Oval Projects Engineering Limited Submits Q4FY26 Compliance Certificate to BSE

Oval Projects Engineering Limited has submitted its quarterly compliance certificate to BSE Limited for the quarter ended March 31, 2026, fulfilling its obligations under SEBI (Depositories and Participants) Regulations, 2018. The submission was made on April 10, 2026, by Managing Director Goutam Debnath.

Regulatory Compliance Certificate

The certificate was issued by MAS Services Limited, the company's Registrar and Share Transfer Agent, on April 2, 2026. The document confirms compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period from January 1, 2026, to March 31, 2026.

Compliance Parameter:	Status
Certificate Period:	January 1, 2026 to March 31, 2026
Submission Date:	April 10, 2026
Issuing Authority:	MAS Services Limited
Regulation:	SEBI Regulation 74(5)

Dematerialization Process Confirmation

MAS Services Limited confirmed that all securities received from Depository Participants for dematerialization during the quarter were processed within the stipulated 15-day timeline. The registrar verified that:

Securities received for dematerialization were confirmed to depositories within 15 days
Security certificates were properly mutilated and cancelled after verification
Depository names were substituted in the register of members within the required timeframe
Updates were provided to depositories and stock exchanges within 15 days
The register of members was updated accordingly

Corporate Communication

The submission was addressed to BSE Limited's Corporate Relationship Department and copied to both National Securities Depository Limited and Central Depository Services (India) Limited. This comprehensive communication ensures all relevant regulatory bodies are informed of the company's compliance status.

The certificate submission represents Oval Projects Engineering Limited's commitment to maintaining regulatory compliance and transparent corporate governance practices in its securities handling operations.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-100.00%	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%

Oval Projects Engineering Limited has issued a strong clarification disputing CRISIL's rating rationale dated March 30, 2026, claiming the assessment is factually incomplete and doesn't reflect the complete background of their interactions with the rating agency. The company's Managing Director Goutam Debnath signed the clarification on March 31, 2026, emphasizing that they have not consented to the continued publication of the rating.

Company's Formal Dispute Timeline

Oval Projects Engineering has provided a detailed timeline of their dispute with CRISIL, highlighting key interactions that they claim were not adequately reflected in the rating rationale:

Timeline	Action Taken
November 2023	Formally disputed rating basis, citing inadequate consideration of updated information
December 2023	Submitted banker No Objection Certificates (NOCs) as per CRISIL requirements
March 2024	Reiterated withdrawal request and sought clarification on prescribed procedures
March 30, 2026	CRISIL published disputed rating rationale

The company maintains that it clearly conveyed its decision to discontinue engagement with CRISIL and formally requested withdrawal of the rating mandate. They argue that the rating rationale doesn't capture this factual position and have reserved their rights in relation to the matter.

CRISIL's Rating Downgrade Details

CRISIL has downgraded Oval Projects Engineering's ratings, citing non-cooperation from the issuer. The rating agency attempted to engage with the company through letters and emails dated February 11, 2026, along with telephonic communications, but received no response.

Rating Category	Previous Rating	Current Rating
Long Term Rating	Crisil BB/Stable (Issuer Not Cooperating)	Crisil B/Stable (Issuer Not Cooperating)
Short Term Rating	Crisil A4+ (Issuer Not Cooperating)	Crisil A4 (Issuer Not Cooperating)
Total Bank Loan Facilities	Rs. 30.00 Crore	Rs. 30.00 Crore

Financial Performance Overview

Despite the rating dispute, CRISIL provided available financial data for Oval Projects Engineering based on BSE filings:

Financial Metric	H1 FY26	FY25
Revenue	62	102
Profit After Tax (PAT)	7	9
Operating Profit Margin (OPM)	20%	18%
Net Profit Margin (NPM)	12%	9%

The company, incorporated in 2013 and currently located in Tripura, is engaged in civil construction works, mainly construction of infrastructural works and turnkey projects in oil and gas & power sectors. It is owned and managed by Mr. Goutam Debnath.

Banking Facilities Breakdown

The company's banking facilities are distributed across multiple lenders, all carrying the 'Issuer Not Cooperating' suffix:

Facility Type	Amount (Rs. Crore)	Primary Lenders
Bank Guarantee	15.00	HDFC Bank (11), ICICI Bank (2), Indian Bank (2)
Cash Credit	10.65	ICICI Bank (5), Indian Bank (3.65), HDFC Bank (2)
Overdraft Facility	3.00	HDFC Bank
Term Loan	1.35	Indian Bank

Regulatory Compliance and Stakeholder Communication

The clarification was issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to ensure stakeholders are appropriately informed about the dispute. The company emphasized that the clarification should be read in conjunction with disclosures made by CRISIL and stated they are taking appropriate steps regarding the matter while reserving their rights.