Event Type: Q2 & H1 FY27 Earnings Conference Call with analysts and investors to discuss Unaudited Standalone and Consolidated Financial Results.

Date and Time: Held on 13th October, 2026. Specific time and time zone not mentioned in the transcript.

Purpose: Discussion of company's operations and financial performance for the quarter and half-year ended 30th September, 2026.

Management Participants:

  • Mr. Satyen Mamtora – Managing Director and Chief Executive Officer
  • Mr. Mehul Shah – Chief Financial Officer
  • Moderator: Ms. Krishna Patel from EY

Availability of Materials: The transcript of the earnings conference call has been uploaded to the Company's website at www.transformerindia.com.

Compliance Language: The call included forward-looking statements subject to risks and uncertainties that could cause actual results to differ from those expressed or implied.

Financial Highlights and Guidance

Financial Period Discussed: Q2 FY27 and H1 FY27 (quarter and half year ended 30th September, 2026)

Standalone Q2 FY27 Performance:

  • Revenue from operations: INR709 crores, 66% year-on-year growth and 27% quarter-on-quarter growth
  • EBITDA: INR114 crores, 203% Y-o-Y and 53% quarter-on-quarter growth
  • EBITDA margin: 16.1% compared to 8.8% in Q2FY26 and 13.3% in Q1 FY27

Standalone H1 FY27 Performance:

  • Revenue from operations: INR1,268 crores, 35% year-on-year growth
  • EBITDA: INR185 crores, 47% year-on-year growth
  • EBITDA margin: 14.6% from 13.4% in H1 FY26

Order Book Status:

  • Unexecuted order book as of 30th September 2026: INR7,237 crore, up 32% year-on-year
  • Order book executable over next 18 to 24 months
  • Q2 FY27 order inflows: INR1,169 crores, 97% year-on-year growth

Major Orders Received in Q2 FY27:

  • First-ever nuclear power sector order: supplying generator transformers for NPCIL Kaiga Units 5 and 6
  • Large transformer order from Megha Engineering and Infrastructures Limited (execution over 35 months)
  • LOI from APTRANSCO for power transformers manufacturing (deliveries within 13 months)
  • Large order from Damodar Valley Corporation for 500 MVA and 200 MVA transformers (execution in 15-28 months)
  • Large order from GETCO for 80 MVAr reactors, 125 MVAr reactors, and 500 MVA auto-transformers (delivery in 24-30 months)

Current Pipeline: 21,000 crores of inquiries under negotiation (80% domestic, 20% export; equal mix between government and private customers)

Strategic Updates:

  • Successfully completed dynamic short circuit testing on three transformers (400 kV and 220 kV)
  • Changodar transformer manufacturing expansion near completion, commercial production expected around Diwali
  • Additional capacity: 35,000 MVA at Changodar facility
  • Backward integration projects progressing as per timeline
  • Established UK subsidiary in September 2026 to strengthen customer support in UK and European markets
  • Targeting FY27 guidance of 25% growth with 9-10% PAT margin

Balance Sheet Position (Standalone as of 30th September 2026):

  • Total debt: approximately INR575 crores (long-term borrowing ~INR125 crores, short-term borrowing ~INR449 crores)
  • Debt to equity ratio: approximately 0.35x
  • Cash and cash equivalents: approximately INR77 crores
  • Access to unutilized QIP proceeds for backward integration initiatives
  • Inventory: approximately INR654 crores
  • Trade receivables: approximately INR1,053 crores (INR825 crores current, rest non-current)
  • Net working capital days: ~154 days (inventory days ~93 days, receivable days ~117 days, payable days ~56 days)

Capacity and Expansion Details:

  • Current production: ~9,500 MVA in Q2 FY27
  • Changodar expansion: adding 35,000 MVA capacity with capex of ~INR150 crores
  • Moraiya facility: planning additional 30% capacity expansion after Changodar completion
  • Backward integration expected to contribute 200-300 basis points margin expansion
  • CTC plant (3,000 MTPA capacity) expected operational from Q3 FY27, with 60% captive consumption

Market Outlook:

  • Supportive demand environment across power generation, transmission infrastructure, renewable energy integration
  • Emerging opportunities in data centers, railway electrification, EV infrastructure, and energy transition projects
  • Export revenue: 8% of total revenue in Q2 FY27
  • Export order book: ~15% of total

Additional Notes Section

The document is a regulatory filing containing the complete transcript of the earnings conference call. No financial data beyond what was discussed in the call was disclosed in this announcement. The transcript includes detailed Q&A session with analysts covering various aspects of the business including competition, working capital management, raw material prices, and growth strategy.