Star Delta Transformers Ltd (539255)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Star Delta's revenue was ₹37.5 Cr (+24.0% year on year, -19.3% on the previous quarter), and net profit ₹1.4 Cr (-38.2% year on year); the operating margin was 5.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹37.5 | +24.0% | -19.3% |
| Operating profit | ₹2.1 | -31.1% | -66.2% |
| Net profit | ₹1.4 | -38.2% | -68.3% |
| EPS (₹) | 4.67 | -38.3% | -68.3% |
| Operating margin | 5.5% | — | — |
📢 Recent Corporate Announcements
Star Delta Transformers Limited has announced that its 50th Annual General Meeting (AGM) for the financial year ended March 31, 2026, will be held on September 29, 2026. The company has fixed September 22, 2026, as the cut-off date to determine voting rights for shareholders. The register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026. Remote e-voting will run from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM).
- 50th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 12:30 PM
- Voting entitlement cut-off date fixed as Tuesday, September 22, 2026
- Book closure period set from September 23, 2026, to September 29, 2026 (both days inclusive)
- Remote e-voting window opens September 26, 2026 (9:00 AM) and closes September 28, 2026 (5:00 PM)
Star Delta Transformers Limited has notified the exchange regarding its upcoming 50th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, at 12:30 PM. The cut-off date to determine voting entitlement for shareholders has been fixed as Tuesday, September 22, 2026. The register of members and share transfer books will remain closed from September 23, 2026, to September 29, 2026. Remote e-voting is set to open on September 26, 2026, and conclude on September 28, 2026.
- 50th AGM to be held on Tuesday, September 29, 2026, at 12:30 PM at the registered office in Bhopal
- Cut-off date for e-voting eligibility fixed as Tuesday, September 22, 2026
- Register of members and share transfer books closed from September 23, 2026, to September 29, 2026
- Remote e-voting window opens September 26, 2026 (9:00 AM) and closes September 28, 2026 (5:00 PM)
Star Delta Transformers reported a mixed performance for Q1 FY27, with revenue from operations growing 24% YoY to ₹37.49 Cr. However, Net Profit (PAT) declined significantly by 38.3% YoY to ₹1.40 Cr, down from ₹2.27 Cr in the previous year's corresponding quarter. This profitability squeeze was primarily driven by a sharp rise in raw material costs, which consumed nearly 97% of the quarterly revenue. Sequentially, the performance was even weaker, with PAT falling 68% from the ₹4.42 Cr recorded in Q4 FY26.
- Revenue from operations grew 24% YoY to ₹37.49 Cr compared to ₹30.23 Cr in Jun 2025.
- Net Profit (PAT) fell 38.3% YoY to ₹1.40 Cr from ₹2.27 Cr.
- Cost of materials consumed rose to ₹36.41 Cr, representing 97.1% of revenue versus 82% in the same quarter last year.
- Earnings Per Share (EPS) declined to ₹4.67 from ₹7.57 YoY.
- Solar Power segment reported zero revenue for the quarter, with the entire ₹37.49 Cr coming from the Transformer segment.
Star Delta Transformers reported a mixed Q1 FY27 performance with revenue growing 24% YoY to ₹37.49 Cr. However, net profit declined significantly by 38.3% YoY to ₹1.40 Cr, down from ₹2.27 Cr in the same quarter last year. This divergence was driven by a sharp increase in raw material costs, which consumed nearly 97% of revenue, and a sequential decline in both top and bottom lines compared to the March 2026 quarter.
- Revenue from operations increased 24% YoY to ₹37.49 Cr from ₹30.23 Cr.
- Net profit fell 38.3% YoY to ₹1.40 Cr, and dropped 68.3% sequentially from ₹4.42 Cr in Q4 FY26.
- Cost of materials consumed rose to ₹36.41 Cr, representing 97.1% of revenue compared to 82% in the previous year's quarter.
- The Solar Power segment reported zero revenue for the quarter, with the entire top line coming from the Transformer segment.
- The 50th Annual General Meeting (AGM) is scheduled for September 29, 2026.
Star Delta Transformers has scheduled a board meeting for August 14, 2026, to approve its unaudited standalone financial results for the quarter ended June 30, 2026. The company enters this quarter following a FY26 performance where revenue reached Rs 173 Cr with a PAT of Rs 12 Cr. The trading window for insiders has been closed since July 1, 2026, and will reopen 48 hours after the results are announced. This is a routine regulatory filing ahead of the quarterly earnings release.
- Board meeting scheduled for August 14, 2026, at 03:00 P.M. at the Bhopal registered office
- Financial results to be reviewed for the three-month period ended June 30, 2026
- Trading window for insiders closed since July 1, 2026, per SEBI PIT regulations
- Company reported a TTM revenue of Rs 173 Cr and OPM of 9.8% as of March 2026
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 1.23% YoY, increasing from INR 14,013.59 lacs (INR 140.14 Cr) in FY24 to INR 14,186.43 lacs (INR 141.86 Cr) in FY25. Segment-specific growth percentages for transformers versus solar power were not disclosed.
Geographic Revenue Split
Not disclosed in available documents, though the company historically identifies MPSEB (Madhya Pradesh State Electricity Board) as a main customer, suggesting high concentration in Madhya Pradesh.
Profitability Margins
Net Profit Margin stood at 7.49% in FY25, a slight decrease from 7.93% in FY24. Profit Before Tax (PBT) margin was 10.08% in FY25 compared to 10.71% in FY24, driven by a 66.1% decline in other income.
EBITDA Margin
Core operational profitability remained stable as total expenses decreased slightly by 0.15% (from INR 129.11 Cr to INR 128.91 Cr), while revenue from operations grew by 1.23%.
Credit Rating & Borrowing
The company is effectively debt-free; CARE withdrawn all ratings in March 2017 following the full repayment of term loans, cash credit, and facility limits. Net Debt/Equity ratio improved from 0.03 to -0.09 in FY25.
Operational Drivers
Raw Materials
Specific raw materials such as copper, electrical grade steel, and transformer oil are required for manufacturing, but their individual percentage of total cost was not disclosed.
Capacity Expansion
The company operates a manufacturing facility spread over 80,000 square feet in Bhopal, Madhya Pradesh. Specific planned expansion timelines or capacity in units were not disclosed.
Raw Material Costs
Total expenses, which include raw material costs, were INR 128.91 Cr in FY25, representing 90.8% of operational revenue.
Manufacturing Efficiency
The company maintains a lean permanent workforce of 73 employees (excluding Directors) to manage its 80,000 sq ft facility.
Strategic Growth
Growth Strategy
The company aims to achieve growth by leveraging the technical expertise of its board, specifically Managing Director Kishore Gupta who has 37+ years of experience. Strategy includes maintaining harmonious industrial relations and focusing on the manufacturing of both distribution and power transformers to meet stimulating demand in the power sector.
Products & Services
Distribution transformers (up to 11 KVA), power transformers, solar power generation, and turnkey projects involving designing, erecting, testing, and commissioning of sub-stations.
Brand Portfolio
Star Delta Transformers.
New Products/Services
The company has expanded into Solar Power manufacturing and generation, though specific revenue contribution percentages were not disclosed.
External Factors
Industry Trends
The industry is evolving toward higher capacity power transformers and renewable energy integration (Solar), with the company positioning itself in both segments to capture infrastructure demand.
Competitive Landscape
The company competes with other transformer manufacturers for state utility tenders and turnkey power projects.
Competitive Moat
The company's moat is built on technical leadership (promoters with 37+ years in B.E. Electrical) and a long-standing 40-year operational history in the specialized transformer manufacturing hub of Bhopal.
Macro Economic Sensitivity
The company is highly sensitive to India's GDP growth and power infrastructure spending; the World Bank projects India to remain the fastest-growing large economy through 2027, which supports demand for transformers.
Consumer Behavior
Shift toward renewable energy is driving the company's involvement in solar power projects.
Regulatory & Governance
Industry Regulations
Operations are governed by technical standards for transformer manufacturing and SEBI (LODR) Regulations 2015 for corporate governance.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 25.7%, with current tax of INR 3.73 Cr on PBT of INR 14.30 Cr.
Legal Contingencies
The company obtained a certificate from a practicing Company Secretary confirming that no directors have been debarred or disqualified by SEBI or MCA as of March 31, 2025.
Risk Analysis
Key Uncertainties
The Debt Service Coverage Ratio saw a significant variation of -8.24 (from 8.14 to -0.10), which may indicate changes in the timing of cash flows relative to minimal remaining obligations.
Geographic Concentration Risk
High concentration in Madhya Pradesh due to historical reliance on MPSEB for turnkey projects.
Third Party Dependencies
Dependency on MUFG Intime India Pvt. Ltd. as the Registrar and Share Transfer Agent for regulatory compliance.
Technology Obsolescence Risk
The company is mitigating technology risk by diversifying into solar power generation alongside traditional transformer manufacturing.
Credit & Counterparty Risk
Debtors Turnover Ratio in days improved to 0.27 days in FY25 from 4.15 days in FY24, suggesting very high quality of receivables or immediate payment terms.
