Date: September 10, 2026

Financial Results (Standalone & Consolidated)

FY2026 Full-Year Audited Results:

  • Revenue from operations: ₹782 Cr (28% YoY growth from ₹612 Cr in FY25)
  • Total income: ₹793 Cr (26% YoY growth from ₹628 Cr in FY25)
  • Profit Before Tax (PBT): ₹124 Cr (44% YoY growth from ₹86 Cr in FY25)
  • Profit After Tax (PAT): ₹93 Cr (45% YoY growth from ₹64 Cr in FY25)
  • PAT margin: 12% (150 bps expansion from 10% in FY25)
  • EPS: ₹87.4 (45% YoY growth from ₹60.1 in FY25)

Q1 FY2027 Unaudited Results:

  • Sales: ₹227 Cr (38% YoY growth)
  • Profit Before Tax (PBT): ₹34 Cr (36% YoY growth)
  • Profit After Tax (PAT): ₹26 Cr (39% YoY growth)

Quarterly Progression Context:

| Metric (₹ Cr) | Q1 FY26 (Actual) | Q4 FY26 (Actual) | Q1 FY27 (Unaudited) |

| Sales | 164 | 239 | 227 |

| PBT | 25 | 32 | 34 |

| PAT | 19 | 24 | 26 |

Financial Strength Indicators

  • Cash & bank balances: ₹114 Cr (increased from ₹93 Cr in FY25)
  • Total equity: ₹374 Cr (increased from ₹281 Cr in FY25)
  • Debtor days: 56 days (improved from 76 days in FY25)
  • Debt/Equity ratio: 0.03x (near-zero net debt)
  • Return metrics (FY26): ROCE 38%, ROE 28%

Business Update and Operational Highlights

Company Background:

  • Founded in 1975 as ITEC; incorporated as public limited company in 1992
  • Subsidiary of Shirdi Sai Electricals Limited (acquired majority ownership in 2020)
  • Headquartered and manufactured from Kancheepuram, Tamil Nadu
  • Manufacturing scale: 66,000+ transformers manufactured, current installed capacity 14,000 MVA

Product Portfolio:

  • Distribution Transformers: Last-mile power delivery for industrial customers, DISCOMs, and utilities
  • Power & Large Power Transformers: High-capacity capability up to 315 MVA, 400 kV class
  • Renewable Applications: Step-up and interconnection transformers for solar, wind, and hydro generation
  • Special Applications: Inverter, converter, and mobile-substation transformers

Diversified End-Market Exposure:

Industrial Customers, Steel & Cement, Wind/Solar/Hydro, BESS, Data Centres EPC, Utilities & DISCOMs, Railways, Export Markets

Order Book and Demand Visibility:

  • Executable order book: ₹1,318 Cr
  • Pipeline opportunities: Over ₹10,000 Cr
  • Capacity utilization: 80-90%

Expansion / Capex

Capacity Expansion Plan:

  • Total CAPEX: ₹495 Cr
  • Objective: Scale capacity from current base to 50,000 MVA by FY29
  • Funding: Internal accruals and term loans (no equity dilution)
  • Timeline: Phased execution from 2024 to FY29

Market Context

Indian Power-Transformer Market:

  • Projected growth from ₹16,063 Cr in FY22 to ₹28,744 Cr in FY30E

National Renewable Target:

  • 500 GW targeted installed capacity by 2030

Market Demand Drivers:

  • Power Infrastructure: Expansion in transmission lines, substations, and grid modernization
  • Renewable Additions: Solar, wind, and hydro generation additions require dedicated transformers
  • Industrial Capex: Capacity expansion in steel, cement, textiles, and data centers

Leadership and Governance

Board of Directors:

  • N. Visweswara Reddy - Group Chairman and Promoter Director (transformer-industry entrepreneur with three decades experience)
  • M. Purushothaman - CEO & Whole-Time Director (electrical engineer with 35+ years in transformer sector)
  • Ajay Kumar Dhagat - Independent Director & Non-Executive Chairman (electrical engineer with five decades experience)
  • Sharat Chandra Kolla - Non-Executive Director (mechanical engineer with 29 years experience)
  • Sudheer Vennam - Non-Executive Director (mechanical engineer with 22 years experience)
  • Leena Mukundh Sathyanarayanan - Independent Director (Chartered Accountant with broad manufacturing experience)

Management Team:

  • Saikrishnan C.P. - CFO
  • Karthick D - Compliance Officer
  • Shiva Prasad Padhy - Company Secretary

Risk Management

Identified Risks and Mitigants:

  • Raw-Material Volatility: CRGO and copper exposure - mitigated by back-to-back pricing, advance procurement, variable-price clauses
  • CAPEX Execution: ₹495 Cr expansion program - mitigated by phased approvals and internal-accrual funding for early phases
  • Customer Concentration: Exposure to order timing and sector mix - mitigated by diversification across industrial, private, renewable, utility, and export applications
  • Working-Capital Intensity: Inventory increased to ₹196 Cr to support growth - mitigated by improved debtor days (56 days) and strong cash reserves (₹114 Cr+)
  • Competition: Domestic and global transformer manufacturers - mitigated by long operating history, 66,000+ transformers manufactured, and broad product range