Oval Projects Engineering IPO: Price, GMP, Analysis, And Details

Oval Projects Engineering IPO- Company Analysis 

Oval Projects Engineering IPO under the SME IPO category is a bookbuilding issue of Rs. 46.74 Cr by Oval Projects Engineering Ltd, which was incorporated in 2013 and is a leader in building vital infrastructure for India’s Oil & Gas, City Gas Distribution, Urban Development, and Energy sectors.

The company’s expertise covers the entire Oil and Gas supply chain: upstream, midstream, and downstream. It handles everything from laying pipelines and constructing processing plants to building city gas stations and maintaining power plants and EPC projects.

Oval Projects offers complete, ready-to-operate packages for any Oil and Gas project and has installed more than 900 kilometres of pipelines, and keeps expanding its footprint from Agartala in Tripura to every corner of the country.

 

Company Focus Areas

• Oil & Gas Infrastructure

• Operation and Maintenanc

• Special Infrastructure Projects.

 

Oval Projects Engineering IPO Details

The Oval Projects Engineering IPO date is on 28 August 2025, and its initial public offering will end on 01 Sep with IPO allotment on Sep 02, and refund initiation on Sep 03, 2025.

The Rs. 46.74 crore new SME IPO comprises a wholly fresh issue of 0.55 crore Shares.

The Oval Projects Engineering IPO listing date (expected) might be on Thursday, Sep 04, 2025, and listing at the BSE and SME. 

The Oval Projects Engineering IPO price band is Rs. 80 to Rs. 85.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 28, 2025
IPO Closing Date	Sep 01, 2025
IPO Allotment Date	Sep 02, 2025
Refund Initiation	Sep 03, 2025
IPO Listing Date	Sep 04, 2025

 

Click to open demat account and apply for the IPO.

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	156.23	103.80	82.25
Total Revenue	103.44	78.99	64.09
PAT	9.33	4.40	3.19
EBITDA	18.08	9.89	3.46
Net Worth	55.88	33.67	17.75
Reserves & Surplus	40.61	20	17.68
Borrowings	53.70	32.41	32.21

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(1,607.02)	(112.84)	1,193.33
Net Cash Flow Investing Activities	(323.07)	(1,540.30)	(356.65)
Net Cash Flow Financing Activities	2,882.09	1,598.97	(100.73)

Revenue Bifurcation

Client-wise Revenue Breakdown

 

Geography-wise Revenue Breakdown

 

Segment-wise Revenue Breakdown

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Utilization toward the company's long-term working capital needs. ~ Rs.  37.03 Cr.

• General Corporate Purposes. 

 

Listed Peers of Oval Projects Engineering Ltd. 

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Likhitha Infrastructure Limited	5	17.57	15.34
Konstelec Engineers Limited	10	3.14	19.39

 

Valuation

Metric	Value
ROE	20.85%
ROCE	21.32%
RoNW	20.85%
PAT Margin	9.12%
Price to Book Value	2.67
EBITDA Margin	17.68%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 6.65 from the last year, the resulting P/E ratio is 12.78x. When compared with the industry’s average P/E of 17.37x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Current Infraprojects IPO.

IPO's Strengths 

• Excellent project management skills.

• Seasoned management team and promoter.

• Making the best use of available resources.

• Growth that is visible thanks to a strong order book.

• Making use of market expertise and connections.
  
  

IPO’s Weaknesses 

• Significant reliance on government contracts.

• Working capital-intensive business.

• Litigation & compliance risks.

• Intense competition in the industry.
  
  

Oval Projects Engineering IPO GMP (Grey Market Premium)

Oval Projects Engineering IPO GMP today has not started yet, as of 23 Aug 2025 at the time of writing this information.

Oval Projects Engineering IPO Summary

The Oval Projects IPO has a market maker portion size of 3,04,000 Shares (Rs. 2.58 Cr).

IPO Opening & Closing Date	28 Aug, 2025 to 01 Sep, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 80 to Rs. 85 per Share.
Lot Size	1600 Shares
Issue Size	54,99,200 Shares (Rs. 46.74 Cr)
Offer for Sale	-
Fresh Issue	54,99,200 Shares (Rs. 46.74 Cr)
Listing at	BSE, SME
Issue Type	Bookbuilding IPO
Registrar	MAS Services Ltd.

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (3200 Shares) for Rs. 2,72,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (4800 Shares) for Rs. 4,08,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Oval Projects Engineering IPO Allotment Status

To check the Oval Projects Engineering IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Oval Projects Engineering Ltd.

• Goutam Debnath.

Pre-Issue Promoter Shareholding	72.19%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• SMC Capitals Ltd.

 

Dividend Policy

The company has not paid a dividend during the last three financial years.

Conclusion

Investors have the chance to take part in India's expanding infrastructure and oil and gas industries through Oval Projects Engineering IPO. The company showed excellent financial growth, has a healthy order book, and a reasonable IPO price in comparison to peers. Risks like working capital intensity and a heavy reliance on government contracts, however, need to be taken into account.                                                           

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.