Om Power Transmission Limited is an established Engineering, Procurement, and Construction (EPC) company specializing in power transmission infrastructure. With over 14 years of operational history, the company has developed deep expertise in executing high-voltage (HV) and extra-high voltage (EHV) projects on a turnkey basis. Its core services encompass the entire project lifecycle, including design, engineering, supply, erection, testing, and commissioning of transmission lines, substations, and underground cabling. The company also provides comprehensive long-term Operation and Maintenance (O&M) services, ensuring the reliability and continuous performance of power assets. Om Power's technical capabilities cover transmission lines up to 400 kilovolts (kV) and substations up to 220 kV. The company has a strong execution track record, having completed over 1,000 circuit kilometers (CKM) of transmission lines and 14 substations since its inception. Primarily serving public sector utilities and private industrial clients, Om Power has built a reputation for timely project completion and quality, underscored by its ISO certifications and its 'AA' Class contractor accreditation from Gujarat Energy Transmission Corporation Limited (GETCO). Led by a seasoned management team with decades of industry experience, the company has recently expanded its geographical footprint beyond its home state of Gujarat and strengthened its financial position through a successful Initial Public Offering in April 2026.

Official Website: www.ompowertransmission.com

• Revenue Growth: The company has demonstrated exceptional top-line growth. Revenue from Operations for FY26 stood at ₹44,916 lakhs, a significant 61% year-over-year (YoY) increase from ₹27,944 lakhs in FY25. Over a three-year period, revenue has grown at a Compound Annual Growth Rate (CAGR) of 55% from FY23 to FY26.

• Profitability: Profit After Tax (PAT) grew by an impressive 81% YoY to ₹4,002 lakhs in FY26, up from ₹2,208 lakhs in FY25. The PAT CAGR from FY23 to FY26 is 86%, outpacing revenue growth and indicating strong operational leverage.

• EBITDA Performance: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 60% YoY to ₹5,711 lakhs in FY26. The EBITDA margin remained stable at 12.72% in FY26, compared to 12.76% in FY25, showcasing effective cost management amidst rapid scaling.

• Return Ratios: The company generates strong returns on capital. Return on Capital Employed (ROCE) stood at a robust 44% in FY26, consistent with the 44% reported in FY25. Return on Equity (RoE) was 38% in FY26, a notable improvement from 36% in FY25.

• Balance Sheet Health: The Debt-to-Equity ratio is comfortable at 0.35 as of FY26. The company’s financial position was bolstered by a successful IPO in April 2026, raising ₹15,000 lakhs. However, the balance sheet shows signs of working capital intensity; Trade Receivables surged to ₹22,142 lakhs in FY26 from ₹9,011 lakhs in FY25.

• Cash Flow: Despite strong profitability, Net Cash Flow from Operating Activities was negative at (₹2,563) lakhs in FY26. This is a direct result of the significant increase in working capital, particularly trade receivables, required to fund the company's high growth.

Summary: The company exhibits hyper-growth in revenue and profits with strong return ratios, though this expansion has created significant working capital pressure, resulting in negative operating cash flow for FY26.

• Proven Execution Capabilities: The company has a 14+ year track record of delivering complex, high-voltage projects. It has completed over 500 CKM of transmission lines and 7 substations in the last four fiscal years alone, including specialized structures for 400 kV applications.

• Strong Technical Accreditations: Om Power holds an 'AA' Class contractor certification from GETCO for both transmission line and substation work. This high-level accreditation serves as a significant entry barrier and pre-qualifies the company for large-scale government tenders. It also maintains ISO 9001, 14001, and 45001 certifications.

• Experienced Leadership: The Promoters and senior management team possess deep domain knowledge. The Chairman and Managing Director each have over 31 years of experience in the power transmission sector, providing critical strategic direction and industry relationships.

• Capital-Efficient Operating Model: The company operates on an asset-light EPC model. This approach minimizes the need for heavy capital investment in manufacturing facilities, allowing for high scalability and strong capital return metrics like RoCE (44%) and RoE (38%).

Summary: Om Power's competitive advantage is built on its proven technical execution in high-voltage projects, top-tier accreditations, experienced leadership, and a scalable, asset-light business model.

• Massive Government Investment: The Indian power Transmission & Distribution (T&D) sector is poised for substantial investment. Key drivers include the National Electricity Plan (NEP) for 2023-32, which earmarks ₹9.15 trillion for transmission expansion, and the Revamped Distribution Sector Scheme (RDSS) with an outlay of ₹2.5 trillion.

• Renewable Energy Push: India's ambitious target of achieving 500 GW of renewable energy capacity by 2030 necessitates a massive build-out of T&D infrastructure to create "green energy corridors" and integrate variable power sources into the national grid.

• Growing Power Demand: The country's peak electricity demand is projected to increase from 216 GW in FY23 to 366 GW in FY32. This requires a corresponding expansion of the T&D network to ensure reliable power supply and grid stability.

• Strong Project Pipeline: The National Committee on Transmission (NCT) has approved projects worth ₹2 trillion over the last two years, indicating a robust and visible pipeline of opportunities for EPC players. Total power generation capacity is expected to grow from 475 GW in FY24 to 673 GW by FY30.

Summary: The company is operating in a sector with powerful tailwinds, driven by massive government-led investment, the renewable energy transition, and rising national power demand.

• Explosive Order Book Growth: The unexecuted order book stood at an all-time high of ₹62,128 lakhs as of FY26. This represents a 41% increase from FY25 and is more than three times the order book of FY23, providing strong revenue visibility for the coming years.

• Record Order Inflow: The company secured a record order inflow of ₹61,454 lakhs in FY26, demonstrating its increasing competitiveness and ability to win large contracts.

• Healthy Book-to-Bill Ratio: The book-to-bill ratio for FY26 was 1.39x. This ratio, which compares the order book to annual revenue, indicates that orders are being won faster than they are being executed, signaling continued growth ahead.

• Consistent Project Win Rate: The company has maintained a stable project win rate, which was 39.29% in FY26, indicating a disciplined and effective bidding strategy.

• Diversifying Revenue Streams: While Transmission Line EPC remains the largest segment (52% of FY26 revenue), the Substation EPC and Underground Cabling segments are growing rapidly, with CAGRs of 92% and 89% respectively from FY23-FY26.

Summary: The company's growth is propelled by a rapidly expanding order book, record new order wins, and a healthy book-to-bill ratio, ensuring strong near-term revenue visibility.

• Geographical Expansion: Having historically been concentrated in Gujarat, the company has successfully secured its first projects in Rajasthan, Punjab, and the Union Territory of Dadra & Nagar Haveli & Daman and Diu. This expansion reduces geographical risk and opens up new, large markets for growth.

• Bidding for Larger Projects: The ₹15,000 lakh IPO proceeds are designated for funding long-term working capital. This enhanced financial capacity will allow the company to submit bids for larger, higher-value tenders that require substantial bid deposits and performance guarantees, which were previously a constraint.

• Leveraging Sectoral Tailwinds: With trillions of rupees slated for investment in India's T&D infrastructure, Om Power is well-positioned with its experience, accreditations, and strengthened balance sheet to capture a significant share of this expanding market.

Summary: The company's primary opportunities lie in leveraging its enhanced financial capacity to expand into new geographies and bid for larger-scale projects within a high-growth industry.

• Strengthen Geographical Footprint: A core strategy is to continue expanding into new states to de-risk the business from its concentration in Gujarat and capture emerging opportunities across India's diverse power landscape.

• Focus on Operational Efficiency: The company intends to optimize project execution through enhanced planning, monitoring, and risk management. The goal is to maintain its track record of timely project completion and protect margins through effective cost controls.

• Capitalize on T&D Demand: The company plans to aggressively bid for large-scale, high-value projects across the country. The post-IPO balance sheet strength is a key enabler for this strategy, allowing it to compete for more ambitious contracts.

Summary: The company's future plans are centered on a three-pronged strategy of geographical diversification, enhancing operational efficiency, and bidding for larger projects to capitalize on industry growth.

• Stable EBITDA Margin: The company has demonstrated an ability to protect its operating margins even during a period of rapid growth. The EBITDA margin was 12.72% in FY26, nearly identical to the 12.76% recorded in FY25, indicating strong project management and cost control.

• Expanding PAT Margin: The Profit After Tax (PAT) margin improved to 8.86% in FY26 from 7.84% in FY25. This expansion reflects positive operating leverage, where profits are growing faster than revenue as the business scales.

Summary: Om Power has maintained stable and healthy operating margins while simultaneously expanding its net profit margin, a sign of efficient execution and scalable operations.

• Customer Concentration: The business is highly dependent on a few key clients. In FY26, the top customer, GETCO, accounted for 64% of total revenue, while the top 10 customers contributed 93%. Any delay in payments or reduction in orders from these clients could significantly impact performance.

• Geographical Concentration: Despite recent expansion efforts, 81.7% of the company's unexecuted order book as of FY26 is from projects in Gujarat. This exposes the company to risks associated with policy changes, political developments, or economic slowdowns in a single state.

• High Working Capital Intensity: The rapid growth has led to a substantial increase in trade receivables, which more than doubled in FY26. This stretched working capital cycle resulted in negative operating cash flow, a critical risk that needs to be managed to ensure liquidity and sustainable growth.

• Execution Risk: As an EPC contractor, the company is inherently exposed to risks such as project delays, input cost escalations, and reliance on subcontractors, all of which can impact profitability and timelines.

Summary: Key risks are the heavy reliance on a single state and a few customers for the majority of its business, and the significant working capital pressure created by its high-growth trajectory.

• Successful Initial Public Offering (IPO): The company completed its maiden IPO of ₹15,000 lakhs in April 2026, which was oversubscribed 3.33 times. It was subsequently listed on both the NSE and BSE on April 17, 2026.

• Credit Rating Upgrade: In recognition of its improving financial profile and strong order book, CRISIL upgraded the company's long-term credit rating to 'BBB+/Stable' and its short-term rating to 'A2' in April 2026.

• Strategic New Market Entry: During FY25-26, the company was awarded its first projects in Rajasthan (a substation project worth ₹3,361 lakhs) and Punjab (a transmission line project worth ₹8,885 lakhs), marking a successful entry into new high-potential states.

Summary: The company has recently achieved significant milestones, including a successful IPO, a credit rating upgrade, and strategic project wins that have expanded its geographical presence.