Danish Power Ltd(DANISH)

NSE: DANISH

₹ 894.2+5.68%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,761 crUpdated: 24 Oct 2026

About

Danish Power Limited, founded in 1985 and headquartered in Jaipur, Rajasthan, manufactures oil and dry-type power and distribution transformers, inverter-duty transformers, furnace transformers, traction transformers, and control relay panels. The company operates two plants in Jaipur with annual transformer manufacturing capacity of approximately 11,000 MVA following completion of its post-IPO expansion in January 2026. In FY26 it reported consolidated revenue of ₹521 crore and exports to 33+ countries.^[1][2][3][4]

Business segments

Transformer segment contributed ₹478.64 crore, or 90.5% of FY26 consolidated revenue, manufacturing power, distribution and inverter-duty transformers.^[5]
Panel segment contributed ₹35.87 crore, or 6.8% of FY26 consolidated revenue, covering control relay panels and substation automation services.^[5]
Others segment contributed ₹14.23 crore, or 2.7% of FY26 consolidated revenue.^[5]

Products

Product portfolio spans oil and dry-type power and distribution transformers, inverter-duty transformers (IDT), furnace transformers, traction transformers, control relay panels and substation automation services.^[1]
Inverter-duty transformers were the leading revenue product line in FY25, with the company having powered over 12 GW of solar projects. IDT accounted for ~70% of revenue in H1 FY26.^[1][6]
Phase-II expansion extended manufacturing capability to transformers up to 100 MVA and 245 kV class, enabling entry into the higher-voltage power transformer segment.^[2][3]

Manufacturing operations

Two manufacturing plants in Jaipur cover over 1,00,000 sq. ft; core processes - coil winding, tank fabrication and high-voltage testing - are managed entirely in-house.^[1]
Annual transformer manufacturing capacity reached approximately 11,000 MVA after Phase-II expansion was completed in January 2026, up from 4,681 MVA+ as of end-FY25.^[2][1]
Capacity utilisation was approximately 80% in FY26, with production volumes of 5,468 MVA against installed capacity of ~11,000 MVA.^[3][2]
The company holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications and a NABL-accredited in-house testing laboratory.^[1]

Key operating numbers

Transformer production volume rose to 5,468 MVA in FY26 from 4,498 MVA in FY25, a gain of 21.57% YoY.^[2]
Unexecuted order book stood at ₹500+ crore as of FY26, with battery energy storage (BESS) orders representing ~20 - 25% of the book as of May 2026.^[2][3]
Export revenue grew 316% YoY in FY26 to ₹3,761 lakhs; export share rose from ~2% to 8% of revenue in H2 FY26 vs H2 FY25.^[2]
~30% of the order book as of May 2026 carries price variation clauses providing commodity cost pass-through.^[3]
Approximately 90% of FY26 revenue came from private-sector clients.^[3]

Customers and distribution

Long-standing customers include Tata Power, ABB, Waaree, Jakson, Torrent Power and Siemens.^[1]
The company exports to 33+ countries with a strategic presence across Europe, the Middle East, Africa and South Asia; long-term framework agreements have been signed with international clients in these regions.^[1][3]

Expansion and capex

Sheet metal fabrication backward-integration subsidiary (Danish Transformer India Pvt Ltd) is being set up with capex of approximately ₹20+ crore; commissioning was targeted for August 2026.^[3][2][1]
Land adjacent to existing facilities was acquired ~six months before the Q4 FY26 call; management expected a decision on the next capacity expansion phase within three months, with potential to increase capacity 80 - 100% in 12 - 18 months from that decision.^[3]
Prototype development and type testing for power transformers up to 100 MVA / 245 kV have commenced; formal customer qualifications are expected throughout FY27 with meaningful revenue contribution targeted from FY28.^[3]

Recent developments

Phase-II of post-IPO capacity expansion completed in January 2026, raising annual capacity to ~11,000 MVA and extending capability to 100 MVA / 245 kV class transformers.^[2]
FY26 operating cash flow turned positive at ₹4,689 lakhs vs negative ₹2,038 lakhs in FY25, reflecting improved cash conversion.^[2]
Finance cost fell 69.18% YoY to ₹187 lakhs in FY26; debt-to-equity ratio stood at 0.004x in FY26.^[2]

Market Cap

₹1,761 Cr

High / Low

₹1,095 / 551

Stock P/E

24.1

Price / Book

3.6

EPS

₹35.0

No. of Shares

1.97 Cr

OPM

17.5%

Sales

₹521 Cr

Net Profit

₹69 Cr

Promoter holding

73.6%

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