Om Power Transmission Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Om Power Transmission Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Om Power Transmission reported Q4 FY26 revenue of INR 174.62 crores, up 67.2% year-on-year, with EBITDA margin of 13.10% and PAT margin of 9.50%. Full year FY26 revenue was INR 449.16 crores, up 60.7% over FY25, with PAT growing 81.2% to INR 40.02 crores. Management said the order book reached an all-time high of INR 621 crores at year-end, with an additional bid pipeline of over INR 900 crores as of March 31, 2026.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR 174.62 crores (Q4 FY26)
p. 5
“revenue from operations stood at INR 174.62 crores, a growth of 67.2% over the INR 104 crores in quarter 4 FY25, and 68% sequentially over the INR 104 crores in quarter 3 FY26”
Chetan Modi, page 5 of the filed PDF · View the filing
EBITDA margin: 13.10% (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR 22.87 crores at a margin of 13.10% compared to 17.50% in quarter 4 FY25”
Chetan Modi, page 5 of the filed PDF · View the filing
PAT margin: 9.50% (Q4 FY26)
p. 5
“Profit after tax for the quarter was INR 16.65 crores with a PAT margin of 9.50%”
Chetan Modi, page 5 of the filed PDF · View the filing
Revenue from operations: INR 449.16 crores (FY26)
p. 5
“FY26 revenue from operations stood at INR 449.16 crores, a growth of 60.7% over the INR 279.44 crores in FY25”
Chetan Modi, page 5 of the filed PDF · View the filing
EBITDA margin: 12.72% (FY26)
p. 5
“EBITDA for the year was INR 57.11 crores at a margin of 12.72%, in line with the 12.76% in FY25”
Chetan Modi, page 5 of the filed PDF · View the filing
PAT: INR 40.02 crores (FY26)
p. 5
“Profit after tax was INR 40.02 crores, growing 81.2% year-on-year with PAT margins expanding from 7.84% in FY25 to 8.86% in FY26”
Chetan Modi, page 5 of the filed PDF · View the filing
Return on equity: 38% (FY26)
p. 5
“we closed FY26 with a return on equity of 38% and a return on capital employed of 44%”
Chetan Modi, page 5 of the filed PDF · View the filing
Earnings per share: 15.53 (FY26)
p. 5
“Earnings per share for the year stood at 15.53 compared to 8.98 in fiscal '25”
Chetan Modi, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: 0.35x (FY26)
p. 5
“The debt-to-equity ratio was 0.35x, reflecting our comfortable balance sheet position”
Chetan Modi, page 5 of the filed PDF · View the filing
Order book: INR 621 crores (FY26 year-end)
p. 4
“Taking our year-end unexecuted order book to INR 621 crores, an all-time high for the company”
Kalpesh Patel, page 4 of the filed PDF · View the filing
Order inflow: INR 615 crores (FY26)
p. 4
“We recorded our highest overall order inflow of around INR 615 crores during the year”
Kalpesh Patel, page 4 of the filed PDF · View the filing
Book-to-bill ratio: 1.38x (FY26)
p. 4
“Translating a book-to-bill ratio of 1.38x and providing healthy revenue visibility for the coming years”
Kalpesh Patel, page 4 of the filed PDF · View the filing
Bid pipeline: more than INR 900 crores (as of March 31, 2026)
p. 8
“Sir, in the end of March '26, we have more than INR 900 crores in our pipeline. On the 31st of March, sir.”
Kalpesh Patel, page 8 of the filed PDF · View the filing
Retention money in debtors: around INR 66 crores (March 2026)
p. 11
“talking about March '26 numbers, around INR 66 crores is in retention currently”
Chetan Modi, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 50% plus · FY27
stated firmly by Chetan Modi
p. 6
“Whatever historical performance we have shown in the last three fiscals, with the same performance we will grow in this fiscal '27 as well.”
Chetan Modi, page 6 of the filed PDF · View the filing
EBITDA margin — 12% to 13% · next two years
stated conditionally by Chetan Modi
p. 11
“We are expecting to maintain an EBITDA between 12% to 13% and PAT margin of 8% to 9%.”
Chetan Modi, page 11 of the filed PDF · View the filing
H1/H2 revenue split — H1 35%, H2 65%
stated as an aspiration by Chetan Modi
p. 11
“Generally H1 is 35 and H2 is around 65.”
Chetan Modi, page 11 of the filed PDF · View the filing
Win ratio on bid pipeline — 30 to 40%
stated as an aspiration by Kanu Patel
p. 10
“Madam, our win ratio is 30 to 40%. Okay. We will move ahead with the same ratio, madam.”
Kanu Patel, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said capability expansion across voltage levels and new geographies has driven growth.
Answered by Kalpesh Patel
Asked by Aashav Patel: What is driving Om Power's growth relative to industry over the last 3-4 years?
p. 6
“Year-on-year, we are continuously increasing our technical capabilities. Before we started for 66 kV, then today we have reached up to 400 kV in technical capabilities.”
Kalpesh Patel, page 6 of the filed PDF · View the filing
Management said execution typically takes about 18 months and expects continued growth in the same range.
Answered by Kanu Patel
Asked by Aashav Patel: How long will it take to execute the current order book and what is the FY27 topline expectation?
p. 6
“Sir, generally our timeline is 12 to 24 months, so averaging it, our timeline is 18 months.”
Kanu Patel, page 6 of the filed PDF · View the filing
Management said advance ordering and bulk booking mitigate shortage risk.
Answered by Kalpesh Patel
Asked by Aashav Patel: Is the company facing raw material shortages seen elsewhere in the T&D industry?
p. 7
“Like as soon as we get an order, an LOI, we place orders for materials as per our ordering planning immediately, so we get sufficient time for delivery of materials.”
Kalpesh Patel, page 7 of the filed PDF · View the filing
Management said price variation clauses in purchase orders compensate for cost changes.
Answered by Kalpesh Patel
Asked by Aashav Patel: Are rising input prices affecting the company?
p. 7
“Sir, all our purchase orders, almost all our POs have price variation calculations. The price that varies according to the scenario gets compensated for us in the price variation clause.”
Kalpesh Patel, page 7 of the filed PDF · View the filing
Management described a collection schedule tied to RA bills and project completion with minimal delays.
Answered by Chetan Modi
Asked by Aashav Patel: How does the company manage payment collection from government clients?
p. 7
“So basically all our majority of the customers are PSUs. In the case of Gujarat, we majority deal with the GETCO.”
Chetan Modi, page 7 of the filed PDF · View the filing
Management said prior underground cabling projects were completed on time and new pipeline projects will restore the share.
Answered by Kanu Patel
Asked by Sanket Sadh: Why has underground cabling's share of revenue declined?
p. 8
“Sir, whatever underground cables we had, our projects, we have completed them on time. We don't face hurdles in that, we have completed the execution on time.”
Kanu Patel, page 8 of the filed PDF · View the filing
Management said many tenders are in process and will convert in coming months.
Answered by Kanu Patel
Asked by Sanket Sadh: Has order inflow slowed compared to the RHP-disclosed order book?
p. 8
“Sir, speaking about this, the financial year was ending, sir, so a lot of tenders are in our pipeline. So right now it is in process, sir.”
Kanu Patel, page 8 of the filed PDF · View the filing
Management said they prioritize margin sustainability and reduce private work where margins are inadequate.
Answered by Kalpesh Patel
Asked by Sanket Sadh: Why has the share of revenue from private clients declined?
p. 9
“Sir, we want to sustain a margin, so sometimes we don't get that in the private segment, that's why we have reduced it a bit.”
Kalpesh Patel, page 9 of the filed PDF · View the filing
Management attributed it to PSU-heavy customer mix, efficient inventory management, and vendor negotiation.
Answered by Chetan Modi
Asked by Sanket Sadh: How does the company maintain a shorter working capital cycle than peers?
p. 9
“See, basically our majority of the customers are lying with the PSU. So our 80% of the RA bill gets collected within 30 days, so it gets shortened that way.”
Chetan Modi, page 9 of the filed PDF · View the filing
Management said growth will come from both underground cabling and transmission, citing GETCO tender pipeline.
Answered by Kanu Patel
Asked by Maitri Shah: Where will FY27 growth come from given the low underground cabling order share?
p. 9
“Madam, if we see in this, growth will also come in underground cables. Right now across Gujarat, there are a lot of GETCO tenders for underground cabling in the pipeline.”
Kanu Patel, page 9 of the filed PDF · View the filing
Management said they have no prior 765 kV experience but believe 400 kV experience qualifies them.
Answered by Kalpesh Patel
Asked by Maitri Shah: Does the company have experience executing 765 kV projects?
p. 10
“At present, we have not, madam. But we have sufficient experience of 400 kV, on the basis of which we will be eligible for 765, madam and we can do it.”
Kalpesh Patel, page 10 of the filed PDF · View the filing
Management said order inflow will be managed to sustain revenue growth but is not necessarily matching 50%.
Answered by Chetan Modi
Asked by Maitri Shah: What order inflow is expected for FY27 relative to the 50% revenue growth guidance?
p. 10
“Not necessarily, ma'am. That depends on the -- when we bid for the tenders.”
Chetan Modi, page 10 of the filed PDF · View the filing
Management said 20% of billed amounts are generally retained and released over the project duration.
Answered by Chetan Modi
Asked by Aditya Jain: How much of current debtors relates to retention money?
p. 11
“So at the start of the order whenever we bill to our customers, 80% generally gets released within 30 days and 20% overall gets blocked, and this 20% over the project duration, as and when we perform the work, it gets released.”
Chetan Modi, page 11 of the filed PDF · View the filing
Management attributed it to stable gross margin range and more revenue from execution rather than supply.
Answered by Chetan Modi
Asked by Aditya Jain: Why has material cost relative to revenue decreased?
p. 11
“We are maintaining the GP margins range of around 23% to 25%, so the same which we have envisaged in March '25, with the same in March '26 we have achieved the same and EBITDA margin of around 12% to 13% and more revenue on account of the execution rather than supply.”
Chetan Modi, page 11 of the filed PDF · View the filing
Risks flagged
Lower margins available in the private sector segment compared to public sector
p. 9
“Sir, we want to sustain a margin, so sometimes we don't get that in the private segment, that's why we have reduced it a bit.”
Kalpesh Patel, page 9 of the filed PDF · View the filing
Possible margin pressure when entering new geographies against established competitors
p. 11
“Madam, in pan-India, there is a lot of boom in power infra. So if we go to other states, margins might be a bit lower, but it won't have that much impact.”
Kanu Patel, page 11 of the filed PDF · View the filing
Quarterly earnings lumpiness due to project and business vertical mix
p. 5
“it is important to look at an average of trailing four quarters while evaluating the evolving profitability profile of our company in any given period, given there can be some quarterly lumpiness on account of the project and business vertical mix”
Chetan Modi, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.