Oval Projects Engineering Limited , a specialized infrastructure development company in India's oil and gas sector, has reported robust financial results for the half-year ended September 30, 2025. The company, which went public on the BSE SME platform on September 4, 2025, has demonstrated significant growth and secured new orders, reinforcing its position in the market.

Financial Highlights

The company's financial performance for H1 FY26 shows substantial year-on-year growth:

New Orders and Business Expansion

Oval Projects Engineering has secured new orders totaling ₹83.07 crores in September 2025, including:

1. Composite works for a CGS-cum-Mother Station in Tripura (₹3.77 crores)
2. Road development and stormwater drainage systems in Tripura (₹58.25 crores)
3. Construction of vegetable and fish markets (₹21.05 crores)

Additionally, the company received a Letter of Intent (LOI) from HPOIL GAS PRIVATE LIMITED for a City Gas Station project in Nagaland, valued at ₹11.78 crores.

Strong Order Book and Geographic Presence

The company maintains a robust order book of ₹716 crores with 41 ongoing projects as of September 2025. Oval Projects Engineering operates across 10 Indian states, with a workforce of 400 employees. The company's geographic reach is strategically concentrated, with 75% of revenue coming from East India, while also expanding its presence in the West, North, and central regions.

Business Model and Revenue Segmentation

Oval Projects Engineering offers a comprehensive range of services in the oil and gas infrastructure sector, including Engineering, Procurement, and Construction (EPC) and Operations & Maintenance (O&M). The company's revenue is segmented as follows:

• Oil & Gas Services: ~55% of revenue
• Specialized Services: ~45% of revenue

Notably, 90% of the company's revenue is derived from public sector undertakings, reflecting strong government trust and stable cash flows.

Management Commentary

The management attributes the significant revenue jump to enhanced working capital efficiency, supported by IPO funds. Operational margins have strengthened due to superior procurement practices and timely execution. The company's strategic focus remains on the oil and gas sector across India, with a particular emphasis on specialized infrastructure projects in Tripura.

Growth Drivers and Future Outlook

Oval Projects Engineering is well-positioned for continued growth, supported by:

1. Alignment with India's National Infrastructure Pipeline
2. Strong technical expertise and industry networks
3. Expansion into new geographic areas
4. Continued orders from marquee clients such as ONGC, GAIL, and Assam Gas Company Limited

The company has demonstrated a 30% compound annual growth rate (CAGR) in revenue from FY 2023 to FY 2025, with EBITDA margins expanding from 5.86% to 17.68% during the same period.

As Oval Projects Engineering continues to capitalize on the growing infrastructure development opportunities, particularly in the oil and gas sector, it appears well-positioned for sustained growth and market expansion.

Oval Projects Engineering Limited (OPEL) has announced its unaudited financial results for the half-year ended September 30, 2025, showcasing significant growth in both revenue and profitability. The company's board has also approved the formation of a joint venture with Oval Fresh Private Limited, aimed at enhancing its tender participation capabilities.

Financial Performance

OPEL reported impressive financial results for the half-year period:

The company's standalone revenue from operations nearly doubled year-over-year, while net profit increased by about 75%. This strong performance indicates robust growth in OPEL's core business activities.

Joint Venture Formation

In a strategic move, OPEL's board has approved the incorporation of a joint venture company with Oval Fresh Private Limited. Key details of the joint venture include:

• Purpose: Tender participation
• Shareholding Structure: 51:49 (OPEL holding the majority stake)
• Operations: To be conducted on an arm's length basis

This partnership is expected to enhance OPEL's capabilities in securing new projects through tenders, potentially driving future growth.

Balance Sheet Highlights

As of September 30, 2025, OPEL's consolidated balance sheet shows:

The company's strong shareholders' funds indicate a solid financial foundation, while the mix of long-term and short-term borrowings suggests a balanced approach to financing its operations and growth initiatives.

Cash Flow and Liquidity

OPEL's consolidated cash flow statement reveals:

• Cash and bank balance increased to ₹4,772.51 lakhs as of September 30, 2025, from ₹2,030.05 lakhs at the end of the previous fiscal year.
• The company generated ₹2,742.47 lakhs in net cash flow during the half-year period, indicating strong liquidity and operational efficiency.

Outlook

With its robust financial performance, strategic joint venture formation, and strong liquidity position, Oval Projects Engineering Limited appears well-positioned for continued growth. The company's focus on tender participation through the new joint venture could potentially lead to increased project acquisitions and revenue streams in the coming quarters.