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OVAL Confidential
As of 05-01-2026
BSE SME platform
Latest fiscal year
Latest figures
Future revenue potential
Recently completed value
Established track record
Across energy & infrastructure
North-East India stronghold
Client concentration
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OVAL Confidential
30–40% cost advantage in North-East India through local expertise and established supply chains
Forward revenue visibility based on ₹509 Cr unexecuted orders / ₹102 Cr FY25 revenue, providing multi-year predictability.
0.77× capital intensity versus 1.0–1.2× industry peers enabling superior returns
90% revenue from PSU and government entities ensures payment security and repeatability
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OVAL Confidential
- Current Market Price: ₹70.50
- Market Capitalization: ₹146.42 Cr
- BSE SME listing since September 2025
- Post-IPO net worth expansion phase
- Total Order Book (WIP): ₹735 Cr
- Unexecuted Order Book: ₹509 Cr
- Executed/Billed: ₹226 Cr
- Revenue Visibility: ~5× (₹509 Cr / FY25 Revenue of ₹102 Cr)
- Target IRR: 28–33% for institutional holders
Unexecuted order book / FY25 Revenue
₹509 Cr of ₹735 Cr total order book
Institutional return profile
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OVAL Confidential
By September 2025, net worth expanded from ₹56 Cr (FY25) to ~₹103 Cr, unlocking higher project eligibility thresholds in the ₹50–100 Cr range. This positions the company for significant growth, targeting revenue trajectory of ₹102 Cr (FY25) → ₹150 Cr (FY26) → ₹461 Cr (FY30).
Total Order Book: ₹735 Cr. The ₹509 Cr (69.25%) unexecuted portion ensures a multi-year execution runway (~5× FY25 revenue of ₹102 Cr visibility) with PSU counterparties.
₹226 Cr of executed work is now pending billing, creating an immediate cash conversion opportunity.
Government infrastructure spending accelerating across energy transmission and distribution, aligning with the company's ₹102 Cr (FY25) revenue base and future growth projections.
O&M and energy adjacencies commence FY26, driving margin expansion and recurring revenue, contributing to the projected growth from ₹150 Cr (FY26) towards ₹461 Cr (FY30).
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OVAL Confidential
₹61.54 Cr in H1 FY26, representing 95.7% YoY growth over H1 FY25 (₹31.45 Cr).
EBITDA margin of 19.3% sustained despite rapid scaling, with PAT of ₹6.77 Cr (+74.8% YoY).
EPS of ₹4.27 for H1 FY26, supported by an expanded net worth of ~₹103 Cr post-IPO.
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OVAL Confidential
Projections supported by contracted order book of ₹735 Cr, O&M ramp-up contributing 25% of revenue by FY30, and margin expansion from 18% to 23% driven by operating leverage and business mix shift. Conservative assumptions incorporate 85% order book execution rate and selective new order intake.
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OVAL Confidential
₹735 Cr of contracted work with 3+ year execution horizon
₹509 Cr in revenue yet to be executed, providing strong visibility
~5× revenue visibility (₹509 Cr unexecuted ÷ ₹102 Cr FY25 actual revenue)
60–90 day payment cycles from government entities with zero default history
Contracted work-in-progress
Revenue yet to be executed
Already billed revenue
Portion remaining to be executed
Execution horizon visibility
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OVAL Confidential
₹226 Cr of engineering, procurement, and construction work physically completed at project sites, and subsequently billed to clients.
All executed work meets Public Sector Undertaking (PSU) specifications and has passed technical inspections, ensuring payment eligibility.
Invoices for the ₹226 Cr of completed work are submitted to clients, adhering to standard government procurement procedures.
A predictable 60–90 day payment cycle from invoice submission, backed by a history of zero historical defaults from PSU clients.
Efficient working capital conversion drives cash generation, supporting growth initiatives and shareholder returns from these collected amounts.
The ₹226 Cr of completed work (Revenue Earned, Cash Yet to Be Collected) is with highly secure PSU and government entities including ONGC, GAIL, IOCL, and state urban development bodies.
Zero payment defaults in our 12+ year operating history with average realization of 98.5% of billed amounts, ensuring high cash flow reliability.
Contracted work-in-progress.
Revenue yet to be executed, representing 69.25% of the total order book.
Completed work that has been billed, with cash yet to be received through the collection cycle.
This amount represents the revenue recognized in FY25 from executed portions of the order book, distinct from the total billed but uncollected amount.
Typical timeframe for converting billed amounts into cash, based on strong client relationships.
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OVAL Confidential
12+ years of North-East India operations with unmatched local relationships and execution capabilities
30–40% delivered cost advantage through regional supply chains and labor optimization
90% of revenue from government and PSU clients ensures payment security and contract stability
70% repeat customer rate demonstrates service quality and relationship depth
Empanelled with EIL, GAIL, IOCL, CPWD providing preferential bidding access
100+ projects delivered on-time with zero major disputes or arbitrations
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OVAL Confidential
- Total capital required: ₹275 Cr
- Incremental revenue unlocked: ₹359 Cr (FY25-FY30)
- Working capital as % of revenue: 20–25%
- Fixed asset intensity: Minimal (asset-light model)
- Subcontractor-led execution model
- Minimal owned equipment or infrastructure
- Fast working capital cycles with PSU clients
- Revenue growth from existing relationships
Capital / Revenue
Total deployment requirement
Unlocked (FY25-30)
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OVAL Confidential
17.6% EBITDA margin on project EPC work with current business mix and scale (FY25: 18 EBITDA / 102 Revenue)
18.0% EBITDA margin (27 EBITDA / 150 Revenue)
20.5% EBITDA margin (43 EBITDA / 210 Revenue)
22.0% EBITDA margin (60 EBITDA / 273 Revenue)
22.5% EBITDA margin (80 EBITDA / 355 Revenue)
23.0% EBITDA margin representing sustainable expansion (FY30: 106 EBITDA / 461 Revenue)
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OVAL Confidential
Based on a total revenue of ₹102 Cr for FY25, this mix is dominated by one-time project execution with limited recurring revenue streams.
Balanced portfolio with 30% predictable recurring revenue and premium margins
(All figures in ₹ Cr unless otherwise specified)
Shift reduces revenue volatility, improves cash flow predictability, expands margins, and commands higher valuation multiples from institutional investors
Leverage existing project delivery relationships to secure 5–10 year O&M contracts with same PSU clients, requiring minimal incremental capital
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OVAL Confidential
O&M scaling from ₹11.3 Cr to ₹259.88 Cr representing 82% CAGR over five years
28–30% EBITDA margins versus 18–20% on project EPC work
5–10 year agreements with monthly billing providing revenue visibility
Minimal incremental capex leveraging existing infrastructure and relationships
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OVAL Confidential
Renewable energy projects and conventional power plant operations leveraging existing PSU relationships with NTPC, state utilities
Ash handling systems and processing for thermal power plants with 25–30% margins and long-term contracts
Transmission and distribution projects with same client base, similar margin profile of 20–25%
All adjacencies leverage existing PSU empanelment, technical capabilities, and regional presence. Combined opportunity represents ₹50+ Cr additional revenue by FY30 with 20–40% margin range. No new client acquisition required, utilizing proven execution model in adjacent segments with natural cross-sell potential.
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OVAL Confidential
- Current Market Price: ₹70.50
(per share)
- Market Capitalization: ₹146.42
- FY25 Revenue: ₹102
- FY26E PAT: ₹14 (projected)
- Implied P/E Multiple: ~10.5×
- Implied P/S Multiple: ~1.43×
- Fair Value @ 20× P/E: ₹252 Cr
- Fair Value @ 20× P/E: ₹280 Cr
- Mid-Point Fair Value: ₹265 Cr
- Implied Valuation Discount: 42–48%
Market valuation
Peer comparison
To fair value
The market is discounting OVAL’s contracted order visibility, margin expansion trajectory, and business-model shift. EPC platforms with recurring revenue exposure typically trade at premium multiples versus pure-play EPC peers.
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OVAL Confidential
FY25 revenue base: ₹102 Cr. Unexecuted order book: ₹509 Cr (~5× visibility). Revenue growth moderated. EBITDA margin compressed ~150 bps. Exit multiple: 16× P/E
FY30 revenue of ~₹390 Cr, EBITDA of ~₹90 Cr, PAT of ~₹50 Cr
16× P/E × ₹50 Cr PAT = ~₹800 Cr market cap. ~5.5× current market cap (₹146.42 Cr)
~20–22% IRR under conservative execution
28–33% with normalized execution and 20× exit multiple
40–45% with accelerated O&M adoption and 24× exit multiple
Asymmetric returns. Strong downside protection from contracted order book. Upside driven by margin expansion and O&M scaling
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OVAL Confidential
Delays in project completion or cost overruns could impact profitability. Mitigated by 12+ year track record, fixed-price contracts with escalation clauses, and conservative project selection with known clients.
Extended payment cycles from government clients could strain cash flow. Mitigated by 60–90 day historical payment cycles, zero default history, and banking relationships supporting working capital facilities.
Geographic and client concentration in North-East PSUs creates dependency. Mitigated by expanding to new states, diversifying into O&M and adjacencies, and deepening relationships with existing clients.
Larger national players entering regional markets could pressure margins. Mitigated by 30–40% cost advantage, established relationships, and focus on smaller projects where national players lack focus.
BSE SME listing limits institutional participation and trading volumes. Mitigated by potential mainboard migration post-sustained profitability, increasing institutional awareness, and demonstrated financial performance.
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OVAL Confidential
Graduation to BSE/NSE main board after meeting profitability and public float requirements, unlocking broader institutional participation and higher valuation multiples
FPO to increase public float, improve liquidity, and enable partial exits for early investors at premium valuations after demonstrating consistent execution
Acquisition by larger national EPC players seeking regional presence, O&M capabilities, or PSU relationships, with historical precedent of 2.5–3.5× revenue multiples
Regular dividend policy targeting 20–25% payout ratio as free cash flow generation scales, providing yield while retaining capital for growth
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OVAL Confidential
₹735 Cr order book with ₹509 Cr unexecuted, providing ~5× revenue visibility at FY25 revenue run-rate (₹102 Cr).
0.77× capital intensity versus 1.0–1.2× peers unlocks superior ROIC and cash generation
EBITDA margin expansion from ~18% to ~23% driven by O&M mix shift and operating leverage.
40–45% valuation discount to fair value with 30–33% base-case IRR and ~20–22% IRR downside floor supported by contracted order book.
- Consistent quarterly execution against ₹735 Cr order book
- Cash collection from ₹509 Cr unexecuted order book into billing and cash
- O&M contract wins demonstrating recurring revenue model
- Margin expansion above 20% EBITDA
- Mainboard migration announcement
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OVAL Confidential
Asset-light, PSU-anchored EPC & O&M platform scaling India’s oil & gas, power, energy, and urban infrastructure backbone