Om Power Transmission Limited order book rises to Rs 839 crore

Om Power Transmission Limited said on November 2, 2026, that October awards of Rs 273.21 crore had lifted its order book to about Rs 839 crore before October execution, equal to roughly 1.9 times FY26 revenue. The increase followed a Rs 565.99 crore closing order book on September 30, 2026.

How did Om Power reach an order book of about Rs 839 crore?

Om Power reached the approximately Rs 839 crore figure by adding October 2026 awards of Rs 273.21 crore to the Rs 565.99 crore order book reported at September 30, 2026. Management said the resulting figure was before any adjustment for work executed in October, so it was not a reported October closing balance.

The October awards included two 220 kilovolt, or kV, transmission-line projects from Gujarat Energy Transmission Corporation Limited, or GETCO: Prantij-Jantral Package 2 and Chorania-Salejda. They also included GETCO’s 220 kV Kotda-Sanghani air-insulated substation, or AIS, order and an underground-cabling order from Uttar Gujarat Vij Company Limited, or UGVCL, for Ambaji.

The October inflow added nearly half of the September 30 order-book balance in one month. Management said GETCO tender activity had been slow at the start of FY27, then picked up in September and accelerated further during October.

What does the Rs 839 crore workload mean for Om Power’s revenue visibility?

Om Power said the approximately Rs 839 crore workload provides visibility for the rest of FY27 and into the start of FY28 because its projects typically take 12 to 24 months to execute. Management compared the workload with FY26 revenue and described it as around 1.9 times that annual base.

Revenue from operations was already Rs 249.93 crore in H1 FY27, up 46.3% from Rs 170.88 crore in H1 FY26. Q2 FY27 revenue reached Rs 128.29 crore, 56.4% above Rs 82 crore in Q2 FY26, despite management describing monsoon months as a slower period for site execution.

When asked about the full year, management maintained its aim of 50% year-on-year growth in FY27. The call did not disclose how much of the approximately Rs 839 crore workload is scheduled for revenue recognition in FY27 rather than FY28.

Is underground cabling becoming a larger part of Om Power’s order mix again?

Yes, Om Power said underground cabling had again become a meaningful part of its order book after new awards during Q2 FY27 and October 2026. During the quarter, it received an 11 kV underground-cabling order from Paschim Gujarat Vij Company Limited, or PGVCL, for Bhavnagar and two 66 kV underground-cabling orders from GETCO.

The UGVCL Ambaji underground-cabling order arrived in October, alongside the Rs 273.21 crore of total awards for the month. Management had previously said underground cabling represented a low share of the order book, but did not disclose the value of the Bhavnagar, Ambaji or GETCO cabling contracts, nor the segment’s percentage of the Rs 839 crore workload.

Management said the PGVCL and UGVCL orders are connected to Gujarat’s Wire-Free City Mission, which aims to convert overhead distribution networks in municipal corporations and municipalities into underground networks in phases by 2030. The initiative has an initial first-phase provision of Rs 500 crore, according to management.

Management expects the programme to produce a steady flow of tenders from Gujarat distribution companies over coming years. That is a management expectation dependent on future tendering, but the disclosed Bhavnagar and Ambaji orders show that Om Power has won work linked to the programme.

Which projects support Om Power’s plans for larger transmission work?

Om Power has commissioned a 400 kV gas-insulated substation, or GIS, at Dholera, while the associated 400 kV transmission lines are in the final stages of completion. Management said the line project includes pile foundations and river-crossing work, and described the GIS substation as one of its largest projects to date.

Management said completing the 400 kV GIS project establishes credentials for further GIS-substation opportunities at that voltage class. It also intends to participate when GETCO tenders its planned 765 kV transmission network, using its 400 kV experience as a base.

An analyst asked about the timing of 765 kV and high-voltage direct current, or HVDC, opportunities, and management said 765 kV work generally has a 24-to-36-month duration. Om Power said it is strengthening capabilities for GIS substations, pile foundations, river crossings and HVDC over the medium to long term, but disclosed no new award or revenue target for these areas.

What did Om Power’s first-half mix and margins show?

Om Power reported Q2 FY27 earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 19.56 crore, up 111.3% year on year, with a margin of 15.25%. This compared with an EBITDA margin of 11.29% in Q2 FY26 and 12.15% in Q1 FY27.

Management attributed the Q2 margin increase to project and business-segment mix rather than presenting it as a continuing quarterly level. Transmission lines contributed 79% of H1 FY27 and Q2 FY27 revenue mix, while substations contributed 17%, and management identified both as higher-contribution-margin segments.

H1 FY27 EBITDA rose 61.4% to Rs 34.34 crore, with the margin increasing to 13.74% from 12.45% in H1 FY26. Management said its annual EBITDA margin profile generally remains around 12% to 13%, while profit-after-tax margin generally remains around 8% to 9%, depending on project and segment mix.

The fast-track Dholera project also aided Q2 profitability, according to management. Q2 FY27 profit after tax was Rs 13.85 crore, up 116.7% year on year, and the profit-after-tax margin was 10.7%, compared with 7.7% in Q2 FY26.

Conclusion

The October awards took Om Power’s stated workload from Rs 565.99 crore at September 30, 2026, to approximately Rs 839 crore before October execution. The new work spans 220 kV transmission lines, a 220 kV substation and underground cabling, while first-half revenue increased 46.3% to Rs 249.93 crore.

Next, the key disclosed markers are conversion of the 12-to-24-month project book into FY27 and FY28 revenue, management’s stated FY27 aim of 50% year-on-year growth, and completion of Dholera’s associated 400 kV lines. Investors can also watch for further Wire-Free City Mission tenders and GETCO’s planned 765 kV transmission tenders.