Om Power Transmission Ltd IPO
Infrastructure Developers & Operators
Price Band
₹166 – ₹175
Lot Size
85
Minimum Bid Quantity
85
Minimum Investment
₹14875
Issue Size
₹150.06Cr
Opens
2026-04-09
Closes
2026-04-13
Listing
17-04-2026
Subscription Status
Qualified Institutional Buyers
3.65 x
Non-Institutional Investor
6.9 x
Retail Individual Investor
1.44 x
Total
3.24 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE25E901019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Om Power Transmission is an engineering, procurement, and construction (EPC) company engaged in power transmission infrastructure projects, including high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling. The company provides turnkey services covering design, engineering, supply, erection, installation, testing, commissioning, operations and maintenance (O&M). The scope of its projects includes transmission lines ranging from 11 kV to 400 kV, substations up to 220 kV, air-insulated substations (AIS), gas-insulated substations (GIS), SCADA systems, and underground cabling works, along with long-term maintenance services. The company commenced operations in 2011 in Gujarat and has since expanded to Rajasthan, Punjab, and the union territory of Dadra and Nagar Haveli and Daman and Diu. It has executed transmission and substation projects covering over 1,000 circuit kilometres of transmission lines and multiple substations. and continues to manage ongoing EPC and O&M contracts. Om Power Transmission holds ISO 9001:2015 (Quality Management), ISO 45001:2018 (Occupational Health & Safety Management), and ISO 14001:2015 (Environmental Management) certifications. It also holds an “AA Class” certification from Gujarat Energy Transmission Corporation (GETCO), authorising it to undertake the erection of transmission lines up to 400 kV and substations up to 220 kV.
Pros
- • The company claims to have a demonstrated track record in executing high-voltage and extra-high voltage transmission projects across the full EPC lifecycle. Its experience includes handling projects ranging from 11 kV to 400 kV transmission lines and substations, indicating operational capability across multiple voltage classes. It also states that certain projects have been completed ahead of schedule, including large-scale transmission lines.
- • The company claims to maintain a sizeable and diversified order book spanning EPC and operations and maintenance contracts. As of December 31, 2025, it reports 58 ongoing projects, which may provide visibility into future revenue and continuity of operations. The presence of both execution and maintenance contracts suggests involvement beyond one-time project delivery.
- • The company claims to have executed a significant volume of infrastructure in recent years, including over 500 circuit kilometres of transmission lines and underground cabling, along with multiple substations. Additionally, it reports managing and maintaining 124 substations, which indicates continued engagement with operational assets after project completion.
Cons
- • The company’s business is heavily dependent on winning projects through competitive bidding processes. It claims to have submitted 42, 69, 64, and 76 bids during the nine months ended December 31, 2025 and FY25, FY24, and FY23, respectively, out of which only 15, 28, 28, and 35 bids were awarded. The value of awarded projects stood at Rs 563.35 crore, Rs 214.53 crore, Rs 494.47 crore, and Rs 104.69 crore for the same periods, indicating variability in conversion rates that could impact revenue visibility.
- • The company’s project execution and revenue generation have historically been concentrated in Gujarat. It reports that 100% of completed projects during the nine months ended December 31, 2025, and the last three financial years were based in a single state. This geographic concentration exposes the business to region-specific risks, including policy changes, local economic conditions, and disruptions.
- • The company has reported a rising level of trade receivables over recent periods. Trade receivables stood at Rs 144.07 crore, Rs 90.11 crore, Rs 69.89 crore, and Rs 57.82 crore as of December 31, 2025, and FY25, FY24, and FY23, respectively. A portion of these, amounting to Rs 11.26 crore (7.82%), Rs 8.62 crore (9.57%), Rs 13.68 crore (19.57%), and Rs 4.87 crore (8.43%), remained outstanding for more than six months, indicating potential long delays in collections.
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