Om Power Transmission IPO GMP Day 2: Subscription Status, Grey Market Premium And Listing Outlook — April 10, 2026

Om Power Transmission IPO GMP Day 2 data is in, and as of April 10, 2026, the grey market premium for Om Power Transmission Limited stands at approximately ₹3 per share — suggesting a modest expected listing gain of around 1.7% over the upper price band of ₹175. The IPO entered Day 2 of its subscription window after a cautious Day 1, where overall subscription closed at 0.39x against the total issue.

If you are deciding whether to apply before the April 13, 2026 closing date, this article covers everything you need — from the Day 2 subscription numbers and live GMP to the company’s financials, risk factors, and what analysts think about listing prospects.

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Om Power Transmission IPO — Key Details at a Glance

Om Power Transmission IPO GMP Day 2 — April 10, 2026

Om Power Transmission IPO GMP today (Day 2) is approximately ₹3 per share as tracked in grey market circles. At the upper price band of ₹175, this GMP implies an expected listing price of ₹178 — a gain of approximately 1.7% over the issue price.

It is important to note that GMP is an unofficial, unregulated indicator of grey market demand. It reflects informal speculative sentiment and does not constitute any guarantee of actual listing price or returns. The GMP can change significantly between now and the April 17 listing date based on subscription trend, market conditions, and broader Nifty movement.

Track the latest Om Power Transmission IPO GMP and live subscription data on the Univest Screener and IPO tracker.

Om Power Transmission IPO Subscription Status — Day 1 End & Day 2 Update

Om Power Transmission IPO subscription on Day 1 (April 9, 2026) closed at 0.39x overall — below the 1x fully subscribed threshold at end of the first day. Category-wise breakdown as of 5:03 PM on Day 1:

Day 2 subscription data will update through April 10, 2026 as bids come in during market hours (10 AM to 5 PM). IPOs typically see accelerating subscription in the final day (Day 3) from HNI applicants who apply with leverage closer to the closing deadline. It is not unusual for an IPO with modest Day 1-2 subscription to cross 1x or even achieve meaningful oversubscription by Day 3 (April 11) and the extended window through April 13.

However, based on current trajectory — particularly the very low NII subscription of 0.11x on Day 1 — strong oversubscription in the retail and HNI categories would require a meaningful pickup in demand over the remaining subscription days.

About Om Power Transmission Limited — Business Overview

Om Power Transmission Limited (OPTL) is a Gujarat-based power transmission EPC company founded in June 2011. Over 14 years, it has built strong expertise in executing high-voltage (HV) and extra-high-voltage (EHV) transmission infrastructure across Rajasthan, Gujarat, and Punjab.

Om Power Transmission Limited (OPTL) is an Ahmedabad, Gujarat-based power transmission EPC (Engineering, Procurement, and Construction) company founded in June 2011. With over 14 years of experience in India’s energy infrastructure sector, OPTL executes high-voltage (HV) and extra-high-voltage (EHV) power transmission projects on a turnkey basis — covering design, engineering, supply of equipment, erection, installation, testing, commissioning, and long-term operations and maintenance.  The company’s project capability spans transmission lines from 11 kV to 400 kV and substations up to 220 kV, including Air-Insulated Substations (AIS), Gas-Insulated Substations (GIS), and SCADA systems. Since inception, OPTL has executed over 1,000 circuit kilometres (CKM) of transmission lines, commissioned 11 substations, and currently operates and maintains 134 substations across Gujarat, Rajasthan, and Punjab.

OPTL holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications. It has received the Best EPC Company award from GETCO (Gujarat Energy Transmission Corporation) for two consecutive years (2015-17) and holds an ‘AA Class’ certification from GETCO — authorising work on transmission lines up to 400 kV and substations up to 220 kV.

Key clients include state transmission utilities (STUs) including GETCO and Rajasthan Rajya Vidyut Prasaran Nigam (RVPNL), renewable energy developers, and industrial customers. The company’s repeat business track record and the sheer scale of its current order book (₹744.60 crore across 58 active projects) demonstrate operational credibility.

Om Power Transmission Financial Performance

OPTL’s financial trajectory reflects the significant growth in India’s power transmission capex cycle. Revenue grew from ₹120.23 crore in FY2023 to ₹279.43 crore in FY2025 — a CAGR of 52.45%. Net profit grew from ₹6.22 crore in FY2023 to ₹22.08 crore in FY2025, a CAGR of 88.17%.  For the nine months ended December 31, 2025, OPTL reported revenue of ₹274.45 crore and net profit of ₹26.89 crore — already surpassing FY2025 full-year profit in nine months. Order book as of December 31, 2025 stands at ₹744.60 crore across 58 projects (including 50 EPC and 6 O&M contracts).

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How Om Power Transmission Plans to Use IPO Proceeds

The fresh issue of ₹132.56 crore will be deployed as follows:

Capital expenditure (machinery and equipment): ₹11.21 crore — for purchasing cranes, vehicles, and power tools needed for project execution.

Debt repayment: ₹25.00 crore — prepayment or full repayment of outstanding borrowings, which will reduce interest cost and improve net margins.

Working capital requirements: ₹55.00 crore — for funding long-term working capital needs as the company scales its project execution and order book.

General corporate purposes: Balance of proceeds for operational and administrative requirements.

The working capital allocation is particularly significant — EPC companies are inherently working capital-intensive, and this allocation will support OPTL’s ability to bid for and execute larger contracts going forward.

Key Risks to Consider Before Applying

Customer concentration: OPTL’s single largest customer contributed 71.55% of revenue for the nine months ended December 31, 2025 — an unusually high dependence for a ₹150 crore IPO. Any slowdown in orders from this client would have a material impact on revenue.

Sustainability of growth: Revenue CAGR of 52.45% and PAT CAGR of 88.17% from FY2023-FY2025 are exceptional. Brokerage analysts have noted that these growth rates may be difficult to sustain at similar pace as the company scales and competition increases.

Geographic concentration: Current operations are concentrated in Gujarat, Rajasthan, and Punjab. Expansion into other states will require building new client relationships and navigating different regulatory environments.

Valuation: At the upper price band of ₹175, OPTL is valued at approximately 27-30x trailing twelve month earnings. This is a full valuation that leaves limited margin of safety if execution stumbles in any quarter post-listing.

Low GMP: The grey market premium of ₹3 (1.7% gain) suggests the market expects modest listing gains at best. This does not mean listing gains are guaranteed — if broader market sentiment weakens before April 17, the listing could be flat or at a discount.

India’s Power Transmission Sector — Why OPTL’s Timing Is Right

India’s power transmission and distribution (T&D) sector is in the middle of the most significant investment cycle in decades. The government’s ₹3.03 lakh crore Revamped Distribution Sector Scheme (RDSS), National Electricity Plan targets of 500 GW renewable energy by 2030, and the Green Energy Corridor projects are all creating sustained demand for EPC companies like OPTL.

The T&D equipment market, valued at approximately USD 11.58 billion in 2024, is projected to reach approximately USD 21.83 billion by 2033 — a CAGR of approximately 6.8%. Every gigawatt of new renewable energy capacity added to India’s grid requires new transmission lines and substations to evacuate power. This structural demand is the long-term investment case for Om Power Transmission.

PowerGrid Corporation of India’s record capital expenditure of Rs 18,000+ crore in FY26 alone signals the sustained government commitment to grid expansion. State Transmission Utilities like GETCO (Gujarat) and RVPNL (Rajasthan) — OPTL’s primary clients — are direct beneficiaries of this spending.

Analyst Views & Brokerage Recommendations

Swastika Investmart — Subscribe (with caution): Om Power Transmission has delivered consistent growth in revenue and profitability, backed by a strong order book of ₹744.60 crore. The power transmission EPC sector has strong tailwinds. However, the sharp rise in profitability from FY25 raises sustainability concerns, and the valuation at ₹175 appears to factor in most near-term positives. The IPO is suitable for investors with a medium to long-term perspective.

Most analysts converge on a cautious-subscribe view — the business is real, the sector tailwinds are genuine, but the modest GMP and subdued Day 1 subscription suggest the market does not expect a dramatic listing pop. For investors looking for short-term listing gains, the risk-reward is not particularly favourable at current GMP levels.

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Should You Apply for Om Power Transmission IPO on Day 2?

The honest answer depends on your investment objective. If you are applying for listing gains based on GMP, the current ₹3 GMP (1.7% gain) does not offer a compelling risk-reward given market uncertainty from the US reciprocal tariff announcement and the broad Nifty correction.

If you are applying for medium-term returns (6-18 months) on the thesis that India’s power transmission capex cycle will drive OPTL’s order book growth, the fundamental case is stronger. The Rs 744.60 crore order book provides revenue visibility, and the sector tailwinds are real and policy-backed.

Key watch point for Day 2 and Day 3: whether NII (HNI) subscription picks up meaningfully. NII oversubscription (above 5-10x) typically indicates a more confident listing outcome. Very low NII at 0.11x on Day 1 is a concern for short-term investors.

Om Power Transmission IPO Allotment & Listing Timeline

To check Om Power Transmission IPO allotment status after April 15, 2026, visit the MUFG Intime India Pvt. Ltd. registrar website using your PAN number, application number, or DP/Client ID. Allotment status can also be checked on BSE India and NSE India portals.

Frequently Asked Questions — Om Power Transmission IPO GMP Day 2

Q1. What is Om Power Transmission IPO GMP today on Day 2?

Om Power Transmission IPO GMP on Day 2 (April 10, 2026) is approximately ₹3 per share — implying an expected listing price of around ₹178 (1.7% gain over the ₹175 upper band). GMP is an informal grey market indicator and should not be the sole basis for applying.

Q2. What was Day 1 subscription of Om Power Transmission IPO?

Day 1 (April 9, 2026) subscription closed at 0.39x overall: Retail 0.29x, NII 0.11x, QIB 0.78x. The subdued Day 1 subscription reflects cautious investor sentiment, though IPOs can see significant pickup on Day 3 from HNI applicants.

Q3. What is the price band of Om Power Transmission IPO?

Om Power Transmission IPO price band is ₹166 to ₹175 per share. At the upper band of ₹175, the minimum retail investment is ₹14,875 (1 lot of 85 shares).

Q4. When is Om Power Transmission IPO listing date?

Om Power Transmission IPO listing date is April 17, 2026 on both NSE and BSE. Allotment will be finalised on April 15, 2026, and shares will be credited to demat accounts on April 16, 2026.

Q5. What does Om Power Transmission do?

Om Power Transmission Limited (OPTL) is a Gujarat-based EPC company specialising in power transmission infrastructure — execution of HV and EHV transmission lines (11 kV to 400 kV), substations (up to 220 kV), and underground cabling projects on a turnkey basis. It has over 14 years of experience and an order book of ₹744.60 crore.

Q6. Should I apply for Om Power Transmission IPO?

The IPO has genuine business merit given India’s power transmission capex cycle and OPTL’s strong order book. However, the modest GMP (₹3) and weak Day 1 subscription suggest limited short-term listing gains. Medium-term investors may find value; short-term listing traders face uncertain risk-reward. Consult a SEBI-registered financial advisor.

Q7. What is the risk in Om Power Transmission IPO?

Key risks include: top customer concentration (71.55% of revenue from one client), sustainability of exceptional revenue and profit growth rates, geographic concentration in Gujarat-Rajasthan-Punjab, and full valuation leaving limited margin of safety at ₹175.

Q8. How to check Om Power Transmission IPO allotment status?

After April 15, 2026, check allotment status at MUFG Intime India Pvt. Ltd. registrar website using PAN, application number, or DP/Client ID. Also available on BSE India and NSE India allotment portals.

Disclaimer: This article is for educational and informational purposes only. GMP data is sourced from grey market sources and is unofficial. Investments in IPOs are subject to market risk. Please read the Red Herring Prospectus (RHP) carefully before investing. This does not constitute investment advice. Consult a SEBI-registered financial advisor.

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