Om Power Transmission Limited IPO Review
Neutral★★★☆☆ 3/5₹166 – ₹175 · Mainboard
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Analyst Verdict
Om Power Transmission Limited IPO
Neutral
Om Power Transmission Limited is a Gujarat-based EPC company specialising in power transmission infrastructure including transmission lines (up to 400 kV), substations, underground cabling, and O&M services. The company has demonstrated strong revenue growth (2-yr CAGR ~52%) and improving profitability with PAT of ₹22.08 Cr in FY2025. With a robust order book of ₹74,460.27 lakhs and expansion into new geographies, the company is well-positioned to benefit from India's power sector growth. However, working capital intensity, geographical concentration in Gujarat, and the relatively small scale of operations are key risks. At the indicative price of ₹175 per share, valuations appear reasonable subject to final price band disclosure.
IPO at a Glance
Price Band
₹166 – ₹175
Issue Size
150.06
Lot Size
85 shares
Min. Investment
₹14,875
Opens
2026-04-09
Closes
2026-04-13
Listing
2026-04-17
Category
Mainboard
Key Strengths
✓Strong track record in EPC execution with over 440 CKM of transmission lines and 4 substations completed
✓AA class accreditation with state power transmission utility in Gujarat enabling bids up to 400 kV
✓Experienced promoter team with deep industry knowledge since 2011
✓Expanding geographical footprint into Rajasthan, Punjab and Dadra & Nagar Haveli
✓Large and growing order book of ₹74,460.27 lakhs as of December 31, 2025
✓ISO-certified processes and demonstrated technical competence in EHV execution
✓Operating and maintaining 124 substations as of December 31, 2025
Key Risks
⚠Geographical concentration risk with historically concentrated operations in Gujarat
⚠Dependence on government/state utility clients for project awards
⚠Working capital intensive business with significant cash outflows from operations
⚠Contingent liabilities relating to income tax and GST demands totalling ₹168.18 lakhs
⚠Competition from larger EPC players for high-value projects
⚠Project execution risks including delays beyond stipulated timelines
⚠Risk of non-fulfilment of bank guarantees and performance guarantees
SWOT Analysis
Strengths
- Strong EPC execution track record in power transmission
- AA class accreditation with Gujarat state utility for projects up to 400 kV
- Large and diversified order book of ₹74,460.27 lakhs
- Experienced promoter team with 14+ years in power sector
- ISO-certified processes
- Operating 124 substations
Weaknesses
- High geographical concentration in Gujarat
- Working capital intensive operations
- Relatively small scale compared to national EPC players
- Dependence on government clients
Opportunities
- India's power T&D infrastructure expansion projected at USD 280 billion between FY24–FY30
- Government target of 500 GW renewable energy by 2030
- Annual addition of ~17,500 CKM of transmission lines planned
- Expansion into new states — Rajasthan, Punjab, Dadra & Nagar Haveli
Threats
- Intense competition from larger, well-capitalised EPC companies
- Policy and regulatory changes affecting power sector
- Project execution risks and timeline overruns
- Rising material costs impacting margins
- Contingent liabilities from tax demands
Frequently Asked Questions
Should I apply for Om Power Transmission Limited IPO?
Om Power Transmission Limited is a Gujarat-based EPC company specialising in power transmission infrastructure including transmission lines (up to 400 kV), substations, underground cabling, and O&M services. The company has demonstrated strong revenue growth (2-yr CAGR ~52%) and improving profitabil Our analyst rating: Neutral.
What are the key risks of Om Power Transmission Limited IPO?
Geographical concentration risk with historically concentrated operations in Gujarat Dependence on government/state utility clients for project awards Working capital intensive business with significant cash outflows from operations
What are the strengths of Om Power Transmission Limited IPO?
Strong track record in EPC execution with over 440 CKM of transmission lines and 4 substations completed AA class accreditation with state power transmission utility in Gujarat enabling bids up to 400 kV Experienced promoter team with deep industry knowledge since 2011
What is the price band of Om Power Transmission Limited IPO?
The price band for Om Power Transmission Limited IPO is ₹166 – ₹175. The IPO has closed.
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