New Delhi, September 4 (Kiran News): Infrastructure development firm Oval Projects Engineering disappointed investors with a flat debut on the stock market on Thursday. Listed on the BSE SME platform at ₹85.25 per share, the stock opened just 0.29% above its issue price of ₹85. By 11 am, mild buying interest pushed the shares slightly higher to ₹86.
The company’s ₹46.47 crore IPO, which was open for subscription between August 28 and September 1, received a lukewarm response from investors. It was subscribed 1.61 times overall, with only the Qualified Institutional Buyers (QIB) category fully subscribed at 6.21 times. The Non-Institutional Investors (NII) portion was subscribed 0.82 times, while the retail quota received 0.83 times subscription.
Under the IPO, the company issued 54,99,200 fresh equity shares of face value ₹10 each. The proceeds are earmarked for working capital requirements and general corporate purposes.
Financial Performance
According to the company’s prospectus, Oval Projects’ financial performance has strengthened over the past three years:
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Net profit rose from ₹3.19 crore in FY 2022–23 to ₹4.40 crore in FY 2023–24, and further to ₹9.33 crore in FY 2024–25.
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Revenue grew at a CAGR of over 27%, reaching ₹103.44 crore in FY 2024–25.
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Debt levels, however, also increased during the same period — from ₹32.21 crore at the end of FY 2022–23 to ₹32.41 crore in FY 2023–24, and further up to ₹53.70 crore in FY 2024–25.
Oval Projects Engineering operates across city gas distribution, urban development, and energy infrastructure sectors.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.