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    OMPOWER

    OMPOWER
    Construction·20 May 2026
    Management Summary

    Om Power Transmission Limited delivered robust financial results for Q4 and FY26, marked by significant revenue and PAT growth, driven by strong order inflows and an expanding order book. The company's strategic focus on technical capability enhancement, geographical expansion, and efficient working capital management has positioned it for continued growth, with management guiding for over 50% revenue growth in FY27. Despite some margin moderation in Q4, the full-year margins remained stable, and the balance sheet was strengthened by IPO proceeds.

    Highlights

    5

    • Revenue from operations for FY26 grew 60.7% YoY to INR 449.16 crores, demonstrating strong business momentum.

    • PAT for FY26 grew 81.2% YoY to INR 40.02 crores, with PAT margin expanding from 7.84% in FY25 to 8.86% in FY26.

    • The company recorded its highest overall order inflow of INR 615 crores during FY26, leading to an all-time high unexecuted order book of INR 621 crores as of March 31, 2026.

    • A book-to-bill ratio of 1.38x provides healthy revenue visibility for the coming years, with an average execution timeline of 18 months.

    • The debt-to-equity ratio stood at a comfortable 0.35x, reflecting a strong balance sheet position, further bolstered by IPO proceeds received in April 2026.

    Concerns

    2

    • Q4 FY26 EBITDA margin moderated to 13.10% from 17.50% in Q4 FY25, attributed to normalization from an unusually high base.

    • The underground cabling segment's revenue contribution decreased from 30% in FY25 to 20% in FY26, with its share in the current order book being only 2% (INR 10 crores).

    Key financials

    Metrics

    13

    Periods

    2

    Q4 FY26

    5
    • Revenue
      ₹174.62 Cr
      YoY+67.2%QoQ+68%
    • EBITDA
      ₹22.87 Cr
    • EBITDA Margin
      13.1%
    • PAT
      ₹16.65 Cr
    • PAT Margin
      9.5%

    FY26

    8
    • Revenue
      ₹449.16 Cr
      YoY+60.7%
    • EBITDA
      ₹57.11 Cr
    • EBITDA Margin
      12.7%
    • PAT
      ₹40.02 Cr
      YoY+81.2%
    • PAT Margin
      8.9%

    Segment breakdown

    • Transmission line EPC₹449 Cr72.4%
    • Substation EPC₹140 Cr22.6%
    • Underground Cabling₹10 Cr1.6%
    • Operation & Maintenance₹21 Cr3.4%
    Donut· Share of Order Book (FY26)

    Order Book

    high confidence

    Total Value

    ₹ 621 crores

    as of 2026-03-31

    quantified

    Inflow this qtr

    ₹ 615 crores

    Execution

    Generally our timeline is 12 to 24 months, so averaging it, our timeline is 18 months.

    Composition

    Mix2 client types
    • Public Sector Undertakings82.0%
    • Private Sector18.0%

    Share of order book by client type

    Pipeline

    qualified rfp

    Pipeline of tenders

    "The company achieved its highest-ever order inflow and order book in FY26, providing strong revenue visibility for the coming years, with a diversified mix across segments and clients."

    Source:
    Prepared remarks

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    IPO proceeds received in April 2026 will be deployed towards long-term working capital to strengthen capacity for large bid deposits, performance guarantees, and mobilization requirements.

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue
    Revenue Growth
    50%+
    		High
    Profitability
    EBITDA Margin
    12-13%
    		High
    Profitability
    PAT Margin
    8-9%
    		High
    Profitability
    Distribution Segment Margins
    12-13%
    		High
    Order Inflow
    Order Inflow Growth
    Matching 50% revenue growth
    		Medium
    Order Book
    Win Ratio for Bid Pipeline
    30-40%
    		High

    FY27 Revenue Growth

    FY27
    Current60.7% (FY26)
    Target50%+

    Why it matters

    To verify if the company can sustain its high growth trajectory as guided by management.

    Whatever historical performance we have shown in the last three fiscals, with the same performance we will grow in this fiscal '27 as well. So you expect 50% plus growth FY27 as well? Yes.

    How to verify

    key_financials.metrics[label='Revenue (FY27)']

    Risks & concerns

    4
    RiskSeverity

    Raw material shortages and price volatility

    Analyst raised concerns about shortages of conductors, cable wires, insulators, and transformers. Management stated they order in advance and have price variation clauses in POs to mitigate impact. — Analyst acknowledged

    medium

    Potential payment collection issues with government clients

    Analyst noted common payment issues in EPC with government. Management clarified that majority clients are PSUs, particularly GETCO, with 80% of RA bills released within 30 days, indicating efficient collection. — Analyst downplayed

    low

    Margin pressure from private sector projects

    Analyst questioned the decreasing private sector revenue share. Management stated they selectively pursue private projects to sustain desired margins, avoiding those with lower profitability. — Analyst acknowledged

    low

    Competition in new geographical markets

    Analyst asked about competition in new states. Management expects margins might be slightly lower but is confident in winning tenders at similar EBITDA levels due to the overall boom in power infra. — Analyst acknowledged

    medium

    Q&A highlights

    8

    “Sir, currently this total scenario that is going on, according to that we are already aware and ready in advance. Like as soon as we get an order, an LOI, we place orders for materials as per our ordering planning immediately, so we get sufficient time for delivery of materials. ... Sir, all our purchase orders, almost all our POs have price variation calculations. The price that varies according to the scenario gets compensated for us in the price variation clause.”

    Addresses a key industry-wide concern about supply chain disruptions and cost inflation, with management outlining mitigation strategies.

    asked by Aashav Patel

    2 min read5 chapters

    Detailed Narrative

    01

    Robust Financial Performance in Q4 and FY26

    Om Power Transmission Limited reported strong financial results for Q4 and the full fiscal year 2026. For Q4 FY26, revenue from operations stood at INR 174.62 crores, marking a significant 67.2% year-on-year growth and 68% sequential growth. Full-year FY26 revenue reached INR 449.16 crores, a 60.7% increase over FY25. PAT for FY26 grew 81.2% to INR 40.02 crores, with the PAT margin expanding to 8.86%. The company also achieved a healthy Return on Equity of 38% and Return on Capital Employed of 44%.

    02

    Record Order Inflow and Strong Order Book Visibility

    FY26 was a transformative year for the company's order book, with the highest-ever overall order inflow of INR 615 crores. This led to an all-time high unexecuted order book of INR 621 crores as of March 31, 2026, which is more than three times the FY23 level and 41% higher than FY25. The book-to-bill ratio of 1.38x provides strong revenue visibility, with an average project execution timeline of 18 months. The company also has a robust bid pipeline exceeding INR 900 crores as of March 31, 2026, with a historical win ratio of 30-40%.

    03

    Diversified Capabilities and Strategic Expansion

    The company's EPC capabilities span transmission lines and substations from 11 kV to 400 kV, and underground cabling up to 220 kV. Transmission line EPC remains the largest segment, contributing 51.61% of FY26 revenue, followed by Substation EPC at 21.86% and Underground Cabling at 19.32%. Om Power is strategically expanding its geographical footprint beyond Gujarat into states like Rajasthan, Punjab, and Dadra Nagar Haveli, while also enhancing technical capabilities to bid for higher-value projects, including future 765 kV opportunities.

    04

    Efficient Working Capital Management and Balance Sheet Strength

    Om Power Transmission maintains a comfortable debt-to-equity ratio of 0.35x, which was further strengthened by the IPO proceeds received in April 2026. The company's working capital cycle is notably efficient, at around 75 days compared to an industry average of 150 days. This efficiency is attributed to a majority of PSU clients, with 80% of RA bills released within 30 days, coupled with effective inventory management and vendor negotiations. IPO proceeds are earmarked for long-term working capital needs, including bid deposits and performance guarantees.

    05

    Positive Outlook and Growth Guidance for FY27

    Management provided optimistic guidance for FY27, expecting over 50% revenue growth, maintaining the strong performance of the last three fiscals. They anticipate sustaining an EBITDA margin between 12-13% and a PAT margin of 8-9%. Order inflow is expected to match the revenue growth to ensure continued revenue visibility. The company foresees growth from both transmission overhead and underground cabling segments, with numerous GETCO tenders for underground cabling in the pipeline.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.