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Industry : Other Electrical Equipment

Om Power Transmission Limited View all IPOs

Price Band

Rs 166 – Rs 175

Om Power Transmission Limited is going public with a fresh issue and an offer for sale. The issue opens on 09th April 2026.

MOJO CALL

Why

MOJO CALL

Avoid

Neutral

Proven Execution Track Record with a Strong, Growing Order Book

The company has over 14 years of hands-on EPC experience, having commissioned more than 1,000 CKM of transmission lines and 11 substations since inception — with a demonstrated ability to deliver projects ahead of schedule. This track record has directly fuelled Order Book growth, which stood at Rs 74,460 lakhs as of December 31, 2025 — comprising 58 projects spread across all four verticals — providing strong near-term revenue visibility. An additional pipeline of 22 bids worth Rs 1,17,481 lakhs was under evaluation as of the same date, signalling healthy deal activity ahead.

Diversifying Revenue Mix Across Verticals

While Transmission Line EPC remains the core, the company has meaningfully diversified its revenue base — Underground Cabling has grown from just 10.66% of revenue in FY23 to 25.89% in 9M FY26, and Substation EPC saw a sharp jump in absolute terms (Rs 1,353 lakhs in FY24 to Rs 5,727 lakhs in 9M FY26 alone), indicating successful vertical expansion. The company also carries a stable O&M revenue stream, currently maintaining 124 substations under long-term contracts — providing annuity-like recurring income.

High Customer Concentration and a Declining Project Win Rate

A significant portion of the company's revenues has historically been generated from GETCO (Gujarat Energy Transmission Corporation), which alone contributed 71.55%, 50.41%, 42.00%, and 42.68% of revenues across 9M FY26 and the three prior fiscals respectively — meaning any change in GETCO's tendering activity or procurement policy could have a material financial impact. Compounding this is a visible and concerning decline in the company's bid win rate, which has dropped from 46.05% in FY23 to 40.58% in FY25 and further to 35.71% in 9M FY26 — suggesting intensifying competition in the tendering market.

Valuations

Based on the annualized FY2026 financials, the company is seeking a market-to-sales valuation of 1.64x and a price-to-earnings ratio of 19x. The company has exhibited a strong growth trajectory in recent years, reflected in a robust order book and consistent execution capabilities. Accordingly, we recommend subscribing to the issue.

Issue Details

Issue Opens	09th April 2026
Issue Closes	13th April 2026
Price Band	Rs 166 – Rs 175
Issue size (Upper Band)	Rs. 150 crore
Issue Type	FRESH ISSUE & OFFER FOR SALE
Market cap (based on upper band)	Rs 599.29 crore
Sales- March 2025 (Rs./Crs)	Rs. 279.44 Cr
Net Profit - March 2025 (Rs./Crs)	Rs. 22.08 Cr
Industry	Other Electrical Equipment
Promoters	KALPESH DHANJIBHAI PATEL, KANUBHAI PATEL AND VASANTKUMAR NARAYANBHAI PATEL
Lead Manager	Beeline Capital Advisors

Objective of the Issue

Details

Objectives of the Issue – Fresh Issue: Rs 133 crore & Offer for Sale: Rs 18 crore

1. Funding of capital expenditure requirements of the company towards purchase of machinery and equipment – Rs 11.21 crore

2. Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the company – Rs 25 crore

3. Funding long-term working capital requirement of the company – Rs 55 crore

4. General Corporate Purposes – Rs 41.79 crores

List of Shareholders Selling Their Stake

Name	Type	Value of Shares (in Rs)	% of OFS
Kalpesh Dhanjibhai Patel	Promoter	6,12,50,000	35%
Kanubhai Patel	Promoter	6,12,50,000	35%
Vasantkumar Narayanbhai Patel	Promoter	5,25,00,000	30%

Business Operations

About Company

Om Power Transmission Limited is a Gujarat-based power transmission infrastructure Engineering, Procurement, and Construction (EPC) company with over 14 years of operational experience. The company specialises in the execution of High Voltage (HV) and Extra-High Voltage (EHV) transmission lines, substations, and underground cabling projects delivered on a turnkey basis — spanning design, engineering, supply, erection, installation, testing, commissioning, and Operation & Maintenance (O&M) services.

Its EPC capabilities cover transmission lines ranging from 11 kV to 400 kV and substations up to 220 kV. Since inception, the company has commissioned over 1,000 circuit kilometres of transmission lines and 11 substations. As of December 31, 2025, Om Power Transmission holds an Order Book of Rs 74,460 lakhs across 58 active projects, with approximately 84% of its order book sourced from Public Sector Undertakings (PSUs), reflecting strong institutional credibility and government sector exposure.

Segment Revenue Breakup

Revenue Breakdown by Segment:
Segment	9M FY2026	FY2025	FY2024
Transmission Line EPC	45%	52%	59%
Underground Cabling	26%	28%	17%
Substation EPC	21%	8%	7%
Operation & Maintenance and Others	8%	11%	16%

Financials

Financial Overview

The company's revenue grew at a CAGR of 52.4% between FY2023 and FY2025, with revenues of Rs 279.4 crore recorded for FY2025. For 9M FY2026, the company recorded revenues of Rs 274.5 crore.

For FY2025, the company's Operating Profit (EBITDA) stood at Rs 35.66 crore, significantly up from Rs 14.47 crore and Rs 11.93 crore recorded in FY2024 and FY2023, respectively. For 9M FY2026, EBITDA stood at Rs 34.24 crore, with margins of 12.38%.

Consequently, the company recorded profits of Rs 22.08 crore in FY2025, compared to Rs 7.41 crore and Rs 6.24 crore recorded in FY2024 and FY2023, respectively. For 9M FY2026, the company recorded profits of Rs 23.37 crore, with margins of 8.45%.

The company has managed to successfully generate positive cashflow from operations (CFO) for the past 3 years. The company generated positive CFO of Rs 12.44 crore for FY2025. Similarly, the company generated positive operating cashflows of Rs 3.53 crore and Rs 10.05 crore for FY2024 and FY2023, respectively.

As of 31st December 2025, the company recorded borrowings (incl. lease liabilities) of Rs 38.47 crore.

Financial Performance (Rs/crore)

Rs./Crs	9M FY2026	FY2025	FY2024
Sales	274.54	279.44	182.76
Net Profit	23.37	22.08	7.41