Bvishal Oil & Energy Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: 2,57,09,799 equity shares (Fresh 1,80,00,000 shares + OFS 77,09,799 shares)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Bvishal Oil & Energy Limited

Incorporated in 2017, Bvishal Oil and Energy Limited is an onshore oilfield services provider offering services across exploration, production, and maintenance of oil and gas wells, with a focus on upstream and midstream operations. Its core services include well intervention and stimulation, surface production testing and gas processing, operations and maintenance (O&M), production enhancement services (PES), and enhanced oil recovery (EOR). As of February 28, 2026, the company, along with its subsidiaries, has executed 86 projects and has an ongoing order book of ₹66,085.12 lakh, with operations spread across Gujarat, Assam, Rajasthan, Andhra Pradesh, and Odisha.

Bvishal Oil & Energy Limited IPO Overview

Bvishal Oil & Energy Limited filed its DRHP with SEBI on March 31, 2026, for a book-built IPO of 2,57,09,799 equity shares, comprising a fresh issue of up to 1,80,00,000 shares and an offer for sale (OFS) of up to 77,09,799 shares by promoters and existing investors. The company may consider a pre-IPO placement of up to ₹2,000 lakh. Net proceeds from the fresh issue will be utilized for funding capital expenditure for acquisition of machinery and equipment (₹12,090 lakh), funding working capital requirements (₹4,500 lakh), and general corporate purposes. Lead manager: Unistone Capital Pvt. Ltd. Registrar: Bigshare Services Pvt. Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Bvishal Oil & Energy Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	2,57,09,799 equity shares
Fresh Issue	1,80,00,000 equity shares
Offer for Sale (OFS)	77,09,799 equity shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	5,37,75,000 shares
Shareholding post-issue	7,17,75,000 shares

Bvishal Oil & Energy Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Bvishal Oil & Energy Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not more than 50% of the Offer
Retail Shares Offered	Not less than 35% of the Offer
NII (HNI) Shares Offered	Not less than 15% of the Offer

 Bvishal Oil & Energy Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹3.21
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	7.12%
Net Asset Value (NAV)	₹70.05
Return on Equity (RoE)	7.12%
Return on Capital Employed (RoCE)	10.08%
EBITDA Margin	40.35%
PAT Margin	18.68%
Debt to Equity Ratio	0.46x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Funding capital expenditure for acquisition of machinery and equipment	12,09
Funding working capital requirements	4,50
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Bvishal Oil & Energy Limited Financials (₹ in millio)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	4,358.53	4,196.53	3,359.67	2,531.76
Revenue from Operations	910.19	1,738.15	1,808.80	1,247.86
Profit After Tax	173.63	309.14	316.34	206.13
Reserves and Surplus	2,098.24	1,922.69	1,556.91	798.03
Total Borrowings	1,136.99	1,260.48	1,117.44	1,096.30
Total Liabilities	1,847.38	1,862.02	1,530.41	1,523.19

Financial Status of Bvishal Oil & Energy Limited

SWOT Analysis of Bvishal Oil & Energy Limited

Strengths and Opportunities	Weaknesses and Threats
Established pre-qualification credentials with Maharatna companies and international oil companies	High customer concentration: top 3 customers contributed 96.91% of FY2025 revenue
Robust order book of ₹66,085.12 lakh (3.76x FY2025 revenue) providing revenue visibility	Revenue concentration in Gujarat and Assam (96.83% of FY2025 revenue)
Comprehensive integrated service portfolio across upstream well lifecycle	Moderating revenue from FY2024 to FY2025 (₹18,088 lakh to ₹17,382 lakh)
Only Indian company pre-qualified for strategic EOR projects at Kuwait Oil Company	High working capital intensity in oilfield services business
Diverse equipment fleet including 7 coiled tubing units, 2 workover rigs, 6 nitrogen pumping units	Dependence on government and PSU clients for majority of revenue
Strategic presence in key oil-producing states (Gujarat, Assam, Rajasthan)	Intense competition from larger players like Deep Industries and Aakash Exploration
India oilfield services market expected to grow at 12.53% CAGR to USD 3.94 billion by 2031	Currency fluctuation risks on international equipment procurement
Government’s USD 2.86 billion upstream investment plan for doubling gas production	Regulatory delays in environmental clearances affecting project timelines
15-year PES contract providing long-term revenue visibility	Volatility in crude oil prices affecting client spending on services

Bvishal Oil & Energy Limited IPO Strengths

Established Pre-Qualification Credentials Strengthening Competitiveness in Contract Bidding

Bvishal Oil & Energy Limited has developed proven pre-qualification credentials in the Oil and Gas sector, supported by a consistent track record of executing contracts in compliance with stringent quality standards, safety norms, and prescribed timelines. The company is the only Indian company to pre-qualify as a participant for strategic Enhanced Oil Recovery (EOR) projects and Surface Well testing facilities at Kuwait Oil Company. It is also among the three Indian companies pre-qualified for Drilling of Shallow Oil/Water Wells and Workover services.

Robust Pipeline of Confirmed Contracts Ensuring Sustained Revenue Visibility

Bvishal Oil & Energy maintains a healthy order book representing the unexecuted portion of secured contracts. As of February 28, 2026, the company has an ongoing order book aggregating ₹66,085.12 lakh, approximately 3.76 times the revenue generated from Oil and Gas Services in Fiscal 2025. This robust order book provides clear visibility into future revenues and enables strategic planning for business expansion and capital requirements.

Comprehensive and Integrated Service Portfolio Spanning the Upstream Segment

Bvishal Oil & Energy offers a diversified and fully integrated suite of onshore oilfield services spanning the entire upstream well lifecycle. The portfolio includes well intervention and stimulation, enhanced oil recovery (EOR), surface production testing and gas processing, operations and maintenance, and production enhancement services. This integrated portfolio enables the company to provide services across multiple stages of the oil and gas value chain.

Achieved Proven Record of Completed Projects Covering Major Oil and Gas Production Regions

Bvishal Oil & Energy has executed projects across key oil-producing states including Gujarat, Assam, Rajasthan, Andhra Pradesh, and Odisha. During Fiscal 2025, the company earned 96.83% of total revenue from Gujarat and Assam, strategically located in regions rich in oil production. The company’s presence in Mehsana, Gujarat, a key hub for Oil and Gas activities, provides a geographical advantage in accessing project sites and securing contracts.

Experienced Promoters and Management with Efficient Project Execution Team

Bvishal Oil & Energy’s promoters possess over two decades of operational experience in the oil and gas sector, supported by long-standing relationships with customers and a proven track record of successfully executing contracts. The company has a dedicated workforce comprising 207 Field Engineers and Field Supervisors, along with 470 Operators and Technicians, enabling efficient execution of projects across locations. The senior management team brings operational, technical, and financial expertise.

Diverse Equipment Fleet Supporting Comprehensive Service Delivery

Bvishal Oil & Energy’s service portfolio is supported by a diverse equipment fleet including 7 coiled tubing units, 2 workover rigs, 6 nitrogen pumping units, 5 acid pumping units with real-time data acquisition systems, 4 hot oil circulation units, 1 mobile testing unit, 11 sets of complete surface production facility packages, and 5 sets of GDU/DPD skid systems. This extensive equipment base enables the company to execute large-scale and technically challenging projects.

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More About Bvishal Oil & Energy Limited

Bvishal Oil and Energy Limited, incorporated in 2017, has emerged as a comprehensive onshore oilfield services provider with operations spanning the upstream and midstream segments of the Indian oil and gas sector.

Service Portfolio

• Well Intervention and Well Stimulation: Coiled tubing operations, workover, nitrogen pumping, acidizing, matrix stimulation, acid fracturing, and mechanical isolation
• Enhanced Oil Recovery (EOR): ASP flooding, SP flooding, and Polymer flooding, together with turnkey EPC/LSTK execution of polymer flooding plants through subsidiaries
• Surface Production Testing and Gas Processing: Multi-phase separation, fluid separation and conditioning, storage and dispatch management, and GDU with DPD systems
• Operations and Maintenance: Multi-year management of production installations, flow stations, drilling and workover rigs, and gathering networks
• Production Enhancement Services: Field-level production optimization, integrated reservoir and asset management, and advanced recovery techniques

Equipment Fleet

• 7 Coiled Tubing Units, 2 Workover Rigs, 6 Nitrogen Pumping Units
• 5 Acid Pumping Units with real-time data acquisition systems
• 4 Hot Oil Circulation Units, 1 Mobile Testing Unit
• 11 Surface Production Facility Packages, 5 GDU/DPD Skid Systems

Geographic Presence

• Operations across Gujarat, Assam, Rajasthan, Andhra Pradesh, and Odisha
• Presence in key oil-producing hubs including Mehsana, Gujarat
• International pre-qualification: Kuwait Oil Company for EOR, Drilling, Workover, and Surface Production Testing services
• Subsidiary incorporated in Kazakhstan for international expansion

Order Book Highlights

• Ongoing order book: ₹66,085.12 lakh as of February 28, 2026
• 15-year PES contract across 4 oilfields covering 47 oil wells on revenue-sharing model
• Bid success ratio: 32.91% in value terms for H1 FY2026

Subsidiaries

• Bvishal Exploration Private Limited (EOR services)
• BSCC Offshore Private Limited (EOR and O&M services)

Workforce

• 964 employees as of February 28, 2026
• 207 Field Engineers and Supervisors, 470 Operators and Technicians

Industry Outlook

India’s oilfield services market is poised for robust growth, driven by rising energy demand, government initiatives to enhance domestic production, and increasing adoption of advanced technologies. According to TechSci Research, the India Oilfield Services Market was valued at USD 1,842 million in 2024 and is expected to reach USD 3,747.82 million by 2030, growing at a CAGR of 12.4%. The market is projected to grow from USD 1.94 billion in 2025 to USD 3.94 billion by 2031 at a CAGR of 12.53%.

Key Growth Drivers:

• Escalating Energy Demand: India’s oil demand is projected to rise by 3.39% to reach 5.74 million barrels per day in 2025. Rapid economic growth, urbanization, and industrial expansion are fueling this demand.
• Government Initiatives: The government is planning to invest USD 2.86 billion in upstream oil and gas production to double natural gas production to 60 BCM and drill more than 120 exploration wells. ONGC significantly increased its capital spending to approximately ₹62,000 crore in Fiscal 2025, drilling 578 wells — the highest annual drilling activity recorded in 35 years.
• EOR and Production Enhancement: Declining domestic oil output from 36 million tonnes in FY2017 to 29.4 million tonnes in FY2024 has created a clear incentive for operators to deploy ASP, polymer, and miscible-gas flooding in mature reservoirs. Pilot programs in Assam’s Lakwa and Gujarat’s Kalol fields recorded incremental gains of 4,000–6,000 barrels per day.
• Upstream Market Growth: The India Oil and Gas Upstream Market is forecast to reach USD 21.47 billion by 2031 at a 4.94% CAGR over 2026-2031.

Market Projections:

• The India Oil and Gas Exploration and Services Market is valued at USD 29 billion.
• The India Enhanced Oil Recovery market was valued at $1,457.8 million in 2022 and is projected to reach $3,142.0 million by 2032, growing at a CAGR of 8.03%.
• Well intervention and workover services are experiencing growing demand due to the need to enhance production efficiency of existing oil and gas wells.

How Will Bvishal Oil & Energy Limited Benefit

• Bvishal Oil & Energy is strategically positioned to benefit from India’s oilfield services market growing at 12.53% CAGR to USD 3.94 billion by 2031, with the company’s integrated service portfolio covering well intervention, EOR, and production enhancement services.
• The company’s robust order book of ₹66,085.12 lakh (3.76x FY2025 revenue) provides strong revenue visibility and execution pipeline over the next 3-15 years, enabling strategic planning and capital allocation.
• With ONGC’s capital spending at ₹62,000 crore in FY2025 and 578 wells drilled, the company’s pre-qualification credentials with Maharatna companies position it to capture a significant share of upcoming contracts in the upstream segment.
• The government’s USD 2.86 billion upstream investment plan for doubling gas production and drilling 120 exploration wells creates substantial opportunities for the company’s well intervention and stimulation services.
• Bvishal’s 15-year PES contract on revenue-sharing model provides long-term recurring revenue visibility and positions the company as a preferred partner for production enhancement in mature fields.
• The company’s unique pre-qualification status as the only Indian company for EOR projects at Kuwait Oil Company opens up international expansion opportunities, diversifying revenue beyond domestic markets.
• With the EOR market projected to grow at 8.03% CAGR to USD 3.14 billion by 2032, Bvishal’s subsidiaries’ capabilities in ASP, SP, and Polymer flooding position it to capture this high-growth segment.

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Bvishal Oil & Energy Limited	10	17,38.15	5.49	5.49	[●]	14.50%	43.47
Peer Group
Deep Industries Limited	5	57,61.30	(14.08)	(14.08)	(30.31)	(5.52%)	299.21
Aakash Exploration Services Limited	1	9,81.89	0.18	0.18	45.67	3.10%	5.96
Asian Energy Services Limited	10	46,503.81	9.79	9.77	26.96	12.45%	92.66
Hindustan Oil Exploration Company Limited	10	42,086.99	11.13	11.13	10.91	11.80%	99.91
Antelopus Selan Energy Limited	10	25,808.00	20.07	19.98	25.94	14.75%	370.61

Key Strategies for Bvishal Oil & Energy Limited

Continued Focus on Existing Services and Undertake New Projects

Bvishal Oil & Energy intends to leverage customer relationships, project expertise, equipment fleet, and trained manpower to capitalize on opportunities in the oil and gas sector. The company will continue focusing on projects with higher contract values and technical challenges, subject to market conditions and customer requirements. As of February 28, 2026, the ongoing order book is valued at ₹66,085.12 lakh, with bids submitted for multiple projects expected to further expand the order book.

Entering into Production Enhancement Services Bridging Upstream and Midstream

Bvishal Oil & Energy has secured a 15-year contract from a Maharatna company for providing PES across 4 oilfields covering 47 oil wells, structured on a revenue-sharing model based on incremental production achieved. This long-term engagement positions the company as a specialized service provider operating at the intersection of upstream and midstream segments, enabling it to leverage expertise for further growth in similar projects.

Expand Equipment Base Across Business Segments

Bvishal Oil & Energy intends to utilize a portion of the Net Proceeds (₹12,090 lakh) to acquire specialized equipment to enhance service capabilities in existing upstream operations and support expansion into midstream segments. The company also aims to expand similar service offerings to offshore operations through acquisition of offshore-compatible equipment. This expansion is expected to strengthen operational capabilities and support the expansion of service offerings.

Expanding Services in Untapped Geographical Boundaries

Bvishal Oil & Energy is strategically broadening its geographic presence by extending services into frontier oil exploration regions both domestically and internationally. The company has secured new projects in Andhra Pradesh and achieved technical pre-qualification with Kuwait Oil Company for EOR, Drilling, and Workover services. A subsidiary has been incorporated in Kazakhstan to undertake new projects internationally, establishing a more robust global footprint.

FAQs

How can I apply for Bvishal Oil & Energy Limited IPO?

You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount).

What is the total issue size of the Bvishal Oil & Energy IPO?

The IPO comprises 2,57,09,799 equity shares, including fresh issue of 1,80,00,000 shares and OFS of 77,09,799 shares.

When is the Bvishal Oil & Energy IPO opening?

IPO dates including open, close, and listing are yet to be announced by the company.

On which exchanges will Bvishal Oil & Energy shares be listed?

The equity shares will be listed on both BSE and NSE.

How will Bvishal Oil & Energy use the IPO proceeds?

Proceeds will be used for capex for machinery (₹12,090 lakh), working capital (₹4,500 lakh), and general corporate purposes.

Infographic Content

Bvishal Oil & Energy Limited IPO Highlights

Bvishal Oil & Energy is an integrated onshore oilfield services provider offering well intervention, EOR, surface production testing, and production enhancement services with a ₹66,085 lakh order book and presence across Gujarat, Assam, and Rajasthan.

• Offer Size:2,57,09,799 equity shares (Fresh Issue 1,80,00,000 shares; OFS 77,09,799 shares)
• Purpose:Net proceeds will be used for capex for machinery (₹12,090 lakh), working capital (₹4,500 lakh), and general corporate purposes.
• Financials (FY March 2025):Revenue ₹17,381.53 lakh; Profit After Tax ₹3,091.38 lakh; EPS ₹5.49; RoNW
• Listing:Mainboard IPO on BSE & NSE