Oval reports Rs 806.80 crore order book, Rs 473.86 crore unexecuted

Oval Projects Engineering Limited reported an Rs 806.80 crore order book in November 2026, of which Rs 473.86 crore was identified as unexecuted, against FY26 revenue of Rs 153 crore. Oval states that the total order book represented about 5.0 times FY26 revenue, but it provides no timetable for execution of the unexecuted balance.

What does Oval's November 2026 order book include?

Oval reported a total order book of Rs 806.80 crore in November 2026 and an unexecuted order book of Rs 473.86 crore as of the same month. The presentation identifies the latter specifically as work not yet executed, while it does not define the remaining Rs 332.94 crore difference as revenue, billing, collection or completed work.

The distinction separates the headline order-book measure from the portion explicitly described as pending execution. Oval also disclosed 41+ active projects, 90+ projects completed and more than 1,200 km of pipeline executed, but it did not allocate the Rs 473.86 crore unexecuted balance by customer, project, geography or expected completion date.

How does Oval's order book compare with FY26 revenue?

Oval states that its Rs 806.80 crore November 2026 order book was approximately 5.0 times its FY26 revenue of Rs 153 crore. Dividing the two disclosed figures gives about 5.27 times, which is broadly consistent with the presentation's rounded coverage measure and compares the book with one completed financial year rather than forecasting future revenue.

The Rs 473.86 crore unexecuted balance alone equalled about 3.1 times FY26 revenue. That calculation is based only on work Oval expressly called unexecuted, but the presentation does not say whether this work will be executed in FY27 or over several years, or how milestones, mobilisation, procurement and client approvals could affect timing.

Oval also reported a 50% compound annual growth rate, or CAGR, in profit after tax, or PAT, between FY24 and FY26. However, it did not provide PAT amounts, an FY24-to-FY25 revenue series or FY27 revenue guidance, so the order-book coverage measure should not be treated as a management forecast.

Which business lines could execute Oval's pending work?

Oval's revenue mix comprised Oil & Gas engineering, procurement and construction, or EPC, at 50.10%, operations and maintenance, or O&M, services at 46.20%, and civil or specialised infrastructure at 3.80%. These figures describe reported revenue mix, not the vertical composition of the Rs 473.86 crore unexecuted order book.

Oil & Gas EPC covers pipeline laying, gas collection stations, oil collection stations, gas gathering stations, early production system plants, horizontal directional drilling and terminal stations. O&M includes city gas distribution network management, compressed natural gas station O&M, captive-power O&M and pipeline maintenance, with pipeline inspection and maintenance contracts disclosed as having tenures of three to 10 years.

Civil and specialised infrastructure was the smallest disclosed vertical at 3.80% of revenue. Oval says it expanded into specialised projects associated with the Central Public Works Department, or CPWD, from 2023 and is exploring general infrastructure opportunities in Tripura, where it cites an Rs 6,947 crore external-assistance approval ceiling for FY2026-27 to FY2030-31, not contracted work for Oval.

What customer and execution indicators has Oval disclosed?

Oval says public-sector undertakings, or PSUs, and government entities generated 90% of revenue, while its repeat-order rate was 70%. Its listed partners include Oil and Natural Gas Corporation, IndianOil, GAIL, Indradhanush Gas Grid Limited, North East Gas Grid Limited, Assam Gas Company Limited, Hindustan Petroleum, Oil India, Bharat Petroleum and CPWD.

The presentation does not identify which of these customers account for the Rs 473.86 crore unexecuted balance. It also reports that about 70% of total revenue comes from East India, with 12+ years of continuous North East Region presence and 80+ projects completed there, but these measures do not establish order-book conversion or margin by region.

Oval describes milestone-based billing and 60-90 day PSU payment visibility as features of its government and PSU work. It also says its letter-of-credit and bank-guarantee capacity was enhanced after its initial public offering to support participation in larger bids, although no receivables balance, guarantee utilisation or project-specific working-capital requirement was disclosed.

How has Oval's order book changed since 2024/25?

Oval's November 2026 order book of Rs 806.80 crore was Rs 90.80 crore higher than the Rs 716 crore order book shown in its 2024/25 milestone table. Based on those two figures, the headline order book increased by about 12.7%, although the presentation does not specify the precise measurement date within 2024/25.

The 2024/25 milestone listed 41 ongoing projects, while the November 2026 key-facts page reported 41+ active projects. The similar count does not establish that the same contracts remained active, but the November 2026 disclosure adds the Rs 473.86 crore unexecuted measure that was absent from the earlier milestone.

Conclusion

Oval's disclosures distinguish between an Rs 806.80 crore November 2026 total order book and Rs 473.86 crore specifically identified as unexecuted. Against FY26 revenue of Rs 153 crore, management's stated order-book coverage of about 5.0 times indicates the scale of contracted work relative to the latest annual revenue base, without establishing when it will convert into revenue.

The next disclosures to watch are execution timing, customer concentration and vertical allocation for the Rs 473.86 crore balance, none of which are provided in the presentation. Management also identifies Tripura's Rs 6,947 crore FY2026-27 to FY2030-31 external-assistance approval ceiling as an opportunity, but has not disclosed any Oval contract from that pipeline.