IPO Overview
Om Power Transmission Limited is a power transmission infrastructure Engineering, Procurement, and Construction (EPC) company engaged in executing high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, underground cabling projects, and providing comprehensive Operation & Maintenance (O&M) services.
The company has over 14 years of experience as a Gujarat-based power transmission infrastructure EPC company, with demonstrated capabilities in delivering HV and EHV transmission lines, substations, and underground cabling projects. Its EPC capabilities extend to transmission lines ranging from 11 kV to 400 kV and substations up to 220 kV. Since commencement of operations in 2011, the company has commissioned over 1,000 circuit kilometres (CKM) of transmission lines and 11 substations.
The IPO opens from April 9 to April 13, 2026, aiming to raise ₹150.06 crore, with shares to be listed on both NSE and BSE. Post-issue market capitalization is expected to be around ₹599.29 crore.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | NSE & BSE |
| IPO Open Date | 09 April 2026 |
| IPO Close Date | 13 April 2026 |
| Allotment Date | 15 April 2026 (Expected) |
| Listing Date | 17 April 2026 (Tentative) |
| Price Band | ₹166 – ₹175 per share |
| Face Value | ₹10 per share |
| Lot Size | 85 shares |
| Minimum Investment (Retail) | ₹14,875 (1 lot = 85 shares) |
| Issue Size | ₹150.06 crore |
| Fresh Issue | 75,75,000 shares (₹132.56 crore) |
| Offer For Sale (OFS) | 10,00,000 shares (₹17.50 crore) |
| Total Shares | 85,75,000 |
| Post-Issue Market Cap | ~₹599.29 crore |
Note: The IPO is primarily growth-driven, with most funds going into the business rather than promoter exit.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
Under the OFS, the promoter selling shareholders are Kalpesh Dhanjibhai Patel, Kanubhai Patel, and Vasantkumar Narayanbhai Patel — offloading a combined 10 lakh shares worth up to ₹17.50 crore.
Objects of the Issue (Fund Utilization)
The company plans to utilise the net fresh issue proceeds as follows:
- Capital expenditure requirements — ₹11.21 crore
- Prepayment / repayment of certain borrowings — ₹25 crore
- Funding long-term working capital requirements — ₹55 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Beeline Capital Advisors Private Limited
- Registrar to the Issue: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
Promoters & Management
- Chairman & Executive Director: Mr. Kalpesh Dhanjibhai Patel
- Promoters: Mr. Kanubhai Patel and Mr. Vasantkumar Narayanbhai Patel
Promoters Kalpesh Dhanjibhai Patel and Kanubhai Patel each bring over 30 years of industry experience. Their technical expertise, active involvement, and industry relationships enable effective problem-solving, strategic growth, and successful project execution.
The promoters collectively held 92.26% of pre-issue shareholding, which will be diluted post-IPO based on equity allotment.
Company Details
Incorporated in June 2011, Om Power Transmission Limited operates as a specialized EPC player in the power transmission infrastructure space. The company executes projects on a turnkey basis, covering design, engineering, supply, installation, testing, commissioning, and ongoing maintenance.
Sectors / Clients Served:
- State electricity utilities
- Renewable energy developers
- Power grid infrastructure companies
Key Capabilities:
- Transmission lines: 11 kV to 400 kV
- Substations: 66 kV to 220 kV
- Underground cabling projects
- O&M services for operational substations and lines
Operational Scale:
- As of August 31, 2025, the unexecuted order book stood at ₹776.19 crore across 56 projects, including 50 EPC contracts and 6 O&M assignments, with 134 substations under active maintenance.
- As of December 31, 2025, the company had a total of 1,164 employees.
- Operations expanding beyond Gujarat into Rajasthan and Punjab
Certifications:
- ISO 9001:2015 (Quality Management)
- ISO 45001:2018 (Occupational Health & Safety)
- ISO 14001:2015 (Environmental Management)
Financial Snapshot
| Period | Revenue from Operations (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹120.24 | ₹6.24 |
| FY24 | ₹182.76 | ₹7.41 |
| FY25 | ₹279.43 | ₹22.08 |
Key Financial Metrics
- Revenue from operations grew at a CAGR of 52.45% from FY23 to FY25.
- PAT grew at a CAGR of 88.17% over the same period.
- Return on Capital Employed (RoCE): 41.76% for FY25.
- Post-Issue P/E: 19.23x — reasonably placed considering the company’s profitability improvement, return ratios, and sector tailwinds.
- GMP (as of April 7, 2026): ₹1.5 — subdued, indicating cautious sentiment among short-term traders with limited speculative buildup.
Company Strengths
- Strong promoter experience — key promoters bring over 30 years of domain expertise in power transmission EPC contracting.
- Order book of over ₹744 crore provides strong revenue visibility and operational continuity.
- Exceptional financial growth — revenue CAGR of 52.45% and PAT CAGR of 88.17% over FY23–FY25.
- Triple ISO certifications (9001:2015, 45001:2018, 14001:2015) underline operational discipline and compliance strength.
- Presence of both execution and maintenance contracts ensures diversified, recurring revenue streams beyond one-time project delivery.
- Strong tailwinds from India’s national grid modernization, electrification push, and renewable energy integration investments.
Key Risks & Challenges
- 100% of completed projects during the nine months ended December 31, 2025, and the last three financial years were concentrated in Gujarat — exposing the business to region-specific risks including policy changes, local economic conditions, and disruptions.
- Rising trade receivables — standing at ₹144.07 crore as of December 31, 2025, up from ₹57.82 crore in FY23 — indicating potential working capital stress.
- EPC project execution risks — delays, cost overruns, and client-side approvals can affect revenue recognition timelines.
- EPC businesses are exposed to execution delays, working capital pressure, and project-based revenue volatility.
- Heavy dependence on state utility clients — any slowdown in government power infrastructure spending could directly impact order inflows.
- Subdued GMP and cautious investor sentiment in the current IPO market environment may limit short-term listing gains.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
