Oriental Structural Engineers Private Limited

Oriental Structural Engineers Private Limited (OSEPL) is one of India’s long-established infrastructure companies, with roots going back to 1971. The company specialises in highways, expressways, bridges, flyovers, airfields and other civil infrastructure, while also developing and operating road assets through HAM/BOT structures.

The company is particularly interesting because it is not simply an EPC contractor: OSEPL and its group companies are also sponsors of Oriental InfraTrust (OIT), an infrastructure investment trust through which operational road assets can be monetised and capital recycled into new projects.

Company Snapshot

Particular	Details
Company	Oriental Structural Engineers Private Limited
CIN	U74210DL1971PTC005680
Incorporated	18 June 1971
Registered Office	OSE Commercial Block, Hotel Aloft, Asset 5B, Aerocity, IGI Airport, New Delhi
Status	Active, Unlisted Private Company
Authorised Capital	₹25 Cr
Paid-up Capital	~₹14.97 Cr
Industry	Infrastructure / EPC / Roads
Core Areas	Highways, Expressways, HAM, BOT, EPC, Bridges
Sponsor	Oriental InfraTrust
Website	orientalindia.com

MCA-linked databases show OSEPL as an active unlisted private company with ₹25 Cr authorised capital and approximately ₹14.97 Cr paid-up capital. The latest available MCA data indicates its FY25 balance sheet was filed and its AGM was held in December 2025.

Oriental Structural Engineers – Official Website

What Does Oriental Structural Engineers Do?

OSE has built its business around large-scale transportation infrastructure.

Its capabilities include:

Highways
Expressways
Rigid & flexible pavements
Bridges & flyovers
Reinforced-earth structures
Embankments
Airport runways
EPC construction
BOT projects
Hybrid Annuity Model (HAM)
Operation & maintenance

The company’s own project portfolio includes major projects such as the Yamuna Expressway, Delhi–Noida Flyway, Eastern Peripheral Expressway, Agra–Etawah, Purvanchal Expressway and Udaipur–Sabroom.

Track Record

OSE has been operating for more than five decades and has executed several large and technically demanding highway projects.

Yamuna Expressway

OSE undertook construction of approximately 85 km of the Yamuna Expressway, including large-scale rigid-pavement work. The company states that approximately 2.5 million tonnes of concrete were produced in less than one year for the project.

Delhi–Noida Flyway

OSE constructed the Delhi–Noida Flyway excluding the Yamuna Bridge. The company describes this as an early large-scale PPP road project and highlights its long-term pavement performance.

Purvanchal Expressway

OSE executed Package VIII of the Purvanchal Expressway project for UPEIDA at a project value of approximately ₹1,621.89 Cr.

Eastern Peripheral Expressway

OSE completed a six-lane, 21-km package of the Eastern Peripheral Expressway on EPC mode for approximately ₹658.89 Cr.

HAM & BOT Portfolio

OSE has significant experience in the Hybrid Annuity Model (HAM).

Its project portfolio includes:

Binjhabahal–Telebani, Odisha
Rajiv Chowk–Gurugram
Kallagam–Karuppur–Meensurutti, Tamil Nadu
Rajiv Chowk–Sohna
Other NHAI highway assets

For example, the Kallagam–Karuppur–Meensurutti project had a value of approximately ₹1,071 Cr, while the Binjhabahal–Telebani project was approximately ₹1,100 Cr.

Oriental InfraTrust – The Important Part of the Story

One of the most important aspects of OSE’s investment case is its relationship with Oriental InfraTrust.

OSEPL established the InvIT in June 2019 and transferred operational road assets into the trust, creating a mechanism for monetising completed infrastructure assets and recycling capital into new projects.

As of March 2025, OSEPL and Oriental Tollways together held approximately 59.2% of Oriental InfraTrust.

CRISIL valued this investment at approximately:

₹3,967 Cr

as of 31 March 2025

This valuation was based on an OIT NAV of approximately ₹115 per unit.

This is a major reason why looking only at OSEPL’s EPC revenue can give an incomplete picture of the group.

Capital Recycling Model

The broad business model can be represented as:

Build Roads → Operate/Develop → Generate Cash Flows → Transfer/Monetise Assets → Recycle Capital → Build New Projects

This is particularly important in capital-intensive infrastructure businesses.

In October 2025, Oriental InfraTrust acquired 100% of Rajiv Chowk–Sohna Highway Private Limited from OSEPL for a cash consideration of approximately ₹233 Cr.

The transaction demonstrates the group’s asset-recycling strategy.

Financial Performance

Financial numbers for OSE need to be interpreted carefully because rating agencies use a consolidated analytical perimeter that includes OSEPL, Oriental Tollways and selected SPVs.

OSEPL + Oriental Tollways – CRISIL Analytical Numbers

₹ Crore	FY24	FY25
Revenue	1,792	880
PAT	687	473
PAT Margin	38.3%	53.8%
Adjusted Gearing	0.10x	0.10x
Adjusted Interest Coverage	20.9x	18.5x

CRISIL notes that FY25 operating income declined sharply to ₹880 Cr from ₹1,792 Cr, partly because of delays in execution and appointed dates for HAM projects. However, the projects subsequently moved toward execution.

Important: These figures are CRISIL’s analytical numbers and should not be directly compared with standalone MCA-reported revenue figures because the consolidation and analytical adjustments are different.

Standalone Company Financial Scale

Public company databases report OSEPL’s FY24 revenue at approximately ₹2,823.8 Cr, although the detailed FY25 standalone financial statements are not freely available in the same format.

This difference versus CRISIL’s ₹880 Cr FY25 analytical revenue is primarily a reminder that OSEPL group financials, standalone company financials and CRISIL’s analytical consolidation should not be mixed without checking the reporting perimeter.

Order Book

As of 31 March 2025, CRISIL reported an EPC order book of:

₹2,630 Cr

This represented approximately 3.1× FY25 operating income.

CRISIL described the EPC order book as modest and identified order-book replenishment as an important monitorable.

The company had also been dealing with execution delays on two HAM projects, but CRISIL reported that these issues had been resolved and execution was moving forward.

Credit Rating

OSEPL has a strong external credit profile.

CRISIL

AA / Stable – Long Term

A1+ – Short Term

CRISIL’s July 2025 review covered ₹2,300 Cr of rated bank facilities.

ICRA

[ICRA]AA (Stable) – Long Term

[ICRA]A1+ – Short Term

ICRA’s latest publicly listed rating information in 2026 continues to show these ratings.

ICRA’s April 2026 lender-facility disclosure shows cash-credit and non-fund-based facilities across lenders including Axis Bank, ICICI Bank, Canara Bank, IndusInd Bank, IDBI Bank and YES Bank.

Liquidity & Leverage

The financial profile is one of the more notable aspects of the company.

CRISIL reported:

Unencumbered cash & equivalents: ₹1,485 Cr as of March 2025
Debt: ₹626 Cr
Related-party loans: ₹465 Cr
Adjusted gearing: 0.10×
Adjusted interest coverage: 18.5×
Gross debt cover: 6.3×

CRISIL also noted that OSE received approximately ₹493 Cr from Oriental InfraTrust during FY25 and another ₹126 Cr during Q1 FY26.

This highlights that distributions from OIT are an important source of cash flow for the group.

Oriental InfraTrust Exposure

OSE’s economic exposure to OIT is arguably one of the most important things to examine when analysing the unlisted company.

The group owns approximately 59.2% of OIT, and the InvIT had distributed approximately ₹3,494 Cr cumulatively to its unitholders as of April 2025, according to CRISIL.

OIT itself owns road assets through project SPVs and receives toll and annuity cash flows.

During the first nine months of FY26, OIT’s operating revenue increased approximately 6% YoY to ₹1,711.4 Cr, according to CRISIL.

New Business Areas

OSE has also been exploring areas beyond traditional road EPC.

CRISIL reported plans around:

Warehousing
Coal mining
New HAM/BOT projects
Expansion into Gurugram
Jaipur
Panvel / Mumbai Metropolitan Region

The warehousing expansion was being developed in phases, while mining opportunities were still at an early stage.

This diversification could broaden the group’s earnings base, although these businesses were still relatively nascent at the time of the rating assessment.

Promoters & Management

OSEPL was founded by members of the Bakshi family, who continued to hold 100% of the company as of March 2025, either directly or through group companies, according to CRISIL.

Key directors listed in public company records include:

Kanwaljit Singh Bakshi
Sanjit Bakshi
Ashok Kumar Aggarwal
Prehlad Singh Sethi

Recent Strategic Development

A notable 2026 development is OSEPL’s role as the successful resolution applicant for ACCIL Corporation Private Limited.

An IBBI/NCLT document records that OSEPL’s resolution plan was approved unanimously by the Committee of Creditors, with OSEPL being declared the successful resolution applicant. The approved plan involved a performance security requirement of ₹86.40 Cr.

This represents an expansion beyond OSE’s traditional infrastructure business, although the financial impact should be assessed after implementation and integration.

Key Strengths

1. 50+ years of operating history

OSE has been operating since 1971 and has completed major national infrastructure projects.

2. Strong infrastructure execution capability

The company has experience across highways, expressways, bridges, flyovers, airfields and complex road infrastructure.

3. Oriental InfraTrust ownership

The group’s approximately 59.2% OIT ownership provides exposure to operational infrastructure assets and recurring distributions.

4. Strong credit profile

Both CRISIL and ICRA currently show AA/A1+ level ratings for OSEPL.

5. Low leverage

CRISIL reported adjusted gearing of only 0.10× and strong interest coverage.

6. Asset monetisation capability

The OIT structure allows operational assets to be transferred/monetised and capital recycled into new projects.

Key Risks

EPC Order Book

The ₹2,630 Cr EPC order book as of March 2025 was described by CRISIL as modest, making order inflow an important monitorable.

Execution Risk

Infrastructure projects can face delays related to land acquisition, approvals, appointed dates, construction and government clearances.

Dependence on OIT Cash Flows

A significant portion of the group’s earnings and financial flexibility comes from its investment in OIT. CRISIL notes that OIT cash flows are subject to the trust’s debt-service waterfall before surplus can be distributed to sponsors.

HAM Capital Requirement

The group needs substantial equity commitments for its HAM portfolio and new infrastructure projects.

Diversification Risk

Warehousing and mining are newer areas for the group and were still at relatively early stages according to CRISIL.

Unlisted Liquidity

OSEPL is not listed on NSE/BSE. Consequently, there is no continuous exchange-traded price discovery, and secondary-market transactions may be infrequent.

IPO Status

As of September 2026, I could not verify a current SEBI DRHP or confirmed IPO timetable for Oriental Structural Engineers Private Limited.

Therefore, an IPO valuation, price band or listing date should not be assumed without a formal filing.

Overall Company Profile

Factor	Observation
Operating History	55+ years
Core Business	Infrastructure / EPC / Roads
Major Models	EPC, BOT, HAM
FY25 CRISIL Analytical Revenue	₹880 Cr
FY25 CRISIL Analytical PAT	₹473 Cr
EPC Order Book	₹2,630 Cr – Mar 2025
OIT Ownership	~59.2%
OIT Investment Value	~₹3,967 Cr – Mar 2025
FY25 Unencumbered Cash	₹1,485 Cr
Adjusted Gearing	0.10×
Credit Rating	CRISIL AA/Stable, A1+
ICRA Rating	AA/Stable, A1+
Listed	No
IPO	No verified current DRHP

UnlistedCart Takeaway

Oriental Structural Engineers is a distinctly different type of infrastructure opportunity from a pure EPC contractor. Its long operating history and highway execution track record are complemented by a substantial ownership position in Oriental InfraTrust, which gives the group exposure to operational road assets and a capital-recycling mechanism.

The key numbers to track are OIT ownership/value, distributions from OIT, EPC order-book replenishment, HAM project execution, cash balances and capital commitments rather than looking only at reported revenue or PAT.

The biggest analytical issue for an unlisted investor is therefore valuation: the value of OSEPL should ideally be assessed using a combination of its EPC business, HAM/BOT assets, its OIT stake and other investments, while adjusting for debt, contingent liabilities and future equity commitments.

Important: Oriental Structural Engineers is an unlisted private company. Unlisted transactions may have limited liquidity and prices can vary significantly depending on seller availability, transaction size and market conditions. Financial figures from rating agencies may also differ from statutory standalone/consolidated accounts because of analytical consolidation and adjustments.

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