Oval Projects Engineering IPO Review

OVAL Projects Engineering Limited has been a leader in facilitating infrastructure development for the onshore Oil & Gas, City Gas Distribution, Urban Development, & Energy industries in a precise manner since its inception in the transformative year of 2013. Their services span the upstream, midstream, and downstream segments. Despite having their origins in the bustling Northeastern metropolis of Agartala, our expertise and reach have expanded to encompass the entire nation of India.

The Company is run by the 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 the business strategies over the years. His industry knowledge and understanding, track record and relationship in the industry, has been instrumental in the growth of this business and gives them the competitive advantage to expand the geographical and client presence in existing as well as target markets, while exploring new avenues for growth in future.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 10,343.68 Lakh, ₹ 7,898.61 Lakh and ₹ 6,408.89 Lakh. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 1,938.93 Lakh, ₹ 1,094.70 Lakh and ₹ 856.98 Lakh. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 933.25 Lakh, ₹ 440.11 Lakh and ₹ 318.50 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 6.65 and post-issue EPS of ₹ 4.49 for FY24. The pre-issue P/E ratio is 12.78x, while the post-issue P/E ratio is 18.92x against the Industry P/E ratio is 17x. The company's ROCE for FY24 is 21.32%, ROE for FY24 is 20.85% and RoNW is 20.85%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Oval Projects Engineering showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Oval Projects Engineering Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.