Oswal Energies IPO

Oswal Energies Limited IPO Strengths

One-Stop Solution Provider

Oswal Energies Limited provides a comprehensive, one-stop solution for its diverse customer base across various geographies and sectors. As an integrated partner, the company offers an extensive range of specialized services and products, including design, engineering, manufacturing, and project management. This diverse portfolio reduces reliance on individual products and meets different industry need

Strong Project Execution Track Record

Oswal has a proven track record of successfully executing EPC (Engineering, Procurement, and Construction) projects in India’s oil and gas sector. The company has a strong presence in key hydrocarbon basins and has completed complex, multi-disciplinary projects for major clients. This track record demonstrates its engineering capabilities and reinforces its position as a reliable partner in the industry.

Consistent Growth and Prudent Financial Profile

Oswal Energies Limited has a history of consistent financial growth, driven by a strong order book and effective financial management. The company has seen significant growth in revenue and profit margins over the past three fiscal years. Its prudent financial practices, including efficient working capital management, have created a resilient and stable business model.

Timely and High-Quality Project Delivery

Oswal is dedicated to delivering high-quality projects on a turnkey basis, ensuring they are completed on schedule. The company’s in-house manufacturing capabilities, combined with a strong global supply chain and long-standing supplier relationships, give it an advantage in quality control and timely delivery. The company has no record of delivery delays or invoked performance guarantees.

Qualified and Experienced Management Team

Oswal Energies Limited is led by a qualified and experienced management and employee base. The promoters have over 16 years of experience in the EPC industry and heavy equipment manufacturing. The company’s team of engineers and technical specialists brings strong project execution skills and an in-depth understanding of the industry, contributing to its competitive advantage.

More About Oswal Energies Limited

Oswal Energies Limited is an integrated engineering, procurement, and construction (EPC) company and manufacturer of process equipment and packages. With decades of experience and a global presence, the company offers end-to-end solutions from concept to commissioning, serving diverse sectors in the energy segment, including oil and gas, power, and petrochemicals. Its operations are structured into two primary divisions: Project Division and Heavy Engineering Division.

Divisions and Services

Project Division: This division provides customised EPC services across surface facilities, early production facilities, steel pipeline networks, gas processing plants, and cross-country pipelines. Projects typically range from ₹500 million to ₹1,500 million.

Heavy Engineering Division: Focused on manufacturing and supplying process equipment, skids, and packages, this division handles orders ranging from ₹100 million to ₹1,000 million. Products have been supplied domestically and exported to nine countries, including the USA, UAE, Italy, Spain, and South Korea.

Manufacturing Facility: Located in Gandhinagar, Gujarat, the facility has an installed capacity of 2,000 MT annually and maintains ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015 certifications, along with ASME “U” and “U2” stamps, ensuring adherence to the highest quality and safety standards.

Financial and Operational Highlights

• Revenue from Operations (₹ million): Fiscal 2025 – 4,108.74; Fiscal 2024 – 2,560.37; Fiscal 2023 – 1,600.12

• Project Division Contribution: 72.32% in Fiscal 2025

• Heavy Engineering Division Contribution: 27.68% in Fiscal 2025

• Domestic vs Export Revenue: 83.5% domestic, 16.5% export in Fiscal 2025

• Order Book: ₹8,357.70 million as of March 31, 2025

Since Fiscal 2023, Oswal Energies has executed five EPC projects worth ₹3,348.64 million and completed 21 heavy engineering contracts valued at ₹991.83 million. Currently, it has four ongoing EPC projects and three Heavy Engineering projects, with a total value of ₹8,357.70 million.

Leadership and Workforce

Promoters Ratan Babulal Bokadia and Jayant Babulal Bokadia have led the company since 2013, with Dixit Jitendra Bokadia joining in 2018. The senior management team averages over 15 years of experience. As of March 31, 2025, the company employs 285 personnel, including 90 qualified engineers, ensuring strong execution capabilities and technical expertise.

Awards and Achievements

• 2024: Largest upstream project from Cairn (Vedanta Ltd)

• 2023: Maharatna ONGC award for Asia’s first High-Pressure Injection Pilot Project

• 2022: JOILET Refinery project awarded by Exxon Mobil

• Multiple recognitions for safety, excellence, and international acquisitions

Industry Outlook

The Indian Engineering, Procurement, and Construction (EPC) industry, covering oil and gas, power, and petrochemicals, is poised for robust growth. This expansion is driven by infrastructure development, rising energy demand, and industrialisation.

Market Growth and Projections

• EPC Market Size: Estimated at USD 69.28 billion in 2025, projected to reach USD 126.91 billion by 2030, reflecting a CAGR of 12.87%.

• Oil & Gas EPC: Valued at USD 4.79 billion in 2025, with a CAGR of 10.4%.

• Power EPC: Projected to grow from USD 22.4 billion in 2024 to USD 39.1 billion by 2033, at a CAGR of 6.4%.

• Petrochemicals: Market size of USD 58.1 billion in 2024, expected to reach USD 84.4 billion by 2033, growing at a CAGR of 3.8%.

Growth Drivers

• Infrastructure Development: Government initiatives and urbanisation are boosting EPC demand.

• Energy Sector Expansion: Increasing investments in both renewable and conventional energy projects.

• Industrialisation: Rising industrial activities require advanced process equipment and packages.

• Technological Advancements: Adoption of digital tools and automation enhances project efficiency.

Heavy Engineering & Process Equipment

Manufacturers like Oswal Energies Limited are key suppliers of:

• Process Equipment: Essential for oil and gas, power, and petrochemical industries.

• Process Skids: Modular units for efficient installation and operation.

• Process Packages: Integrated solutions for specific industrial applications.

These products form a critical part of the EPC value chain, supporting execution of large-scale projects across domestic and international markets.

How Will Oswal Energies Limited Benefit

• Oswal Energies Limited is well-positioned to capitalise on the strong growth in India’s EPC and heavy engineering sectors, capturing increased project opportunities across oil and gas, power, and petrochemicals.

• Rising infrastructure development and energy sector investments are likely to expand demand for the company’s EPC services, supporting revenue growth.

• The company’s Heavy Engineering Division can benefit from the growing requirement for advanced process equipment, skids, and packages, both domestically and internationally.

• Technological advancements in project execution and automation enhance Oswal Energies’ operational efficiency and competitiveness.

• A strong order book and established relationships with key clients provide stability and recurring business potential.

• Export opportunities to international markets allow the company to diversify revenue streams and gain global exposure.

• Skilled workforce and experienced management enable timely and high-quality project delivery, positioning the company to secure larger and more complex contracts.

• Overall industry growth and supportive government initiatives offer long-term expansion prospects and increased market share potential.

Peer Group Comparison

Name of the Company	Face Value (₹)	Revenue  (₹ mn)	Basic EPS	P/E	RoNW (%)	NAV (₹)
Oswal Energies Limited	10.00	4,108.74	13.80*	[●]	73.27%	25.74
Peer Groups
The Anup Engineering Limited	10.00	7,327.86	59.25	48.48	20.75%	305.52
Deep Industries Limited	5.00	4,269.93	(14.08)	(33.30)	(4.83)%	284.31
Lloyds Engineering Works Limited	1.00	8,457.41	0.89	9.19	20.39%	5.56
Patels Airtemp (India) Limited	10.00	3,878.16	30.18	15.98	11.00%	287.79

Key Strategies for Oswal Energies Limited

Focus on Modular Engineering Solutions

Oswal Energies Limited aims to enhance its focus on modular engineering solutions, specifically modular process skids. These compact, adaptable, and cost-efficient units offer portability, faster installation, and reduced on-site execution time. By increasing contributions from these solutions, the company intends to sustain and grow its business.

Diversify into Emerging Energy Sectors

The company plans to strategically expand into emerging energy domains, including hydrogen production, waste-to-energy, and thermal energy storage. It also seeks to leverage its expertise to secure EPC projects in the oil and gas downstream sector. This diversification aligns with global energy transition goals and favorable government policies.

Forge Strategic Partnerships

Oswal aims to develop and maintain long-term alliances and partnerships with technology partners. These collaborations enhance the company’s technological capabilities, allowing it to pre-qualify for complex EPC projects. By leveraging its partners’ expertise, Oswal can access new opportunities and strengthen its competitive position.

Expand Geographical Footprint

The company intends to expand its operations both within India and internationally. This includes exploring new opportunities for EPC projects and supplying heavy equipment to new regions, such as Russia and Africa. By leveraging its cost-effective and efficient execution capabilities, Oswal aims to capture significant revenue from these new geographical areas.