Oval Projects EngineeringShare price, financial results, shareholding and management
- Market cap
- ₹87 cr
- Stock P/E
- 6.4peers 7.8
- Book value
- ₹53
- Price to book
- 0.79
- EV / operating profit
- -
- Market cap to sales
- 0.58
- ROCE · FY26
- 19.6%
- ROE · FY26
- 16.5%
- ROE, 3-year average
- 17.3%
- Operating margin · FY26
- 17.0%peers 13.8%
- Sales growth, 3 years
- 36.5%
- Profit growth, 3 years
- 66.0%
- Debt to equity
- 0.68peers 0.45
- Borrowings
- ₹75 cr
- Interest cover
- 3.2×
- Cash from business / op. profit
- -142%
- Debtor days
- 90
- Pledged
- 0.00%
- Promoter holding
- 53.12%
- Change in promoter holding
- +0.05 pts
- Shareholders
- 509
- 52-week high / low
- ₹73 / ₹40
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Oval Projects Engineering share price chart
Close on 5 Nov 2026 · -4.55% on the day · Vol 4,800
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -6.5%
- 3 months
- -20.8%
- 6 months
- -17.6%
- 1 year
- -34.4%
- Traded a day, 20 days
- ₹0.07 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +47% | +52% |
| 3 years, a year | +37% | +66% |
About Oval Projects Engineering: business, products and customers
Oval Projects Engineering lays gas pipelines, builds gas stations and plant works, and puts up schools and other public buildings, mostly for government oil companies and state departments in the North-East. It is based in Agartala, Tripura, and its shares trade on BSE SME.
Oval Projects Engineering began in Agartala as a project management consultancy and grew into an engineering and construction contractor. Its core work is for the oil and gas industry: laying pipelines, horizontal directional drilling, building gas gathering and processing facilities, terminal stations and city gas networks, and running and maintaining gas networks and captive power plants. Clients include ONGC, Indian Oil, GAIL, Assam Gas Company, Indradhanush Gas Grid and Tripura Natural Gas Company.
It also builds civil works such as schools, community buildings and shopping complexes for public works departments, some funded by the World Bank, and since FY26 sells materials to the oil and gas industry. The trading line adds sales at a much thinner margin than contracting, so it pulls the overall margin down as it grows. Some projects run through subsidiaries and joint ventures, with Raviraj Bokadia Creative and Transstroy India.
Read more about the business
Work is won in tenders at a fixed price, and Infomerics notes that its contracts carry no price escalation clause, so rises in steel, cement and labour costs come out of the margin. Cash is tied up in work in progress at sites, retention money and deposits, and bills are paid as the client certifies each stage; bank guarantees are needed for every contract. That is why operating cash flow has been negative while profit grew, and why most of the IPO money went into working capital.
The offer document names Likhitha Infrastructure and Konstelec Engineers as the listed peer group it compares itself with; the documents do not describe their businesses.
From the offer document (prospectus, 2025), the annual report for FY2026 and the Infomerics rating note of November 2025.
Read the deeper study ↓In its favour
- Sales have grown fast: 37% a year over three years.
- It paid a dividend in the past year.
To watch
- Revenue growth against the company's aim of 35% to 45% a year over the next two to three years (Annual report FY2026, p.31).
- Execution of the ₹796 cr order book, about 71% of which was in Tripura at September 2025 (Annual report FY2026, p.31; Infomerics rating note, 18 November 2025, p.4).
- Operating cash flow after the FY26 outflow of ₹30.0 cr (Annual report FY2026, p.86).
- The Crisil rating, cut to B in March 2026 on non-cooperation (Crisil rating note, 30 March 2026, p.1).
- The business used more cash than it brought in last year: ₹37 cr went out in FY26.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Oval Projects Engineering revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Oval Projects Engineering half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 31 | 61.54 | 92.18 |
| Expenses | 23 | 49.26 | 79.36 |
| Operating profit | 8 | 12.29 | 12.82 |
| OPM | 27.0% | 20.0% | 13.9% |
| Interest | 3 | 3.33 | 3.10 |
| Depreciation | 0 | 0.47 | 0.69 |
| Profit before tax | 5 | 9.50 | 12.12 |
| Net profit | 4 | 6.77 | 8.46 |
Oval Projects Engineering profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 59 | 59 | 78 | 102 | 149.90 |
| Expenses | 53 | 55 | 68 | 83 | 123.90 |
| Operating profit | 6 | 4 | 10 | 19 | 26 |
| OPM | 10.0% | 6.0% | 13.0% | 18.0% | 17.0% |
| Other income | 0 | 5 | 1 | 1 | 4.33 |
| Interest | 1 | 3 | 3 | 6 | 9 |
| Depreciation | 1 | 1 | 1 | 1 | 1 |
| Exceptional and other items | · | -1 | · | · | · |
| Profit before tax | 4 | 4 | 7 | 13 | 19.96 |
| Tax rate | 25.0% | 25.0% | 42.9% | 30.8% | 31.3% |
| Net profit | 3 | 3 | 4 | 9 | 13.72 |
| EPS ₹ | 452.74 | 486.28 | 3.22 | 6.11 | 6.61 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Oval Projects Engineering profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 10.0% | 6.0% | 13.0% | 18.0% | 17.0% |
| Tax rate | 25.0% | 25.0% | 42.9% | 30.8% | 31.3% |
| ROCE | · | 16.3% | 17.2% | 21.6% | 19.6% |
| ROE | · | 18.7% | 15.4% | 20.0% | 16.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Oval Projects Engineering debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Oval Projects Engineering balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.07 | 0.07 | 14 | 15 | 21 |
| Reserves | 14 | 18 | 20 | 41 | 89 |
| Net worth | 14.07 | 18.07 | 34 | 56 | 110 |
| Borrowings | 22 | 32 | 32 | 54 | 75 |
| Other liabilities | 33.93 | 31.93 | 38 | 46 | 32 |
| Total liabilities | 70 | 82 | 104 | 156 | 217 |
| Fixed assets | 5 | 5 | 6 | 5 | 8 |
| Capital work in progress | 8 | 10 | 4 | 3 | 9 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 57 | 67 | 94 | 148 | 200 |
Oval Projects Engineering cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 1 | 12 | -1 | -16 | -37 |
| Cash from investing | -2 | -4 | -15 | -3 | -11 |
| Cash from financing | 1 | -1 | 16 | 29 | 55 |
| Net cash flow | 0 | 7 | 0 | 10 | 7 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 132 | 113 | 83 | 152 | 90 |
| Inventory days | · | · | 276 | 256 | 240 |
| Days payable | · | · | 191 | 196 | 48 |
| Cash conversion cycle | 132 | 113 | 168 | 212 | 282 |
| Working capital days | 54 | -27 | 7 | 44 | 142 |
Oval Projects Engineering peers and competitors
Listed SME companies in the same industryBy sales, Oval Projects Engineering is number 24 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kay Cee Energy & Infra | 93 | 5.0 | 164 | 18.8 | 19.3% | 0.73 |
| HVAX Technologies | 211 | 14.7 | 164 | 14.3 | 10.4% | 0.47 |
| Current Infraprojects | 178 | 12.7 | 160 | 14.1 | 14.5% | 0.41 |
| Leapfrog Engineering Services | 288 | 14.4 | 152 | 20 | 15.0% | 0.44 |
| Oval Projects Engineering | 87 | 6.4 | 150 | 13.7 | 17.0% | 0.68 |
| V.L.Infraprojects | 37 | 4.4 | 150 | 8.4 | 10.8% | 0.56 |
| Pratham EPC Projects | 203 | 33.0 | 140 | 6.2 | 8.1% | 0.51 |
| Rachana Infrastructure | 60 | 6.0 | 138 | 10.1 | 13.0% | 0.08 |
| Winsol Engineers | 125 | 8.7 | 137 | 14.4 | 18.0% | 1.07 |
| Mahendra Realtors & Infrastructure | 125 | 6.9 | 136 | 18 | 15.0% | 0.11 |
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Median of the 10 others | 125 | 7.8 | 145 | 14.2 | 13.8% | 0.45 |
Oval Projects Engineering shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Oval Projects Engineering shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 53.07% | 53.12% |
| Foreign investors (FIIs) | 0.82% | - |
| Indian institutions (DIIs) | 3.69% | - |
| Number of shareholders | 538 | 509 |
Oval Projects Engineering study: the business from its own documents
Read from 6 of the company's own documentsOval Projects Engineering key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹153.1 cr
- Standalone revenue, up from ₹102.3 cr in FY25; profit after tax was ₹14.8 cr.Annual report FY2026, p.6 and p.9
- Order book
- ₹796 cr
- Work in hand at 30 April 2026, about five years of FY26 revenue.Annual report FY2026, p.28 and p.31; our arithmetic
- Revenue mix
- ₹77.9 cr
- FY26 oil and gas contract work; civil and other infrastructure gave ₹41.2 cr and trading ₹30.9 cr.Annual report FY2026, p.9
- Tripura
- About 71%
- Share of the order book in Tripura at September 2025.Infomerics rating note, 18 November 2025, p.4
- Top ten customers
- 79.25%
- Share of FY25 revenue; the largest customer gave 22.14%.Offer document, p.40
Show 5 more facts
- Operating cash flow
- Outflow of ₹30.0 cr
- FY26, as work in progress grew and trade payables were cut.Annual report FY2026, p.86 and p.155
- No price escalation
- Fixed-price contracts
- Infomerics says the company's contracts have no clause to pass on rises in material and labour costs.Infomerics rating note, 18 November 2025, p.4
- IPO
- ₹46.7 cr
- Raised at ₹85 a share on listing in September 2025, used for working capital and general purposes.Annual report FY2026, p.9
- Credit ratings
- IVR BBB- and Crisil B
- Infomerics rated ₹91.0 cr of facilities BBB- in November 2025; Crisil cut its rating to B in March 2026 as the company did not share information.Infomerics rating note, 18 November 2025, p.1; Crisil rating note, 30 March 2026, p.1
- First dividend
- ₹1 a share
- Recommended for FY26, about 14% of profit.Annual report FY2026, p.31
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it held an order book of about ₹796 cr at 30 April 2026 across oil and gas, city gas and civil works. Over the next two to three years it aims for revenue growth of 35% to 45% a year while protecting profitability, and to grow the order book towards ₹1,000 cr. It was awarded a mother station project for NEGDCL during FY26, is executing CNG stations for Tripura Natural Gas Company, and plans to expand into Jharkhand and eastern India and, selectively, other regions through partnerships.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Oval Projects Engineering earns a contractor's margin building gas pipelines, gas stations and public buildings, mostly for government clients in the North-East.
Its weak spots are fixed-price contracts, heavy dependence on Tripura and a few clients, and cash tied up in work under way.
WatchCan it set its own prices?No. Work is won in tenders at fixed prices, so cost rises eat into the margin.
AverageHow strong is it against rivals?Knowing the hard terrain of the North-East and its clients gives it an edge there, but it is a small contractor among many elsewhere.
AverageWho are its customers?Mostly government oil companies and state departments, which pay reliably but slowly, and a few of them make up most of sales.
WatchDoes it need a lot of money?Yes: every contract needs bank guarantees, deposits and site stock before bills are paid.
StrongCan it keep finding new work?It has several years of work in hand and keeps winning repeat orders from the same clients.
AverageDo good and bad years swing a lot?Revenue has grown steadily, but margins have moved with contract mix and input costs.
Who runs Oval Projects Engineering?
Promoters, directors and officers; tap a name for the background
GDGoutam DebnathPromoter, Chairman and Managing Director · holds 53.12%
Diploma (2002) and bachelor's degree (2006) in mechanical engineering from Assam; project roles at KSS Petron and Shiv-Vani Oil & Gas Exploration Services from 2010 to 2014; on the board since October 2013 with about 16 years of relevant experience. Sets strategy, picks the orders to pursue and owns client relationships.
Annual report FY2026, p.15; Offer document, p.171SBSneha BanikWhole-Time Director, Head of Tender Cell and HR
B.E. in electronics and control from Sathyabama University (2015); with the company since June 2016, first as a tender cell consultant; Whole-Time Director since September 2024, leading tendering, pre-qualification and bid pricing.
Annual report FY2026, p.16HMHimangshu MahawarNon-Executive Director
B.Tech in mechanical and automation engineering from Amity University and a marketing diploma from ITM Business School; earlier in business development at National Payments Corporation of India; with the company since 2017 and a director since July 2019.
Annual report FY2026, p.16KKKhitish Kumar NayakIndependent Director
Mechanical engineer from University College of Engineering, Burla (1988); head of health, safety, environment and compliance at Cairn Oil & Gas from 2016 to 2024. Chairs the audit committee.
Annual report FY2026, p.17TMTarun MalikIndependent Director
Mechanical engineer from South Gujarat University (1984); at ONGC from 1985 to 2023 in leadership roles in drilling and completions, about 38 years of experience.
Annual report FY2026, p.17PPPrincee Premchand GuptaChief Financial Officer
B.Com (2013) and M.Com (2015) from the University of Mumbai; with the company since August 2022 and Chief Financial Officer since August 2024.
Annual report FY2026, p.18NKNisha KashyapCompany Secretary and Compliance Officer
Company Secretary since 16 April 2025, handling board, listing and insider-trading compliance.
Annual report FY2026, p.18Oval Projects Engineering latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters 53.07% to 53.12%.
Oval Projects Engineering announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate in terms of Regulation 74 of Securities and Exchange Board of India (Depositories &Participants )Regulations ,2018PDF ↗
- Company UpdateRe-appointment of Ms. Sneha Banik as whole time Director in 13th AGMPDF ↗
- AGM/EGMEnclosedPDF ↗
- AGM/EGMOUTCOME OF 13th AGM HELD ON 29TH SEPTEMBER 2026PDF ↗
- Insider Trading / SASTIntimation regarding Closure of Trading WindowPDF ↗
- Company UpdateIntimation regarding participation in Bharat Connect Conference Rising StarPDF ↗
Oval Projects Engineering annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 18 Nov 2025 ↗read
- Credit ratings ↗read
Oval Projects Engineering share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 1.0000ex-date 22 Sept 2026
Checks we ran on Oval Projects Engineering's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,07,69,268 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹153.7 cr of sales against ₹149.9 cr for the full year; both are shown as reported.
- !Earnings per share changes basis between FY23 (₹486.28) and FY24 (₹3.22) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Oval Projects Engineering
What does Oval Projects Engineering do?
Oval Projects Engineering lays gas pipelines, builds gas stations and plant works, and puts up schools and other public buildings, mostly for government oil companies and state departments in the North-East. It is based in Agartala, Tripura, and its shares trade on BSE SME.
What is the share price of Oval Projects Engineering?
₹42 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Oval Projects Engineering?
₹87 cr at the close on 5 Nov 2026, on 2,07,69,268 shares.
What is the P/E of Oval Projects Engineering?
6.4 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Oval Projects Engineering's revenue and profit?
Revenue ₹150 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of Oval Projects Engineering?
Goutam Debnath; promoters held 53.12% at 31 March 2026.
What is Oval Projects Engineering's website?
www.ovalprojects.com
More SME companies like Oval Projects Engineering
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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- Sai Urja Indo VenturesSAIURJA · BSE SME · ConstructionMarket cap ₹94 cr
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- Kay Cee Energy & InfraKCEIL · NSE Emerge · Construction · listed 2024Market cap ₹99 cr
- Lakshya PowertechLAKSHYA · NSE Emerge · Construction · listed 2024Market cap ₹103 cr
- Valplast TechnologiesVALPLAST · BSE SME · ConstructionMarket cap ₹74 cr
Built from 3 annual reports, 2 credit rating notes, 1 offer document, 6 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.