About the Company:
Oval Projects Engineering Ltd 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 our PAN India customers especially in the Oil & Gas sector.
Headquartered at Agartala-Tripura, company commenced our business operations as a project management consultancy company. Over the last decade, Company has expanded and diversified our business services to EPC, O&M and other infrastructure services and constantly improved our business processes.
Company focuses on upstream, midstream and downstream facility development activities in Oil and Gas sector, such as processing plant, pipeline laying, horizontal directional drilling, terminal station, City Gas Distribution (CGD) work, O&M of PNG/PNG services and in other related EPC projects. Company also provides O&M services for captive power plants.
Company’s client base comprises of established public sector players in the Oil and Gas Industry and central & state Government establishments including the ones funded by international financing organizations in the infrastructure sector.
As on March 31, 2025, Company has 123 on roll employees.
Company’s Business Verticals:
- Oil & Gas Infrastructure.
- Oil and Gas Operation and Maintenance.
- Special Infrastructure projects.
Oil & Gas Infrastructure.
Oil & Gas Infrastructure vertical comprises of undertaking projects from design and execution of gas processing plant, Oil/ petrochemical storage terminal, laying pipeline work, and development of infrastructure facilities for distribution.
Oil and Gas Operation and Maintenance.
Under this vertical, Company provides Operations & Maintenance Services to CGD Companies as well as to renowned public sector entities. Company’s Operation and Maintenance (O&M) Services business includes management services for CGD networks, other repairs, modernization, scheduled shutdowns, as well as overhauling and maintenance of existing pipelines.
Major Projects Executed by the Company for Various Clients:
- Gas gathering station with a capacity of 800,000 standard cubic meter per day (SCMD) gas for renowned PSU in Northeast India.
- Early production system capacity of 30,000 SCMD Gas for renowned PSU in North India. The earlier production system improves wells into faster production.
- Early production system with a capacity of 450,000 SCMD gas for renowned PSU in North East India.
- 10 inch x 58 Km pipeline laying from Gojalia to Palatana for renowned PSU.
- 20 inch x 18 Km pipeline laying in sonamura in Tripura for renowned PSU.
- 8 inch x 18 Km 3LPE coated carbon steel pipe line laying in Jharkhand for renowned PSU.
- 8 inch x 8.5 Km cross country pipeline laying on EPC mode in Tripura for renowned PSU.
- 10 inch x 5 Km pipeline laying in Maharashtra for renowned PSU.
- Composite works (civil, mechanical, electrical & instrumentation work) of CNG mother station in Tripura for renowned PSU.
- Construction of CNG Station in Tripura for renowned PSU.
- Development of city Gas station in Jharkhand.
- O&M for existing polyethelene and steel pipeline for renowned PSU.
- O&M of CNG station for renowned PSU.
- O&M of gas gen set based power plant of 1.8 MW capacity for renowned PSU.
List of Key Ongoing Projects:
Company’s Revenues from Various Business Verticals: (in Lakhs)
Company’s Promoter Background:
Company is run by our visionary Promoter, Goutam Debnath who is having technical experience of over a decade in the oil and gas pipeline infrastructure services business and is the guiding force behind the successful execution of our business strategies over the years.
His industry knowledge and understanding, track record and relationship in the industry, has been instrumental in the growth of our business and gives us the competitive advantage to expand our geographical and client presence in existing as well as target markets, while exploring new avenues for growth in future.
Current Order Book:
Company will continue to focus on penetration into Tripura state by bidding more projects in Oil & Gas and Specialised projects vertical. This is in line with Govt’s proposed allocation to Oil & Gas sector in the state of Tripura.
Over the years, Company has successfully executed more than 30 projects in oil & gas vertical and special projects vertical
Company has a strong pipeline of ongoing and upcoming projects, which will drive growth in the coming years. As of April 09, 2025, our Company has completed work amounting to Rs. 203.62.cr and our ongoing order book is at Rs.452.9 cras on April 09, 2025.
Company’s Revenues from government and non-government entities: (in Lakhs)
Company’s Geographical Spread:
Company has business presence (including past operations) in more than 10 states in India and also have deep penetration in northeastern geographical area.
Company has increased the scale of our operations by adopting a strategy of expansion across regions and have strategically expanded to geographies where there is a demand for providing EPC, flowline infrastructure and O&M services. Company also has strong network of suppliers throughout the country.
Company’s Revenue from Various Geographies: (in Lakhs)
Management Team:
- Mr. Goutam Debnath (Designation: Chairman and Managing Director)
- Ms. Sneha Banik (Designation: Whole-Time Director)
Objectives of the Issue:
Fresh Issue: (Rs.46.74 cr)
- To meet long-term working capital requirements.
- General Corporate Purposes.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Utilization towards long-term working capital requirements of our Company | 37.02 cr |
Financials of the Company:
| (in Crores) | FY 23 | FY 24 | FY 25 |
|---|---|---|---|
| Revenue | 64.08 | 78.98 | 103.43 |
| Net Profit | 3.18 | 4.40 | 9.33 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Oval Projects Engineering Ltd |
10 | 6.65 | 12.78 | 20.85% | 31.89 |
| Likhitha Infrastructure Ltd | 5 | 17.57 | 15.34 | 18.5% | 5.40 |
| Konstelec Engineers Ltd | 10 | 3.14 | 19.39 | 4.93% | 20.30 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 28th August 2025 |
| Issue Closes on | 1st September 2025 |
| Issue Price | Rs.80-85 |
| Face Value | Rs.10 |
| Minimum Lot | 1600 Shares |
| Minimum Investment | Rs.1,36,000 |
| Issue Constitutes | 26.47 % |
| Issue Size | Rs.46.74 cr ($ 5 million ) |
| Market Cap | Rs.176.53 cr ($ 20 million ) |
| Listing at | BSE SME |
| Equity Shares Offered (Fresh) | 54,99,,200 (Rs.46.74 cr) |
| Equity Shares Prior to the Issue | 1,52,70,068 |
| Equity Shares after the Issue | 2,07,69,268 (Rs.176.53 cr) |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 6.65 | 12.78 | 20.85% | 31.89 |
Important Dates:
| Finalization of Basis of Allotment | on or Before 2nd September 2025 |
| Initiation of Refunds | on or Before 3rd September 2025 |
| Credit of Equity Shares: | on or Before 3rd September 2025 |
| Listing Date: | on or Before 4th September 2025 |
| Company Contact Info: |
|---|
| Oval Projects Engineering Ltd House No. 451568, Milan Chakra, (Near Prajapita Brahmakumari Center), Badharghat, P.O. A.D. Nagar, Agartala, West Tripura, Tripura- 799003, India; Tel: +917085049473 E-mail: cs@ovalprojects.com. Website: https://www.ovalprojects.com |
| Registrar to the Issue: |
|---|
| MAS Services Limited T-34, 2nd Floor, Okla Industrial Area, Phase – II, New Delhi – 110 020 Delhi, India Tel: + 91 112 638 7281/83, 4132 0335 Email: ipo@masserv.com Website: www.masserv.com |
| Check IPO Allotment Status: |
|---|
MAS Services Website: http://MAS Services/IPO/Allotment_Status |
