Oval Projects targets Rs 900-1,000 crore revenue by FY30

Oval Projects Engineering Limited has set a management revenue ambition of Rs 900 crore to Rs 1,000 crore by FY30, supported by geographical expansion, larger projects and operations-and-maintenance growth. The plan is conditional on project awards, execution progress and market conditions, while its unexecuted order book stood at Rs 473.86 crore in November 2026.

What revenue target has Oval Projects set for FY30?

Oval Projects has set a management revenue ambition of Rs 900 crore to Rs 1,000 crore by FY30. Management said the target is intended to be supported by expansion beyond its regional base, participation in larger project opportunities and growth in operations and maintenance work. It explicitly described the figure as a strategic target rather than a forecast, contingent on future awards, execution progress and market conditions.

The FY30 ambition follows a plan to shift from a regional infrastructure specialist to a pan-India infrastructure execution platform. For FY26 through FY28, Oval Projects intends to deepen its presence in western India, particularly Gujarat, Madhya Pradesh and Uttar Pradesh. Management also identified stronger project-management systems, procurement processes and operational efficiency as elements needed to undertake larger and more complex assignments.

Oval Projects operates in three verticals: oil and gas infrastructure, operations and maintenance, and specialised civil infrastructure. Its oil and gas work includes pipeline laying, gas gathering stations, oil collecting stations, processing facilities and storage facilities. The operations and maintenance division handles pipeline maintenance and compressed natural gas station operations, while the civil division covers commercial buildings, urban development, water and road infrastructure.

How did Oval Projects perform in H1 FY27?

Oval Projects increased revenue from operations by 16.01% year on year to Rs 70.72 crore in H1 FY27, from Rs 60.96 crore in H1 FY26. Total revenue rose to Rs 71.21 crore from Rs 61.58 crore, showing that the company recorded higher revenue across the half year while pursuing infrastructure execution work.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 10.29% to Rs 13.60 crore in H1 FY27 from Rs 12.33 crore a year earlier. Profit after tax, or PAT, moved differently, declining 1.71% to Rs 6.25 crore from Rs 6.36 crore. Revenue and EBITDA therefore increased in the period, while PAT was Rs 11 lakh lower than in H1 FY26.

Management linked the H1 FY27 outcome to continued project execution and efforts to strengthen infrastructure capabilities. Oval Projects has completed more than 90 projects, laid over 1,200 kilometres of pipelines and established operations in more than 10 Indian states over the past 13 years. Those records form part of its stated plan to bid for and deliver larger assignments outside its established markets.

What order book supports Oval Projects' growth plan?

Oval Projects reported a total work order book of Rs 806.80 crore as of November 2026, including an unexecuted order book of Rs 473.86 crore. The unexecuted portion represents work yet to be delivered and is the disclosed base of near-term execution visibility as management pursues its FY30 revenue ambition.

The company had more than 41 active projects across locations in November 2026. Approximately 90% of its revenue came from public-sector undertakings and government customers, while its repeat-order rate stood at about 70%. Management cited relationships with ONGC, Indian Oil, GAIL, IOCL and other government organisations as part of its customer base and execution track record.

Management also outlined a near-term order-inflow plan. Oval Projects had bid for approximately Rs 500 crore of jobs and management expected at least Rs 100 crore of awards by December 2026, followed by another Rs 100 crore by March 2027. It said it planned to bid for a further Rs 500 crore of jobs, but these are management expectations rather than awarded work.

Where is Oval Projects seeking its next projects?

Oval Projects is seeking to expand into western India, with Gujarat, Madhya Pradesh and Uttar Pradesh named as priority states for FY26 to FY28. It is also pursuing opportunities in northeast India, particularly Tripura, where management said the company already has an established presence and execution experience.

The intended project mix remains tied to energy and government-supported infrastructure. Management pointed to India’s installed refining capacity of 267.12 million metric tonnes per annum as of April 2026 and cited government projections for capacity to reach 309.5 million metric tonnes per annum by 2030. It said refining expansion, natural-gas transmission networks and city-gas distribution could create work in pipelines, processing facilities and maintenance.

Management also said Oval Projects is focusing on fertilizer expansion alongside oil and gas projects. In the call, it characterised work in oil and gas, fertilizer and coal as engineer-driven infrastructure assignments rather than standard engineering, procurement and construction projects. It said large players typically participate in projects above Rs 300 crore to Rs 400 crore, while it sees a narrower group of competitors in projects below Rs 300 crore.

How will Oval Projects fund additional execution?

Oval Projects said it has working capital from debt and equity previously raised, reserves and surplus, and current project cash flows for present execution. Management said it was looking to add only Rs 200 crore of projects to the order book at present and expected to manage that addition through existing cash flow.

For expansion beyond that level, management said it may raise debt, including structured debt, and could consider further capital raising if required. This links financing to the pace at which new projects are added and executed, rather than presenting a fixed funding programme for the full Rs 900 crore to Rs 1,000 crore FY30 ambition.

Chief Financial Officer Princee Gupta said H1 operating cash flow was negative Rs 5.69 crore because of inventory and short-term advances to vendors for mechanical and electrical procurement. She said sales are concentrated in February and March, causing receivables to peak at year-end before cash conversion in the first or second half. Management said about 90% of receivables were from public-sector entities and expected operating cash flow to turn positive after one to two years when sales stabilise.

Conclusion

Oval Projects’ FY30 revenue ambition of Rs 900 crore to Rs 1,000 crore represents a planned expansion from Rs 70.72 crore of H1 FY27 revenue. The strategy rests on the Rs 473.86 crore unexecuted order book, continued public-sector customer work, expansion into additional states and the ability to execute larger energy, operations-and-maintenance, fertilizer and civil assignments.

The next disclosed milestones are management’s expectations for at least Rs 100 crore of orders by December 2026 and another Rs 100 crore by March 2027. Investors can watch whether Oval Projects adds the planned Rs 200 crore to its order book, how it funds work beyond existing cash flows, and whether operating cash flow improves from the H1 FY27 negative Rs 5.69 crore level.