Om Infra Limited has submitted a revised annual report for FY26 to the Bombay Stock Exchange and National Stock Exchange of India Limited. The filing corrects a documentation error in the original submission made on August 19, 2026.

The company disclosed that the initial annual report inadvertently included a Secretarial Compliance Report instead of the required Secretarial Audit Report (Form MR-3). The revised document, submitted on August 21, 2026, incorporates the correct audit report to ensure regulatory adherence.

Regulatory Compliance Details

The submission is made under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Om Infra clarified that the correction is strictly procedural. There are no changes to the financial statements, the independent auditor's report, or any other financial disclosures contained in the annual report.

Vikas Kothari, Managing Director & CEO, signed the communication addressed to the Corporate Service Department of the BSE and the Listing Department of the NSE. The company requested the exchanges to update their portals with the revised annual report.

The notice and the revised annual report for FY26 are available on the company's website.

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.