Oval Projects posts 50% revenue growth in first full year since IPO
The EPC firm's maiden annual results since its September 2025 listing show revenue of ₹153.14 crore and standalone net profit of ₹14.81 crore.
What's new
- First full-year results since Oval Projects' September 2025 IPO on BSE SME.
- Standalone revenue grew ~50% to ₹153.14 cr; net profit rose 58.6% to ₹14.81 cr.
- Consolidated net profit came in at ₹13.72 cr.
Why this matters
These are the first public numbers for a company that just listed. A 50% revenue jump is a strong debut, but the consolidated profit trailing standalone hints at drag from subsidiaries. The growth is real. The sustainability is the open question.
What we're watching
- Whether the 50% revenue growth pace is sustained in H1 FY27.
- The persistent gap between standalone and consolidated net profit.
- The company's ability to maintain its profit margin as it scales.
The full read
Oval Projects has delivered its first public scorecard. Revenue hit ₹153.14 crore, up ~50%. Standalone net profit rose 58.6% to ₹14.81 crore from ₹9.34 crore. The consolidated number, at ₹13.72 crore, is lower than the standalone profit. That gap is the one wrinkle in an otherwise strong debut set of books. Listing in September 2025, this is the first full year the market gets to judge. They look fine. What matters now is whether the company can repeat the pace in FY27, or whether FY26 was a base-year bounce. The second set will matter more.
Questions answered
- How does this compare to the pre-IPO year?
- Standalone revenue grew approximately 50% to ₹153.14 crore. Net profit after tax surged 58.6% to ₹14.81 crore from ₹9.34 crore in the prior year, meaning profit growth outpaced revenue growth.
- Why is the consolidated profit lower than standalone?
- Standalone net profit was ₹14.81 crore, while consolidated net profit was ₹13.72 crore. The lower group figure indicates that subsidiaries or associates are losing money, offsetting some of the parent's profit.
- Is the auditor re-appointment significant?
- No. The board re-appointed M/s Rahul R. Singh & Associates as internal auditor, a routine administrative matter the rationale itself says has no direct impact on valuation.
- When did the company list, and is this its first annual report?
- Oval Projects listed on the BSE SME platform in September 2025. These FY26 results are its first full annual reporting period as a public company.