering services, skill development and other services related to the Oil and Gas Industry through direct contract. Revenue from operations increased by 31.20% from the previous year i.e. FY 2023-24. During the year, the company completed a few projects and started working on a few new projects which has resulted in an increase in revenue from operations as compared to the previous financial year i.e. FY 2023-24.

Other income of the company was ₹1.15 crore and ₹1.02 crore for FY 2024-25 and FY 2023-24 respectively.

PAT increased to ₹9.33 crore in FY 2024-25 from ₹4.40 crore in FY 2023-24. PAT was 9.02 % and 5.57% of the total income of the company in FY 2024-25 and FY 2023-24 respectively.

Company Market Position

Oval Projects Engineering Limited has a business presence (including past operations) in more than 10 states in India and also has deep penetration in the northeastern geographical area. They have increased the scale of their operations by adopting a strategy of expansion across regions and have strategically expanded into geographies where there is a demand for providing EPC, flowline infrastructure and O&M services. They also have a strong network of suppliers throughout the country.

As of 31st March, 2025, the company’s Total Income, Profit After Tax, and EBITDA stood at ₹103.437 crores, ₹9.332 crores, and ₹18.080 crores, respectively.

How to check the allotment status of Oval Projects Engineering IPO?

1. Visit the Registrar's Website To check the IPO allotment status for Oval Projects Engineering Limited IPO, visit the official website of MAS Services Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
• Choose 'Oval Projects Engineering Limited' in the next dropdown
• Enter your application number
• Enter your PAN
• Click 'Search'

Your Oval Projects Engineering Limited IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Oval Projects Engineering Limited IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your Oval Projects Engineering Limited IPO bid and allotment details will be displayed.

How to apply for the Oval Projects Engineering IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.