BSE: 544498
OVAL PROJECTS ENGINEERING LIMI
Provides engineering, procurement and construction (EPC) and operations and maintenance (O&M) services primarily to India's Oil & Gas sector, with the customer base dominated by public sector undertakings and government entities. The business earns revenue from executing oil and gas infrastructure projects under long-term contracts, supplemented by government civil construction orders such as a 50-bedded drug de-addiction centre won from the Public Works Department of the Government of Tripura valued at approximately Rs. 13.23 crore. Operations are concentrated in East India, with 41 active projects driving an order book exceeding Rs. 780 crore, equivalent to roughly five times FY26 revenue. Repeat business from PSU clients accounts for 70% of the order book, with the PSU and government share of revenue reported at 90%. Costs are dominated by other operating expenses at 12.6% of revenue and employee costs at 4.1%, with depreciation at 0.8% and no material input cost reported. The company was listed on the BSE SME platform in September 2025. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC and O&M services for Oil & Gas infrastructure, Government civil construction projects. Project-based, contracting-driven infrastructure services with heavy PSU/government dependence
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 150 |
| EBITDA (ex other income) | 26 |
| margin % | 17.4 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 7.96 |
| ROE % · ROCE % | 12.5 · 22.0 |
| Debt / equity (x) | 0.68 |
| Cash from operations | (37) |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 59 | 91 |
| Profit before tax | 9 | 11 |
| Net profit | 6 | 8 |
| EPS (₹) | 3.81 | 4.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,09,482 | 30.7 | 3.96 | 18.6 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,722 | 44.2 | 4.05 | 28.5 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,726 | 20.9 | 3.07 | 10.7 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,028 | 16.1 | 1.00 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 20,104 | 27.2 | 6.25 | 16.6 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,312 | 32.1 | 8.05 | 16.4 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,488 | 21.0 | 5.24 | 18.4 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,050 | 25.6 | 2.66 | 18.1 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.5 | 14.7 | 16 of 101 | 85% |
| P/B | 0.8 | 1.3 | 26 of 85 | 70% |
| ROCE | 15.0 | 10.0 | 34 of 107 | 69% |
| ROE | 12.5 | 9.1 | 30 of 87 | 66% |
| Debt / Equity | 0.7 | 0.4 | 66 of 87 | 24% |
| EBITDA margin | 18.3 | 12.4 | 24 of 88 | 74% |
| Market cap | 91 | 469 | 78 of 107 | 27% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Re-appointment of Ms. Sneha Banik as Whole Time Director at 13th AGM | management changes | medium | — | — |
| 1 Oct 2026 · All 7 resolutions passed at 13th AGM with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 13th AGM concluded; 7 resolutions tabled including final dividend and borrowing limits | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed Ahead of Half-Year Results | compliance | minimal | — | — |
| 23 Sept 2026 · Oval Projects to attend Bharat Connect investor conference on Sep 28 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Newspaper notice for 13th AGM filed with BSE | compliance | minimal | — | — |
| 6 Sept 2026 · Record date set for final dividend, 13th AGM on Sep 29, 2026 | corporate actions | medium | — | — |
| 6 Sept 2026 · 13th AGM on Sep 29, FY26 annual report filed; Sep 22 record date for Rs 1 dividend | board shareholder meetings | medium | — | — |
| 6 Sept 2026 · 13th AGM Notice and Annual Report FY 2025-26; Final Dividend of Re 1 Per Share | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.