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Om Power Transmission Ltd IPO
Om Power Transmission Ltd
₹14,110 /85 sharesMinimum investment
IPO details
Minimum investment
₹14,110
Price range
₹166 - ₹175
Lot size
85
Issue size
--
Face value
10
IPO document
Subscription rate
Data will be available soon
Schedule
9 Apr 2026
IPO open date
13 Apr 2026
IPO close date
15 Apr 2026
Allotment date
15 Apr 2026
Funds unblock or debit
17 Apr 2026
Tentative listing date
About
Founded in
2011
MD/CEO
Mr. Kanubhai Umedbhai Patel
Parent organisation
Om Power Transmission Ltd
Om Power Transmission Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have a demonstrated track record in executing high-voltage and extra-high voltage transmission projects across the full EPC lifecycle. Its experience includes handling projects ranging from 11 kV to 400 kV transmission lines and substations, indicating operational capability across multiple voltage classes. It also states that certain projects have been completed ahead of schedule, including large-scale transmission lines.
The company claims to maintain a sizeable and diversified order book spanning EPC and operations and maintenance contracts. As of December 31, 2025, it reports 58 ongoing projects, which may provide visibility into future revenue and continuity of operations. The presence of both execution and maintenance contracts suggests involvement beyond one-time project delivery.
The company claims to have executed a significant volume of infrastructure in recent years, including over 500 circuit kilometres of transmission lines and underground cabling, along with multiple substations. Additionally, it reports managing and maintaining 124 substations, which indicates continued engagement with operational assets after project completion.
The company claims to have recorded substantial growth in revenue and profitability over recent financial periods. It reports a sharp increase in revenue and profit after tax between FY23 and FY25, along with improved EBITDA and net profit margins. Revenue from operations increased from Rs 120.24 crore in FY23 to Rs 182.76 crore in FY24 to Rs 279.43 crore in FY25, while PAT increased from Rs 6.24 crore in FY23 to Rs 7.41 crore in FY24 to Rs 22.08 crore in FY25. These figures suggest scaling of operations, although the sustainability of such growth would depend on future execution.
The company claims to be led by promoters and senior management with over three decades of experience in power transmission infrastructure and related electrical contracting work. The founding members have reportedly been associated with the company since its inception and have worked on both government and private sector projects involving transmission lines, substations, and cabling.
The company claims to follow structured project execution practices supported by standardised processes and resource allocation strategies. It attributes its ability to deliver projects within timelines to continuous improvements in execution methodologies. However, these operational efficiencies are internally stated and not independently verified.
The company’s business is heavily dependent on winning projects through competitive bidding processes. It claims to have submitted 42, 69, 64, and 76 bids during the nine months ended December 31, 2025 and FY25, FY24, and FY23, respectively, out of which only 15, 28, 28, and 35 bids were awarded. The value of awarded projects stood at Rs 563.35 crore, Rs 214.53 crore, Rs 494.47 crore, and Rs 104.69 crore for the same periods, indicating variability in conversion rates that could impact revenue visibility.
The company’s project execution and revenue generation have historically been concentrated in Gujarat. It reports that 100% of completed projects during the nine months ended December 31, 2025, and the last three financial years were based in a single state. This geographic concentration exposes the business to region-specific risks, including policy changes, local economic conditions, and disruptions.
The company has reported a rising level of trade receivables over recent periods. Trade receivables stood at Rs 144.07 crore, Rs 90.11 crore, Rs 69.89 crore, and Rs 57.82 crore as of December 31, 2025, and FY25, FY24, and FY23, respectively. A portion of these, amounting to Rs 11.26 crore (7.82%), Rs 8.62 crore (9.57%), Rs 13.68 crore (19.57%), and Rs 4.87 crore (8.43%), remained outstanding for more than six months, indicating potential long delays in collections.
The company has high working capital requirements relative to its scale of operations. Working capital stood at Rs 149.85 crore, Rs 85.05 crore, Rs 64.87 crore, and Rs 56.41 crore as of December 31, 2025 and FY25, FY24, and FY23, respectively, forming a significant proportion of total assets at 62.42%, 56.64%, 55.05%, and 53.65%. A large portion of revenue is also tied up in working capital, and fluctuations in the working capital turnover ratio indicate potential pressure on liquidity and cash flow management.
The company’s business is significantly dependent on public sector undertakings (PSUs) for both order inflow and revenue generation. It reports that PSUs contributed 83.74%, 84.21%, 87.48%, and 65.77% of its order book, with values of Rs 623.51 crore, Rs 371.95 crore, Rs 451.06 crore, and Rs 138.04 crore for the respective periods. Additionally, a substantial portion of revenue is linked to a limited number of PSU clients, including GETCO, making the business vulnerable to changes in government tendering activity, procurement policies, or delays in project awards.
The company has a high concentration of revenue from a limited number of customers. It reports that the top 10 customers contributed Rs 268.11 crore (97.65%), Rs 267.37 crore (95.68%), Rs 178.46 crore (97.66%), and Rs 116.34 crore (96.76%) of revenue for the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. Revenue from its top customer alone accounted for Rs 196.44 crore (71.55%), Rs 140.85 crore (50.41%), Rs 76.76 crore (42.00%), and Rs 51.31 crore (42.68%), indicating significant dependence on a small client base.
The company’s order book and revenue are largely concentrated in the transmission line EPC segment. It reports that this segment contributed Rs 518.89 crore (69.69%), Rs 210.76 crore (47.72%), Rs 270.59 crore (52.48%), and Rs 97.30 crore (46.36%) of the total order book across the respective periods. This concentration exposes the business to sector-specific risks, including regulatory changes, shifts in infrastructure spending, and demand fluctuations within the transmission segment.
The company’s operating performance shows seasonality, with a higher concentration of revenue in the second half of the financial year. It reports revenues of Rs 84.31 crore, Rs 79.44 crore, and Rs 110.79 crore across the first three quarters of the nine months ended December 31, 2025, compared to Rs 106.59 crore in Q4 of FY25 alone. This indicates that a significant portion of execution and collections is dependent on the post-monsoon period, which may lead to uneven cash flows and quarterly performance volatility.
The company reported negative cash flow from operating activities of Rs 37.39 crore for the period ended December 31, 2025. The company’s negative cash flows from investing activities were Rs 1.55 crore in the period ended December 31, 2025, and Rs 0.80 crore in FY23. The negative cash flows from financing activities were Rs 13.33 crore in FY25, Rs 4.58 crore in FY24, and Rs 9.16 crore in FY23. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
As of December 31, 2025, the company had outstanding financial indebtedness of Rs 215.78 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Om Power Transmission IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹166 - ₹175 | Upto ₹2 Lakhs | 85 |
| High Networth Individual | ₹166 - ₹175 | ₹2 - ₹5 Lakhs | 85 |