Om Power Transmission Limited (OMPOWER)

Om Power Transmission reported Q2 FY27 revenue from operations of ₹128.29 crore, representing a 56.4% YoY increase, with EBITDA rising 111.3% to ₹19.56 crore (15.2% margin). Its closing order book as of September 30, 2026 stood at ₹565.99 crore, and following October order inflows of ₹273.21 crore, the order book stands at approximately ₹839 crore (around 1.7x TTM revenue of ₹490 crore). Management noted a pipeline of ₹1,600 crore with a push into 765 kV transmission networks and underground cabling projects. The company stated its debt-to-equity ratio was 0.08x with cost of debt expected to drop towards 8% following a CRISIL BBB+ rating.

• Q2 FY27 revenue grew 56.4% YoY to ₹128.29 crore, while H1 FY27 revenue reached ₹249.93 crore (up 46%).
• EBITDA for Q2 FY27 expanded 111.3% YoY to ₹19.56 crore, delivering an EBITDA margin of 15.2%.
• Total order book reached approximately ₹839 crore after October wins of ₹273.21 crore (up from ₹565.99 crore at Q2 end).
• Active bidding pipeline stands at around ₹1,600 crore, including larger 765 kV segment tenders.
• Debt-to-equity ratio stood at 0.08x as of September 2026, with 84% of debtors aged under 6 months.

Om Power Transmission released its Q2FY27 investor deck, reporting revenue from operations of ₹12,829 lakhs (₹128.3 cr), up 56% YoY, and EBITDA growth of 111% YoY to ₹1,956 lakhs with margins expanding to 15.2%. PAT for the quarter stood at ₹1,385 lakhs, representing a 117% YoY increase. The closing order book as of September 30, 2026, reached ₹56,599 lakhs (₹566 cr), with subsequent order wins of ₹27,321 lakhs (₹273.2 cr) won in October 2026 alone. Combined, the order book plus October inflows exceed ₹839 cr, representing ~1.7x TTM revenue.

• Q2FY27 revenue grew 56% YoY to ₹12,829 lakhs with PAT rising 117% YoY to ₹1,385 lakhs
• EBITDA margin expanded to 15.2% in Q2FY27 compared to 11.3% in Q2FY26
• Order book stood at ₹56,599 lakhs as of Sept 30, 2026, plus additional wins of ₹27,321 lakhs in October 2026
• H1FY27 revenue rose 46% YoY to ₹24,993 lakhs and PAT grew 65% YoY to ₹2,437 lakhs
• Net debt-to-equity stood at 0.35x following an IPO raising ₹133 cr of fresh capital

Om Power Transmission Limited has received a Letter of Acceptance (LOA) for a turnkey contract valued at ₹101.56 Crores (including GST) from Uttar Gujarat Vij Company Limited (UGVCL). The project entails converting an existing electrical line network into an underground cable network at Ambaji. Execution is scheduled over 12 months following a commencement period of 45 days. The order size represents approximately 21% of Om Power's TTM revenue (₹490 Cr) and exceeds its current market capitalization of ₹48 Cr.

• Received Letter of Acceptance worth ₹101,56,47,911.35 (inclusive of GST)
• Contract awarded by Uttar Gujarat Vij Company Limited for underground cable conversion at Ambaji
• Execution timeline set at 12 months after a 45-day commencement period
• Order value of ₹101.56 Cr represents ~21% of TTM revenue (₹490 Cr)

Om Power Transmission Limited has received a Letter of Intent (LOI) from Gujarat Energy Transmission Corporation Limited (GETCO) for a contract valued at ₹78.84 crore (inclusive of GST). The turnkey project involves the supply, erection, testing, and commissioning of a 220kV D/C Chorania-Salejda Transmission Line. The execution period is set for 24 months from the date of the Letter of Award. The order value represents approximately 16.1% of the company's TTM revenue of ₹490 crore and exceeds its current market capitalization of ₹49 crore.

• Received Letter of Intent (LOI) worth ₹78,84,08,034.94 (including GST) from GETCO
• Scope covers turnkey supply, erection, testing, and commissioning of 220kV D/C Chorania-Salejda Transmission Line
• Execution timeline specified as 24 months from the date of LOA
• Contract awarded by a domestic entity with no promoter or related-party interest

Om Power Transmission Limited has received a Letter of Intent (LOI) from Gujarat Energy Transmission Corporation Limited (GETCO) valued at ₹60.48 crore (inclusive of GST). The contract involves the supply, erection, testing, and commissioning of 220kV & 66kV equipment and civil works on a turnkey basis for the 220kV Kotda-Sanghani AIS Substation. The order is scheduled to be executed over 18 months from the date of the Letter of Award (LOA). Relative to the company's TTM revenue of ₹490 crore, this contract constitutes approximately 12.3% of annual sales.

• Received Letter of Intent (LOI) for a total contract value of ₹60,48,51,594.19 (incl. GST)
• Contract awarded by Gujarat Energy Transmission Corporation Limited (GETCO)
• Execution timeline is 18 months from the date of LOA
• Scope covers turnkey supply, erection, testing, and commissioning for 220kV Kotda-Sanghani AIS Substation

Om Power Transmission Limited has received a Letter of Intent (LOI) from Gujarat Energy Transmission Corporation Limited (GETCO) valued at ₹69.19 Crores (inclusive of GST). The domestic turnkey contract covers the supply, erection, testing, and commissioning of the 220kV D/C Prantij-Jantral Line Package 2. Execution is scheduled over a period of 24 months from the date of the Letter of Award (LOA). This order represents roughly 14.1% of the company's TTM revenue of ₹490 Crores and exceeds its current market capitalization of ₹45 Crores.

• Received Letter of Intent from Gujarat Energy Transmission Corporation Limited (GETCO)
• Contract value is ₹69,18,77,476.78 (inclusive of GST)
• Execution timeline is 24 months from the date of LOA
• Scope involves supply, erection, testing, and commissioning of 220kV D/C Prantij-Jantral Line Package 2 on a turnkey basis
• Non-related party transaction awarded by a domestic utility

Om Power Transmission Limited has received an order from the Assistant Commissioner of State Tax, Ahmedabad, completely dropping proceedings regarding alleged excess Input Tax Credit (ITC) for FY 2022-23. The tax authority accepted the company's submissions, removing the disputed ITC demand of Rs 1,11,96,167 (~Rs 1.12 Cr). Furthermore, associated interest and penalties of Rs 89,22,319 (~Rs 0.89 Cr) were also vacated. Consequently, the company faces no cash outflow or financial liability from this matter.

• Tax proceedings dropped for alleged ineligible/excess ITC of Rs 1,11,96,167 pertaining to FY 2022-23
• Relief from associated interest and penalty amounting to Rs 89,22,319
• Total avoided potential cash outflow stands at Rs 2,01,18,486 (~Rs 2.01 Cr)
• Order received on September 21, 2026, confirming zero financial liability on the company

Om Power Transmission Limited has secured a Letter of Award (LOA) valued at ₹40,69,90,000 (excluding GST) from Hild Projects Private Limited. The contract covers design, equipment supply, civil construction, installation, testing, and commissioning of a 220kV AIS Switchyard for the 600 MW NTPC Solar Power Plant at Bhuj. This single domestic order represents ~8.1% of the company's TTM revenue of ₹505 Cr and exceeds its current market capitalization of ₹37 Cr. The project is scheduled for completion within 10 months from the date of the LOA.

• Received Letter of Award worth ₹40,69,90,000 (excluding GST) from Hild Projects Private Limited
• Scope involves 220kV AIS Switchyard for a 600 MW NTPC Solar Power Plant at Bhuj
• Execution timeline is stipulated at 10 months from the date of LOA
• Contract is purely domestic with no promoter interest or related-party transactions involved