1. At a Glance

Om Infra Ltd is like that old uncle at the shaadi who’s been around since 1971, bragging about how he built dams in Bhutan and Rajasthan, but now struggling to keep the younger crowd (read: investors) interested. With revenues down 36% in FY25, a P/E of 47x, and PAT margins thinner than papad, the company is banking on a ₹2,700 Cr order book to save face. Basically: half EPC giant, half real estate hoarder, and full-time Jal Jeevan Mission dependent.

2. Introduction

Water is life. But for Om Infra, water is also politics, delayed funding, arbitration awards, and a side hustle in Mumbai real estate. The company has executed ₹5,000+ Cr worth of projects for NTPC, NHPC, SJVN, World Bank, and Jal Nigam babus. Yet, when Jal Jeevan Mission (JJM) funds got stuck, Om Infra’s topline evaporated faster than a glass of Rooh Afza in May.

On paper, Om Infra looks exciting—executing pumped storage projects like Kundah, hydropower monsters like Dibang, irrigation networks in Rajasthan, and even river interlinking dreams. Order book? A juicy ₹2,361 Cr at FY25-end, skewed 81% to JJM. Problem? JJM disbursement = Indian trains. Always “expected shortly.”

Add to that real estate distractions—Pallacia luxury flats in Jaipur, Om Green Meadows in Kota, and the Bandra slum rehab project with Valor Estate. Management swears they’ll “exit real estate” to focus on hydro and water infra. But until then, investors are left wondering: is this a dam builder or a Bandra landlord?

Now, with ₹400 Cr fresh inflows in Q1FY26 and Bandra’s FSI jackpot pending, Om Infra insists the future is “bright.” Question: can a 50-year-old infra veteran really reinvent itself when receivables are stretched and margins are thinner than Maggi masala sachets?

3. Business Model – WTF Do They Even Do?

Om Infra is the handyman of water infra. Their toolkit:

• Hydro Mechanical Equipment: Gates, hoists, cranes—basically the steel organs that make dams breathe.
• Hydropower Projects: From 5 MW village plants to 1,000 MW pumped storage behemoths.
• Jal Jeevan Mission: End-to-end rural water supply—pipelines, tanks, SCADA automation. 20% of order book is here.
• Civil EPC: Dams, canals, irrigation lifts—Om Infra has fingerprints across Rajasthan, UP, and the North-East.
• Real Estate Side Hustle: Jaipur luxury towers, Kota flats, and a Bandra SRA project (slum rehab with champagne dreams).

In short: 80% government contractor, 20% confused real estate developer.

4. Financials Overview

Annualized EPS (FY25) = ₹2.32 → At CMP ₹109, P/E = 47x. Industry peers = 20x. Ouch.
Commentary: Om Infra is basically running a charity in Q1FY26—negative EBITDA, negative PAT, and a valuation that screams “bubble bath.”

5. Valuation – Fair Value Range Only

• P/E Method: EPS ₹2.32 × 20x (industry multiple) → ₹46. EPS × 30x → ₹70.
• EV/EBITDA: EV = ₹1,038 Cr. FY25 EBITDA ~₹42 Cr → EV/EBITDA = 24.8x. Fair range at 12–18x → ₹500–₹750 Cr EV → share value ~₹52–₹78.
• DCF: Assuming ₹1,000 Cr revenue target FY26, 8–10% margin, discount 12% → fair range ~₹70–₹100.

👉 Fair Value Range: ₹50 – ₹100 (educational, not advice).

6. What’s Cooking – News, Triggers, Drama

• ₹200 Cr NHPC Dibang Project win (hydromechanical works).
• ₹129 Cr UP Jal Nigam Shahjahanpur water infra contract.
• ₹450 Cr rural water supply scheme in UP underway.
• Pallacia (Jaipur) luxury flats 60% sold, Kota flats slower than Doordarshan serials.
• Bandra SRA project