Om Power Q1 FY27: PAT +26% YoY to ₹10.5 Cr, but growth trails 50% guide as margins slip

Om Power Transmission's standalone Q1 FY27 (quarter ended June 30, 2026) print showed revenue of ₹121.63 Cr, up 36.9% YoY from ₹88.86 Cr but down 30.3% QoQ from ₹174.62 Cr, and PAT of ₹10.52 Cr, up 26.0% YoY from ₹8.35 Cr but down 36.8% QoQ from ₹16.65 Cr. EPS of ₹3.18 actually fell from ₹3.39 a year ago despite the higher absolute profit — paid-up equity capital rose to ₹34.25 Cr from ₹26.67 Cr after the company's April 17, 2026 IPO (fresh issue of 75.75 lakh shares), diluting per-share earnings. Net profit margin compressed to 8.59% from 9.33% YoY, and the EBITDA-equivalent margin (PBT + finance costs + depreciation, over revenue) slipped to roughly 12.8% from about 14.2% YoY — both still land inside management's guided bands of 8-9% PAT margin and 12-13% EBITDA margin, so profitability discipline held even as growth cooled. Management's May 2026 Q4 concall had guided FY27 revenue growth of "over 50%," mirroring FY26's 60.7% pace; Q1's 36.9% YoY growth trails that bar, making the quarter a miss against the company's own outlook on the growth axis even though margins tracked guidance. The steep sequential drop is consistent with the company's own note in this filing (note 3) that EPC revenue, costs and profit are driven by individual project progress and "may not be directly comparable" quarter to quarter — this looks like project-cycle lumpiness rather than a demand problem, but it also means the FY27 growth target now needs a sharper ramp in the remaining quarters. As a recently listed small-cap (IPO'd April 2026), the stock carries no visible sell-side coverage or published consensus estimates, so the print cannot be benchmarked against street expectations. Order activity stayed active through and just after the quarter: a ₹82.17 Cr contract from Paschim Gujarat Vij Company (July 9) and a ₹24 Cr cable supply order (August 10), alongside board approval on July 6 to incorporate a subsidiary, OPTL Green Energy Private Limited, for geographic and segment expansion — both consistent with management's stated FY27 priorities of order inflow and geographic expansion. Of the ₹119.31 Cr net IPO proceeds, ₹108.56 Cr was utilised by June 30, 2026 (₹55 Cr toward long-term working capital, ₹25 Cr toward pre-payment of borrowings), leaving ₹10.75 Cr unutilised — proceeds deployment is broadly on the prospectus schedule.