Om Power Transmission Limited is a power transmission infrastructure engineering, procurement, and construction (“EPC”) company with over 14 years of experience. Their expertise lies in the execution of high-voltage ('HV') and extra-high voltage ('EHV') transmission lines, substations and underground cabling projects delivered on a turnkey basis, encompassing design, engineering, supply, erection, installation, testing, commissioning, and comprehensive operation and maintenance ('O&M') services. Since commencement of the operations in 2011 in the State of Gujarat, they have commissioned transmission lines, substations and underground cables, covering in aggregate over 1,000 circuit kilometers ('CKM') of transmission lines and 11 substations respectively. The EPC capabilities extend to transmission lines ranging from 11 kilovolts ('kV') to 400 kV and substations up to 220 kV. During the 9M FY26 and the last three Fiscals, company has completed EPC works aggregating to more than 500 CKM of transmission lines, and underground cables, and 4 substations. As of December 31, 2025, their unexecuted Order Book comprised 58 projects amounting to Rs 74,460.27 lakhs, including 51 EPC projects and 7 O&M contracts. As of December 31, 2025, they were operating and maintaining 124 substations. While their business has historically been concentrated in the State of Gujarat, they have recently expanded operations to the States of Rajasthan and Punjab along with union territory of Dadra and Nagar Haveli and Daman and Diu, having secured EPC project awards in these states and union territory. The Company provides end-to-end services for substation projects, encompassing design, supply, erection, testing, commissioning, and civil works for both conventional and renewable energy evacuation substations. They have also executed Air Insulated Substation ('AIS') and Gas Insulated Substation ('GIS') along with SCADA monitoring system as per the requirements of the customers. They have extensive experience delivering substation EPC solutions ranging from 66 kV to 220 kV. They are also accredited as a licensed contractor with a state transmission utility in Gujarat, authorizing them to execute high-voltage substations up to 220 kV. They undertake underground cabling projects for high voltage ('HV') and extra high voltage ('EHV') power systems, providing comprehensive services such as trenching, cable laying, jointing, and termination. They provide long-term operation and maintenance (O&M) services for substations and transmission lines, ensuring continuous availability and reliability of assets. Additionally, they have an in-house testing team equipped with specialised equipment allows to conduct essential quality and performance tests across various stages. The scope includes corrective preventive actions, daily, routine, and periodical condition based maintenance, round the clock monitoring of system, real time data logging, and safe and secure operation of equipment and up keeping of premises as per Central Board of Irrigation and Power ('CBIP') standard norms and Original Equipment Manufacturer ('OEM') guidelines. As per financial performance, Om Power Transmission Limited has posted total income / net profits of Rs 121.70 Cr / Rs 6.23 Cr (FY23), Rs 184.39 Cr / Rs 7.41 Cr (FY24), Rs 281.64 Cr / 22.08 Cr (FY25) and Rs 276.50 Cr / 23.36 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth, but trade receivables are around 31% of FY25 total sales. Company has an average EPS of Rs 5.92 and average RoNW of 22.48% for last three fiscals. Issue is priced at a P/BV of 3.89 as per NAV of Rs 44.93/- as on 31.12.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 80.85, 27.14 and 19.23 respectively. As per RHP, comparison between listed peers are shown in the above market. On BRLM's front, Beeline Capital Advisors Private Limited are associated with this IPO, and has handled 37 IPOs in last three fiscal years. ( As on 06.04.26 ) As per financials, Om Power Transmission Limited has shown good growth, RoNW is 30.40% and P/E is 80.85, 27.14 and 19.23 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced and higher trade receivables is a concern. But order-book as on 31.12.25 is around Rs 744/- Cr. Company is engaged in power transmission infrastructure EPC projects for the power transmission lines, substations and underground cabling, which is highly competitive business segment. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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