OMINFRAL - Om Infra

📊 NSE: OMINFRAL 🏢 Engineering - Turnkey Services 📅 Last Updated: 12/14/2025 10:40

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1FY26 was INR 228 Cr, a 44.1% decrease from INR 408 Cr in H1FY25. The Engineering segment (standalone) contributed INR 219.27 Cr in H1FY26, down 42.5% YoY from INR 381.21 Cr. Real Estate segment revenue (standalone) remained stagnant at INR 1.38 Cr for H1FY26 compared to H1FY25.

Geographic Revenue Split

Revenue is primarily generated from India, with a focus on Rajasthan. International revenue includes INR 1.97 Cr from a branch in Nepal. The company also has project exposure in Rwanda and Ghana through joint ventures.

Profitability Margins

Operating margin for FY25 was 16.74%, up from 15.42% in FY24. However, the PAT margin for H1FY26 declined to 3% from 4% in H1FY25. Net profit for H1FY26 was INR 6 Cr, a 63% drop from INR 17 Cr in H1FY25.

EBITDA Margin

Consolidated EBITDA margin contracted to 3% in H1FY26 from 8% in H1FY25, representing an 82.8% YoY decline in absolute EBITDA value to INR 6 Cr.

Credit Rating & Borrowing

The company's credit rating was downgraded to CARE BBB-; Stable (Long-term) and CARE A3 (Short-term) on September 26, 2025. Finance costs for H1FY26 were INR 9 Cr, a 20% reduction YoY.

⚙️ Operational Drivers

Raw Materials

Steel, cement, and specialized fabrication components for hydro-mechanical systems.

Capacity Expansion

Current installed fabrication capacity is 15,000 MTPA at the Kota, Rajasthan unit. Planned expansion details are not disclosed.

Raw Material Costs

Not disclosed as a specific percentage of revenue.

Manufacturing Efficiency

The company operates a 15,000 MTPA fabrication unit. Efficiency is monitored through project execution timelines and cost optimization strategies.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth is targeted through the extension of the Jal Jeevan Mission (JJM) scheme till December 2028, which has a government allocation of INR 67,000 crore. The company plans to ramp up order execution post-monsoon from Q3FY26. Strategic monetization of real estate assets like Pallacia (Jaipur) and Om Meadows (Kota) and a 17.5% stake in a 2 Mn sq.ft development with Valor Estate are also key drivers.

Products & Services

Hydro-mechanical gates, hoists, dams, EPC civil construction, and residential real estate units.

Brand Portfolio

Pallacia, Om Meadows.

Market Expansion

Exploring new geographical markets in Africa (Rwanda, Ghana) and synergistic segments within the infrastructure domain.

Strategic Alliances

Partnerships include Valor Estate (17.5% stake), SPML Joint Venture (Rwanda, Ghana), and various JVs with HCC, JWIL, and VKMCPL.

🌍 External Factors

Industry Trends

The industry is shifting towards large-scale government-funded water infrastructure (JJM) and hydro-power. The JJM scheme extension to 2028 is a key future driver.

Competitive Landscape

Operates in the civil construction and engineering sector, competing with other EPC contractors for government infrastructure projects.

Competitive Moat

The company has a durable advantage in specialized hydro-mechanical equipment (gates and hoists) for dams, supported by a 15,000 MTPA fabrication unit. This niche expertise and long-standing government relationships create high entry barriers.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and Union Budget allocations for the Jal Jeevan Mission (INR 67,000 Cr).

Consumer Behavior

Demand for residential real estate in Rajasthan affects the monetization of projects like Pallacia and Om Meadows.

Geopolitical Risks

Exposure to geopolitical uncertainties in African markets (Rwanda, Ghana) and cross-border operations in Nepal.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Jal Jeevan Mission guidelines, pollution norms for fabrication units, and Ind AS 108 for segment reporting.

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind AS). It recorded a tax credit of INR 5 Cr in H1FY26.

Legal Contingencies

The company is involved in a significant arbitration case regarding Bhilwara Jaipur Toll Road Private Limited (BJTRPL), with a claim value of approximately INR 700 crore currently in the High Court. There is also an audit qualification regarding the Nepal branch due to missing records for INR 1.97 crore in revenue.