Om Power Transmission IPO GMP Day 1: ₹1.5 Premium, Price Band ₹166–175 — Should You Apply?

Thu Apr 09 2026

The Om Power Transmission IPO GMP on Day 1 (April 9, 2026) stands at ₹1.5. Against the upper price band of ₹175, the expected listing price is ₹176.5 — a 0.86% premium in the grey market. The GMP has been range-bound in the ₹0–₹1.5 band since April 3. A flat to marginal premium is not surprising given broader market pressure from the US tariff shock (26% reciprocal tariff on Indian goods announced in early April 2026).

GMP Metric	Value
IPO Upper Price Band	₹175
Grey Market Premium (GMP)	₹1.5
Expected Listing Price	₹176.5
Expected Listing Gain	~0.86%
GMP High (April 4)	₹1.5
GMP Low (April 3)	₹0

IPO Key Details at a Glance

Parameter	Details
IPO Open Date	April 9, 2026
IPO Close Date	April 13, 2026
Price Band	₹166 – ₹175 per share
Issue Size	₹150.06 crore
Fresh Issue	₹132.56 crore
Offer for Sale (OFS)	₹17.50 crore
Lot Size	85 shares
Minimum Investment (Retail)	₹14,875
S-HNI Minimum	₹2,08,250 (1,190 shares)
B-HNI Minimum	₹10,11,500 (5,780 shares)
Registrar	MUFG Intime India Pvt. Ltd.
Lead Manager	Beeline Capital Advisors Pvt. Ltd.
Allotment Date	April 15, 2026
Refund / Demat Credit	April 16, 2026
Listing Date	April 17, 2026
Listing Exchange	BSE + NSE
Face Value	₹10 per share

About Om Power Transmission

Om Power Transmission Limited is a Gujarat-based EPC (Engineering, Procurement, and Construction) company with over 14 years of operational experience in India’s power transmission infrastructure sector. Founded in June 2011, it specialises in high-voltage (HV) and extra-high voltage (EHV) transmission lines, substations, and underground cabling projects on a turnkey basis.

Track Record (as of December 31, 2025):

Completed 1,000+ circuit kilometres (CKM) of transmission lines
Built and commissioned 11 substations
Currently operating and maintaining 134 substations
Order book: ₹744.60 crore (58 projects — 51 EPC + 7 O&M)
Permanent employees: 1,164

Certifications: ISO 9001:2015, ISO 45001:2018, ISO 14001:2015

Promoters: Kalpesh Dhanjibhai Patel, Kanubhai Patel, Vasantkumar Narayanbhai Patel

Financials: Revenue, PAT & Growth

Om Power Transmission has delivered standout revenue growth, but profitability deserves scrutiny before you apply.

Year	Revenue (₹ Cr)	Net Profit (₹ Cr)	PAT Margin
FY23	120.23	6.23	~5.2%
FY24	182.76	7.41	~4.1%
FY25	279.43	22.08	~7.9%

Revenue grew at a CAGR of 52.45% from FY23 to FY25. Net profit jumped from ₹6.23 crore in FY23 to ₹22.08 crore in FY25 — a nearly 3.5x increase in two years. PAT margins improved meaningfully in FY25, though they remain relatively thin at around 7.9%, which is typical for EPC businesses. At the upper price band and FY25 PAT, the post-IPO P/E works out to approximately 38–42x on a fully diluted basis.

IPO Objectives: Where Is the Money Going?

The ₹132.56 crore fresh issue proceeds will be used for:

Capital expenditure — purchase of machinery and equipment
Debt repayment — pre-payment of outstanding borrowings
Long-term working capital requirements
General corporate purposes

The ₹17.50 crore OFS component goes to the promoters and does not benefit the company directly.

Key Strengths

Explosive Order Book Growth

The unexecuted order book grew 68.58% YoY — from ₹441.68 crore at end of FY25 to ₹744.60 crore as of December 2025. This provides strong revenue visibility for FY26 and FY27.

Revenue CAGR of 52.45%

Consistent top-line compounding over three years reflects strong execution capability and repeat business from PSU clients.

Sector Tailwind

India is targeting 500 GW of renewable energy capacity by 2030. Every wind farm, solar park, and new substation requires HV/EHV transmission infrastructure — Om Power’s core business. Central and state government capex in T&D is structurally growing.

Experienced Promoters

The promoter team has domain expertise built over 14+ years in the sector with a verifiable track record of project execution.

Risks You Must Know

Gujarat Concentration Risk

A significant portion of Om Power Transmission’s historical revenue and project portfolio is concentrated in Gujarat. Regional exposure means economic or policy disruptions in one state can meaningfully impact financials.

PSU Dependency

PSUs accounted for 65–87% of the order book across FY23–FY25. Any slowdown in government capex spending, tender delays, or policy changes can directly affect new order intake.

Competitive Bidding Pressure

Projects are won through competitive tenders. Aggressive pricing by competitors can erode margins, and failure to win bids would directly shrink the order pipeline.

Promoter Concentration

After the IPO, promoters will continue to hold a majority stake, giving them significant influence over corporate decisions.

Thin EPC Margins

At ~7.9% PAT margin in FY25, there is limited buffer if input costs (steel, copper, transformers) spike or project execution delays occur.

Should You Apply? Our View

Om Power Transmission IPO GMP of ₹1.5 on Day 1 signals limited grey market enthusiasm — the market is pricing in a near-par listing rather than a blockbuster debut. That said, the fundamentals tell a more interesting story.

The 52% revenue CAGR, 68% order book growth, and direct exposure to India’s energy transmission mega-theme make this a sector-relevant IPO. The valuations at ~38–42x P/E are not cheap but are in line with mid-cap EPC peers in the power sector.

The Concern Gujarat concentration, PSU dependency, and global macro headwind from US tariffs weigh on near-term sentiment.

Who Should Apply Long-term investors (12-month+ horizon) with conviction in India’s T&D infrastructure theme and comfort with EPC business risk.

How to Apply for Om Power Transmission IPO

Step 1: Screen IPO details and check live subscription status on your broker platform
Step 2: Log in to your demat + trading account (Zerodha, Upstox, HDFC Securities, or any ASBA-enabled bank)
Step 3: Navigate to the IPO section, search for “Om Power Transmission,” and place your bid at the cut-off price (₹175) for best allotment chances
Step 4: Enter your UPI ID and approve the payment mandate before the April 13 close
Step 5: Check allotment status on April 15 via the MUFG Intime India website or your broker platform

Frequently Asked Questions

What is Om Power Transmission IPO GMP today?

The Om Power Transmission IPO GMP on Day 1 (April 9, 2026) is ₹1.5, indicating an expected listing price of approximately ₹176.5 — a premium of 0.86% over the upper price band of ₹175.

What is the price band?

The Om Power Transmission IPO price band is ₹166 to ₹175 per equity share, with a face value of ₹10.

When is the listing date?

The Om Power Transmission IPO listing date is April 17, 2026, on both BSE and NSE.

What is the lot size?

The lot size is 85 shares. The minimum investment for retail investors is ₹14,875 (1 lot at the upper price band of ₹175).

What does Om Power Transmission do?

Om Power Transmission is a Gujarat-based EPC company specialising in high-voltage and extra-high voltage transmission lines, substations, and underground cabling projects on a turnkey basis for power sector clients.

What is the issue size?

The total issue size is ₹150.06 crore — comprising a fresh issue of ₹132.56 crore and an OFS of ₹17.50 crore by the promoters.

How has Om Power Transmission grown financially?

Revenue grew from ₹120.23 crore in FY23 to ₹279.43 crore in FY25, a CAGR of 52.45%. Net profit jumped from ₹6.23 crore to ₹22.08 crore in the same period.

Investments in securities are subject to market risk. Please read all related documents carefully before investing. This content is for educational purposes only and does not constitute investment advice.