NSE: OMPOWER · BSE: 544750
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transmission lines (52%), Substations (22%), Underground cabling (19%), Operations and maintenance (7%). Cyclical, project-driven EPC contractor in power transmission infrastructure.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 449 |
| EBITDA (ex other income) | 57 |
| margin % | 12.7 |
| Owners' profit | 40 |
| EPS, as reported (₹) | 15.53 |
| ROE % · ROCE % | 29.2 · 41.6 |
| Debt / equity (x) | 0.35 |
| Cash from operations | (26) |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 175 | 122 |
| Profit before tax | 22 | 14 |
| Net profit | 17 | 11 |
| EPS (₹) | 6.46 | 3.18 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.5 | 13.5 | 52 of 101 | 49% |
| P/B | 3.3 | 1.2 | 72 of 85 | 16% |
| ROCE | 36.3 | 10.0 | 4 of 107 | 97% |
| ROE | 29.2 | 9.1 | 5 of 87 | 95% |
| Debt / Equity | 0.3 | 0.4 | 43 of 87 | 51% |
| EBITDA margin | 12.8 | 12.4 | 41 of 88 | 54% |
| Market cap | 445 | 465 | 56 of 107 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · OM Power Transmission bags Rs 101.56 Cr LOA from Uttar Gujarat Vij Co | business updates | high | — | — |
| 14 Oct 2026 · Quarterly compliance certificate from registrar for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · OM Power Transmission gets Letter of Intent worth Rs 78.84 Cr from GETCL | business updates | high | — | — |
| 6 Oct 2026 · OM Power Transmission bags Rs 60.48 Cr LOI for AIS substation from GETCO | business updates | high | — | — |
| 6 Oct 2026 · Receives Rs 69.18 Cr LOI from Gujarat Energy Transmission Corp | business updates | high | — | — |
| 5 Oct 2026 · Om Power Transmission incorporates renewable energy subsidiary | strategic transactions | medium | — | — |
| 5 Oct 2026 · Om Power Transmission incorporates renewable energy subsidiary | strategic transactions | medium | — | — |
| 30 Sept 2026 · Om Power Transmission re-appoints Secretarial Auditors for five years | management changes | low | — | — |
| 30 Sept 2026 · AGM voting results: All 3 resolutions passed with near-unanimous support | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Trading window closed for Q2 and H1 FY26 results declaration | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.