Om Power Transmission FY26 revenue rose to Rs 449 crore

OM Power Transmission Limited reported FY26 revenue of Rs 449 crore, 61% above Rs 280 crore in FY25, while order inflow reached a four-year high of Rs 614 crore. Om Power Transmission ended FY26 with a Rs 621 crore order book, although Gujarat accounted for 82% of the backlog.

How did Om Power Transmission grow through FY26?

Om Power Transmission grew revenue from Rs 120 crore in FY23 to Rs 449 crore in FY26, a 55% compound annual growth rate, or CAGR, according to the presentation. Revenue increased from Rs 183 crore in FY24 to Rs 280 crore in FY25 before rising by Rs 169 crore in FY26. The presentation’s detailed profit-and-loss statement reports FY26 revenue of Rs 449.1649 crore, compared with Rs 279.4351 crore in FY25.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased from Rs 12 crore in FY23 to Rs 57 crore in FY26. Profit after tax, or PAT, rose from Rs 6 crore to Rs 40 crore over the same four fiscal years. In FY26, EBITDA was 60% higher than the Rs 36 crore reported in FY25, while PAT was 81% above FY25’s Rs 22 crore.

Om Power Transmission’s EBITDA margin was 12.72% in FY26, compared with 12.76% in FY25 and 9.80% in FY23. PAT margin reached 8.86% in FY26, up from 7.84% in FY25 and 5.12% in FY23. Material consumption rose to Rs 237.8636 crore from Rs 124.2323 crore year on year, while project-related expenses increased to Rs 109.5013 crore from Rs 85.0028 crore.

What did Om Power Transmission’s FY26 orders show?

Om Power Transmission secured Rs 614 crore of order inflow in FY26, the highest annual intake in the FY23-to-FY26 period, compared with Rs 215 crore in FY25. The order inflow was Rs 494 crore in FY24 and Rs 105 crore in FY23. Management says engineering, procurement and construction, or EPC, order intake has inherent lumpiness.

Om Power Transmission’s closing order book increased to Rs 621 crore in FY26 from Rs 442 crore at FY25-end. The order book had reached Rs 516 crore in FY24 after standing at Rs 210 crore in FY23, meaning the FY26 closing balance was nearly three times the FY23 level. The presentation reports an FY26 book-to-bill ratio of 1.39 times and a four-year average of 1.88 times.

The Rs 621 crore FY26 order book was Rs 172 crore above FY26 revenue using the presentation’s rounded figures. However, the FY26 book-to-bill ratio of 1.39 times was below the stated four-year average of 1.88 times, while the bid win rate was 39% against a four-year average of 42%. Management says a larger operating base and order book should reduce the lumpiness of future intake.

How is Om Power Transmission’s revenue and backlog distributed?

Om Power Transmission generated 52% of FY26 revenue from transmission lines, its flagship vertical. Substations contributed 22%, underground cabling accounted for 19%, and operation and maintenance contributed 7%. The three verticals other than transmission lines therefore represented 48% of FY26 revenue.

Om Power Transmission’s FY26 order book remained primarily concentrated in Gujarat, which represented 82% of the Rs 621 crore closing balance. Punjab made up 8%, while Rajasthan and Dadra, Nagar Haveli and Daman each represented 5%. The presentation identifies Gujarat as the flagship market and transmission lines as the flagship vertical.

The FY26 geography was broader than in FY23 through FY25, when the order book was effectively 100% in Gujarat. Punjab, Rajasthan, and Dadra, Nagar Haveli and Daman together accounted for 18% of FY26 backlog. This shows that the book extended into three additional markets during FY26, while Gujarat continued to account for more than four-fifths of the balance.

What changed in Om Power Transmission’s financial profile?

Om Power Transmission reported return on equity of 38% in FY26, compared with 36% in FY25, 16% in FY24 and 15% in FY23. Return on capital employed was 44% in FY26, unchanged from FY25 but higher than 18% in FY24 and 15% in FY23. These changes coincided with revenue rising from Rs 120 crore in FY23 to Rs 449 crore in FY26 and PAT increasing from Rs 6 crore to Rs 40 crore.

Om Power Transmission’s net debt-to-equity ratio was 0.35 times in FY26, down from 0.59 times in FY23, and interest coverage was 8.9 times. The company reported pre-initial public offering total equity of Rs 137 crore in FY26 and rated bank limits of Rs 200 crore. Its net asset value per share was Rs 51.35 in FY26, compared with Rs 17.63 in FY23.

Om Power Transmission’s CRISIL long-term rating moved from BBB with a stable outlook in November 2025, before its initial public offering, to BBB+ with a stable outlook in April 2026. Its short-term rating moved from CRISIL A3+ to CRISIL A2 over that period. Management states that the April 2026 listing raised Rs 132.56 crore of fresh capital to support faster growth and increase its capacity to bid for higher-value and more complex projects.

Conclusion

Om Power Transmission’s FY26 results combined 61% revenue growth, record Rs 614 crore order inflow and a Rs 621 crore closing order book. Profitability also increased, with PAT reaching Rs 40 crore and PAT margin rising to 8.86%, while the order book expanded beyond the Gujarat-only position described for FY23 through FY25.

The next reported periods will indicate whether the Rs 132.56 crore of fresh initial public offering capital supports management’s plan to pursue higher-value and more complex projects. The disclosed measures to watch are conversion of the Rs 621 crore order book into revenue, order inflow after the FY26 record, and the share of backlog outside Gujarat.