Om Infra Limited has scheduled its 54th Annual General Meeting (AGM) for Saturday, September 12, 2026, to be conducted via Video Conferencing or Other Audio-Visual Means. The meeting will address ordinary business, including the adoption of audited financial statements for FY26, and special business concerning auditor appointments and related-party transactions.

The Board of Directors has recommended a final dividend of ₹0.50 per equity share for the financial year ended March 31, 2026. If approved by shareholders, the dividend will be paid on or before October 11, 2026, to members whose names appear in the register as of the record date, Friday, September 4, 2026.

Auditor Appointments

Shareholders will be asked to ratify the casual vacancy appointment of M/s Khandelwal Badaya & Co., Chartered Accountants (FRN: 016506C), which was made by the Board following the resignation of previous auditors M/s Ravi Sharma & Co. The Board further proposes appointing M/s Khandelwal Badaya & Co as statutory auditors for a term of five consecutive years, from the conclusion of this AGM until the conclusion of the 59th AGM in 2031.

Additionally, the Board seeks ratification for the remuneration of M/s M. Goyal & Co., Cost Accountants, appointed to conduct the cost audit for FY27. The approved remuneration is ₹30,000 plus applicable Goods and Services Tax and reimbursement of out-of-pocket expenses.

Related-Party Transactions

A significant portion of the special business involves approving related-party transactions (RPTs) with four joint ventures for FY27 and FY28. These transactions involve the supply of services and job work for infrastructure projects, including water supply and power house constructions. The proposed transaction values are substantial relative to the company’s turnover.

The total value of these proposed transactions amounts to ₹672 crore. The Audit Committee has reviewed these transactions and confirmed they are conducted at arm's length in the ordinary course of business. Promoters and promoter group entities are required to abstain from voting on this resolution.

Director Re-appointment

Shri Dharam Prakash Kothari, Chairman, retires by rotation and offers himself for re-appointment. He has been with the company since October 1, 1994, and holds a Bachelor Degree in Engineering. He currently holds 4,858,346 shares in the company.

Meeting Logistics

Remote e-voting will commence on Tuesday, September 8, 2026, at 9:00 am and conclude on Friday, September 11, 2026, at 5:00 pm. Members holding shares as of the cut-off date can vote via the NSDL e-voting system. Physical proxies are not available for this virtual meeting.

Om Infra has received a confirmed work order valued at ₹29.01 crore from the Office of the Superintending Engineer, Circle Office, Uttar Pradesh Jal Nigam (Rural), Lucknow, U.P. The scope involves a supplementary agreement for repair work and three years of annual operation and maintenance (O&M) for 306 units of installed TTSP (Solar Energy Based) / RO Units / Dual Handpump Solar Mini Water Supply Based Units in District Unnao, U.P., under the Jal Jeevan Mission. The contract terms specify two months of repair work followed by three years of O&M. This is a Type A confirmed order, meaning the value is firm and executable upon formal issuance. The order was disclosed to the exchanges on June 2, 2025.

Order in financial context

The ₹29.01 crore order represents approximately 21.6% of the company's average quarterly revenue of ₹133.95 crore over the last four quarters. When combined with prior disclosures, the total disclosed order book stands at ₹597.99 crore across two orders (sum of the orders disclosed across the last three fiscal quarters shown in the table below). This backlog provides coverage of approximately 4.47 quarters of average quarterly revenue. The new win expands the visible pipeline into rural water supply infrastructure.

Company order track record

Order inflow shows diversification into rural water supply projects. The current order value of ₹29.01 crore complements the larger ₹568.98 crore award from Chhattisgarh. While the Chhattisgarh order focuses on large-scale irrigation infrastructure, this new contract highlights engagement with state-level water supply missions under the Jal Jeevan Mission framework.

Execution and revenue quality

In the last three quarters, consolidated revenue showed volatility but ended with a strong quarter in Q4FY26. Operating Profit Margin (OPM) improved to 9.82% in Q4FY26 from 5.41% in Q2FY26, suggesting better margin quality or project mix in recent executions. Net profit remained positive throughout the period, ranging from ₹6.50 crore to ₹8.10 crore.

Revenue growth and order conversion

As Om Infra has sustained order wins, its annual revenue has declined from ₹1,153.00 crore in FY24 to ₹500.06 crore in FY26, representing a YoY change of -33.2% based on the latest annual data. This decline highlights a lag between order booking and revenue recognition, or potentially slower execution rates in previous cycles. The recent large orders aim to reverse this trend, but historical data shows that revenue conversion can take time.

Working capital and execution capacity

The balance sheet shows a Current Ratio of 1.50x, indicating adequate short-term liquidity to fund working capital requirements for ongoing projects. Total Liabilities/Equity stands at 0.92x, reflecting a moderate leverage profile that includes trade payables and other non-debt liabilities. Operating cashflow was positive at ₹5.80 crore in FY25, though lower than the ₹82.90 crore recorded in FY24, suggesting some variability in cash collection efficiency.

What to watch

• Execution rate: Monitor quarterly revenue run-rate against the growing backlog to assess if new orders are converting to billings at an accelerating pace.
• OPM trajectory: Track if the high-margin performance seen in Q4FY26 (9.82% OPM) is sustainable across the new barrage project and O&M contracts.
• Client concentration: Disclosed orders are from Water Resources Departments and Jal Nigam entities; diversification of client base may be limited in the near term.
• Cash conversion: Watch operating cashflow trends to ensure that revenue growth translates into actual cash inflows rather than accruals.

Key observations

• Valuation check (as of August 17, 2026): P/E of 24.9x against ROCE of 6.03%. At the time of this article, valuation was pricing in execution improvement not yet visible in return ratios. (P/E is price-derived and will change; ROCE is from audited financials)
• Backlog signal: Book-to-bill coverage indicates a healthy pipeline, but execution capacity remains the binding constraint for revenue realisation.