Oval Projects Engineering Limited submitted a revised Investor Presentation for FY 2025-26 to BSE Limited, superseding the previous presentation submitted on June 05, 2026. The document was digitally signed by Nisha Kashyap, Company Secretary & Compliance Officer.

Industry Overview

The presentation highlights significant infrastructure investment opportunities across India's energy sector:

  • India's transition towards a gas-based economy is accelerating investments in transmission pipelines, distribution networks, and gas processing infrastructure
  • Government-backed offshore exploration through the Samudra Manthan – National Offshore Exploration Scheme with Phase-I outlay of ₹84,084 Crore through FY2030–31
  • Offshore seismic data acquisition: ₹28,534 Cr
  • Deepwater exploration and drilling: ₹43,200 Cr
  • Common offshore infrastructure: ₹10,000 Cr
  • Oil & Gas manufacturing and services zones: ₹2,000 Cr
  • Exploration targets include 60 deepwater & ultra-deepwater wells, 1 million+ sq. km offshore acreage open for exploration, and 600+ MMTOE targeted hydrocarbon reserve accretion

Tripura Market Focus

The company identifies North-East India, particularly Tripura, as a growing energy & process infrastructure hub with major ongoing energy infrastructure investments. Key opportunities include:

  • Tripura's External Assistance Project Approval Ceiling of ₹6,947 Cr for FY2026–27 to FY2030–31 (90% Grant + 10% Loan)
  • Specific project opportunities through ADB, World Bank, and other funding programs for water supply pipelines, treatment plants, urban roads, drainage, rural roads, and civil infrastructure

Company Overview

Oval Projects Engineering Limited is an infrastructure development company focused on Oil & Gas and Industrial Infrastructure Projects, operating for 13 years. The company has expanded into specialized infrastructure projects including CPWD projects since 2023.

Key Business Verticals:

  • Upstream capabilities: Well head surface installations, Early Production Facilities, Gas Gathering Stations, flow line and trunk line laying
  • Midstream capabilities: Cross-country steel pipeline laying, Horizontal Directional Drilling, coating systems, storage tank construction
  • Downstream/CGD capabilities: City Gate Stations, pipeline networks, CNG station design
  • O&M capabilities: Long-term pipeline inspection and maintenance contracts

Competitive Advantages:

  • East India dominance with 12+ years continuous NER presence, 80+ projects completed in the region
  • 70% of total revenue from East India
  • 30–40% faster mobilization vs. national players
  • Zero bad debt history with all revenue from government/PSU entities
  • 70% repeat order rate from PSU clients
  • Zero fatality safety record across 90+ complex O&G projects

Financial Performance

H1 FY27 Financials (Standalone, in ₹ Cr):

  • Revenue from operations: 70.72 (vs. 60.96 in H1 FY26, +16.01% YoY)
  • Other income: 0.49
  • Total Revenue: 71.21
  • EBITDA: 13.60 (vs. 12.33 in H1 FY26, +10.29%)
  • PBT: 8.84
  • PAT: 6.25 (vs. 6.36 in H1 FY26, -1.71%)

Historical Financial Performance (Standalone, in ₹ Cr):

| Particulars | FY24 | FY25 | FY26 |

| Revenue from operations | 77.97 | 102.29 | 153.14 |

| EBITDA | 10.86 | 18.31 | 28.25 |

| EBITDA Margin (%) | 13.74 | 17.90% | 18.44% |

| PAT | 4.37 | 9.33 | 14.81 |

| PAT Margin (%) | 5.53 | 9.12% | 9.67% |

| Diluted EPS (₹) | 6.32 | 6.65 | 8.59 |

Balance Sheet Highlights (Standalone, in ₹ Cr):

  • Share Capital: 20.77 (H1 FY27)
  • Reserves and Surplus: 96.70 (H1 FY27)
  • Long-term borrowings: 17.30 (H1 FY27)
  • Total Equity and Liabilities: 225.97 (H1 FY27)

Working Capital Note: Approximately 60% of the Company's annual turnover is generated during February and March, resulting in higher receivables balance at year-end, though receivable days remain within normal levels.

Expansion Strategy

The company outlines a three-phase expansion roadmap:

Phase 1: Consolidation (FY25–FY26)

  • Execute existing ₹780 Cr order book with margin discipline
  • Expand LC/BG limits to bid on ₹100–250 Cr projects independently
  • Deepen relationships with ONGC, GAIL, IGGL, AGCL

Phase 2: National Expansion (FY26–FY28)

  • Revenue target: ₹350 – 500+ Crore
  • EBITDA Margin target: 19% – 22%
  • Expand Western India presence
  • Target ₹250–400 Cr project packages

Phase 3: Scale Platform (FY28–FY30)

  • Revenue target: ₹900–1,000+ Crore
  • Order Book target: ₹1,500–2,000 Crore
  • Develop JV/consortium capabilities for ₹250–500 Cr mega packages

Market Information

  • Current Market Price: ₹42.00 (as of 5th Nov, 2026)
  • 52 Week High/Low: ₹72.50/40.00
  • Market Capitalization: ₹87.23 Cr
  • Face Value: ₹10.00
  • BSE Scrip Code: 544498