OM Infra Ltd

OM Infra Limited – Trading Window closed from 01 October 2026 till 48 hours after unaudited financial results for the quarter & half year ended 30 September 2026

Business Overview

• Diversified EPC group with hydro-mechanical, irrigation, water, and real estate segments.
• FY26 revenue Rs 500 Cr; EBITDA Rs 28 Cr; PAT Rs 21 Cr.

Operational Highlights

• Order book Rs 2014.91 Cr as of 30 June 2026.
• LOIs for two contracts totaling Rs 1051 Cr; L1 status.
• FY27 revenue guidance Rs 700-750 Cr; EBITDA guidance 12-14%.
• Expected order inflow Rs 1500+ Cr in 2-3 years.

Financial Performance

• Net sales FY26 Rs 500 Cr; EBITDA Rs 28 Cr; PAT Rs 21 Cr.
• EBITDA margin 6%; PAT margin 4% in FY26.
• Cash & cash equivalents Rs 80 Cr; total equity Rs 808 Cr.
• Debt/equity 0.03; FY26 borrowings 84 Cr current, 2 Cr non-current.
• Total assets and liabilities Rs 1,464 Cr.

Capital Structure & Liquidity

• Promoter holding ~67% with unpledged exposure.
• Total borrowings FY26: Rs 84 Cr current and Rs 2 Cr non-current.
• Cash balance Rs 80 Cr; liquidity supported by strong promoter backing.

Strategic Priorities & Outlook

• Prioritize hydro-mechanical EPC, pumped-storage, and water infra.
• Scale O&M, smart water, and urban infra with tech partners.
• Bid for NHPC/SECI and Tier-2/3 water projects; PPP potential.
• Target Rs 1500+ Cr order inflow in 2–3 years; FY27 revenue Rs 700–750 Cr.
• Monetize non-core assets and pursue JV opportunities in turbines.

Risks & Mitigation

• Arbitration awards could bring about Rs 640 Cr cash inflows.
• Execution delays and EPC/O&M project risk remain challenges.

Governance & Leadership

• Promoter holding ~67% with unpledged stake; no succession issue indicated.

Project Award Details

• Formal work order from Vidarbha Irrigation Development Corporation for LIS on Gosikhurd Project.
• Contract value ₹32,17,72,860 (~₹32.18 crore).
• Location: Ghodazari Canal Division, Nagbhid, Maharashtra.
• Project scope: Construct LIS to feed Ghodazari Tank from RD 17213 m.
• Execution timeline: 12 calendar months from work order date.
• Work order date: 18 September 2026.
• Agreement No.: B-1/05/DL/GCDN/2026-27.
• Forest clearances for 0.941 ha forest land; labour welfare compliance.
• JV to execute under supervision of Executive Engineer, Ghodazari Canal Division.
• All contractual formalities completed, including initial security deposit and agreement execution.

Auditor Change

• Shareholders approved appointment of M/s. Khandelwal Badaya & Co. as Statutory Auditors.
• Effective date: 12 September 2026; term ends at the conclusion of the 59th AGM.

AGM Details

• 54th AGM held September 12, 2026 at 12:30 p.m. via VC/OAVM.
• Meeting concluded at 1:22 p.m.; e-voting available for 15 minutes post-conclusion.

Ordinary Business

• Adoption of Audited Financial Statements.
• Declaration of Dividend.
• Appointment of Dharam Prakash Kothari as director liable to retire by rotation.

Special Business

• Approval of appointment of statutory auditors to fill casual vacancy.
• Appointment of statutory auditors for five consecutive years.
• Ratification of cost auditor’s remuneration.
• Approval of Related Party Transactions.

Voting Status

• Voting results to be declared after the scrutinizer’s report.

Financial performance

• Standalone revenue from operations: ₹46,842.38 Lacs.
• Consolidated revenue from operations: ₹50,005.60 Lacs.
• Consolidated EBITDA: ₹4,612.00 Lacs; margin 6.0%.
• Consolidated PAT: ₹2,055.93 Lacs; YoY drivers include lower other income.
• Dividend proposed: ₹0.50 per equity share.

Pipeline & order book

• Unexecuted EPC order book: ₹2,107 Cr.
• JJM/Urban water wins: ₹1,351 Cr; dam hydro components ₹756 Cr.
• Isarda Dam milestone: water impounding commenced 30-Jul-2025.
• New UP Jal Nigam order worth ₹129 Cr; Bandra Reclamation access planning underway.

Dividend & capital allocation

• Final dividend ₹0.50 per share, subject to AGM approval.
• Record date for dividend: 4-Sep-2026.
• Monetization plan: target of ₹700+ Cr from non-core assets/arbitrations in 2-3 years.

Balance sheet & liquidity

• Consolidated net worth: ₹808 Cr (approx.).
• Debt-to-Equity (Consolidated): 0.03x; leverage kept conservative.
• Net debt position remains manageable amid project-scale capex and receivable cycles.

Audit & governance flags

• Standalone and consolidated audits carry qualified opinions due to unbilled revenue of ₹2,885.28 Lacs pending approvals.
• Secretarial Audit MR-3; no adverse qualifications reported.
• MD & CEO appointment: Vikas Kothari appointed 28-Mar-2026.
• Independent directors: Kamlesh Singh appointed 29-Sep-2025; tenure completed for Gopi Sharma on 10-Mar-2026.

Outlook & risks

• Government upcycle: national water outlay ₹84,000 Cr; JJM 2.0 to 2028.
• Management targets ₹1,500 Cr fresh order inflows in FY27; focus on PSP and river-interlinking.
• Risks: project delays, raw-material volatility, skilled-labor constraints, regulatory hurdles.

Non-core assets & arbitration

• ₹587 Cr Jaipur-Bhilwara Toll Road arbitration award; ₹53 Cr Gurha arbitration.
• Cumulative ~₹700+ Cr potential cash inflows in 2-3 years from non-core assets/arbitrations.
• Ongoing enforcement and High Court/Supreme Court proceedings to determine recovery.

Real estate monetization & land bank

• Pallacia (Jaipur): cumulative revenue ₹275 Cr; remaining realizable ₹290 Cr.
• Om Green Meadows (Kota): revenue ₹63 Cr; remaining ₹24 Cr realizable.
• Bandra SRA: MHADA clearances resolved; asset-light development in planning.

AGM details

• AGM date/time: 12 Sep 2026, 12:30 IST, via VC/OAVM
• Mode: VC/OAVM; venue deemed at registered office
• Record date for voting/dividend: 04 Sep 2026
• Remote e-voting: 08 Sep 2026 09:00 IST to 11 Sep 2026 17:00 IST

Resolutions to be voted on

• Item 1 (Ordinary): Adopt audited standalone and consolidated financial statements for FY2025-26
• Item 2 (Ordinary): Declare final dividend of ₹0.50 per equity share for FY2025-26
• Item 3 (Ordinary): Re-appoint Dharam Prakash Kothari as Director, retiring by rotation
• Item 4 (Special): Approve appointment of M/s Khandelwal Badaya & Co. as Statutory Auditors to fill casual vacancy
• Item 5 (Special): Appoint M/s Khandelwal Badaya & Co. as Statutory Auditors for five years
• Item 6 (Special): Ratify remuneration of Cost Auditors ₹30,000 plus GST
• Item 7 (Special): Approve related party transactions for FY2026-27 with listed parties

Dividend specifics

• Dividend: final ₹0.50 per equity share for FY2025-26
• Payable within 30 days of declaration; date on or before 11 Oct 2026
• Record date for dividend: 04 Sep 2026

Director changes

• Re-appointment of Dharam Prakash Kothari as Director, retiring by rotation
• Designation: Whole-time Director and Chairman; term to the 59th AGM

Auditor appointments

• Statutory Auditors: Khandelwal Badaya & Co. to fill casual vacancy
• Term: from appointment until the 59th AGM
• Auditors for five-year term from AGM conclusion to 59th AGM
• Cost Auditor remuneration: ₹30,000 plus GST for FY2026-27; ratified

Material related party transactions

• Related parties: BRCCPL OMIL DARA JV, HCC OMIL JV, OMIL JV, OMIL WIPL JV
• Proposed aggregate RPT value for FY2026-27: ₹181 crore
• Transactions at arm's length in ordinary course
• Approval valid up to next AGM (2027)

Financial snapshot

• Standalone revenue from operations ₹46,842.38 Lacs; PAT ₹2,180.48 Lacs; PBT ₹2,340.57 Lacs.
• Consolidated revenue ₹50,005.60 Lacs; EBITDA ₹4,612.00 Lacs; PAT ₹2,055.93 Lacs.
• Dividend proposed: ₹0.50 per equity share for FY26.
• Isarda Dam milestone: water impounding commenced 30-Jul-2025.
• Unexecuted EPC order book stands ₹2,107 Cr; JJ M ₹1,351 Cr; hydro ₹756 Cr.

Business mix & order book

• EPC order book total ₹2,107 Cr; JJ M ₹1,351 Cr; dam hydro ₹756 Cr.
• Isarda Dam milestone: 3 crore beneficiaries across 13 districts.
• Real estate monetization: Pallacia revenue ₹275 Cr; ₹290 Cr realizable.
• Om Green Meadows Kota: revenue ₹63 Cr; ₹24 Cr realizable.
• Bandra Reclamation MHADA: clearances resolved; asset-light development with Valor Estate.

Outlook & growth strategy

• FY27 revenue guidance ₹700-750 Cr; EBITDA 7-8% guidance.
• Targeted fresh orders ₹1,500 Cr; focus on PSPs and large water infra.
• Non-core monetization: arbitration awards ₹587 Cr + ₹53 Cr; ₹700+ Cr in 2-3 years.
• ERCP/regionals: bid opportunities up to ₹2,000 Cr; Isarda and Kundah PSP leverage.

Capital structure & liquidity

• Consolidated net worth ₹808 Cr; net debt-to-equity 0.03x.
• Cash & bank balances and cash equivalents total ₹7,955.13 Lacs.
• Net cash from operating activities: ₹433.19 Lacs (negative); net cash used overall year.
• Group borrowings and liquidity managed to support project execution with low leverage.

Dividends & CSR

• Final dividend ₹0.50 per share; record date 4 Sep 2026; payout within 30 days of declaration.
• CSR spend ₹1.05 Cr; CSR obligation ₹1.0132 Cr; fully utilized on approved activities.
• CSR projects: Eradicating hunger, healthcare, education; implemented through NGOs and trusts.

Governance & management changes

• Gopi Raman Sharma completed independent director term on 10-Mar-2026.
• Vikas Kothari appointed MD & CEO from 28-Mar-2026; Sunil Kothari reappointed as Vice-Chairman.
• Kamlesh Kumar Singh appointed Independent Director on 29-Sep-2025.
• Five board meetings held in FY26; Independent Directors' meeting on 12-Feb-2026.

Audit & related party disclosures

• Auditors qualified on unbilled revenue of ₹2,885.28 Lacs; verification in progress.
• Consolidated audit also qualified on unbilled revenue; disclosures in notes.
• RPTs: material related party transactions approved by Audit Committee and Members; ISF guidance followed.
• Corporate governance & secretarial compliance processes robust; no material non-compliances.

Risks & mitigations

• Risks: project delays, raw material volatility, skilled-labor shortages, competition, and climate factors.
• Risk management framework monitors liquidity, currency, and execution risks; mitigates with price escalation clauses.
• Front-loaded payments and disciplined working-capital management to weather billing delays.

Award details

• Awarding entity: Office of the Superintending Engineer, Circle Office, UP Jal Nigam Rural, Lucknow.
• Scope: Repair and 3 years O&M for 306 solar water units in Unnao (TTSP/RO/handpump).
• Total value: ₹290.115 million, inclusive of repair, contingency, GST, centage, and 3 years O&M.
• Domestic awarding entity: UP Jal Nigam Rural, Lucknow.
• Timeline: Repair completion in 2 months (by Oct 12, 2026), followed by 3 years O&M.
• Terms: Supplementary Work Order under existing agreement 01/S.E. Circle Office/2025-26.
• Related party: none; not an RPT.