Om Power Transmission LtdQ4 FY26
Om Power Transmission Ltd Q4 FY26 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹169P/E: 14.5Market Cap: ₹579 CrSector: Construction
Management growth scorecard
Revenue
Category 1
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
4 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 1- →The company expects to sustain around 50% revenue growth in FY27, similar to the past three fiscal years.
- →Growth will come from all business verticals: transmission lines, substations, and underground cabling, with increasing focus on underground cabling due to upcoming tenders.
- →Order inflows are expected to align with revenue growth to maintain a healthy order book and revenue visibility.
- →The company aims to expand its geographical footprint beyond Gujarat into states like Rajasthan, Punjab, and others pan-India to tap new opportunities.
- →They plan to bid for higher-value and specialized complex projects to diversify and increase revenue.
- →The order book is expected to maintain strong momentum with a pipeline exceeding INR 900 crores as of March 31, 2026.
- →Overall, the guidance indicates sustained robust growth driven by expanded technical capabilities, specialized projects, and broader market presence.
Margin guidance
Category 3- →The company expects to maintain strong growth in FY27, targeting around 50% revenue growth, in line with historical performance over the last three years.
- →EBITDA margins are expected to be stable between 12% to 13%, with PAT margins around 8% to 9%.
- →Earnings per share (EPS) for FY26 was 15.53, up from 8.98 in FY25, indicating strong profitability growth.
- →Return on Equity for FY26 stood at 38% and Return on Capital Employed at 44%, reflecting efficient capital utilization.
- →Order inflow will be aligned with revenue growth, though actual orders depend on tender wins and project execution.
- →The company plans to expand geographically and enter higher-value, specialized projects to sustain margin and profit growth.
- →Operational efficiency, timely execution, and disciplined working capital management remain strategic priorities supporting future earnings.
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Fundraise plans
Yes- →No explicit mention of current or planned new fundraising through debt or equity was made during the call.
- →The company has a comfortable balance sheet with a debt-to-equity ratio of 0.35x as of FY26.
- →The IPO proceeds received in April 2026 have strengthened their balance sheet.
- →They intend to deploy a portion of the IPO proceeds toward long-term working capital to support large bid deposits, performance guarantees, and mobilization requirements.
- →No statements on seeking additional debt or equity funding were disclosed in the call or transcript.
Order book
Yes- →FY26 year-end unexecuted order book stood at INR 621 crores, an all-time high, over 3x FY23 level and 41% higher than FY25 closing.
- →Order book diversified across business verticals: Transmission line EPC INR 449 crores, Substation EPC INR 140 crores, O&M INR 21 crores, Underground cabling INR 10 crores.
- →Public sector undertakings contribute 82% of order book; private sector 18%.
- →As of March 31, 2026, tender pipeline is over INR 900 crores.
- →Order inflow in FY26 was approximately INR 615 crores, highest recorded.
- →Order inflow for FY27 expected to be aligned with 50% revenue growth, though dependent on tender wins and execution speed.
- →Current order book execution timeline averages 18 months.
- →New orders include INR 45 crores from GETCO (April end), totaling order book near INR 665-670 crores currently.
Capex plans
Yes- →Om Power Transmission Limited plans to deploy a portion of the IPO proceeds toward long-term working capital.
- →This will strengthen their capacity for large bid deposits, performance guarantees, and mobilization requirements.
- →No specific mention of major capital expenditure or strategic investments beyond working capital enhancement.
- →The focus remains on expanding geographically, bidding for higher-value and specialized projects, operational efficiency, and disciplined working capital management.
- →The company maintains an asset-light, capital-efficient business model with a 44% return on capital employed in FY26 and FY25.
How does Om Power Transmission Ltd rank vs peers in Construction?
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