Om Power Transmission IPO
Om Power Transmission Limitedompowertransmission.com
- Price band
- ₹166 – ₹175
- Issue size
- ₹150 Cr
- Lot size
- 85 sh
- Bidding
- 9 – 13 Apr
- Grey market
- —
Face value ₹10.00
88% fresh capital
Lists 17 Apr 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Om Power Transmission is a Gujarat-based turnkey EPC contractor for power transmission lines, substations and underground cabling, founded in 2011 with 1,164 employees. Revenue from operations was Rs 120.24 crore in FY23, Rs 182.76 crore in FY24 and Rs 279.44 crore in FY25, with profit after tax of Rs 6.24 crore, Rs 7.41 crore and Rs 22.08 crore over the same three years. The Rs 150.06 crore issue — Rs 132.56 crore fresh and Rs 17.50 crore offer for sale — was priced at a band of Rs 166 to Rs 175 and was subscribed 3.33 times overall on its final day. It listed at Rs 186 against the band top of Rs 175, closed day one at Rs 193.38, and last traded at Rs 119.87 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Om Power Transmission, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2011 · Ahmedabad, Gujarat, India · 1,164 employees
Om Power Transmission is a Gujarat-based EPC contractor that builds power transmission infrastructure on a turnkey basis. It erects overhead transmission lines from 11 kV to 400 kV, builds substations up to 220 kV — both air-insulated and gas-insulated, with SCADA control — lays underground power cable, and holds operation-and-maintenance contracts on installed assets. Scope runs from route survey, design and procurement of towers, conductors and hardware through erection, stringing, testing and commissioning. Buyers are mostly state power utilities: Gujarat Energy Transmission Corporation alone supplied 71.55% of revenue in the nine months to December 2025. Since starting in 2011 the company has commissioned over 1,000 circuit km of line and 11 substations, and was maintaining 124 substations at 31 December 2025. Work has recently extended to Rajasthan, Punjab, and Dadra and Nagar Haveli and Daman and Diu.
Revenue is contract income on competitively tendered EPC projects, billed against execution milestones. The unexecuted order book was Rs 744.60 crore across 58 projects at 31 December 2025, 83.74% of it owed by public-sector buyers; revenue from operations rose from Rs 120.24 crore in FY23 to Rs 279.44 crore in FY25. Margins stay thin because bought-in inputs dominate: materials were 57.30% of total expenses in the nine months to December 2025 and subcontracted labour a further 24.03%, holding EBITDA margin at 12.38%. The binding constraint is cash rather than demand — trade receivables ran 142 days in that period, inflated by retention money of 20% on government contracts held back for 18 to 24 months.
The company on paper
- Legal name
- Om Power Transmission Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 29 Jun 2011
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U45204GJ2011PLC066092
- Sector
- Industrials · Turnkey EPC for power transmission — overhead lines, substations, underground cabling and O&M
- Employees
- 1,164
- Registered office
- Ahmedabad, Gujarat, India
- Promoters
- Kalpesh Dhanjibhai Patel, Kanubhai Patel, Vasantkumar Narayanbhai Patel
- Promoter holding, pre-issue
- 92.2%
- Promoter holding, post-issue
- 68.9%
- Website
- ompowertransmission.com
The numbers
Financial performance
Revenue has compounded at 52.4% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
88% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹133 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹17.50 Cr
- Total issue size
- ₹150 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 23.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹175.00
- Listed at
- ₹186.00
- Listing gain
- up 6.3%
- Since listing
- down 32.4%
- Against the issue price
- down 28.2%
Trading at ₹125.72 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 85
- At cut-off price
- ₹175.00
- Amount blocked
- ₹14,875
One lot is 85 shares at ₹14,875. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~65%
chance of one lot, per application
- Retail subscription
- 1.54×
- Applicants per share available
- 1.5× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹186.00
listed at, 6.3% against the issue price
- Issue price
- ₹175.00
- Premium said
- —
- If allotted 85 shares
- ₹935
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue from operations rose 52.00% in FY24, from Rs 120.24 crore to Rs 182.76 crore, and a further 52.90% in FY25, to Rs 279.44 crore. Revenue in the nine months to December 2025 was Rs 274.54 crore, 98.25% of the full FY25 figure of Rs 279.44 crore.
- EBITDA margin was 9.92% in FY23 (Rs 11.93 crore on Rs 120.24 crore), 7.92% in FY24 (Rs 14.47 crore on Rs 182.76 crore) and 12.76% in FY25 (Rs 35.66 crore on Rs 279.44 crore). Profit after tax was Rs 22.08 crore in FY25 against Rs 7.41 crore in FY24, a rise of 197.98%; the nine months to December 2025 carried Rs 23.37 crore of profit after tax, above the Rs 22.08 crore recorded for the whole of FY25.
- Net worth was Rs 43.36 crore at FY23 and increased at each later period on record: Rs 50.64 crore at FY24, Rs 72.65 crore at FY25 and Rs 119.84 crore at 31 December 2025. Total borrowings on those same dates were Rs 25.57 crore, Rs 26.23 crore, Rs 18.90 crore and Rs 38.47 crore, putting borrowings at 0.59x, 0.52x, 0.26x and 0.32x of net worth respectively.
- The record states an unexecuted order book of Rs 744.60 crore across 58 projects at 31 December 2025, 83.74% of it owed by public-sector buyers. That book is 2.66 times FY25 revenue from operations of Rs 279.44 crore.
What to weigh against it
- The record states that Gujarat Energy Transmission Corporation alone supplied 71.55% of revenue in the nine months to December 2025.
- In the nine months to December 2025 materials were 57.30% of total expenses and subcontracted labour a further 24.03% — 81.33% of total expenses between them. The record puts EBITDA margin for that period at 12.38%.
- The record states that trade receivables ran 142 days in the nine months to December 2025, with retention money of 20% on government contracts held back for 18 to 24 months. Total borrowings were Rs 38.47 crore at 31 December 2025 against Rs 18.90 crore at 31 March 2025.
- The stock last traded at Rs 119.87 on 23 October 2026, 31.50% below the band top of Rs 175 and 38.01% below its day-one close of Rs 193.38. The final-day book was uneven across categories: QIB 3.65 times, NII 7.06 times and retail 1.54 times, against 3.33 times overall.
Easy to miss in the prospectus
- The record carries no valuation block, no anchor allocation and no peer set, and both pre-issue and post-issue share counts are null, so no earnings multiple can be computed from it.
- The latest financial period on record ends 31 December 2025, while the latest price is dated 23 October 2026. No financial period in the record covers the span over which the price moved from the day-one close of Rs 193.38 to Rs 119.87.
- Promoter holding is recorded at 92.24% pre-issue and 68.92% post-issue, a fall of 23.32 percentage points. The record carries no anchor lock-in dates — both the 30-day and 90-day fields are null.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Beeline Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Om Power Transmission's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus dated 14 April 2026 (529 pp), filed via BRLM Beeline Capital Advisors — primary source for business description, order book, restated financials, cost structure, CIN, ISIN, incorporation date, promoters, offer schedule · read 16 Oct 2026
- Company website — services, verticals, geographic presence · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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