Om Power Transmission wins two GETCO orders

Om Power Transmission Limited

won two turnkey orders from Gujarat Energy Transmission Corporation Limited (GETCO) worth ₹129.66 crore combined. That is about 23% of its ₹567.47 crore order book at 30 June 2026. What happened: The first order is the 220kV D/C Prantij-Jantral Line Package 2, worth ₹69.18 crore including GST, with 24 months to execute from the Letter of Award. The second is a letter of intent dated 6 October 2026 for the 220kV Kotda-Sanghani AIS substation, worth ₹60.48 crore, with an 18-month timeline. Why it matters: Q1 FY27 revenue was ₹121.63 crore, up 37% YoY, with net profit of ₹10.52 crore, up 26%. Spread over 18 to 24 months, the two orders add about ₹75 crore of revenue a year. Against a Q1 run rate of about ₹487 crore a year, that is roughly 15%. It is a solid top-up, not a step change. My view: Order inflow is the main driver for an EPC company, and repeat wins from one utility show it converts bids well. But that same fact is the risk. The order book leans on GETCO and on Gujarat. A delay in payments or land access (Right of Way) hits all of it at once. Margins also depend on metal prices, mainly steel, copper and aluminium. I do not know whether these packages have price variation clauses, so I cannot say how exposed they are. The ₹129.66 crore also mixes a GST-inclusive figure with one whose basis is not stated, so the true share of the order book is likely a bit lower. What I am watching: The order book as of 30 September 2026 in Q2 results, and Right of Way progress on the Prantij-Jantral line. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.