Oval Projects O&M accounts for 46.2% of reported revenue

Oval Projects Engineering Limited reports that operations and maintenance, or O&M, services account for 46.2% of revenue, only 3.9 percentage points below oil and gas engineering, procurement and construction, or EPC, at 50.1%. The disclosed split places O&M alongside EPC as one of Oval Projects’ two principal business lines.

How is Oval Projects’ revenue divided between EPC and O&M?

Oval Projects reports oil and gas EPC as its largest vertical at 50.1% of revenue, followed closely by O&M services at 46.2%, while civil and specialized infrastructure accounts for 3.8%. The gap between EPC and O&M is 3.9 percentage points, whereas O&M exceeds civil and specialized infrastructure by 42.4 percentage points.

Oval Projects separately reports FY26 revenue of Rs 153 crore, but does not state the reporting period for the vertical revenue percentages. It also does not disclose rupee revenue for EPC, O&M or civil work. Therefore, the 46.2% O&M figure is a reported revenue share, not a disclosed segment revenue amount in rupees.

The three verticals reflect Oval Projects’ stated operating structure. Oil and gas infrastructure services include pipeline laying, gas collection stations, oil collection stations, gas gathering stations, early production facilities, horizontal directional drilling and terminal stations. Civil and specialized infrastructure covers commercial buildings and urban development, the activities associated with the 3.8% share.

What work does Oval Projects perform in O&M services?

Oval Projects lists city gas distribution network management, compressed natural gas, or CNG, station O&M, captive-power O&M and pipeline maintenance within its O&M services vertical. These services apply after, or alongside, construction work on gas, power and related infrastructure assets.

The presentation identifies long-term pipeline inspection and maintenance contracts with tenures of three to 10 years. It also lists CNG-station forecourt management, captive-power-plant operations, emergency shutdown work, repair and modernization. The stated contract tenures provide the clearest source-backed indication that some O&M work continues over several years after an asset has entered service.

Oval Projects’ downstream and city gas distribution capabilities include City Gate Stations, mother stations, steel and medium-density polyethylene pipeline networks, District Regulating Stations, domestic piped natural gas connectivity and CNG station design, build and operate work. The design-build-operate model for CNG stations links its project-execution capability with its O&M offering.

The company’s O&M portfolio is part of a broader oil and gas capability set. In upstream work, Oval Projects lists well-head surface installations, early production facilities, gas gathering stations, flow lines, trunk lines, separation, dehydration and metering systems. Its midstream scope includes cross-country steel pipelines up to 20 inches in diameter, pipeline coating, cathodic protection, terminal stations, storage tanks and supervisory control and data acquisition integration.

How does O&M fit into Oval Projects’ execution model?

Oval Projects presents O&M as the fifth stage of its end-to-end infrastructure execution value chain, following design and engineering, procurement, construction, and testing and commissioning. The presentation labels this final stage “O&M Lifecycle Revenue,” positioning maintenance and operations as a service that can follow asset delivery.

This structure matters because the two largest revenue verticals are closely matched. EPC contributes 50.1% and O&M contributes 46.2%, while the source describes operating services such as pipeline maintenance and CNG station management that can be connected to constructed energy assets. However, Oval Projects does not disclose how much O&M revenue arose from assets it originally built versus assets constructed by other contractors.

Oval Projects reports more than 90 completed projects, more than 41 active projects and more than 1,200 kilometres of pipeline executed. It also reports a 70% repeat-order rate. The presentation does not specify what proportion of repeat orders relates to O&M, EPC or civil and specialized infrastructure, so the repeat-order metric cannot be treated as an O&M-only measure.

The reported order book was Rs 806.80 crore in November 2026, including Rs 473.86 crore of unexecuted orders. That order book was approximately 5.0 times FY26 revenue of Rs 153 crore, according to the presentation. Oval Projects does not provide an order-book split among O&M, EPC and civil work, leaving the current contracted contribution from each vertical undisclosed.

Which customer base supports Oval Projects’ service mix?

Oval Projects reports that 90% of revenue comes from public sector undertakings, or PSUs, and government customers. Its named partners include Oil and Natural Gas Corporation, IndianOil, GAIL, Indradhanush Gas Grid Limited, Assam Gas Company Limited, Hindustan Petroleum, Oil India, Bharat Petroleum and the Central Public Works Department.

The presentation also describes all revenue as coming from government or PSU entities with structured payment terms, while its key-facts page gives a 90% PSU or government revenue share. It does not reconcile those two descriptions. It further cites 60-to-90-day PSU payment visibility and milestone-based billing, but does not provide payment-cycle or billing data specifically for O&M contracts.

Geographically, Oval Projects says about 70% of total revenue comes from East India and that it has maintained a North East Region presence for more than 12 years. It reports more than 80 completed projects in the region. These are company-wide figures, and the presentation does not identify the East India contribution to O&M revenue separately.

The company also claims mobilization that is 30% to 40% faster than national players. This is presented as a company competitive advantage associated with its Agartala, Tripura base, rather than as a quantified result for the O&M vertical. No comparison of O&M contract execution times or O&M margins is disclosed.

What is Oval Projects planning for O&M growth?

Oval Projects’ FY28 to FY30 scale-platform roadmap describes an “O&M annuity engine” as part of its plan to become a national infrastructure services platform. Management targets total revenue of Rs 900 crore to Rs 1,000 crore or more and an order book of Rs 1,500 crore to Rs 2,000 crore in that phase.

Those figures are management targets, not reported financial results. The roadmap does not set a standalone O&M revenue, margin, contract-tenure or order-book target. It also does not provide a schedule for new O&M contract awards, so the intended pace of O&M expansion cannot be measured from the presentation.

For FY26 to FY28, management targets total revenue of Rs 350 crore to Rs 500 crore or more and earnings before interest, tax, depreciation and amortization margins of 19% to 22%. Its plan includes Western India expansion, project packages of Rs 250 crore to Rs 400 crore, and upgrades to project management office, enterprise resource planning and procurement systems.

In the FY25 to FY26 consolidation phase, management said it would execute an existing Rs 780 crore order book, expand letter-of-credit and bank-guarantee limits, and deepen relationships with Oil and Natural Gas Corporation, GAIL, Indradhanush Gas Grid Limited and Assam Gas Company Limited. The later reported Rs 806.80 crore order book for November 2026 is Rs 26.80 crore above that planning reference, although no vertical allocation is provided.

Conclusion

Oval Projects’ 46.2% O&M revenue share shows that its reported mix is led narrowly by oil and gas EPC at 50.1%, rather than being concentrated solely in construction activity. Pipeline inspection and maintenance contracts lasting three to 10 years, CNG forecourt management and captive-power operations are the disclosed mechanisms supporting the O&M line.

The next point to watch is whether management converts its FY28 to FY30 O&M annuity-engine plan into disclosed contracts, revenue and margin data. Management targets Rs 900 crore to Rs 1,000 crore or more in total revenue and Rs 1,500 crore to Rs 2,000 crore of order book, while the current Rs 806.80 crore order book has no disclosed O&M allocation.