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 Ltd reported strong growth for H1 FY26 (ended Sept 30, 2025). Standalone revenue from operations jumped to ₹6,154.24 lakhs from ₹3,145.33 lakhs in the same period last year, a ~96% rise. Standalone profit after tax climbed to ₹677.03 lakhs (vs ₹387.21 lakhs), while EPS improved to ₹4.27 from ₹2.82. On a consolidated basis, revenue stood at ₹5,876.78 lakhs with PAT of ₹604.72 lakhs. The auditor (Kapoor Goyal & Co.) issued an unqualified limited review report with no qualifications. The board also approved a 51:49 joint venture with Oval Fresh Private Limited for tender participation, which is a related-party transaction (promoter Goutam Debnath's father and wife hold stakes in Oval Fresh). Of the ₹4,674.32 lakhs IPO proceeds raised, only ₹1,689.53 lakhs (about 36%) had been utilized by Sept 30, 2025, mostly toward working capital.
Strong topline and bottomline growth is a positive signal for shareholders, likely to be viewed favorably. However, operating cash flow turned negative (standalone: -₹557 lakhs, consolidated: -₹1,087 lakhs) despite higher profits, and a large portion of IPO funds remain unutilized, which warrants a cautious look at working capital management and deployment plans.