OP
Om Power Transmission Limited
An EPC company specialising in high voltage and extra high voltage power transmission lines, substations, and underground cabling — riding India's power infrastructure buildout.
₹166–₹175
Price Band
85 Shares
Lot Size
₹14875
Min Investment
1 lot @ ₹175
₹150 Cr
Issue Size
+₹2
GMP Today
Est. ₹177 (1.1%)
3.32×
Subscribed
Day 3
₹10
Face Value
19.23×
P/E (at upper)
Grey Market Premium (GMP)
Updated 13 Apr · 17:00 IST+₹2
Current GMP
Grey Market Premium
₹177
Est. Listing Price
Upper band + GMP
+1.14%
Expected Return
From upper band ₹175
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 3 · 13 Apr 20263.65×
QIB
Qualified Institutional
7.06×
NII / HNI
Non-Institutional
1.44×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB (Ex Anchor) | – | 3.65× | ||
| NII / HNI | – | 7.06× | ||
| Retail | – | 1.44× | ||
| Total | – | – | 3.32× |
About the Company
Om Power Transmission Limited is an EPC (Engineering, Procurement & Construction) company headquartered in Gujarat, specialising in high voltage (HV) and extra high voltage (EHV) transmission lines, substations, and underground cabling systems. The company also provides Operation & Maintenance services, creating a hybrid revenue model combining project-based work with recurring O&M income. With 51 live EPC projects and maintenance responsibility for 124 substations and an order book of ₹744.6 crore (~2.6x FY25 revenue), the company is well-positioned to benefit from India’s ongoing power grid expansion.
Headquarters
Gujarat, India
Industry
Power Transmission EPC
Issue type
Fresh Issue + OFS
Promoter
Kalpesh Patel, Kanubhai Patel & Vasantkumar Patel
✅ Strengths
- Revenue CAGR of 52% over FY23–25, PAT grew ~3.5x in the same period
- Strong order book of ₹744.6 Cr — ~2.6x FY25 revenue providing revenue visibility
- Low leverage — debt-to-equity of just 0.32 with net worth of ₹119.84 Cr
- Recurring O&M revenue from 124 substations adds income stability
- Attractive valuation at 19.2x P/E vs sector peers trading at 25-35x
⚠️ Risks
- Lumpy EPC revenue — single large project delays can impact quarterly results
- Heavy dependence on PSU clients (government power utilities) creating counterparty risk
- Relatively modest post-IPO market cap of ~₹599 Cr limits institutional interest
- Geographically concentrated in Gujarat — limited pan-India diversification
- IPO subscribed only 3.32x overall, with weak retail participation (1.44x)
Financial Performance
FY23 · FY24 · FY25Revenue (₹ Cr)
PAT (₹ Cr)
FY23
FY24
FY25
| Metric | FY23 | FY24 | FY25 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 122 | 184 | 282 | Stable |
| EBITDA (₹ Cr) | 12 | 14 | 36 | ▲ 100.0% |
| PAT (₹ Cr) | 6 | 7 | 22 | ▲ 200.0% |
| EPS (₹) | 1.81 | 2.16 | 6.42 | ▲ 197.2% |
| EBITDA Margin | 9.8% | 7.8% | 12.8% | – |
Analyst Review
6.5
/ 10 overall
Neutral ⚠️
For long-term infra play
Allotment & Listing
✓
9 Apr
IPO Opens
Subscription window opens for all categories
✓
13 Apr
IPO Closes
Last day to apply – 5:00 PM deadline
▶
15 Apr
Allotment Date
Basis of allotment to be finalized
16 Apr
Refund Initiation
Unallotted funds credited to bank accounts
16 Apr
Credit to Demat
Shares credited to allottees' demat accounts
17 Apr
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance (Pending)
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Issue Price
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Listing Price
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Listing Gain
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Current Price