OM Power Obtains ₹12.78 Crore Order From Gujarat Energy Transmission

Market snapshot: Om Power Transmission Limited has been awarded a Letter of Intent from Gujarat Energy Transmission Corporation Limited for a turnkey contract valued at ₹12.78 crore. The scope of work involves laying, erection, testing, and commissioning a 66 kV underground cable network in Gujarat. Executable within 24 months, this order sustains the company's regional execution momentum.

Data Snapshot

• The contract is valued at ₹12.78 crore including GST, focusing on 66 kV underground cabling.
• The execution period is set for 24 months from the date of the Letter of Acceptance.
• Om Power's cumulative Q2FY27 order inflows rise to ₹118.98 crore, showing consistent domestic demand.

What's Changed

• Total Q2FY27 order inflows reach ₹118.98 crore (derived: ₹12.78 crore + ₹24.03 crore + ₹82.17 crore).
• Medium-term revenue visibility strengthens with GETCO adding 24 months of steady site progress and billing milestones.

Key Takeaways

• Secures a repeat mandate from state-level utility GETCO, maintaining a high order win rate.
• Positions the newly listed player for steady mid-term scaling without related-party friction.
• Highlights the company's specialization in underground cable configurations, a key safety and modernization trend.

SAHI Perspective

Securing another turnkey contract from GETCO strengthens Om Power's execution backlog over the next two fiscal years. Underground cabling solutions carry lower environmental and maintenance risk for regional utilities compared to overhead grids, establishing this as a high-value niche. This ₹12.78 crore contract, when paired with previous mid-sized wins, ensures consistent project execution throughout the upcoming quarters.

Market Implications

The award underlines active state-level capital expenditure towards grid modernization. Strong demand for underground distribution lines in high-density regions of Gujarat provides reliable revenue streams for mid-tier EPC players, indicating a sustained positive outlook for the regional power transmission and distribution sector.

Trading Signals

Market Bias: Bullish

Om Power Transmission continues to expand its backlog with cumulative Q2FY27 order inflows reaching ₹118.98 crore. A clear 24-month execution timeframe on this GETCO project offers solid medium-term revenue visibility.

Overweight: Power Infrastructure, Transmission & Distribution EPC

Trigger Factors:

• Timely execution of the 66 kV underground cable network over the next 24 months
• EBITDA margin stability despite shifts in the quarterly project mix
• Receipt of additional infrastructure tenders in other regions

Time Horizon: Medium-term (3-12 months)

Industry Context

India's power transmission infrastructure is seeing steady public sector funding as state utility boards upgrade distribution networks. In highly urbanized and industrial states like Gujarat, converting existing high-tension overhead grids to resilient underground cable configurations is a priority to minimize transmission losses, reduce weather disruptions, and improve public safety.

Key Risks to Watch

• Execution and excavation delay risks typical of urban underground cabling projects.
• Geographical concentration risks, with a substantial portion of the order book based in Gujarat.
• EBITDA margins remain vulnerable to shifts in the underlying project mix, as seen in Q1FY27 where margins softened slightly to 12.15%.

Recent Developments

In Q1FY27, Om Power Transmission posted a 37% YoY rise in operational revenue to ₹121.63 crore and a 26% YoY rise in standalone net profit to ₹10.52 crore. The company successfully raised gross proceeds of ₹132.56 crore via its initial public offering in early FY27, utilizing ₹108.56 crore as of June 30, 2026. Prior major wins this quarter include an ₹82.17 crore turnkey distribution project from PGVCL and a ₹24.03 crore GETCO contract.

Closing Insight

Backed by consistent project inflows and strong performance in the post-listing phase, Om Power Transmission is successfully leveraging its regional expertise to lock in stable multi-year revenues.

High Performance Trading with SAHI.