Om Power Transmission Limited IPO Review 2026 — Price Band, GMP, Allotment Date & Expert Analysis
Om Power Transmission Limited IPO enters the market as a niche player in India’s high-voltage power transmission EPC sector. With a strong order book and consistent financials, this mainboard IPO offers exposure to critical infrastructure growth. Here’s a comprehensive breakdown of its price band, financials, risks, and investment potential.
Om Power Transmission Limited IPO At a Glance
Company Overview
Om Power Transmission Limited, incorporated in June 2011, is a specialized engineering, procurement, and construction (EPC) firm focused on high-voltage (HV) and extra-high voltage (EHV) power transmission infrastructure. The company operates on a turnkey basis, offering end-to-end services including design, engineering, supply, erection, testing, commissioning, and operation & maintenance (O&M) of transmission lines, substations, and underground cabling systems.
With over 14 years of operational history, Om Power has built a reputation for timely project execution and technical competence. As of December 31, 2025, the company was managing an unexecuted order book of ₹7,446.03 crore, comprising 58 projects—51 EPC and 7 O&M contracts. It also maintained 124 substations and employed 1,164 permanent staff, underscoring its operational scale.
Business Verticals
- Transmission Line EPC Projects
- Substation EPC Projects
- Underground Cable Projects
- Operation and Maintenance Services
The company holds ISO 9001:2015 (Quality), ISO 45001:2018 (Occupational Health), and ISO 14001:2015 (Environmental) certifications, reflecting its adherence to international standards in project delivery and workplace safety.
Financial Performance
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Income | 276.50 | 281.65 | 184.39 | 121.71 |
| Profit After Tax | 23.37 | 22.08 | 7.41 | 6.23 |
| EBITDA | 34.24 | 35.66 | 14.47 | 11.93 |
| Net Worth | 119.84 | 72.65 | 50.64 | 43.36 |
| Total Borrowing | 38.47 | 18.90 | 26.23 | 25.57 |
Om Power Transmission has demonstrated strong revenue and profit growth, with PAT nearly tripling from ₹6.23 Cr in FY23 to ₹23.37 Cr in 9MFY26. However, rising borrowings and working capital intensity warrant caution.
Valuation Metrics
| Metric | Value |
|---|---|
| ROE | 24.28% |
| ROCE | 26.53% |
| Debt/Equity | 0.32 |
| PAT Margin | 8.45% |
| EPS (Pre-IPO) | ₹8.28 |
| P/E (Pre-IPO) | 21.13x |
| P/E (Post-IPO) | 19.23x |
The company trades at a reasonable P/E of 19.23x post-issue, supported by high ROCE and ROE. However, declining working capital turnover from 3.29x (FY25) to 1.83x (9MFY26) signals increasing capital inefficiency.
IPO Objectives: Fresh Issue vs OFS
The Om Power Transmission Limited IPO comprises a fresh issue of ₹132.56 crore and an Offer for Sale (OFS) of ₹17.50 crore, aggregating to a total issue size of ₹150.06 crore. The fresh issue proceeds will be deployed toward strategic growth and financial optimization.
Use of Fresh Issue Proceeds
- Funding capital expenditure for machinery and equipment
- Partial or full prepayment of outstanding borrowings
- Funding long-term working capital requirements
- General corporate purposes
The OFS component allows existing shareholders to partially monetize their holdings without diluting equity further. This structure indicates promoter confidence, as they retain a post-issue stake of 68.93%.
Strengths & Competitive Advantages
- Proven Execution Capability: Over 14 years of timely project delivery in complex HV/EHV transmission projects enhances client trust and repeat business.
- Robust Order Book: ₹7,446.03 crore unexecuted order book as of Dec 2025 ensures revenue visibility and supports near-term growth.
- Strong Financials: High ROCE (26.53%) and ROE (24.28%) reflect efficient capital deployment and profitability.
- Experienced Leadership: Promoters and senior management possess deep domain expertise in power infrastructure, critical for navigating technical and regulatory challenges.
Risks & Concerns
- Client Concentration: Top 10 customers contributed over 97% of revenue in 9MFY26. Dependency on a few clients increases vulnerability to contract losses.
- Regional Concentration: Majority of projects are in Gujarat, exposing the company to regional economic and policy risks.
- Working Capital Intensity: Working capital as a % of revenue rose to 54.58% in 9MFY26, up from 30.44% in FY25, indicating increasing liquidity pressure.
- PSU Tender Dependency: 83.74% of 9MFY26 order book from PSUs. Delays or policy shifts in government procurement can disrupt pipeline.
- Receivables Risk: ₹1,126.02 lakh (7.82%) of trade receivables overdue beyond six months as of Dec 2025, raising collection concerns.
The company’s working capital turnover has halved from 3.29x to 1.83x, signaling deteriorating operational efficiency and rising cash flow risk despite revenue growth.
Grey Market Premium (GMP)
As of , the Om Power Transmission Limited IPO is trading at a Grey Market Premium (GMP) of ₹2.5, implying a potential listing price of ₹177.5, marginally above the upper band of ₹175.
The Sub2Sauda rate stands at ₹200, suggesting speculative interest. However, the modest GMP indicates cautious sentiment among unofficial traders, likely due to concerns over working capital and receivables.
GMP is not regulated and can be volatile. Investors should not base decisions solely on grey market indicators, especially for infrastructure EPC firms with long gestation cycles.
Registrar & Allotment Details
MUFG Intime India Pvt Ltd has been appointed as the registrar for the Om Power Transmission Limited IPO, responsible for processing applications, finalizing allotments, and crediting shares to demat accounts.
Om Power Transmission Limited IPO — Official Documents
Access all official SEBI-filed regulatory documents for the Om Power Transmission Limited IPO below.
Expert Verdict: Should You Invest?
The Om Power Transmission Limited IPO presents a balanced risk-reward proposition. On one hand, it offers exposure to India’s growing power transmission sector with a robust order book and strong profitability metrics. The post-issue P/E of 19.23x is reasonable for a company with high ROCE and ROE.
However, concerns around working capital efficiency, receivables quality, and client concentration cannot be ignored. The company’s negative operating cash flows in past years and rising debt further amplify financial risk.
Suitable for long-term investors with moderate risk appetite seeking exposure to infrastructure EPC. Avoid for listing gains due to modest GMP. Monitor working capital trends post-IPO closely.
Frequently Asked Questions
What is the price band for Om Power Transmission Limited IPO?
The IPO price band is set at ₹166 to ₹175 per share.
When will the Om Power Transmission IPO be listed?
The IPO is scheduled to list on on both BSE and NSE.
What is the lot size for retail investors?
The lot size is 85 shares. Retail investors can apply for a minimum of 1 lot (85 shares) and a maximum of 13 lots (1,105 shares).
What are the main risks in this IPO?
Key risks include high working capital intensity, client concentration (top 10 clients account for over 97% revenue), and dependency on PSU tenders.
What is the GMP of Om Power Transmission IPO today?
As of 14 April 2026, the GMP is ₹2.5, indicating a potential listing premium.