A fast-growing Engineering, Procurement and Construction (EPC) company and process equipment manufacturer, Oswal Energies, has filed its IPO papers with the Securities and Exchange Board of India (SEBI).
Headquartered in Ahmedabad, Oswal operates at the intersection of oil & gas infrastructure, heavy engineering and renewable transition technologies. Oswal Energies IPO comprises a fresh issue of INR 250 crore and an OFS of 46,00,008 shares.
Here’s a deep dive into the financials, business model, growth drivers, sector outlook and IPO dynamics that define Oswal Energies’ story—and why this company is worth the investor’s attention.
🏗️ Business Overview
Founded in 2013 and earlier known as Oswal Infrastructure Limited, Oswal Energies offers end-to-end project execution solutions in:
- EPC Projects: Surface facilities, gas processing units, early production systems and cross-country pipelines
- Heavy Engineering: Process skids, pressure vessels, heat exchangers and modular packages
The company serves public and private sector majors, with core clients in upstream oil & gas and a growing presence in petrochemicals, power and renewable energy.
Its manufacturing facility in Gandhinagar, Gujarat, has global certifications (ISO 9001:2015, ASME U/U2) and 2000 MT annual fabrication capacity.
Oswal Energies IPO: Financials
| Metric | FY2023 | FY2024 | FY2025 | CAGR (FY23–FY25) |
|---|---|---|---|---|
| Revenue from Operations | 160.01 | 256.04 | 410.87 | 60.4% |
| EBITDA | 9.78 | 37.38 | 90.95 | 206.4% |
| PAT | 5.34 | 30.08 | 65.79 | 231.1% |
| EBITDA Margin | 6.11% | 14.60% | 22.14% | ↑ Tremendous |
| PAT Margin | 3.33% | 11.45% | 15.94% | ↑ Robust |
| RoE | 22.11% | 71.81% | 73.27% | ↑ Elite returns |
| RoCE | 27.62% | 63.90% | 82.42% | ↑ Consistently high |
📦 Order Book Strength & Client Roster
| Year | Order Book (INR Cr) | % of FY Revenue |
|---|---|---|
| FY2023 | 248.79 | 155.5% |
| FY2024 | 489.81 | 191.3% |
| FY2025 | 835.77 | 203.4% |
- As of March 2025, Oswal has 7 active contracts across EPC and Heavy Engineering worth over INR 835.00 crore.
- Repeat business forms a major chunk: ~47% of FY25 revenue came from existing clients like Vedanta, ONGC, Sun Petrochemicals, and Frontier Petroleum (UAE).
🌍 Domestic vs. International Revenue
| Geography | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| India | 100% | 83.74% | 83.51% |
| UAE | – | 16.26% | 16.49% |
Oswal is gradually expanding its international footprint, starting with the UAE, and now targeting Libya, Russia, and Africa. Export-led revenues may diversify currency risk and raise margins.
Cash Flow, Capex & Working Capital
- FY25 Operating Cash Flow: INR 9.23 crore, reversing negative flows from FY24
- Capex: Focused on modular process skids and manufacturing automation
- Cash and cash equivalents: INR 4.53 crore as of FY25
Industry Outlook
Macro Drivers Supporting Oswal’s Growth:
- India’s 2030 target of 500 GW non-fossil capacity and ethanol blending (20%) push
- Energy sector FDI inflows: USD 20 billion since 2020
- Capital expenditure push in FY26 Union Budget: INR 11.1 lakh crore (3.4% of GDP)
- Oil & gas exploration capex pipeline of USD 100 billion by 2030 (Source: D&B, MNRE)
India is one of the fastest-growing energy markets globally, with a 1.6x increase in power demand by 2030, making EPC and equipment providers critical players.
🛢️ Sector Exposure: Dominance in Oil & Gas
| Sector | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Oil & Gas | 96.5% | 92.9% | 98.8% |
| Others | 3.5% | 7.1% | 1.2% |
Key Projects Delivered:
- Modular EPFs for Cairn India
- Surface facility at ONGC’s Nawagam field
- Cross-country pipeline for Gujarat Gas
- Produced water injection plant at Raag-03
What’s Next? Growth Levers
1. Modular Skid Engineering
- High-margin, portable, pre-fabricated solutions
- Targets downstream chemical and refinery customers
- Faster on-site installation and global appeal
2. Green Energy Foray
Oswal has bid for EPC projects in:
- Hydrogen
- Waste-to-Energy
- Thermal Energy Storage
- Refinery Modular Units
3. Global Expansion
Already serving the UAE; now eyeing Libya, Africa, and SE Asia
Targets refinery, gas processing, and green hydrogen infra
Selling Shareholders in Offer for Sale
| Name | Shares Offered |
|---|---|
| Dixit Jitendra Bokadia | 4,57,777 |
| Jayant Babulal Bokadia | 3,27,508 |
| Ratan Babulal Bokadia | 1,92,333 |
| Jitendra Hastimal Bokadia | 15,73,965 |
| Babulal H. Bokadia | 10,70,583 |
Bottom Line
Oswal Energies is no longer a fledgling EPC vendor. It’s evolving into a high-margin, capital-efficient infrastructure company with visibility across India’s energy value chain—from fossil fuels to renewables.
With strong financials, repeat customers, a full order book, and plans for expansion into high-growth verticals like hydrogen and downstream refinery engineering, the IPO could offer investors a gateway into India’s energy transition story, both conventional and green.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.