Introduction to Om Power Transmission Limited:

Om Power Transmission Limited is a Gujarat-based power transmission infrastructure Engineering, Procurement, and Construction (EPC) company with over 14 years of operational history. The company specializes in the end-to-end turnkey execution of high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling projects. Its comprehensive service scope spans design, engineering, supply, erection, installation, testing, commissioning, and long-term operation & maintenance (O&M) services.

It operates in the power transmission infrastructure segment, executing projects on a turnkey basis across four business verticals: Transmission Line EPC, Substation EPC, Underground Cabling, and Operation & Maintenance (O&M) services. The company's EPC capabilities extend to transmission lines ranging from 11 kV to 400 kV and substations up to 220 kV, with accreditation as an "AA Class" licensed contractor by Gujarat Energy Transmission Corporation (GETCO).

Since commencing operations in Gujarat in 2011, the company has commissioned over 1,000 circuit kilometers (CKM) of transmission lines, 11 substations, and more than 70 CKM of underground cabling. It currently operates and maintains 124 substations under long-term O&M contracts. As of December 31, 2025, the company had an unexecuted Order Book of ₹ 74,460.27 lakhs comprising 58 projects — 51 EPC contracts and 7 O&M contracts — spread across Gujarat, Rajasthan, Punjab, and the Union Territory of Dadra & Nagar Haveli & Daman and Diu.

The company serves a diversified client base of public sector undertakings (83.74% of order book) including GETCO, state electricity boards, and private clients such as renewable energy developers, industrial corporates, and infrastructure operators. Its revenue from operations grew at a CAGR of 52.45% from ₹ 12,023.63 lakhs in Fiscal 2023 to ₹ 27,943.51 lakhs in Fiscal 2025, while PAT grew at a CAGR of 88.17% over the same period. The company is certified under ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015, and has been consecutively recognized as "Best EPC Company" at GETCO's Vendor Conference for two financial years (2015–17).

IPO Details

Objectives of the Issue

The company proposes to utilize the Net Proceeds from the Fresh Issue for the following purposes:

• Funding of capital expenditure requirements of the Company towards purchase of machinery and equipment
• Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company
• Funding long-term working capital requirement of the Company
• General Corporate Purposes

Key Strengths

• Proven Full-Spectrum EPC Execution Across HV and EHV Projects

With over 14 years of project execution in the power transmission infrastructure space, Om Power Transmission has built deep operational expertise across the full EPC value chain — from detailed route surveys, design and engineering to procurement, tower foundation, erection, stringing, testing, and commissioning. The company has executed over 1,000 CKM of transmission lines and 11 substations since inception, with more than 440 CKM erected across the nine months ended December 31, 2025 and the prior three fiscals, of which over 63.82% were at 220 kV or higher voltage. Landmark projects include erection of 36 QD-type towers (76 metres tall, 98 MT each) for a bullet train corridor relocation, a 400 kV HVDC crossover completed in 11 months, and a 220 kV line (83 km) delivered ahead of contractual timelines. Crucially, the company has recorded zero instances of contract non-fulfilment or performance guarantee forfeiture across its entire project history, underscoring the reliability and discipline of its site execution teams.

• "AA Class" Technical Accreditation and Multi-Vertical Service Capability

The company holds the coveted "AA Class" contractor certification from Gujarat Energy Transmission Corporation (GETCO), which specifically authorises it to undertake erection of transmission lines up to 400 kV and substations up to 220 kV. This accreditation serves as a critical operational differentiator, as most regional EPC contractors are limited to lower voltage classes and are therefore ineligible to bid for the higher-value, technically demanding projects in the EHV segment. Complementing this, the company is certified under ISO 9001:2015 (Quality Management), ISO 45001:2018 (Occupational Health & Safety), and ISO 14001:2015 (Environmental Management). Its four distinct service verticals — Transmission Line EPC, Substation EPC (including AIS and GIS with SCADA systems), Underground Cabling, and O&M — allow it to offer end-to-end solutions to clients across the power ecosystem, from state utilities to renewable energy developers to industrial corporates, reducing dependence on any single project type.

• Diversified Client Base with Established Relationships and Repeat Business

Om Power Transmission serves a well-diversified client base spanning public sector undertakings (PSUs) such as GETCO and state electricity boards, renewable energy developers, industrial corporates, and infrastructure operators. Having been consecutively recognised as the "Best EPC Company" at GETCO's Vendor Conference for Fiscals 2015–17, the company has built strong institutional relationships with its key clients. Notably, it has successfully contributed to marquee projects including the Bullet Train corridor transmission line relocation, 220 kV substations for renewable energy clients such as K P Energy Limited, and underground cabling work for distribution modernisation under the RDSS scheme. As of December 31, 2025, the company was actively operating and maintaining 124 substations under long-term O&M contracts, demonstrating stickiness of client relationships beyond project-specific engagements. This embedded position within client supply chains supports repeat business and a sustained pipeline of tender opportunities.

Key Risks

• High Geographic Concentration in Gujarat with Emerging Expansion Risks

Historically, 100% of the company's completed projects have been executed within the State of Gujarat. While the company has recently secured its first projects in Punjab, Rajasthan, and the Union Territory of Dadra & Nagar Haveli, these geographies are still nascent in terms of execution experience. Operating in new states entails unfamiliar terrain, different state-level regulatory frameworks, new utility relationships, and logistical challenges. Any delay or setback in execution in these new geographies could adversely impact financial performance, while the underlying geographic concentration risk in Gujarat — exposure to state-specific policy changes, weather disruptions, or economic downturns — remains until diversification is more fully established. Furthermore, the competitive intensity and bidding dynamics in states like Rajasthan and Punjab may differ materially from Gujarat.

• Heavy Dependence on Public Sector Undertakings and Competitive Bidding Risk

Public sector undertakings (PSUs), primarily GETCO and state electricity boards, account for 87.29% of revenue from operations in the nine months ended December 31, 2025, and 83.74% of the current order book. This concentration means the company's business is disproportionately vulnerable to budget cuts, policy changes, delayed tender awards, or changes in procurement terms by government entities. Additionally, the majority of projects are secured through competitive bidding, with a project win rate declining from 46.05% in Fiscal 2023 to 35.71% in the nine months ended December 31, 2025. Failure to qualify for or win bids — particularly large-value tenders where technical and financial eligibility thresholds are stringent — could materially impair order inflows, revenue visibility, and overall growth trajectory.

• Significant Working Capital Intensity and Execution Cash Flow Risks

The nature of long-cycle EPC projects creates structural working capital intensity. The company carries substantial trade receivables (142 days as of December 31, 2025) due to extended credit cycles with government clients and retention money norms of up to 20% of contract value withheld until project commissioning and defect liability period completion. Fixed deposits lien-marked against bank guarantees for Performance Bank Guarantees (PBGs), Advance Payment Guarantees (APGs), and EMDs further constrain liquid resources. Working capital requirements have grown from ₹ 5,641.14 lakhs in Fiscal 2023 to ₹ 14,984.78 lakhs in the nine months ended December 31, 2025, and are expected to escalate further as the company pursues larger projects. Any delay in collections, higher-than-expected retention money lockups, or inability to secure adequate bank guarantee limits could adversely impact operations, project mobilization, and new contract pursuit.

Financial Snapshot

Om Power Transmission Limited IPOPeers Comparision