OM POWER TRANSMISSION LTD

Builds and maintains electrical power transmission infrastructure on an EPC (engineering, procurement, construction) basis for India's power utilities. Revenue is split across four verticals: transmission lines (51.61% of FY26 revenue), substations (21.86%), underground cabling (19.32%) and operations & maintenance services (7.21%). Field execution covers high-voltage transmission lines up to 400 kV and substations that step voltage up or down for the grid, with the company's largest single project being the ₹200 crore Dholera 400 kV GIS substation plus associated transmission lines in Gujarat. Customers are largely state-owned power utilities, which contribute 82% of the order book, with the remaining 18% coming from private renewable, infrastructure and industrial clients. The business earns revenue as projects are executed, with an average order book conversion period of 18 months, and books revenue through running allotment (RA) bills — 80% of which are paid within 30 days by PSU clients, giving a working capital cycle of about 75 days against an industry norm of ~150 days. The biggest cost is materials at 53% of revenue, followed by other operating expenses at 26.5% and employee costs at 7.8%. The company is expanding geographically beyond Gujarat into Rajasthan, Punjab and Dadra Nagar Haveli, has set up a renewable energy subsidiary (OPTL Green Energy), and is targeting entry into 765 kV transmission lines and distribution (DISCOM) tenders.