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Om Power Transmission IPO 2026 | Should You Invest?
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Om Power Transmission IPO 2026 | Should You Invest?

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By

Arihant Team

7 minutes read
09 Apr 2026

India is not short on power generation, the real gap is in transmission and that is where Om Power plays. The company is growing fast with better margins and a strong order book, but there are risks around concentration and cash flow. At ~19.5x P/E, the IPO looks fairly priced suited for long-term investors comfortable with EPC sector volatility.

IPO

In This Article

  • Introduction
  • Business Overview
  • Key IPO Details: Om Power Transmission IPO
  • Where Will Om Power Transmission’s IPO Proceeds Go?
  • Financial Snapshot of Om Power Transmission
  • Key Risks: Om Power Transmission’s IPO
  • Should you invest in Om Power Transmission IPO?
  • FAQs

Introduction

India’s power demand keeps rising, but generation capacity alone is not enough, the real bottleneck is often transmission. That is what makes companies operating in grid infrastructure increasingly relevant, especially as renewable energy integration and interstate power flow become bigger priorities.

 

Om Power Transmission is an EPC player focused on transmission lines, substations, underground cabling, and O&M services, and has executed 100+ projects since its inception in 2011, including more than 1,000 circuit kilometers of transmission lines and 11 substations.

 

Now, the company is coming to market with a ₹150 crore IPO comprising ~₹133 crore in fresh issue and ~₹18 crore in OFS.

 

The investment case, therefore, is not just about a regional EPC contractor coming to market, but about whether a fast-scaling transmission player can convert a growing order pipeline into sustainable and cash-efficient growth.

 

Let’s find out!

 

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Business Overview

Om Power Transmission provides end-to-end execution capabilities including design, engineering, procurement, supply, civil works, erection, testing, commissioning, and maintenance, primarily for high-voltage and extra-high-voltage power infrastructure projects.


Om Power Transmission is an EPC focused power transmission infrastructure company with integrated capabilities across transmission lines, substations, underground cabling and post-commissioning operation and maintenance services.


The company’s core business is anchored in turnkey execution, covering design, engineering, procurement, supply, civil works, erection, testing, commissioning and maintenance of high-voltage and extra-high-voltage projects.


Over time, it has built a meaningful execution track record, having completed more than 100 projects spanning transmission lines, underground cable systems and substations, which positions it as a specialized grid infrastructure player rather than a pure-play civil contractor. 
 

While the business remains largely domestic and concentrated in Gujarat, with a significant share of revenue and order book linked to public sector utilities, its operating profile reflects a full-lifecycle transmission EPC model with recurring support from O&M services. 
 

In this sense, Om Power’s current positioning is that of a regionally strong transmission infrastructure executor with the capability to participate across the value chain of power network development.

Key IPO Details: Om Power Transmission IPO

Here are the key details investors should know:

 

  • Price Band: ₹166 – ₹175 per share
  • IPO Dates: 9 - 13 April 2026
  • IPO Size: ~₹150 crore
  • Minimum Investment: ₹14,110 (85 shares – lot size)
  • IPO Type: Fresh Issue (~₹133 crore) + Offer for Sale (~₹18 crore)
  • Listing Date: 17 April 2026
  • Proposed Listing: BSE & NSE
  • Lead Manager: Beeline Capital Advisors Private Limited

Where Will Om Power Transmission’s IPO Proceeds Go?

Om Power Transmission’s ₹150 crore IPO is a mix of a fresh issue and an offer for sale (OFS). The good news is - over 88% of money raised through IPO will go into the company, and only less than 12% is OFS component (only ₹18 crore will go into existing shareholders’ pockets). 
 

The fresh issue portion will be utilised as follows:
 

Objective

Amount 

Purchase of machinery & equipment

₹11.2 cr

Repayment of loans

₹25.0 cr

Long term working capital requirements

₹55 cr

General corporate purposes 

Remaining 

 

The money will be used for a mix of capacity augmentation and balance sheet support. A part of the proceeds will be used to strengthen execution capability through investment in machinery and equipment, while a larger share is directed toward debt reduction and working capital, both of which are important in an EPC-led business where project execution, receivables, and bank guarantee requirements can keep capital tied up for long periods.

Financial Snapshot of Om Power Transmission

Om Power Transmission’s growth story is real. The company’s revenues and profit have been increasing steadily. Let’s have a look at its numbers.

 

Particulars (₹ in crores)

9M FY26

FY25

FY24

FY23

Total Income

₹ 276.50

₹ 281.65

₹ 184.39

₹ 121.71

Revenue from Operations

₹ 274.54

₹ 279.44

₹ 182.76

₹ 120.24

EBITDA

₹ 34.24

₹ 35.66

₹ 14.47

₹ 11.93

Profit After Tax (PAT)

₹ 23.37

₹ 22.08

₹ 7.41

₹ 6.24

Gross Profit

₹ 64.53

₹ 70.20

₹ 45.26

₹ 33.91

Operating Cash Flows

₹ (37.39)

₹ 12.45

₹ 3.53

₹ 10.05

 

The company’s revenue from operations has shown a strong upward trend over the last few years. It stood at ₹120.24 crore in FY23, increased to ₹182.76 crore in FY24, and further to ₹279.44 crore in FY25. In the nine months ended December 2025, the company has already reported ₹274.54 crore, indicating sustained execution momentum and suggesting that FY26 could see another year of meaningful scale-up.


Order book rose from ₹209.89 crore in FY23 to ₹515.61 crore in FY24, moderated to ₹441.69 crore in FY25, and then expanded sharply again to ₹744.60 crore as of December 2025. This suggests that the company is entering its listed phase with a much stronger revenue visibility position than in earlier years.


At the EBITDA level, margins have improved from 9.80% in FY23 to 7.85% in FY24, before expanding meaningfully to 12.66% in FY25. In the nine months ended December 2025, EBITDA margin stood at 12.38%, indicating that the improvement in operating profitability has largely sustained. 


Return ratios reflect this improvement in business quality. In the nine months ended December 2025, ROE and ROCE stood at 24.28% and 26.53%, respectively. While these are not directly annualized comparisons, they still point to stronger capital productivity relative to the company’s earlier years.


On the balance sheet side, leverage appears manageable and has improved over time. The debt-to-equity ratio declined from 0.59x in FY23 to 0.52x in FY24, and further to 0.26x in FY25, before moving modestly to 0.32x as of December 2025. 


Overall, the financial profile points to a company that is moving from a smaller regional EPC player toward a more scaled transmission infrastructure contractor, with improved profitability, stronger returns, and a significantly larger executable pipeline.

Key Risks: Om Power Transmission’s IPO

  • Raw Material and Cost Inflation Risk: The company is exposed to fluctuations in prices of steel, iron, and other key inputs. 
  • Competitive Bidding: Growth depends on continuous winning tenders; losing bids can directly impact revenue visibility.
  • Geographic Concentration: Heavy reliance on Gujarat exposes the business to state-level risks.
  • Customer Concentration: A large share of revenue comes from a few clients, increasing dependency risk.
  • PSU Dependency: Majority orders come from government entities, making it sensitive to policy, delays, and payments.
  • Working Capital Pressure: High working capital and delayed receivables can strain cash flows.
  • Execution Risks: Project delays can impact revenue timing and margins.

Should you invest in Om Power Transmission IPO?

Financially, the company is on a strong growth trajectory with clean books and a healthy order book. The risk is scale, it's still a small-mid cap EPC player in a competitive, government-dependent sector.


At the upper price band of ₹175, it's priced at ~19.5x P/E post-issue. It's not exactly cheap, but valuations are not stretched either, especially vs peer Advait Energy which trades at 57.5x.


Investors with a long-term investing outlook can explore this IPO, while understanding the risks.

FAQs

1. What are the IPO dates for Om Power Transmission’s IPO?
The IPO of Om Power Transmission Limited opens on April 9, 2026 and closes on April 13, 2026. The shares are proposed to be listed on April 17, 2026 on the BSE and NSE. 


2. What is Om Power Transmission’s IPO GMP?
Grey market activity indicates market interest in the IPO. Check the live GMP for the Om Power Transmission IPO here. GMP quotes are unofficial, can change quickly, and should not be treated as a reliable predictor of listing performance. 


3. What is the lot size for retail investors?
The minimum lot size is 85 shares, which translates to a minimum investment of approximately ₹14,110 to ₹14,875 at the price band of ₹166 to ₹175 per share. 


4. Is Om Power Transmission’s IPO a fresh issue or an OFS?
The IPO is a combination of a Fresh Issue and an Offer for Sale (OFS). The fresh issue consists of 75,75,000 shares, while the OFS consists of 10,00,000 shares by promoter selling shareholders. The fresh issue proceeds will go to the company for machinery and equipment purchase, debt repayment, working capital, and general corporate purposes. The OFS portion will go to existing shareholders.


5. Should I invest in Om Power Transmission’s IPO?
Investors looking for exposure to the power transmission EPC and grid infrastructure segment may find the IPO interesting. However, they should carefully consider risks such as high dependence on competitive bidding, concentration in Gujarat, PSU/customer concentration, working capital intensity, receivables risk, and execution-linked volatility before investing.

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