1. At a Glance
Om Infra Ltd is that old-school infra uncle who looks busy, talks big about dams and water pipelines, but whose bank account tells a slightly different story. Market cap sits at ₹859 Cr, current price ₹89.2, down 21% in just 3 months and ~37% in one year. Meanwhile, the company proudly carries a ₹2,361 Cr order book, which is nearly 4.6× FY25 revenue. Sounds impressive? Hold your excitement.
FY25 revenue fell 36% YoY to ₹512 Cr, operating margins slipped into negative territory (OPM -0.74%), yet PAT magically stood at ₹28.2 Cr thanks to the eternal Indian infra saviour: Other Income (₹30+ Cr). ROCE is chilling at 4.41%, ROE at 3.34%, and interest coverage barely breathing at 1.05×.
This is a company priced at 30× earnings, in a sector where execution and cash flow matter more than poetry in annual reports. The question is simple: is Om Infra a coiled spring sitting on India’s water infra boom, or just another contractor drowning in receivables?
Let’s open the dam gates and find out.
2. Introduction
Founded in 1971, Om Infra Ltd has been around longer than many Indian dams it helped build. The company specializes in hydro-mechanical equipment, irrigation pipelines, pumped storage projects, and water supply systems—basically anything involving steel, water, and government tenders.
Over the years, Om Infra has executed 70+ projects worth ₹5,000+ Cr for clients like NTPC, NHPC, SJVN, World Bank-backed agencies, and multiple state governments. On paper, that’s a solid resume. In reality, execution cycles are long, payments are slower than government websites, and margins depend heavily on how kindly bureaucrats feel that year.
The company is currently riding three big themes:
- Jal Jeevan Mission (JJM)
- Hydropower & Pumped Storage Projects
- Large hydro-mechanical EPC contracts
But here’s the twist: 81% of the order book is Jal Jeevan Mission. That’s not diversification—that’s dependence. When your revenue fate is tied to one government scheme, you’re basically dating a politician. High
potential, high mood swings.
So yes, Om Infra is in the right sector at the right time—but is it financially equipped to survive the waiting game?
3. Business Model – WTF Do They Even Do?
Om Infra does three main things:
1) Hydro Mechanical Equipment
This is the company’s legacy business—manufacturing gates, hoists, cranes, and steel structures used in dams, canals, and hydropower plants. The good part? Most of it is in-house manufactured, which should mean margin control. The bad part? Orders are lumpy, execution is slow, and one cancellation can ruin a quarter (we’ll get to Dibang later).
2) Water Infrastructure & Jal Jeevan Mission
This is where Om Infra went all-in. Pipelines, pumping systems, rural water supply schemes, 10-year O&M contracts—the full government buffet. As of FY25, JJM contributes ~81% of the order book. That’s great when tenders are flowing. It’s terrifying when state payments get delayed.
3) Pumped Storage Projects
Om Infra executed one of India’s largest PSPs at Kundah, positioning itself as a niche hydro battery player. PSPs are hot again thanks to renewable energy storage needs—but they’re also capital-heavy, slow-moving, and bureaucratically complex.
Bonus Side Hustle: Real Estate
Yes, Om Infra also dabbles in residential real estate in Rajasthan and Mumbai. Because when EPC margins are thin, why not try your luck in real estate?
In short: the
