Date: November 2, 2026

Financial Performance Summary

Q2 FY27 Financial Highlights (₹ Crores):

  • Revenue from Operations: ₹208.6 (vs. ₹98.2 in Q2FY26, +112.4% YoY)
  • Gross Profit: ₹95.4 (vs. ₹42.3 in Q2FY26, +125.4% YoY)
  • EBITDA: ₹73.1 (vs. ₹27.4 in Q2FY26, +167.2% YoY)
  • EBITDA Margin: 35.0% (vs. 27.8% in Q2FY26)
  • Profit Before Tax: ₹72.3 (vs. ₹25.9 in Q2FY26, +178.7% YoY)
  • Profit After Tax: ₹53.9 (vs. ₹19.3 in Q2FY26, +179.7% YoY)
  • PAT Margin: 25.8% (vs. 19.6% in Q2FY26)

H1 FY27 Financial Highlights (₹ Crores):

  • Revenue from Operations: ₹345.7 (vs. ₹165.6 in H1FY26, +108.8% YoY)
  • Gross Profit: ₹152.9 (vs. ₹71.5 in H1FY26, +114.0% YoY)
  • EBITDA: ₹111.8 (vs. ₹42.7 in H1FY26, +161.7% YoY)
  • EBITDA Margin: 32.3% (vs. 25.8% in H1FY26)
  • Profit Before Tax: ₹109.1 (vs. ₹41.6 in H1FY26, +162.0% YoY)
  • Profit After Tax: ₹81.2 (vs. ₹30.7 in H1FY26, +164.8% YoY)
  • PAT Margin: 23.5% (vs. 18.5% in H1FY26)

Business Mix Analysis

Overall Revenue Mix (H1FY27):

  • Transformers: 87.8% (vs. 75.9% in H1FY26)
  • EPC: 12.2% (vs. 24.1% in H1FY26)

Transformers Business Mix (H1FY27):

  • Power Transformers: 56.0% (vs. 62.2% in H1FY26)
  • Distribution Transformers: 1.2% (vs. 0.1% in H1FY26)
  • Scott Transformers: 8.8% (vs. 9.7% in H1FY26)
  • Traction Transformers: 0.0% (vs. 3.8% in H1FY26)
  • Shunt Reactors: 21.7% (vs. 0.0% in H1FY26)

Transformers Voltage Mix (H1FY27):

  • 400 kV: 55.9% (vs. 48.7% in H1FY26)
  • 220 kV and <400 kV: 21.8% (vs. 4.6% in H1FY26)
  • 132 kV and <220 kV: 8.7% (vs. 13.1% in H1FY26)
  • <132 kV: 1.2% (vs. 9.5% in H1FY26)

Management Commentary

Abhishek Singhal, Whole Time Director, commented:

  • H1FY27 momentum continued from FY26 and Q1FY27
  • Growth driven by higher volumes and broader product mix
  • Power transformers grew 88% in H1FY27
  • Shunt reactors (used for renewable grid integration) grew to ~22% of revenue from negligible share last year
  • Products of 220 kV and 400kV made up nearly 78% of revenue in H1FY27 (vs. ~53% in H1FY26), improving margin profile

Order Book & Business Outlook

  • Secured fresh orders worth ~₹867.3 Cr during Q2FY27
  • Outstanding order book: ₹2,711.2 Cr as of September 30, 2026
  • Order book executable over next 24-30 months
  • Brownfield expansion at Gangol unit on track with commissioning expected by FY29
  • Expect to achieve FY27 guidance of revenues ~₹950 Cr
  • EBITDA margin profile expected to be similar to FY26

Company Background

  • Incorporated in 1972
  • Transformer manufacturer and EPC service provider for substations and transmission lines
  • Caters to power transmission, railways, renewable energy and power distribution sectors
  • Among five manufacturers in India with short-circuit test certification for 500 MVA, 400 kV transformers
  • Also certified for 100 MVA, 220 kV Scott-connected transformers supporting Indian Railways' network electrification
  • Backward-integrated manufacturing facilities and in-house technology