Oval Projects Engineering Shares List Flat at ₹85.25, Near IPO Price

Mumbai, September 4, 2025 – The shares of Oval Projects Engineering Limited (BSE: 544498) debuted on the BSE SME Platform with an underwhelming listing, opening at ₹85.25 per share, just above the IPO issue price of ₹85 per share (0.29% higher than the IPO price).

The share traded rather flat throughout the day, and at 02:45 PM, the price remained the same with a high-low range of ₹86-₹85.25. The total share volume was slightly over 28 lakhs, and the market cap was close to ₹177 crore.

Established in 2013, Oval Projects Engineering provides EPC and O&M services with a focus on oil and gas pipelines, city gas distribution, and related infrastructure. The company has executed multiple projects for government and PSU clients and reported revenues of ₹10,228.99 lakh in FY25, with net profit of ₹933.25 lakh.

IPO Recap

The company’s IPO received a largely lukewarm response, with a subscription rate of 1.61 times overall. Demand was led by QIBs (6.21 times), while retail investors showed a muted performance (0.82 times). Anchor investors, including Rajasthan Global Securities and Beacon Stone Capital, had earlier picked up ₹7.95 crore worth of shares at ₹85 each. The IPO allotment closed on September 2, and the stock was listed on September 4 on the BSE SME platform.

Recent Financial Performance

The company has demonstrated robust earnings and financial performance in the past couple of years (FY 24 and 25). evenue rose from ₹59.02 crore in FY23 to ₹77.97 crore in FY24 and ₹102.29 crore in FY25, reflecting a CAGR of over 31%. Profit after tax more than tripled from ₹3.19 crore in FY23 to ₹9.33 crore in FY25, with margins steadily improving. Net worth also strengthened significantly, increasing from ₹177.49 crore in FY23 to ₹558.76 crore in FY25, underscoring a solid financial trajectory.

Key Takeaways

Oval Projects Engineering’s stock saw a flat listing, reflecting cautious sentiment despite strong institutional backing. Market participants will be watching closely for post-listing momentum in the coming sessions.

REF: https://www.bseindia.com/stock-share-price/oval-projects-engineering-ltd/oval/544498/

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