Oval Projects Engineering Reports Strong Half-Year Performance with Revised Consolidated Review

Oval Projects Engineering Limited (OPEL) has submitted a revised Limited Review Report (LRR) for its consolidated financial results for the half-year ended September 30, 2025, to the Bombay Stock Exchange (BSE). The company clarified that apart from the revised LRR, there are no changes in the figures or other contents of the previously submitted unaudited financial results filed on October 18, 2025.

Financial Highlights

OPEL's financial performance for the half-year ended September 30, 2025, shows significant growth compared to the same period last year. Here's a breakdown of the key financial metrics:

Metric	H1 FY2026	H1 FY2025	YoY Change
Total Income	₹621.60 lakhs	₹316.50 lakhs	96.40%
Net Profit	₹677.03 lakhs	₹387.21 lakhs	74.80%
Basic EPS	₹4.27	₹2.82	51.40%

Consolidated Performance

The consolidated results for the half-year period reported:

Total revenue: ₹5,965.68 lakhs
Net profit: ₹604.72 lakhs

Capital Structure

As of September 30, 2025, OPEL's paid-up equity share capital stands at ₹2,076.93 lakhs.

Standalone vs. Consolidated Results

It's noteworthy that while the standalone net profit is reported at ₹677.03 lakhs, the consolidated net profit is slightly lower at ₹604.72 lakhs. This difference might be attributed to the performance of subsidiaries or associated companies included in the consolidated results.

Balance Sheet Highlights

The standalone balance sheet as of September 30, 2025, reveals:

Particular	Amount (₹ in lakhs)
Total Assets	18,482.02
Shareholders' Funds	10,347.36
Non-Current Liabilities	1,163.49
Current Liabilities	6,971.16

Cash Flow Analysis

The cash flow statement shows a significant increase in cash and bank balance:

Particular	Amount (₹ in lakhs)
Opening Cash & Bank Balance	1,739.77
Closing Cash & Bank Balance	4,660.02
Net Increase	2,920.25

This substantial increase in cash reserves strengthens the company's liquidity position.

Conclusion

Oval Projects Engineering Limited has demonstrated robust growth in the first half of the fiscal year 2026. The significant increase in total income and net profit, along with improved earnings per share, indicates strong operational performance. The company's improved cash position also suggests enhanced financial stability.

Investors and stakeholders should note that these results represent half-year performance, and it's important to consider longer-term trends for a comprehensive assessment of the company's financial health.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.80%	-1.09%	+34.39%	-20.05%	-20.05%	-20.05%

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:

Particulars	H1 FY26 (₹ Crore)	H1 FY25 (₹ Crore)	YoY Growth
Revenue from Operations	61.54	31.45	195.7%
Total Income	62.16	31.65	196.3%
EBITDA	11.91	6.25	190.7%
EBITDA Margin	19.3%	19.6%	Stable
Profit Before Tax	9.50	5.38	176.5%
Profit After Tax	6.77	3.87	178.0%
Net Profit Margin	10.9%	12.2%	Slight dip

New Orders and Business Expansion

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

Composite works for a CGS-cum-Mother Station in Tripura (₹3.77 crores)
Road development and stormwater drainage systems in Tripura (₹58.25 crores)
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:

Alignment with India's National Infrastructure Pipeline
Strong technical expertise and industry networks
Expansion into new geographic areas
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.