India’s IPO market continues to attract investor interest in 2025, with several companies tapping the public markets to raise funds for expansion and operations. Infrastructure and engineering firms have been particularly active, leveraging increased government spending on energy, city gas distribution, and urban development projects.
Amid this scenario, Oval Projects Engineering Limited is set to open its IPO on August 28, 2025. Below is a detailed insight into the company, its IPO, and the industry outlook.
About Oval Projects Engineering Ltd.
Incorporated in 2013, Oval Projects Engineering Limited is an infrastructure development company specializing in the Oil & Gas, City Gas Distribution (CGD), Urban Development, and Energy sectors across India.
The company provides upstream, midstream, and downstream services, including pipeline laying, processing plants, and O&M (Operations & Maintenance) services for power plants and EPC projects. Oval Projects Engineering has successfully executed over 900 km of pipelines and offers turnkey solutions nationwide, including regions like Agartala, Tripura, and other key locations.
Business Segments:
- Oil & Gas Infrastructure: Pipeline installation, gas processing plants, oil/petrochemical storage terminals, and distribution infrastructure.
- O&M Services: Maintenance of pipelines, CGD networks, power plants, and CNG stations.
- Special Infrastructure Projects: Civil and technical infrastructure projects funded by the government, World Bank, and ADB.
As of March 31, 2025, the company employed 123 on-roll employees.
Competitive Strengths:
- Strong project execution capabilities
- Experienced promoter and management team
- Optimal utilization of resources
- Robust order book providing visible growth
- Well-established market relationships
Oval Projects Engineering IPO Details
Oval Projects Engineering IPO is a book-building issue of ₹46.74 crores, consisting entirely of a fresh issue of 0.55 crore shares. The IPO opens for subscription on August 28, 2025, and closes on September 1, 2025.
Key IPO Timeline:
| Event | Date |
| IPO Open Date | Thu, Aug 28, 2025 |
| IPO Close Date | Mon, Sep 1, 2025 |
| Tentative Allotment | Tue, Sep 2, 2025 |
| Initiation of Refunds | Wed, Sep 3, 2025 |
| Credit of Shares to Demat | Wed, Sep 3, 2025 |
| Tentative Listing Date | Thu, Sep 4, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 1, 2025 |
Key IPO Details:
| Parameter | Detail |
| Face Value | ₹10 per share |
| Issue Price Band | ₹80 to ₹85 per share |
| Lot Size | 1,600 shares |
| Total Issue Size | 54,99,200 shares (aggregating up to ₹46.74 Cr) |
| Fresh Issue | 0.55 crore shares |
| Issue Type | Bookbuilding IPO |
| Listing | BSE SME |
| Shareholding Pre-issue | 1,52,70,068 shares |
| Shareholding Post-issue | 2,07,69,268 shares |
Oval Projects Engineering IPO Lot Size
Investors can bid for a minimum of 3,200 shares (2 lots) and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,72,000 |
| 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 |
Oval Projects Engineering IPO Reservation
The IPO offers a total of 54,99,200 shares, with allocations as follows:
| Investor Category | Shares Offered | % of Total |
| Market Maker | 3,04,000 | 5.53% |
| QIB | 15,60,000 | 28.37% |
| NII (HNI) | 14,40,000 | 26.19% |
| Retail (RII) | 21,95,200 | 39.92% |
| Total | 54,99,200 | 100% |
Anchor Investors:
- IPO raised ₹7.96 crore from anchor investors on Aug 26, 2025.
- Lock-in: 50% shares for 30 days (till Oct 2, 2025) and remaining 50% for 90 days (till Dec 1, 2025).
Oval Projects Engineering Ltd.: Financials
The company has shown robust growth, with FY25 revenue increasing by 31% and PAT rising by 112% compared to FY24.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 156.23 | 103.80 | 82.25 |
| Total Income (₹ Cr) | 103.44 | 78.99 | 64.09 |
| Profit After Tax (₹ Cr) | 9.33 | 4.40 | 3.19 |
| EBITDA (₹ Cr) | 18.08 | 9.89 | 3.46 |
| Net Worth (₹ Cr) | 55.88 | 33.67 | 17.75 |
| Reserves & Surplus (₹ Cr) | 40.61 | 20.00 | 17.68 |
| Total Borrowings (₹ Cr) | 53.70 | 32.41 | 32.21 |
Key Performance Indicators (KPI):
| KPI | Value |
| ROE | 20.85% |
| ROCE | 21.32% |
| RoNW | 20.85% |
| PAT Margin | 9.12% |
| EBITDA Margin | 17.68% |
| Price to Book Value | 2.67 |
| Market Capitalisation | ₹176.54 Cr |
| Metric | Pre IPO | Post IPO |
| EPS (Rs) | 6.11 | 4.49 |
| P/E (x) | 13.91 | 18.92 |
Objects of the Issue
The net proceeds from the IPO will primarily be used for long-term working capital requirements, amounting to ₹37.03 crore. The remainder will be utilized for general corporate purposes.
Oval Projects Engineering Ltd.: Industry Peers
Investors looking at Oval Projects Engineering Ltd. may also want to consider its industry peers for comparison. Key peers in the infrastructure and engineering sector include Likhitha Infrastructure Limited and Konstelec Engineers Limited. Analysing these companies alongside Oval Projects can provide insights into market positioning, growth prospects, and financial performance, helping investors make more informed decisions.
Conclusion
Oval Projects Engineering is a well-established infrastructure and EPC company, with a strong presence in Oil & Gas, Urban Development, and Energy sectors. The company has a robust order book of ₹453 Cr (as of April 9, 2025) and has delivered consistent growth in top and bottom lines.
While the issue appears aggressively priced, well-informed investors with long-term horizons may consider it for moderate exposure. Key risks include dependency on government-funded projects, order execution delays, and fluctuations in infrastructure demand.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
