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OM Infra Q3 PAT Rises 74% to ₹8 Cr; Order Book Robust at ₹2,236 Cr Despite 9M Revenue Dip
OM Infra reported a mixed set of results for 9M FY26, with consolidated revenue declining 37% YoY to ₹340 crore, primarily due to delayed payments in Jal Jeevan Mission (JJM) projects. However, Q3 FY26 showed signs of recovery with PAT increasing 74% YoY to ₹8 crore and EBITDA margins improving. The company maintains a strong order book of ₹2,236 crore, representing a book-to-bill ratio of 3.31x. Management expects liquidity to improve as pending JJM dues are progressively released and is targeting ₹1,000 crore in new orders for the fiscal year.
Key Highlights
9M FY26 consolidated revenue stood at ₹340 crore, a 37% decline compared to ₹541 crore in 9M FY25.
Outstanding order book remains healthy at ₹2,236 crore, with ₹1,390 crore specifically from Jal Jeevan Mission projects.
Secured a new order worth ₹129 crore from Uttar Pradesh Jal Nigam (Urban) for water infrastructure development.
Successfully achieved a major milestone with water impounding at the ₹615.17 crore Isarda Dam project.
9M FY26 PAT of ₹14.1 crore exceeded PBT of ₹7.4 crore due to negative tax expenses from tax rebates.
💼 Action for Investors
Investors should focus on the company's ability to resolve working capital cycles as JJM payments have been delayed for over nine months. While the order book provides strong visibility, the stock's performance will likely depend on the pace of execution and the normalization of cash flows from government contracts.
Om Infra Q3 FY26 Standalone Net Profit Rises 69% YoY to ₹6.07 Crore
Om Infra reported a steady performance for Q3 FY26 with standalone revenue growing slightly by 1.3% YoY to ₹100.18 crore. Net profit saw a significant jump of 68.8% YoY, reaching ₹6.07 crore, although it declined slightly by 5.5% on a sequential basis. The company highlighted execution challenges in Jal Jeevan Mission (JJM) projects due to slow government fund releases but expects acceleration following a ₹67,000 crore budget allocation. Engineering remains the core segment, contributing over 96% of total revenue.
Key Highlights
Standalone Net Profit surged 68.8% YoY to ₹6.07 crore from ₹3.60 crore in the previous year's quarter.
Revenue from operations remained relatively flat YoY at ₹100.18 crore compared to ₹98.92 crore.
The Engineering segment dominated performance with a revenue contribution of ₹96.46 crore.
Management noted a positive outlook for Jal Jeevan Mission projects following a ₹67,000 crore allocation in the Union Budget 2026.
Standalone EPS improved to ₹0.63 from ₹0.37 in the corresponding quarter of the previous year.
💼 Action for Investors
Investors should monitor the pace of fund releases from the UP government and the execution of JJM projects, as these are critical for revenue acceleration. The stock remains a play on the government's water infrastructure and hydro-power push.
Om Infra's Rs 199.85 Cr NHPC Dibang Project Contracts Terminated
NHPC Limited has terminated two significant contracts awarded to Om Infra for the 2880 MW Dibang Multipurpose Project in Arunachal Pradesh. The contracts, valued at approximately Rs 167.87 crore and Rs 31.98 crore, were for hydro-mechanical works including intake and draft tube gates. The termination is cited as 'Employer's Convenience' due to prevailing site conditions that would have caused significant delays beyond NHPC's control. While the performance security will be returned, this represents a notable reduction in the company's active order book.
Key Highlights
Termination of two contracts for the 2880 MW Dibang Multipurpose Project by NHPC Limited.
Combined value of the terminated contracts totals approximately Rs 199.85 crore.
Reason for termination is 'Employer's Convenience' due to site-related delays, not company default.
NHPC confirmed that performance securities for these contracts will be duly discharged.
The work was originally scheduled to commence on January 27, 2026.
💼 Action for Investors
Investors should account for the reduction in the order book and potential impact on future revenue projections. Monitor management commentary regarding the replacement of this order value with new project wins.