Om Power Transmission reported a 60.7% increase in revenue from operations to INR 449.16 crore for the financial year ended March 31, 2026, compared to INR 279.44 crore in the previous year. The power infrastructure EPC company recorded its highest-ever order inflow of approximately INR 615 crore during FY26, taking the year-end unexecuted order book to an all-time high of INR 621 crore. This order book position is more than three times the level recorded in FY23 and 41% higher than the closing balance of FY25, translating to a book-to-bill ratio of 1.38x.

Profit after tax for FY26 stood at INR 40.02 crore, growing 81.2% year-on-year, with PAT margins expanding from 7.84% in FY25 to 8.86% in FY26. Earnings per share increased to 15.53 from 8.98 in the previous fiscal year. The company maintained a return on capital employed of 44% and a return on equity of 38% for the year. The debt-to-equity ratio was 0.35x, a position further strengthened by the proceeds received from its initial public offering in April 2026.

Operational Performance

For the fourth quarter of FY26, revenue from operations stood at INR 174.62 crore, a growth of 67.2% over INR 104 crore in Q4 FY25. EBITDA for the quarter was INR 22.87 crore at a margin of 13.10%, while profit after tax was INR 16.65 crore with a PAT margin of 9.50%. Management attributed the moderation in quarterly margins compared to the prior year to a normalization from an unusually high base, noting the full-year margin profile of around 12.7% as a more representative indicator of profitability.

The order book is well-diversified across the company's four business verticals. Transmission line EPC accounts for the largest share at INR 449 crore, followed by substation EPC at INR 140 crore. Operation and maintenance contributed INR 21 crore, while underground cabling accounted for INR 10 crore. Public sector undertakings contributed 82% of the order book, with the remaining 18% coming from private sector clients in renewable, infrastructure, and industrial segments.

Financial Metrics

Strategic Outlook

Management stated that the capital raised through the IPO will strengthen the company's capability to participate in large bid deposits and performance guarantees. The company plans to deploy a portion of the IPO proceeds toward long-term working capital. Geographically, while Gujarat remains the anchor market with 82% of the order book, the company has expanded into Rajasthan, Punjab, and Dadra Nagar Haveli. The tender pipeline as of March 31, 2026, exceeded INR 900 crore, with a historical win ratio of 30% to 40%.

Crisil upgraded the company's long-term rating to Crisil BBB+/Stable and short-term rating to Crisil A2 in an update dated April 28, 2026. Looking ahead to FY27, the company expects to maintain revenue growth in line with historical performance, targeting EBITDA margins between 12% and 13% and PAT margins of 8% to 9%.