Techno Electric & Engineering Company Ltd(TECHNOE)

NSE: TECHNOEBSE: 542141

₹ 827.2-4.80%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,620 crWebsite: www.techno.co.inUpdated: 24 Oct 2026

About

Techno Electric & Engineering Company Ltd is an Indian power-sector EPC contractor executing transmission lines, substations, flue-gas desulphurisation systems and advanced metering infrastructure. The company reported FY26 consolidated revenue of ₹3,252 Cr and is diversifying into data centre ownership and operation. It carries an ICRA AA (Stable) long-term credit rating and is debt-free.^[1][2][3]

Business segments

EPC (Engineering, Procurement & Construction) in power sector contributed 93% of FY25 standalone revenue (₹2,257.89 Cr), covering transmission lines, substations, FGD and distribution projects.^[4]
Corporate/unallocable income (treasury, investments) contributed 6.6% of FY25 standalone revenue at ₹159.96 Cr.^[4]
Data centre ownership and operation is a nascent third segment; FY27 revenue guidance of ₹40 - 50 Cr was reaffirmed in Q1 FY27, weighted toward H2.^[5][2]

Order book and inflows

At FY26-end (March 2026) the order book composition was: Transmission ~₹7,000 Cr, FGD ~₹1,000 Cr, AMI/distribution ~₹1,500 Cr.^[2]
YTD order inflows to August 2026 reached ₹2,200 Cr; L1 positions of ₹2,100 Cr mean the combined total already exceeds the full-year FY27 intake target of ₹4,000 Cr.^[5]
Q1 FY27 order inflows were ₹666 Cr.^[5]
Top two EPC customers contributed 45.36% of total FY25 revenues, indicating meaningful customer concentration.^[3]

EPC operations

Standalone EPC revenue reached ₹641 Cr in Q1 FY27 vs ₹514 Cr in Q1 FY26, a 25% increase driven by project execution.^[5]
FY26 standalone revenue was ₹3,252 Cr (+35.42% YoY); Q4 FY26 standalone revenue was ₹1,043 Cr (+28.5% YoY).^[2]
The company secured its first 132 kV digital substation order at 4 DVC Grid Command locations, described as among the most advanced of its kind in India.^[2]
FGD segment: existing Kota and Jhalawar orders (both >60% complete as of Q1 FY26) are progressing; Kota targeted for completion March 2027, Jhalawar June 2027.^[6][2]
Two TBCB transmission SPV subsidiaries (NERGS-I and NERES-XVI) are under development; transmission assets Isha Nagar and Dhule are to be monetised to IndiGrid in Q2 and Q3 FY27, unlocking ~₹1,500 Cr of contract assets.^[3][5]

Key operating metrics

Standalone EBITDA margin was 13.8% in Q1 FY27; consolidated EBITDA margin was 15.79% in Q1 FY27.^[5]
Consolidated EBITDA margin for full-year FY26 was 14.2%.^[2]
FY27 standalone EBITDA margin guided at 13 - 14% (upper end raised from prior ~13% guide).^[5]
Cash and current investments were ~₹1,250 Cr as of Q1 FY27 (30 June 2026), reduced from ₹2,600 Cr at Q2 FY26 as QIP proceeds were deployed into data centre, AMI and transmission projects.^[5][7]

Smart metering (AMI)

Of 2.24 million contracted smart meters, 18.5 lakh (82%) were deployed as of Q1 FY27, leaving 4 lakh to complete; remaining circles (Ranchi, Tripura, J&K) are 60 - 80% complete and targeted by December 2026.^[5]
Madhya Pradesh (Indore circle) is 100% complete and in annuity/O&M cash-flow phase.^[5]
Smart meter capex in FY27 is expected to be self-funded: ~₹450 Cr inflows from PMPM and lump-sum payments vs ~₹400 Cr outgo to complete remaining installations.^[5]
AMISP contract payments are spread over 93 - 108 months; contracts include a significant financing component recognised using the implicit interest rate method.^[3]

Data centre build-out

Chennai hyperscale campus Phase 1 (5.6 MW IT load) has been operational since September 2025; the electrical topology was re-engineered to raise total campus capacity from the original 24 MW design to 35 - 40 MW within the same footprint.^[5][7]
Cumulative data centre capex reached ₹628 Cr as of Q1 FY27; Phase 1 Chennai alone was capitalised at ₹470 Cr.^[5][7]
Noida 16 MW DC has all major long-lead equipment under manufacturing; commissioning targeted Q4 FY27 (January - March 2027).^[5]
Kolkata 16 MW DC is in foundation/piling stage; commissioning not before FY28.^[5]
Edge DCs: Gurgaon EDC is fully subscribed generating ~₹2 Cr annual revenue; Mumbai second EDC went live May 2026.^[2]
~150 MW of IT load demand is under active discussion with hyperscale, AI and enterprise customers; 10 new customer logos were signed in Q1 FY27 including two telecom carriers.^[5]
An MoU was signed with a global hyperscaler for a 2 MW facility in Andhra Pradesh, leveraging existing EPC substation footprint in the state; management described it as an entry point with a pathway to multiple MW.^[5]
Medium-term target is 250 MW of data centre capacity by 2030; FY27 DC capex is guided at ~₹1,000 Cr.^[5]

Balance sheet and credit

The company is debt-free; FY25 cash flow from operations was ₹837 Cr vs negative in the prior year.^[3]
ICRA long-term rating is [ICRA]AA (Stable); short-term non-fund-based facilities carry [ICRA]A1+.^[3]
Borrowing limit proposed to be raised from ₹3,000 Cr to ₹3,500 Cr to support working capital for the ~₹10,000 Cr order book; facilities are predominantly non-fund-based (letters of credit, bank guarantees).^[8]
QIP of ₹1,25,000 lakhs was completed in July 2024; CARE Ratings issued a monitoring agency report for the quarter ended June 2026 confirming utilisation tracking.^[3][9]

Recent developments

Middle East conflict disrupted SF6 gas supply to insulator and switchgear manufacturers (GE, ABIL), shaving ~₹200 Cr from Q4 FY26 topline; cost pressure from this disruption was expected to persist into H1 FY27.^[2]
Final dividend of ₹7 per equity share (face value ₹2) was declared for FY26; FY25 dividend was ₹9 per share.^[8][3]
Afghanistan project receivables of ₹6,105 lakhs were pending ADB/UNOPS verification as of FY25; a claim eligibility process was submitted on 19 December 2024 and management was confident of full recovery.^[3]

Market Cap

₹9,620 Cr

High / Low

₹1,392 / 811

Stock P/E

22.3

Price / Book

2.3

Book Value

₹357

EPS

₹40.8

No. of Shares

11.63 Cr

ROCE

14.8%

ROE

12.0%

OPM

17.5%

Debt / Equity

0.02

Sales

₹3,252 Cr

Net Profit

₹474 Cr

Promoter holding

56.9%

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Techno Electric & Engineering Company Ltd(TECHNOE)

About

Business segments

Order book and inflows

EPC operations

Key operating metrics

Smart metering (AMI)

Data centre build-out

Balance sheet and credit

Recent developments

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