India has set a target of achieving 500 GW of non-fossil fuel capacity by 2032 and is rapidly advancing towards this goal. Following power generation, the greatest beneficiaries of this initiative are transmission companies. The National Electricity Plan (NEP) 2023-2032 has already earmarked an estimated investment of INR 9.15 lakh crore to expand the national grid.
Amidst this backdrop, Om Power Transmission (OPTL) is entering the public market with its IPO (April 9–13, 2026). In Om Power IPO peer comparison analysis, we move beyond the headlines to dissect the company’s valuation, operational health, and its positioning against the peer set: Rajesh Power, Advait Energy, and Viviana Power.
Om Power Transmission IPO: Business Overview & Financials
Established in 2011, Om Power is a specialist in High-Voltage (HV) and Extra-High Voltage (EHV) transmission. The company’s “AA Class” contractor status with GETCO (Gujarat Energy Transmission Corporation) is its primary operational moat. In the power sector, this classification is a prerequisite for bidding on mega-projects, acting as a technical filter that limits competition.
The company handles the entire turnkey lifecycle:
- EPC Services: From topographical surveys and route mapping (critical for “Right of Way” hurdles) to the installation of 400 kV lines and 220 kV substations.
- Operations & Maintenance (O&M): Currently maintaining 134 substations, this segment provides a recurring, high-margin annuity stream that stabilises cash flows during the period of tender lulls.
While OPTL has historically been a Gujarat-centric player, the “investment thesis” for 2026 rests on its successful geographic migration. The company has started executing projects in Punjab and Rajasthan, proving that its execution model is portable across state boundaries.
Om Power’s financial performance indicates a sharp acceleration in execution:
- Revenue Velocity: Om Power’s revenue grew from INR 120.24 Cr (FY23) to INR 279.44 Cr (FY25). More importantly, the 9M FY26 revenue of INR 274.54 Cr suggests the company is on track to nearly double its FY25 numbers on an annualised basis.
- Profitability Surge: Net Income jumped from INR 7.41 Cr in FY24 to INR 22.08 Cr in FY25. For the first nine months of FY26, it has already clocked INR 23.37 Cr
- Efficiency Metrics: The ROCE of 41.76% (FY25) is exemplary for an EPC firm, indicating that for every rupee of capital employed, the company is generating significant returns.
Om Power IPO Peer Comparison Analysis
For an investor, the most critical question is: Is Om Power IPO fairly priced against the existing secondary market players? Let’s take a look at Om Power vs Rajesh Power vs Viviana vs Advait Energy.
| Metric | Om Power | Rajesh Power | Viviana Power | Advait Energy |
| Market Cap | ~600 | 1,569 | 726 | 1,973 |
| Price-to-Earnings (x) | 19.8 | 13.3 | 25.4 | 43.0 |
| Price-to-Sales (x) | 2.21 | 1.12 | 2.22 | 2.90 |
| Price-to-Book (x) | 2.9 | 5.04 | 9.54 | 8.58 |
| ROCE (%) | 41.7 | 54.7 | 42.9 | 26.9 |
| ROE (%) | 35.8 | 50.8 | 46.5 | 22.5 |
| Current Ratio (x) | 1.86 | 1.55 | 1.01 | 1.80 |
| Debt-to-Equity (x) | 0.26 | 0.26 | 0.93 | 0.27 |
*Om Power figures are based on the upper price band and annualized FY26 estimates where applicable.
1. Om Power vs Rajesh Power
Rajesh Power Services remains the gold standard in the segment with a 54.7% ROCE. Interestingly, it trades at a P/E of 13.3x, which is a discount compared to Om Power’s 19.8x. However, Rajesh Power is a larger, more mature entity. Om Power’s premium may be attributed to its faster growth rate in the last 18 months and its massive INR 744 Cr order book.
2. Om Power vs Advait and Viviana
Advait Energy (P/E 43x) and Viviana Power (P/E 25.4x) trade at significant premiums. Advait’s premium is driven by its “Green Hydrogen” and solar pivot, while Viviana is valued for its high-margin industrial EPC work. Compared to these, Om Power (19.8x) appears to be “fairly valued”—however, it isn’t the most undervalued player in the industry, but it is priced well below the premium tier.
3. Price-to-Book and Asset Quality
Om Power’s post issue P/B ratio of 2.45x is significantly lower than Rajesh Power (5.04x) and Viviana (9.54x). This suggests that investors are paying less for the underlying net worth of Om Power compared to its peers, providing a potential margin of safety for value-conscious investors.
Om Power IPO: Operational Health
A critical factor for EPC companies is the ability to manage working capital.
- Liquidity (Current Ratio): At 1.86, Om Power has the best liquidity profile among its peers. This is a vital “green flag,” as it shows the company has sufficient short-term assets to cover its liabilities.
- Solvency (Debt-to-Equity): A D/E of 0.26 puts Om Power in the same league as Rajesh Power and Advait Energy—very lean. This is far superior to Viviana Power (0.93), which carries a much higher interest burden.
- Operating Cash Flow (CFO): While OPTL recorded positive CFO in FY25 (INR 12.44 Cr), the 9M FY26 period showed a negative dip (INR 37.38 Cr). This is a standard characteristic of high-growth EPC firms where capital is temporarily locked in “work-in-progress” for new, larger projects.
Om Power Transmission IPO: Forward Visibility
The most potent argument for Om Power’s valuation is its Book-to-Bill ratio of 2.71x.
- Unexecuted Orders: INR 744.60 Crore (as of Dec 2025).
- Revenue Visibility: Based on current run-rates, the company has roughly 3 years of guaranteed work.
- Client Concentration: While 84% of orders are from PSUs (Public Sector Undertakings), the company is pivoting toward private giants like KP Energy, reducing its reliance on government payment cycles.
Om Power IPO: Risk vs Reward
Rewards
- Sector Tailwinds: The National Electricity Plan’s INR 9.15 lakh crore roadmap ensures a decade of demand.
- Clean Balance Sheet: Low debt (0.26) and high ROCE (41%) provide a strong foundation for scaling.
- Reasonable Entry: Priced at a discount to Advait and Viviana on P/S and P/B basis.
Risks
- Geographic Concentration: 100% of completed projects are in Gujarat. Success in Punjab and Rajasthan tenders is critical to maintain the 20x P/E multiple.
- Competitive Bidding: Most transmission projects are now via Tariff-Based Competitive Bidding (TBCB). While Om Power has a 35-40% win rate, margins could be pressured if competition intensifies.
A Fairly-Charged Circuit?
Om Power Transmission is entering the market with a “Fairly Valued” tag. It is neither a deep-value play like Rajesh Power (on a P/E basis) nor an expensive growth play like Advait. Instead, it offers a middle ground: High capital efficiency, a massive order book, and a clean balance sheet.
For the informed investor, the OPTL IPO represents a bet on the “Evacuation Theme” of India’s energy transition. If the company maintains its current execution speed and successfully diversifies its geography, it stands as a robust contender in the small-cap EPC space.
Disclaimer: Om Power IPO peer comparison analysis is for informational purposes only, based on Red Herring Prospectus (RHP) filings, market data as of 7 April 2026, and peer performance. Investors should perform independent due diligence before investing.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.
