Unaudited standalone and consolidated financial results of the company for the half year ended 30 th September ,2025
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Oval Projects Engineering reported strong H1 FY26 results with standalone revenue from operations nearly doubling to ₹6,154.24 Lakhs from ₹3,145.33 Lakhs in H1 FY25, a jump of about 96%. Standalone profit after tax rose to ₹677.03 Lakhs from ₹387.21 Lakhs, up roughly 75%, while EPS improved to ₹4.27 from ₹2.82. Consolidated revenue for the half year stood at ₹5,876.78 Lakhs with PAT of ₹604.72 Lakhs. The auditor (Kapoor Goyal & Co.) issued an unqualified limited review report. The Board also approved a joint venture with Oval Fresh Private Limited (51:49) for tender participation — Oval Fresh is a related party since the promoter's father holds 20% and wife holds 60% in it. Of total IPO proceeds of ₹4,674.32 Lakhs, only about ₹1,689.53 Lakhs (~36%) has been utilised so far, with machinery and general corporate purposes yet to see any deployment.
Strong top-line and bottom-line growth is positive for shareholders, but the heavy reliance on working capital deployment of IPO funds and negative operating cash flow (-₹557 Lakhs standalone, -₹1,087 Lakhs consolidated) raise concerns about cash quality of profits. The related-party JV is at arm's length and modest in scale, so near-term impact is limited.