Indo Tech Transformers FY26 Results & Expansion Plan

Date: September 10, 2026

Financial Results (Standalone & Consolidated)

FY2026 Audited Results:

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

Q1 FY2027 Unaudited Results:

Sales: ₹227 Cr (38% growth YoY from Q1 FY26 ₹164 Cr)
Profit Before Tax (PBT): ₹34 Cr (36% growth YoY from Q1 FY26 ₹25 Cr)
Profit After Tax (PAT): ₹26 Cr (39% growth YoY from Q1 FY26 ₹19 Cr)

Quarterly Progression Context:

| Sales | 164 | 239 | 227 |

| PBT | 25 | 32 | 34 |

| PAT | 19 | 24 | 26 |

Financial Position Highlights:

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

Board Meeting Outcomes

Expansion / Capex:

₹495 Cr phased capacity expansion program
Target to scale capacity to 50,000 MVA by FY29
Financed through internal accruals and term loans with no equity dilution

Operational Highlights:

Current installed capacity: 14,000 MVA
Transformers manufactured: 66,000+ in operating history
Capacity utilization: 80-90%
Executable order book: ₹1,318 Cr
Pipeline opportunities: Over ₹10,000 Cr

Products and End Markets:

Distribution transformers for industrial customers, DISCOMs, and utilities
Power & large power transformers up to 315 MVA, 400 kV class
Renewable application transformers for solar, wind, and hydro generation
Special application transformers including inverter, converter, and mobile-substation transformers
Diversified end-market exposure: Industrial customers, steel & cement, wind/solar/hydro, BESS, data centers EPC, utilities & DISCOMs, railways, export markets

Customer Base:

Includes NTPC, Adani, JSW, Hero Solar, KPTCL, APTRANSCO, TANTRANSCO, TGTRANSCO, various utilities and DISCOMs, wind and solar developers, hydro generation, BESS applications, data centers, steel sector, cement sector, textiles, EPC contractors, railways, and export markets

Leadership & Governance

KMP / Board Changes:

N. Visweswara Reddy - Group Chairman and Promoter Director
M. Purushothaman - CEO & Whole-Time Director
Ajay Kumar Dhagat - Independent Director & Non-Executive Chairman
Sharat Chandra Kolla - Non-Executive Director
Sudheer Vennam - Non-Executive Director
Leena Mukundh Sathyanarayanan - Independent Director

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 through back-to-back pricing, advance procurement, and variable-price clauses
CAPEX Execution (₹495 Cr expansion program): Mitigated through phased approvals and internal-accrual funding for early phases
Customer Concentration: Mitigated through diversification across industrial, private, renewable, utility, and export applications
Working-Capital Intensity (Inventory increased to ₹196 Cr): Mitigated through improved debtor days (56 days) and strong cash reserves (₹114 Cr+)
Competition: Mitigated through long operating history, 66,000+ transformers manufactured, and broad product range

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

Company Background:

Founded in 1975 as ITEC; incorporated as public limited company in 1992
Subsidiary of Shirdi Sai Electricals Limited since 2020
Headquartered and manufactured from Kancheepuram, Tamil Nadu