Financial Performance Highlights

Q1 FY27 Consolidated Results

  • Revenue from operations: ₹466.33 crore, up 48.0% YoY from ₹315.07 crore
  • EBITDA: ₹77.10 crore, up 58.1% YoY from ₹48.78 crore
  • EBITDA margin: 16.5%, improved from 15.5% YoY (105 basis points expansion)
  • Profit after tax: ₹46.84 crore, up 50.4% YoY from ₹31.14 crore
  • PAT margin: 10.0%, improved from 9.9% YoY
  • Basic & diluted EPS: ₹6.09, up 40.0% YoY from ₹4.35

Operational Metrics

  • Gross profit: ₹127.2 crore, up 55.5% YoY
  • Gross profit margin: 27.3%, improved from 26.0% YoY
  • Employee benefits expenses: ₹12.6 crore, up 70.3% YoY
  • Other expenses: ₹37.5 crore, up 45.9% YoY
  • Depreciation and amortization: ₹10.1 crore, significantly higher than ₹2.4 crore YoY
  • Finance cost: ₹2.3 crore, slightly lower than ₹2.4 crore YoY
  • Total tax expense: ₹16.7 crore, up 54.6% YoY

Order Book Position

  • Order book as on 30th June 2026: ₹3,116.63 crore
  • Sequential growth: 25.0% increase from previous quarter
  • Provides strong revenue visibility across transmission & distribution, renewable energy, and industrial applications

Strategic Business Update

Acquisition of Atlanta Trafo Limited

  • Completed acquisition of 100% subsidiary Atlanta Trafo Limited
  • Acquisition enterprise value: approximately ₹2,600 million (mix of debt and internal accruals)
  • Previously a 90:10 joint venture between Baoding Tianwei Baobian Electric Co (BTW) and Atlanta promoters
  • Atlanta exercised Right of First Refusal (ROFR) and outbid competitors CG & TRIL
  • Facility capacity: 15,780 MVA available for utilization
  • Manufacturing area: 20,000+ square meters in Gujarat
  • Capability: Up to 765/1,200 kV transformers and reactors range
  • Current status: Preventive maintenance underway, expected turnaround within a quarter
  • Strategic purpose: Initial use for execution of existing orders, providing additional manufacturing slots
  • Active discussions underway for technology tie-up for 765 kV class transformers

Manufacturing Capacity

  • Total combined capacity: 63,060 MVA across all facilities
  • Total manufacturing area: 3,21,451.39 square feet (approximately 29,864 square meters)
  • Five manufacturing facilities across multiple locations:
  • Anand, Gujarat (Unit I): 9,360 MVA capacity, 7,840 sq. mts area
  • Anand, Gujarat (Unit II): 6,660 MVA capacity, 17,845 sq. mts area
  • Bangalore, Karnataka: 720 MVA capacity, 4,178.84 sq. mts area
  • Vadod, Gujarat: 30,540 MVA capacity, 71,798.40 sq. mts area
  • Atlanta Trafo Limited: 15,780 MVA capacity, 20,000 sq. mts area

Product Range and Capabilities

  • Power transformers from 5 MVA/11 kV up to 500 MVA/765 kV
  • Product types: Power, auto, inverter duty, generator, furnace, and special-purpose transformers
  • 63,060 MVA total installed capacity
  • Track record: 1,21,317 MVA and 4,973 transformers supplied to date
  • Geographic reach: Sales across 19 states and 3 union territories
  • Quality certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
  • Testing facilities: 8 NABL accredited transformer testing labs

Management Commentary

Niral Krupeshbhai Patel, Chairman and Managing Director, stated: "We have commenced FY27 on a strong note, building on the momentum established over the past year. We are witnessing a gradual transformation in our business mix, with higher-capacity transformers contributing an increasing share of both our order book and revenue. This reflects the successful execution of our strategy to move up the transformer value chain, strengthen our presence in the EHV segment, and enhance the quality of our earnings over the long term."

Key Management Team

  • Niral Krupeshbhai Patel: Chairman and Managing Director, 22 years experience
  • Amish Krupeshbhai Patel: Whole-time Director, joined 2022
  • Tanmay Surendrabhai Patel: Whole-time Director, joined 2022
  • Akshaykumar Banshilal Mathur: Chief Executive Officer, joined 2015
  • Anand Sharma: Chief Operating Officer, joined 2022
  • Mehul Sureshbhai Mehta: Chief Financial Officer, joined 2005
  • Minesh Bhatt: Vice President – Design, joined 2004
  • Tejalben Saunakkumar Panchal: Company Secretary & Compliance Officer, joined 2023

Historical Financial Performance

FY26 Annual Results (Consolidated)

  • Revenue from operations: ₹1,851.5 crore
  • Gross profit: ₹551.3 crore (29.8% margin)
  • EBITDA: ₹344.4 crore (18.6% margin)
  • PAT: ₹201.8 crore (10.9% margin)
  • Basic & diluted EPS: ₹27.17

FY25 Annual Results (Consolidated)

  • Revenue from operations: ₹1,244.2 crore
  • Gross profit: ₹327.8 crore (26.3% margin)
  • EBITDA: ₹193.6 crore (15.6% margin)
  • PAT: ₹118.6 crore (9.5% margin)
  • Basic & diluted EPS: ₹16.57

Market Opportunity

  • Domestic power transformer applications showing strong growth
  • Specialty transformer market expanding
  • Key demand drivers: Transmission network expansion, renewable energy integration, battery energy storage systems, industrial electrification, and data centre development