Indo Tech Transformers Ltd(INDOTECH)

NSE: INDOTECHBSE: 532717

₹ 2,672-0.76%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,838 crWebsite: www.prolecge.inUpdated: 24 Oct 2026

About

Indo Tech Transformers makes power, large power and distribution transformers, skid-mounted substations and special-application inverter and converter transformers. Its plants are in Kancheepuram, Tamil Nadu. Revenue was Rs 782.08 Cr in FY26. Its holding company is Shirdi Sai Electricals Limited.^[1][2]

Business segments

Transformers is the single reported segment. India revenue was Rs 481.91 Cr and rest-of-world revenue was Rs 21.69 Cr in FY24.^[3]

Products

Products include transformers, large power transformers, distribution transformers and skid-mounted substations, plus inverter and converter transformers for special applications (FY25).^[1]
Product capability goes up to 315 MVA, 400 kV class, as of Q1 FY27.^[4]

Operations

The manufacturing facilities are in Kancheepuram, Tamil Nadu (FY25).^[1]
Installed capacity is 14,000 MVA, and capacity utilisation is 80-90%, as stated in the Q1 FY27 call.^[4]
The in-house testing laboratory is NABL accredited (ISO 17025) and runs all routine and special tests. The company has completed successful short-circuit testing (FY25).^[1]
Main raw materials are copper, CRGO, steel and oil, bought from domestic suppliers with no commodity hedging. 60% of raw material costs are exposed to commodity price swings (FY25).^[1]
The company had 331 employees as of March 31, 2025.^[1]

Order book

The executable order book was Rs 1,318 Cr in Q1 FY27, against Rs 830 crore (about 1.5 times annual revenue) stated in the FY25 annual report.^[4][1]
Pipeline opportunities were over Rs 10,000 Cr as of Q1 FY27.^[4]
Debtor days were 56 in FY26, improved from 76 in FY25.^[4]

Customers and markets

End markets include steel and cement, wind, solar and hydro, BESS, data centre EPC, utilities and DISCOMs, railways, and exports (Q1 FY27).^[4]
In FY25 the company focused on select industrial and renewable EPC customers who wanted faster deliveries with secured payments, which limited its exposure to direct utility orders.^[1]
The holding company, Shirdi Sai Electricals Limited, has nearly three decades in transformer manufacturing and EPC and shares procurement and supply-chain synergies. Indo Tech has no subsidiary or associate (FY25).^[1]
Related-party transactions with the holding company SSEL were approved up to Rs 250 crore for FY26.^[1]

Expansion and capex

A phased capex plan of Rs 495 Cr will raise capacity from 14,000 MVA to 50,000 MVA by FY29 in four phases. It will be funded through internal accruals and term loans, with no equity dilution (Q1 FY27).^[4]
The earlier FY25 plan was capex of Rs 75 crore to lift capacity from 9,500 MVA to 16,000 MVA over two years.^[1]

Recent developments

23 Sep 2026: won an order worth Rs 42,88,14,000 plus GST from Leap Green Energy Group for 400 kV transformers for solar and wind projects.^[5]
June 2025: India Ratings upgraded the credit rating to BBB+/A2 from BBB-/A3.^[1]
M. Purushothaman was appointed CEO on April 7, 2025, and became a whole-time director from May 2025.^[1]

Market Cap

₹2,838 Cr

High / Low

₹4,035 / 1,100

Stock P/E

28.6

Price / Book

7.6

Book Value

₹352

EPS

₹87.3

No. of Shares

1.06 Cr

ROCE

37.7%

ROE

28.3%

OPM

15.9%

Debt / Equity

0.01

Sales

₹782 Cr

Net Profit

₹93 Cr

Promoter holding

70.3%

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