Oval Projects Engineering has announced the appointment of Aristos Advisory as its investor relations services provider, effective March 23, 2026. The appointment has been made in compliance with regulatory requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The company has formally appointed Aristos Advisory to handle its investor relations services. The following table summarizes the key details of this appointment:

Regulatory Compliance

The appointment has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to disclose material events and information that could impact investor decisions. The company has formally intimated BSE Limited about this corporate development through an official communication.

Company Leadership

The intimation to the stock exchange was signed by Goutam Debnath, Managing Director of Oval Projects Engineering Limited, bearing DIN: 06923261. The communication was digitally signed on March 23, 2026, at 16:12:06 +05'30'.

About the Company

Oval Projects Engineering Limited is an ISO certified company with its registered office located at Milani Chakra (Near Prajapita Brahmakumari Centre), P.O. - A. D. Nagar, Agartala, Tripura (West), Pincode: 799003. The company was formerly known as Oval Projects Engineering Pvt. Ltd. and operates under CIN No. L74900TR2013PLC008465.

Oval Projects Engineering Limited has submitted a revised monitoring agency report for Q3 FY26 after identifying numerical discrepancies in its earlier filing dated February 20, 2026. The company filed the corrected report on February 28, 2026, requesting BSE to disregard all previously submitted monitoring agency reports for the quarter ended December 31, 2025.

IPO Details and Fund Deployment

The company successfully completed its IPO during August 28 to September 1, 2025, raising Rs. 46.74 crore through the fresh issuance of 54,99,200 equity shares at Rs. 85.00 per share. After deducting issue expenses of Rs. 5.77 crore, the net proceeds available for utilization stood at Rs. 40.97 crore.

Quarterly Fund Utilization Breakdown

During Q3 FY26, Oval Projects Engineering utilized Rs. 17.53 crore across its stated objectives, bringing the cumulative utilization to Rs. 38.25 crore since the IPO completion.

Working Capital and Corporate Purpose Utilization

The majority of funds during the quarter were deployed toward working capital requirements, with Rs. 17.48 crore utilized for general construction services and other operational needs. The company used Rs. 0.02 crore from general corporate purpose funds for internal auditor payments during the quarter.

Deployment of Unutilized Proceeds

The remaining Rs. 8.49 crore of unutilized IPO proceeds has been strategically invested across multiple instruments to generate returns while maintaining liquidity:

Compliance and Monitoring Status

The monitoring agency, Infomerics Valuation and Rating Limited, confirmed no deviations from the objects stated in the offer document. All utilization has been conducted as per the disclosed purposes, with some prepayment of Rs. 13.36 crore made in FY 2025-26 that was originally scheduled for FY 2026-27. The company has obtained all necessary government and statutory approvals, including principal approval from BSE.

Fund Management Structure

The company follows a structured approach to fund deployment, transferring proceeds from the public account to a monitoring account maintained with Axis Bank, then partially to current and cash credit accounts with ICICI Bank for actual utilization. This process involves some comingling of funds, which the monitoring agency tracks through management certificates and document examination.

The monitoring agency has declared that the revised report provides a true and fair view of IPO proceeds utilization, with no conflicts of interest identified in the monitoring process. The company continues to deploy funds according to its stated timeline, with completion expected by FY 2026-27.