Oval Projects Engineering Ltd
Incorporated in 2013, Oval Projects Engineering Limited is an infrastructure development company specializing in the Oil & Gas, City Gas Distribution, Urban Development, and Energy sectors across India.[1]
- Market Cap ₹ 93.6 Cr.
- Current Price ₹ 45.0
- High / Low ₹ 86.0 / 44.0
- Stock P/E 7.72
- Book Value ₹ 49.8
- Dividend Yield 0.00 %
- ROCE 22.6 %
- ROE 20.5 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 0.90 times its book value
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Contingent liabilities of Rs.50.1 Cr.
- Company has high debtors of 154 days.
- Working capital days have increased from 17.9 days to 83.5 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 57 | 56 | 78 | 102 | |
| 51 | 53 | 68 | 84 | |
| Operating Profit | 5 | 3 | 10 | 18 |
| OPM % | 9% | 5% | 13% | 18% |
| 0 | 5 | 1 | 1 | |
| Interest | 1 | 3 | 3 | 6 |
| Depreciation | 1 | 1 | 1 | 1 |
| Profit before tax | 4 | 4 | 7 | 13 |
| Tax % | 27% | 27% | 37% | 29% |
| 3 | 3 | 4 | 9 | |
| EPS in Rs | 435.98 | 452.74 | 3.20 | 6.12 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 22% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 48% |
| TTM: | 112% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 20% |
| Last Year: | 21% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 0.07 | 0.07 | 14 | 15 | 21 |
| Reserves | 12 | 15 | 20 | 41 | 83 |
| 19 | 28 | 32 | 42 | 47 | |
| 32 | 32 | 38 | 46 | 34 | |
| Total Liabilities | 63 | 75 | 104 | 144 | 185 |
| 3 | 3 | 6 | 5 | 5 | |
| CWIP | 5 | 7 | 4 | 3 | 6 |
| Investments | 1 | 1 | 0 | 0 | 0 |
| 54 | 65 | 94 | 136 | 174 | |
| Total Assets | 63 | 75 | 104 | 144 | 185 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -0 | 6 | -0 | -16 | |
| -1 | -3 | -17 | 4 | |
| 0 | 4 | 17 | 18 | |
| Net Cash Flow | -0 | 7 | 0 | 7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 137 | 117 | 83 | 154 |
| Inventory Days | 793 | 419 | ||
| Days Payable | 549 | 326 | ||
| Cash Conversion Cycle | 137 | 117 | 327 | 246 |
| Working Capital Days | 53 | -37 | 7 | 84 |
| ROCE % | 19% | 19% | 23% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Geographic Concentration - East/Tripura Region % |
|
||
| Net Fixed Asset Turnover Ratio times |
|||
| Revenue Concentration from Top 10 Customers % |
|||
| Revenue Mix - Oil & Gas Infrastructure Vertical % |
|||
| Revenue Mix - Specialized Infrastructure Projects Vertical % |
|||
| Working Capital Cycle (Inventory + Receivables) days |
|||
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
5 Mar - Regarding investor meet of Oval Projects Engineering Limited to be held on March 10, 2026.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
28 Feb - Revised monitoring report for quarter ended Dec 31, 2025: IPO proceeds Rs.46.74 crore, Rs.8.48 crore unutilised, no deviations.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
28 Feb - Monitoring agency reports full utilization status of Rs.46.74 crore IPO proceeds as of Dec 31, 2025; no deviations.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
20 Feb - Monitoring Agency confirms IPO proceeds Rs.46.74 crore used per prospectus; quarter ended Dec 31, 2025.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
10 Jan - Compliance Certificate under Regulation 74(5) of SEBI (DP) Regulations 2018, for the quater ended on 31st December,2025.
Business Profile[1]
Oval Projects is an infrastructure services company headquartered in Agartala, Tripura. It specializes in EPC (Engineering, Procurement & Construction) and O&M (Operations & Maintenance) services, primarily for the Oil & Gas sector, while also executing specialized infrastructure and civil projects.