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.

Oval Projects Engineering, an Book Built Issue, amounting to ₹ 46.74 Crores, consisting entirely an Fresh Issue of 54.99 Lakh Shares. The subscription period for the Oval Projects Engineering IPO opens on August 28, 2025, and closes on September 01, 2025. The allotment is expected to be finalized on or about Tuesday, September 02, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Thursday, September 04, 2025.

The Share Price Band of Oval Projects Engineering IPO is set at ₹ 80 to ₹ 85 per equity share. The Market Capitalisation of the Oval Projects Engineering at IPO price of ₹ 85 per equity share will be ₹ 176.54 Crores. The lot size of the IPO is 1,600 shares. Individual investors are required to invest a minimum of 2 lots (3,200 shares), amounting to ₹ 2,72,000.

SMC Capitals Limited is the book running lead manager of the Oval Projects Engineering, while MAS Services Limited is the registrar for the issue. SMC Global Securities Limited is the sole Market Maker for Oval Projects Engineering IPO.

Oval Projects Engineering Limited IPO GMP Today
The Grey Market Premium of Oval Projects Engineering IPO is expected to be ₹ 7 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Oval Projects Engineering Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 01 September, 2025, the Oval Projects Engineering Limited IPO live subscription status shows that the IPO subscribed 1.57 times on its Final Day of subscription period. Check the Oval Projects Engineering IPO Live Subscription Status Today at BSE.

Oval Projects Engineering IPO Anchor Investors Report
Oval Projects Engineering has raised ₹ 7.96 Crores from Anchor Investors at a price of ₹ 85 per shares in consultation of the Book Running Lead Managers. The company allocated 9,36,000 equity shares to the Anchor Investors. Check Full List of Oval Projects Engineering Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion. 

Oval Projects Engineering Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
23 August 2025	₹ 85	₹ 92	₹ 7 (8.23%)	10:00 PM; 23 August 2025

Oval Projects Engineering Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Oval Projects Engineering IPO allotment date is 02 September, 2025, Tuesday. Oval Projects Engineering IPO Allotment will be out on 2nd September, 2025 and will be live on Registrar Website from the allotment date. Check Oval Projects Engineering IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Oval Projects Engineering Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Oval Projects Engineering Limited IPO
Oval Projects Engineering to utilise the Net Proceeds towards the following objects: 
1. ₹ 3,702.60 Lakh is required to meet long-term working capital requirements; and
2. General Corporate Purposes

Refer to Oval Projects Engineering Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Oval Projects Engineering Limited

BUSINESS OVERVIEW

Oval Projects Engineering Company is a leading infrastructure services provider engaged in Engineering, Procurement and Construction (EPC) services and Operations & Maintenance (O&M) services, with a strong focus on the Oil & Gas sector across India. Headquartered in Agartala, Tripura, the company initially began operations as a project management consultancy firm and has, over the last decade, evolved into a diversified infrastructure services entity covering EPC, O&M, and specialized infrastructure projects.

The company specializes in upstream, midstream, and downstream facility development in the Oil & Gas sector, including processing plants, pipeline laying, horizontal directional drilling, terminal stations, City Gas Distribution (CGD) projects, and O&M of PNG/CNG services, in addition to providing O&M services for captive power plants. Beyond Oil & Gas, the company has actively expanded into urban infrastructure projects, including those under smart cities initiatives, some of which are funded by international financing organizations. A proven track record of delivering complex infrastructure projects has positioned the company as a trusted partner to major clients.

The client portfolio primarily comprises established public sector enterprises in the Oil & Gas industry, along with central and state government bodies and international funding agencies. Backed by a skilled workforce, strong execution capabilities, deep understanding of local conditions, and a client-centric approach, Oval Projects Engineering Company has built a strong reputation for high-quality, safe, and timely project delivery.

With a presence across more than 10 Indian states, the company has developed significant penetration in the northeastern region and strategically expanded into geographies with high demand for EPC, flowline infrastructure, and O&M services. A robust supplier network across the country further strengthens its operational capabilities.

The company holds prestigious certifications, including ISO 14001:2015 (Environmental Management System), ISO 45001:2018 (Occupational Health & Safety Management System), and ISO 9001:2015 (Quality Management System), attesting to its commitment to safety, sustainability, and quality standards.

Over the years, Oval Projects Engineering Company has executed more than 30 projects in the Oil & Gas and special infrastructure verticals, with a total value of approximately ₹20,362.74 lakhs. As of April 9, 2025, the company is managing over 30 ongoing projects worth ₹45,299.61 lakhs, reflecting a strong order book. Revenue from operations has grown consistently, from ₹5,902.14 lakhs in FY2023 to ₹7,796.54 lakhs in FY2024, reaching ₹10,228.99 lakhs in FY2025. Profit After Tax (PAT) also rose steadily, from ₹318.50 lakhs in FY2023 to ₹440.11 lakhs in FY2024, and further to ₹933.25 lakhs in FY2025.

Business Verticals

1. Oil & Gas Infrastructure

This vertical involves design and execution of gas processing plants, oil/petrochemical storage terminals, pipeline laying, and infrastructure facilities for gas distribution.

• Processing Plants: Expertise in EPC delivery of gas processing facilities, oil terminals, CNG stations, terminal stations, and pipelines. Execution includes civil works, mechanical and piping works, electrical and instrumentation, and optical fiber systems.

  • Key executed projects include:

    • Gas gathering station (800,000 SCMD capacity) for a leading PSU in Northeast India.

    • Early production systems of 30,000 SCMD in North India and 450,000 SCMD in Northeast India.

    • Loading and Unloading Gantry system for a renowned PSU in Northeast India.

• Pipeline & Terminal Stations: Strong expertise in cross-country pipelines and terminal stations on both EPC and rate contract basis.

  • Notable projects include:

    • 10-inch x 58 km pipeline from Gojalia to Palatana (Tripura).

    • 20-inch x 18 km pipeline in Sonamura (Tripura).

    • 8-inch x 18 km 3LPE coated pipeline in Jharkhand.

    • 8-inch x 8.5 km cross-country pipeline in Tripura.

    • 10-inch x 5 km pipeline in Maharashtra.

• RTP (Reinforced Thermoplastic Pipeline): Successfully executed the first RTP pipeline project in Gujarat and secured additional projects in this emerging technology segment. RTP is globally recognized for easy installation and durability, representing a strategic focus area.

• City Gas Distribution (CGD): Comprehensive expertise in CNG station development, city gas stations, pressure reducing and regulating stations, laying of carbon steel and MDPE pipelines, domestic gas connections, and CNG distribution.

  • Major executed projects include:

    • CNG mother station in Tripura, composite works for PSU.

    • CNG station construction in Tripura.

    • City gas station development in Jharkhand.

    • MDPE pipeline laying for PSU.

    • CNG distribution through vehicles for PSU.

2. Oil & Gas Operations & Maintenance (O&M)

The O&M vertical provides services to CGD companies and leading PSUs, covering network management, repairs, modernization, scheduled shutdowns, and emergency response. Activities also include pipeline overhauling, compressor hook-ups, and associated facilities management.

• Major O&M projects:

  • O&M of polyethylene and steel pipelines for PSU.

  • O&M of CNG stations for PSU.

  • O&M of a 1.8 MW gas genset-based power plant.

3. Special Infrastructure Projects

Expertise extends to specialized civil infrastructure projects, developed during the execution of oil and gas EPC projects. This includes buildings, roads, structural works, and landscaping on EPC mode, including those funded by international financial agencies.

• Major projects involve both central government-funded and international agency-funded programs.

Strength and Outlook

Oval Projects Engineering Company has built a prominent presence in Oil & Gas infrastructure execution, with deep expertise across EPC, O&M, and specialized civil infrastructure projects. With over 30 ongoing projects, a strong order book, consistent revenue growth, and ISO-certified standards, the company is positioned as a key player in India’s growing Oil & Gas and infrastructure ecosystem.

As of March 31 ,2025, the company had a total of 123 employees. The Bankers to the company are Indian Bank, Yes Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited and IndusInd Bank Limited.

INDUSTRY ANALYSIS

Indian Oil & Gas and Infrastructure Industry Overview

India holds a strategic position in the global oil and gas industry, largely because of its vast and fast-growing energy market. The country is currently the third-largest consumer of oil and gas in the world, behind only the United States and China. However, this massive demand is coupled with a high dependence on imports, as more than 85% of crude oil and nearly 50% of natural gas requirements are sourced from international markets, making India one of the world’s largest importers of crude oil and liquefied natural gas (LNG).

Production and Reserves

On the production front, India ranks among the top 20 oil producers globally, though domestic output remains modest, which contributes to its import dependency. Oil reserves are estimated at 4.5 billion barrels, while natural gas reserves stand at 1.3 trillion cubic meters. Efforts are underway to boost natural gas production, particularly in offshore fields such as the Krishna-Godavari Basin.

Refining and Export Strength

Despite its reliance on imports, India has turned into a global refining powerhouse, holding the fourth-largest refining capacity in the world. This has enabled the country to become a net exporter of refined petroleum products and a regional refining hub, especially with large complexes in Gujarat and other coastal states.

Energy Transition and Policy Support

India is also balancing its energy mix with an emphasis on renewable energy adoption and reduced fossil fuel dependency in line with its climate commitments. Policies such as the Open Acreage Licensing Policy (OALP) and the Hydrocarbon Exploration and Licensing Policy (HELP) have been designed to encourage private and foreign investments in exploration and production. In addition, pricing reforms in the natural gas sector have been implemented to align domestic prices with global benchmarks, attracting more capital into the industry.

Natural Gas Infrastructure and Demand

The demand for natural gas has seen a sharp rise in recent years, supported by the development of transmission and distribution networks, cost advantages over alternate fuels, and its eco-friendly profile. The power and fertilizer sectors alone account for over 55% of India’s natural gas consumption, while new demand is emerging from industries, transportation (CNG), and residential piped gas connections. Currently, the Western and Northern markets dominate gas consumption due to better pipeline connectivity, but with expanding infrastructure, regional imbalances are expected to reduce.

Infrastructure Investments and EPC Opportunities

India’s infrastructure investment has accelerated sharply, with government allocations growing at an 11% CAGR over the last decade. The FY2024-25 budget earmarked nearly ₹10 lakh crore (USD 120 billion) for infrastructure projects, with significant focus on the oil and gas sector, including pipeline networks, city gas distribution (CGD) systems, and LNG terminals. Public-private partnerships (PPPs) and foreign direct investment (FDI) are playing a key role in financing these developments.

The EPC (Engineering, Procurement, and Construction) sector in oil and gas has grown at nearly 10% CAGR over the past five years, fueled by large-scale projects. Expansions such as the Jagdishpur-Haldia-Bokaro-Dhamra Pipeline (PM Urja Ganga), the North East Gas Grid, and ambitious CGD networks across 400 districts have driven EPC demand. In addition, mega refinery and petrochemical projects like the Ratnagiri Refinery are creating significant opportunities for EPC players.

Major Government Initiatives

Several flagship programs are shaping the sector’s growth. The Pradhan Mantri Urja Ganga Project is rapidly expanding the national gas pipeline grid, while special incentives are boosting infrastructure development in Northeast India. The National Infrastructure Pipeline (NIP) aims to mobilize USD 1.4 trillion investments by 2025, with a strong focus on energy and transport. At the same time, policies such as the New Exploration Licensing Policy (NELP), Coal Bed Methane Policy, and upcoming bidding rounds for exploration blocks are expected to expand domestic oil and gas activity.

Growth Outlook

Looking ahead, India’s demand for primary energy is projected to triple by 2035, rising from 563 million tonnes of oil equivalent in 2012 to nearly 1,516 million tonnes of oil equivalent. While India remains a net importer of crude oil, it is also one of the few nations to emerge as a net exporter of petroleum products, thanks to its strong refining base. With nearly 60% of its 28,000 MMT of prognosticated reserves yet to be harnessed, the sector holds immense long-term potential.

BUSINESS STRENGTHS

1. Strong Project Execution Capabilities
Oval Projects Engineering Company possesses technically qualified and highly experienced employees, supported by robust project management systems that enable the execution of large and complex projects. The company’s in-house operations integrate design, engineering, procurement, and construction teams, ensuring seamless end-to-end delivery. A proven track record in executing oil & gas infrastructure projects has been pivotal in sustaining consistent growth.

Efficient and rapid construction of pipeline projects is facilitated by the management team, while the procurement division collaborates with vendors of scale to secure quality materials and equipment. With a strong focus on cost management and rigorous project monitoring, projects are delivered within defined timelines and budgets. The combination of economies of scale, efficient supply chains, and in-house execution resources enables competitive project costs and long-term value creation.

2. Experienced Promoter and Management Team
The company is led by Promoter Goutam Debnath, who brings over 15 years of experience in the engineering industry and has played a pivotal role in shaping the company’s vision, growth, and business strategies. The management team is composed of a blend of young and experienced professionals with expertise spanning technical, operational, financial, and business development domains.

The leadership team has the capacity to manage the current scale of operations while steering ambitious expansion plans. The presence of a diverse board comprising both executive and independent members adds significant strategic depth and business experience, strengthening governance and decision-making.

3. Optimal Utilization of Resources
The company emphasizes continuous improvement in execution processes, skill development of employees, and modernization of plant and machinery to maximize resource utilization. Material procurement policies and project workflows are regularly evaluated to identify and eliminate bottlenecks, ensuring smoother and more efficient operations. This disciplined approach enables the company to optimize resources while maintaining operational excellence.

4. Visible Growth Through a Robust Order Book
A strong order book serves as a reliable indicator of future performance, reflecting secured revenues from ongoing and upcoming projects. The company’s strategy prioritizes not just order book expansion, but also the selection of high-margin and prestigious projects that enhance reputation and profitability.

As of April 9, 2025, Oval Projects Engineering Company is executing over 30 ongoing projects with a pending value of ₹45,299.61 lakhs, underscoring its robust pipeline of opportunities. The diversification of the order book across multiple sectors enhances tendering opportunities, allowing the company to optimize both business volume and profit margins while maintaining sustainable growth.

BUSINESS STRATEGIES

1. Leveraging competencies in execution of oil & gas and specialized projects
Oval Projects Engineering Company focuses on strengthening its position in the execution of oil & gas and specialized domain projects with the objective of improving operating margins. The strategy emphasizes completing ongoing construction projects while seeking opportunities for expansion. Extensive project management expertise, advanced equipment, and productivity-driven tools are utilized to maximize asset efficiency and ensure timely project delivery. With a proven record of executing more than 30 challenging projects, the company has built a strong reputation for successful project execution, which remains critical to its sustained growth and competitiveness.

2. Leveraging long-term relationships
Customer relationships form the cornerstone of the company’s business operations. Continuous efforts are directed toward leveraging these relationships by combining operational excellence, strong marketing capabilities, and industry networks. This approach ensures lasting client trust and creates a foundation for repeat and referral business opportunities.

3. Deepening client engagement and unlocking incremental revenue opportunities
Oval Projects Engineering Company enjoys strong client confidence through efficient execution in both EPC and O&M services. The company aims to deepen client engagement by offering cost-effective O&M solutions, thereby further utilizing its execution capabilities. Strategic diversification of the client base, while ensuring retention of existing clients, is expected to enhance business stability. The strong track record in industry infrastructure provides a platform to expand into adjacent sectors such as energy solutions, urban solutions, and mission solutions, thereby broadening revenue streams and long-term growth prospects.

BUSINESS RISK FACTORS & CONCERNS

1. High Dependence on Government-Controlled Entities
A substantial portion of revenue is derived from central and state government entities. Any delays in the release of tenders, policy changes, or adverse decisions such as contract foreclosures, terminations, restructurings, or renegotiations could materially impact operations and financial performance. During Fiscals 2025, 2024, and 2023, revenue from government-controlled entities stood at ₹9,223.36 lakhs, ₹6,060.16 lakhs, and ₹5,078.13 lakhs, constituting 90.17%, 77.73%, and 91.06% of operational revenue, respectively. A withdrawal of tenders or reduced engagement from these entities may negatively affect the business.

2. Revenue Concentration in the Oil and Gas Sector
The majority of revenue is concentrated in the oil and gas sector, making the company highly exposed to social, political, and economic shifts in the industry. An inability to diversify into other verticals such as operations and maintenance services or specialized infrastructure projects could adversely impact profitability and growth. Furthermore, a slowdown in the oil and gas infrastructure sector or unfavorable policy and funding developments may exacerbate this risk, reducing long-term stability.

3. Sustainability of Growth
Although strong growth has been recorded in recent years, sustaining this momentum presents a significant challenge. Revenue from operations increased at a CAGR of 31.65%, rising from ₹5,902.14 lakhs in Fiscal 2023 to ₹10,228.99 lakhs in Fiscal 2025, while profits grew at a CAGR of 71.18% from ₹318.50 lakhs to ₹933.25 lakhs over the same period. However, there is no assurance that the company can continue to execute growth strategies effectively. Any inability to manage growth efficiently could impact future business performance, prospects, and financial health.

Summary :
Oval Projects Engineering faces key risks arising from heavy reliance on government-controlled entities, concentration in the oil and gas sector, and the challenge of sustaining rapid growth. Delays in government tenders, sector-specific downturns, or ineffective execution of growth strategies could materially affect its long-term performance, profitability, and stability.