Om Power Transmission Limited builds four-vertical EPC base

Om Power Transmission Limited has developed a four-vertical engineering, procurement and construction (EPC) platform while beginning work beyond Gujarat. OPTL reported Rs 449 crore of FY26 revenue, with transmission lines contributing 52%, and recorded first projects in Punjab, Rajasthan and Dadra and Nagar Haveli in 2025. Its operations also include power-distribution work entered after 2022.

How has OPTL moved beyond its Gujarat base?

OPTL has started expanding beyond Gujarat through first projects in Punjab, Rajasthan and Dadra and Nagar Haveli in 2025. Incorporated in 2011 and headquartered in Ahmedabad, Gujarat, OPTL was listed on the NSE and BSE from 17 April 2026, after building its initial operating base around Gujarat utility work.

The three disclosed assignments outside Gujarat cover a substation, conductor replacement and transmission-line shifting. The Punjab conductor-replacement project is the largest at Rs 104.37 crore, compared with Rs 39.66 crore for the Rajasthan turnkey substation project and Rs 36.05 crore for the Dadra and Nagar Haveli line-shifting project.

OPTL’s Gujarat record predates this geographic push. It received its first operation and maintenance (O&M) order for 52 substations at 66 kilovolt (kV) in 2014, completed a 220 kV/66 kV substation EPC contract at Sadla in 2015, and completed its first 400 kV transmission-line project in 2020. OPTL holds GETCO AA-class certification for transmission lines and substations up to 400 kV.

What are OPTL’s four EPC verticals?

OPTL reports transmission lines, substations, underground cabling and O&M as its four core verticals. The company provides design, engineering, procurement, construction and maintenance across these activities, executing transmission and substation work up to 400 kV while stating eligibility for 765 kV projects.

Transmission lines accounted for 52% of FY26 revenue, making them OPTL’s largest vertical. Substations contributed 22% of FY26 revenue and include turnkey air-insulated and gas-insulated substations up to 400 kV; OPTL says it undertakes gas-insulated substation work in partnership with original equipment manufacturers.

Underground cabling represented 19% of FY26 revenue, compared with 7% for O&M. The cabling activity covers 66 kV, 132 kV and 220 kV systems, including transmission-line shifting into underground cable for the Bullet Train Project and NHSRCL, while the O&M portfolio included 69 substations and more than 490 kilometres of lines.

OPTL also entered power distribution after 2022 and now executes 11 kV distribution projects under RDSS and smart-city programmes. The presentation treats this as an extension across the transmission and distribution chain rather than one of the four reported FY26 revenue verticals, leaving transmission lines as the only vertical with more than half of FY26 revenue.

How has OPTL’s financial scale changed?

OPTL reported Rs 449 crore in FY26 revenue, up 61% year on year, following Rs 280 crore of revenue in 2025 and Rs 183 crore in 2024. Its FY26 order book was Rs 621 crore, equivalent to 1.39 times FY26 revenue, indicating that its disclosed order book exceeded the revenue reported for that year.

Earnings before interest, tax, depreciation and amortisation were Rs 57 crore in FY26, up 60% year on year, at a 12.7% margin. Profit after tax was Rs 40 crore, up 81% year on year, at an 8.9% margin; these were reported FY26 results rather than forecasts for future project execution.

OPTL states that its projects typically take 18 to 24 months to complete and that no single project contributes more than about 50% of annual turnover under its risk-management policy. It reported net debt to equity of 0.35 in FY26 and says all public-sector utility contracts carry price-variation clauses intended to address input-cost movements.

The company’s reported operating footprint includes more than 1,000 circuit kilometres of transmission lines erected, 14 substations built and 734 permanent employees. Its founders have more than 30 years of industry experience, while OPTL reports a company track record of more than 15 years.

How reliant is OPTL on public-sector utility customers?

OPTL remains primarily reliant on public-sector utility customers, which represented 83% of FY26 revenue and 82% of its FY26 order book. Private-sector customers made up the remaining 17% of revenue and 18% of the order book, showing a similar customer mix in work on hand and revenue recognised.

GETCO is central to this base through OPTL’s AA-class certification, which the presentation describes as the highest grade. The customer list also includes UGVCL, POWERGRID, PGVCL, PSPCL, Punjab State Power Corporation Limited, Indian Railways and NHSRCL, alongside private utilities, renewable developers and industrial clients.

Customer concentration is also high: OPTL’s top 10 customers accounted for 93% of FY26 revenue, leaving 7% from other customers. The presentation describes concentration as structural in utility EPC and links repeat awards to qualification for complex work, on-time execution and working-capital management.

What does OPTL plan to pursue next?

OPTL’s stated strategy is to deepen its Gujarat business while expanding into higher-value work and additional markets. Management identifies larger turnkey transmission-line and substation packages, renewable-power evacuation infrastructure, industrial and captive transmission and distribution demand, and a larger share of GETCO capital expenditure as priorities in Gujarat.

The Gujarat pipeline cited by OPTL includes 506 additional substations and 54,030 megavolt-amperes of transformation capacity planned from FY24 to FY29. Gujarat also plans four first-ever 765 kV substations and transmission lines under renewable-energy integration and system-strengthening schemes, while Gujarat Green Energy Corridor III is valued at Rs 29,000 crore.

Beyond Gujarat, management says OPTL intends to build towards a pan-India presence from its initial work in Rajasthan, Punjab and Dadra and Nagar Haveli. The identified growth avenues include 765 kV lines, high-voltage direct-current transmission, renewable-power evacuation and deeper private-sector work; OPTL’s April 2026 initial public offering raised Rs 132.56 crore of fresh capital for growth and higher-value bids.

Conclusion

OPTL’s reported FY26 mix shows an EPC company with a transmission-led core but material activity in substations, underground cabling and O&M, which together accounted for 48% of revenue. Its entry into 11 kV distribution after 2022 and first projects in three new geographies indicate that the operating scope now extends beyond its historical Gujarat base.

The next point to watch is execution of management’s disclosed plan to convert 765 kV eligibility, high-voltage direct-current ambitions and renewable-evacuation opportunities into awarded work. Progress on Gujarat’s planned 506 substations and the deployment of Rs 132.56 crore in fresh initial-public-offering capital for larger bids will also shape the expansion path.