Gujarat-based Bvishal Oil and Energy Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO), aiming to raise funds to support capacity expansion and operational requirements.
The proposed IPO comprises a fresh issue of 1.8 crore equity shares and an offer for sale (OFS) of up to 77.09 lakh equity shares, aggregating to a total of 2.57 crore equity shares.
The company plans to utilise the net proceeds from the fresh issue primarily for capital expenditure and working capital. Around ₹120.9 crore will be allocated towards acquiring machinery and equipment to enhance operational capabilities, while approximately ₹45 crore will be used for working capital requirements. The remaining funds will be directed towards general corporate purposes.
Headquartered in Mehsana, a key hub for oil and gas activity, Bvishal Oil and Energy provides integrated onshore oilfield services across the lifecycle of oil and gas wells. Its offerings include well intervention and stimulation, surface production testing, gas processing, operations and maintenance (O&M), as well as production enhancement services (PES) and enhanced oil recovery (EOR).
As of February 2026, the company, along with its subsidiaries, reported an order book of ₹660.85 crore and has executed 86 projects worth ₹689.24 crore. It has established a strong presence in states such as Assam, Gujarat and Rajasthan.
The promoters, Bharatkumar Chaudhari and Vishalkumar Chaudhari, bring over two decades of experience in the sector, supported by long-standing client relationships and a consistent execution track record.
The company also holds a 15-year contract for providing production enhancement services across four oilfields covering 47 oil wells under a revenue-sharing model linked to incremental production. Additionally, Bvishal is the only Indian company to pre-qualify for strategic Enhanced Oil Recovery (EOR) projects and surface well testing facilities with Kuwait Oil Company, and one of three Indian firms pre-qualified for drilling and related services contracts.
Industry outlook remains favourable. According to CRISIL, the Government of India plans to invest approximately $2.86 billion in upstream oil and gas production, targeting a doubling of natural gas output to 60 BCM and drilling over 120 exploration wells. A broader investment pipeline of $67 billion has also been outlined for the gas sector over the next five to six years.
Financially, the company reported revenue from operations of ₹173.81 crore in FY25, compared to ₹180.88 crore in FY24. Profit for the period stood at ₹30.91 crore in FY25 versus ₹31.63 crore in FY24, while EBITDA declined to ₹56.73 crore from ₹60.70 crore. However, profit after tax margin improved marginally to 17.60% in FY25 from 17.31% in FY24.