Quarterly Financial Performance (Q1FY27)

Income Statement (₹ in Crores)

| Particulars | Q1FY26 | Q4FY26 | Q1FY27 |

| Revenue from Operations | 158.75 | 151.65 | 134.61 |

| Total Income | 162.98 | 158.32 | 141.78 |

| Operating Expenses | 106.33 | 119.74 | 112.55 |

| EBITDA (excluding OI & EI) | 52.42 | 31.91 | 22.06 |

| EBITDA % | 33.0% | 21.0% | 16.4% |

| Finance Cost | 0.10 | 0.10 | 0.10 |

| Depreciation & Amortization | 0.99 | 1.01 | 1.06 |

| PBT | 55.56 | 37.48 | 28.07 |

| PAT | 41.49 | 28.39 | 20.86 |

| EPS (₹) | 36.27 | 24.82 | 18.24 |

Management Commentary

FY27 commenced on a soft note due to continuing effects of the crisis in West Asia, which affected Middle East exports and domestic business through commodity prices.

Export Challenges: Recovery in exports took longer than expected due to persistent increase in shipping costs throughout Q1. Container costs rose between 3x and 5x for certain geographies, materially escalating landed cost for customers and leading to slower pick-up in export dispatches. The increase affected not only Middle East but also North America shipments due to ongoing geopolitical uncertainty.

Domestic Challenges: Passing on commodity inflation arising from West Asia crisis took longer than anticipated. Negotiations with customers extended through much of the quarter, resulting in slower dispatches in Q1FY27.

Margin Impact: Margins reflected lower export mix and partial pass-through of higher commodity prices.

Outlook: Overall business momentum expected to be notably better in Q2FY27. Exports may continue seeing impact from elevated shipping costs if West Asia situation remains unchanged.

Expansion Project Update

Gavasad Expansion #3 remains on track with commissioning expected in April 2027. The company remains on track with its revenue ambition for the year, although geographic mix may change given ongoing situation in West Asia.

Company Overview

Business Profile: Transformer manufacturer with ~4 decades of experience, currently focused on transformers up to 50 MVA & 132 KV class, expanding into 220 KV class.

Financial Position: Debt-free balance sheet with substantial cash reserves.

Production Capacity: Existing production capacity 7,500 MVA with capacity under commissioning of 6,500 MVA.

Global Reach: Exported transformers to over 25+ countries across 5 continents with ~19 years of export experience.

Facilities: Flagship Gavasad facility located on 21-acre plot in Vadodara with:

  • 7,500 MVA capacity (FY27)
  • 475+ people employed
  • 1.6 lakh sq.ft. existing built-up area
  • Additional 1.1 lakh sq.ft. coming online in 2027
  • Post-expansion capacity: 14,000 MVA (FY28)

Manufacturing Philosophy: Specializes in design & ideation of quality transformers as per customer specifications with made-to-order approach. Possesses strong in-house design and engineering capabilities utilizing domestic supply chain with assembly mindset.

Key Management

  • Alay J. Shah: Chairman & Managing Director, 37 years experience, responsible for Design, Production, Finance, and Marketing
  • Aashay A. Shah: Executive Director, 10 years experience, responsible for Marketing, Production, Procurement and Design
  • Aatman A. Shah: Executive Director, 7 years experience, responsible for Marketing, Production, Procurement and Design

Business Outlook

Order Pipeline: Robust order inquiries of ~₹800 Cr from domestic & export clients for FY27.

Demand Drivers: Continued thrust towards conventional energy in emerging economies; investments in ageing grid infrastructure worldwide; private sector CAPEX in traditional and new-age sectors; energy transition to renewables with utility-scale build-out.

Competitive Positioning: Strong design & engineering capabilities focused on niche product profiles; made-to-order approach; well-designed plant for operational efficiency; outsourcing lower value-add components; superior product testing capabilities with 3 parallel testing lines.

Capital Markets Overview (as of 11th August 2026)

  • 52 Week High/Low: ₹5,399.00 / ₹2,852.50
  • Market Capitalization: ₹5,235 Crore
  • Shares Outstanding: 1.14 Crore