Indo Tech Transformers Limited (INDOTECH)
₹3,067.30 -1.38% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indo Tech's revenue was ₹228 Cr (+39.0% year on year, -4.6% on the previous quarter), and net profit ₹25.7 Cr (+34.1% year on year); the operating margin was 13.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹228 | +39.0% | -4.6% |
| Operating profit | ₹31.8 | +32.5% | -0.7% |
| Net profit | ₹25.7 | +34.1% | +7.1% |
| EPS (₹) | 24.20 | +34.1% | +7.5% |
| Operating margin | 13.9% | — | — |
INDOTECH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.72% of the INDOTECH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.73%. That is close to its usual level. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 79.3% · 55.6% · 48.1% · 67.6% · 61.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indo Tech Transformers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The securities have been listed on the respective stock exchanges, and mutilated certificates have been cancelled.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Confirmation provided by Registrar and Share Transfer Agent MUFG Intime India Pvt. Ltd. dated October 3, 2026
Indo Tech Transformers concluded its 34th Annual General Meeting on September 23, 2026, where shareholders approved all 9 ordinary and special resolutions. Key approvals included adoption of FY26 financials, dividend declaration, borrowing limits, and the ITTL ESOP 2026 scheme. In his address, the Chairman highlighted ongoing capacity expansion from 9,000 MVA to 16,000 MVA and proposed future expansion to 50,000 MVA. A material related party transaction resolution was also approved with 79.416% votes in favour.
- All 9 resolutions passed at the 34th AGM held on September 23, 2026
- Chairman highlighted ongoing expansion from 9,000 MVA to 16,000 MVA and proposed roadmap to 50,000 MVA
- Material Related Party Transaction approved with 79.416% votes in favour (20.584% against)
- Approval granted for borrowing limits, asset charges, and ITTL ESOP Plan 2026
Indo Tech Transformers has received a Letter of Award (LoA) valued at ₹42.88 Cr (plus applicable GST) from Leap Green Energy Group. The contract covers the manufacture and supply of two 125 MVA transformers in the 400/33 kV class for Magnolia Powertec's solar project, and two 125 MVA transformers in the 230/33 kV class for Crocus Green Energy's wind project. This win marks a key technical milestone, validating the company's planned expansion into higher-voltage (400 kV) products. Relative to the Dec 2025 quarterly revenue of ₹196.3 Cr, this single order represents approximately 21.8% of one quarter's sales.
- Order value is ₹42,88,14,000 (plus applicable GST) from Leap Green Energy Group
- Scope includes two 125 MVA transformers of 400/33 kV class for a solar project
- Scope includes two 125 MVA transformers of 230/33 kV class for a wind project
- Order marks formal commercial entry into the higher-voltage 400 kV transformer segment
Indo Tech Transformers released its investor presentation detailing a phased ₹495 Cr capex program to scale manufacturing capacity from 14,000 MVA to 50,000 MVA by FY29, funded via internal accruals and term loans with no equity dilution. The company reported an executable order book of ₹1,318 Cr with 80–90% current capacity utilisation. FY26 audited revenue grew 28% YoY to ₹782 Cr with PAT reaching ₹93 Cr (up 45%). Provisional unaudited Q1 FY27 sales stood at ₹227 Cr (up 38% YoY) with PAT of ₹26 Cr.
- Phased capex plan of ₹495 Cr to expand capacity from 14,000 MVA to 50,000 MVA by FY29
- Executable order book stands at ₹1,318 Cr against pipeline opportunities over ₹10,000 Cr
- FY26 audited revenue reached ₹782 Cr (+28% YoY) with PAT of ₹93 Cr (+45% YoY) and EPS of ₹87.4
- Provisional Q1 FY27 sales reported at ₹227 Cr (+38% YoY) and PAT at ₹26 Cr (+39% YoY)
- Strong balance sheet with cash & bank balances of ₹114 Cr+ and debtor days improving to 56 days
Indo Tech Transformers released its investor presentation detailing a phased ₹495 Cr capex program to expand manufacturing capacity from 14,000 MVA to 50,000 MVA by FY29. The expansion represents 132% of its net worth (₹374 Cr) and will be funded through internal accruals and term debt with no equity dilution. The company reported an executable order book of ₹1,318 Cr (1.68x FY26 revenue of ₹782 Cr) supported by 80-90% current capacity utilisation. Additionally, provisional Q1 FY27 sales grew 38% YoY to ₹227 Cr with PAT up 39% to ₹26 Cr.
- Phased capex of ₹495 Cr planned through FY29 to increase capacity from 14,000 MVA to 50,000 MVA
- Executable order book stands at ₹1,318 Cr alongside a pipeline of over ₹10,000 Cr
- FY26 audited revenue reached ₹782 Cr (up 28% YoY) with PAT of ₹93 Cr (up 45% YoY)
- Provisional Q1 FY27 revenue rose 38% YoY to ₹227 Cr, with PAT rising 39% to ₹26 Cr
- Net debt near zero with cash and bank balances at ₹114 Cr+ and debtor days improving to 56
Indo Tech Transformers Limited has secured purchase orders worth ₹165.55 Crores (plus applicable taxes) from Andhra Pradesh Transmission Corporation Limited (AP TRANSCO). The order entails the manufacture and supply of 26 power transformers (17 units of 80 MVA 220/33 kV and 9 units of 80 MVA 132/33 kV). The execution timeline is scheduled between October 2026 and June 2027. This order significantly augments the company's existing ₹830 Cr order book and represents ~84% of a single quarter's revenue (Dec 2025: ₹196.3 Cr).
- Total order value: ₹165.55 Crores plus applicable taxes
- Scope: Manufacture and supply of 26 Power Transformers to AP TRANSCO
- Includes 17 units of 80 MVA / 220/33 kV and 9 units of 80 MVA / 132/33 kV Power Transformers
- Execution schedule set between 10/2026 to 06/2027 (9 months window)
- Non-related party domestic contract from a state transmission utility
Indo Tech Transformers Limited has secured a Letter of Award valued at ₹55 Crores (plus applicable taxes) from Waaree Renewable Technologies Limited. The contract involves the manufacture and supply of 5 power transformers (three 170/175 MVA and two 125 MVA units). The execution is scheduled between January 2027 and April 2027, further strengthening the company's existing ₹830 Crore order book in the renewable energy sector.
- Received Letter of Award valued at ₹55 Crores (plus taxes) from Waaree Renewable Technologies Limited
- Scope entails manufacturing and supplying 5 power transformers (3 units of 170/175 MVA and 2 units of 125 MVA)
- Execution timeline set between January 2027 and April 2027 (01/2027 to 04/2027)
- Order represents domestic supply without promoter interest or related-party transactions
Indo Tech Transformers Limited has secured a Letter of Award (LoA) worth ₹55 Crores (₹54 Crores rounded off plus taxes) from Waaree Renewable Technologies Limited. The contract entails the manufacture and supply of 5 power transformers (3 units of 170/175 MVA and 2 units of 125 MVA). The entire order is scheduled for execution between January 2027 and April 2027. The order represents approximately 28% of the company's Q3 FY26 (Dec 2025) quarterly revenue of ₹196.3 Crores.
- Received Letter of Award (LoA) dated August 28, 2026, valued at ₹55 Crores (plus applicable taxes)
- Contract awarded by domestic solar/renewable EPC player Waaree Renewable Technologies Limited
- Scope covers 5 power transformers: 3 units of 170 MVA / 175 MVA and 2 units of 125 MVA
- Execution timeline set between January 2027 and April 2027
- Transaction is not a related party transaction and promoter group holds no interest
Indo Tech Transformers Limited has scheduled its 34th Annual General Meeting (AGM) for Wednesday, September 23, 2026, via Video Conferencing. The company has fixed Wednesday, September 16, 2026, as the record date for determining eligibility for the final dividend. The register of members and share transfer books will remain closed from September 17 to September 23, 2026. Cut-off date for e-voting is set for September 15, 2026, with the voting window open from September 20 to September 22, 2026.
- 34th AGM scheduled on September 23, 2026, at 10:30 AM IST via VC/OAVM
- Record date for final dividend fixed as Wednesday, September 16, 2026
- Book closure period scheduled from September 17, 2026 to September 23, 2026
- E-voting cut-off date fixed for September 15, 2026; voting open from September 20 to September 22, 2026
Indo Tech Transformers Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled for September 23, 2026. Key agenda items include declaring a dividend of Rs 10.00 per share (100% on Rs 10 face value) for FY 2025-26. The company is also seeking shareholder approval to increase its borrowing limit to Rs 500 crore in excess of paid-up capital and free reserves (against net worth of Rs 374 Cr). Furthermore, material related-party transactions totaling up to Rs 250 crore with holding company Shirdi Sai Electricals Limited for FY 2026-27 are up for approval.
- 34th Annual General Meeting scheduled for Wednesday, September 23, 2026 via video conferencing.
- Proposed dividend declaration of INR 10.00 (100%) per equity share of face value INR 10 for FY 2025-26.
- Approval sought for borrowing limits of up to INR 500 crore in excess of aggregate paid-up capital and free reserves.
- Proposed material related-party transactions with holding firm Shirdi Sai Electricals Ltd capped at INR 250 crore for FY 2026-27 (Rs 100 Cr sales, Rs 100 Cr purchases, Rs 45 Cr services, Rs 5 Cr expense reimbursements).
India Ratings and Research (Ind-Ra) has affirmed Indo Tech Transformers Limited's bank loan facilities rating at 'IND BBB+/IND A2' and revised the outlook from Stable to Positive across ₹520 crore in rated limits (including ₹120 crore newly assigned limits). The revision reflects robust operational performance in FY26, with revenue growing 27.7% YoY to ₹773.18 crore and EBITDA margin expanding to 16.70%. The company holds a solid order book of ₹1,122.80 crore as of June 30, 2026 (1.45x FY26 revenue) and maintains a net cash position with net leverage of -0.57x.
- Credit rating outlook revised to 'Positive' from 'Stable' for ₹400 Cr existing limits and assigned to ₹120 Cr additional limits at 'IND BBB+/Positive/IND A2'.
- FY26 revenue rose to ₹773.18 Cr from ₹605.52 Cr in FY25, with EBITDA increasing to ₹129.12 Cr (16.70% margin).
- Order book stood strong at ₹1,122.80 Cr as of June 30, 2026, offering ~1.45x revenue visibility for FY27.
- Installed manufacturing capacity expanded to 12,000 MVA with 92.5% capacity utilization in FY26.
- Management plans further capacity expansion of 13,000 MVA by end-FY27 (₹68 Cr capex) and 25,000 MVA by end-FY29 (₹395 Cr capex).
Indo Tech Transformers has approved the 'ITTL ESOP 2026' scheme, creating a pool of 2,00,000 equity shares for employees of the company and its holding company. The exercise price is set at a nominal Rs 10 per share, which is a significant discount to the current market price of Rs 3,725.2. The total pool represents approximately 1.88% of the estimated outstanding equity shares. The scheme is subject to shareholder approval at the upcoming Annual General Meeting.
- ESOP pool of 2,00,000 options convertible into an equal number of equity shares of Rs 10 face value
- Exercise price fixed at Rs 10 per share, representing a deep discount to the current market price of Rs 3,725.2
- Board approval granted on August 11, 2026, with final implementation pending shareholder approval at the AGM
- Scheme extends eligibility to employees of the holding company in addition to Indo Tech Transformers employees
- Estimated equity dilution stands at approximately 1.88% based on recent PAT and EPS figures
Indo Tech Transformers has recommended a final dividend of Rs 10 per share (100% of face value) for FY26, with a record date of September 16, 2026. The board also approved the 'ESOP Plan 2026' and proposed an enhancement of borrowing powers and security creation limits, subject to shareholder approval. These moves coincide with the company's strong order book of Rs 830 Cr, which provides 1.5x revenue visibility. The 34th AGM is scheduled for September 23, 2026, to formalize these corporate actions.
- Recommended a final dividend of Rs 10 per equity share (100% of face value) for FY 2025-26.
- Set September 16, 2026, as the record date for dividend eligibility.
- Approved the Indo-Tech Transformers Limited Employee Stock Option Plan (ESOP) 2026.
- Proposed enhancement of borrowing powers under Section 180(1)(c) to support future requirements.
- Order book stands at Rs 830 Cr, representing approximately 1.5x revenue visibility.
Indo Tech Transformers Limited has fixed September 16, 2026, as the record date to determine shareholder eligibility for the FY2025-26 dividend. The dividend is subject to approval at the upcoming Annual General Meeting (AGM). If approved, the company plans to commence payments from September 23, 2026, via electronic mode. This follows a strong financial period where the company reported a PAT of Rs 24.9 Cr in the Dec 2025 quarter and maintains a high ROCE of 38.0%.
- Record date for dividend eligibility fixed for September 16, 2026
- Dividend payment to be processed after September 23, 2026, post-AGM approval
- Company maintains a low debt profile of Rs 5 Cr against a net worth of Rs 374 Cr
- Order book of Rs 830 Cr provides approximately 1.5x revenue visibility
Indo Tech Transformers has recommended a final dividend of Rs 10 per share (100% of face value) for the financial year ended March 31, 2026. The board has set September 16, 2026, as the record date for this dividend, with payment expected after the AGM on September 23, 2026. Additionally, the board approved a new Employee Stock Option Plan (ESOP 2026) and proposed increasing the company's borrowing powers and security creation limits to support future growth. These moves come alongside a robust order book of Rs 830 Cr, providing 1.5x revenue visibility.
- Recommended a final dividend of Rs 10 per equity share (100% of face value) for FY26
- Set the dividend record date for September 16, 2026, with payment after September 23, 2026
- Approved the Indo-Tech Transformers Limited Employee Stock Option Plan 2026 (ESOP 2026)
- Proposed enhancement of borrowing powers and security creation limits under Section 180 of the Companies Act
- Current order book stands at Rs 830 Cr, offering approximately 1.5x revenue visibility
Financial Performance
Revenue Growth by Segment
The company recorded a total operating income of INR 611.78 Cr, representing a 22% YoY growth from INR 503 Cr. Growth is driven by high-quality delivery in EPC, renewables, utilities, and industrial sectors, though specific percentage splits per segment are not disclosed.
Geographic Revenue Split
Not specifically disclosed in available documents; however, the company serves marquee clients across Indian utilities and industrial sectors.
Profitability Margins
Net Profit Margin improved to 10% in FY 2024-25 from 9% in FY 2023-24 and 7% in FY 2022-23. Profit After Tax (PAT) grew 36% YoY to INR 63.88 Cr from INR 46.86 Cr.
EBITDA Margin
EBITDA margin increased to 15% (INR 92.57 Cr) in FY 2024-25, up from 13% (INR 65.90 Cr) in FY 2023-24, driven by better capacity utilization and process efficiency.
Capital Expenditure
Not explicitly disclosed as a forward-looking figure, but Net Worth increased by 29% to INR 280.75 Cr, supporting internal capacity for growth.
Credit Rating & Borrowing
India Ratings upgraded the credit rating in June 2025 to BBB+/A2 from BBB-/A3. The company maintains a minimal Debt-to-Equity ratio of 0.03:1 and a Debt Service Coverage Ratio of 56.72, up 52% YoY.
Operational Drivers
Raw Materials
Copper and Cold Rolled Grain Oriented (CRGO) steel are the primary raw materials, collectively accounting for approximately 60% of total raw material costs.
Import Sources
Sourced globally and domestically; specific countries are not listed, but costs are noted to be vulnerable to global demand-supply and FOREX fluctuations.
Key Suppliers
Not specifically named, but the company engages in long-term contracts with vendors and leverages SSEL group synergies for cost efficiency.
Capacity Expansion
Current capacity utilization has improved YoY, contributing to margin expansion. While specific unit capacity is not stated, the order book of INR 830 Cr (~1.5 times annual revenue) indicates high utilization requirements for FY25-26.
Raw Material Costs
Raw material costs represent 60% of total costs. The company manages volatility through price escalation arrangements with customers and strategic procurement.
Manufacturing Efficiency
Efficiency is driven by integrated design-to-delivery operations and 'SSEL group synergies' which support cost-effective manufacturing.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth will be achieved through the execution of the INR 830 Cr order book, which provides 1.5x revenue visibility. The strategy focuses on high-growth sectors like Renewables and EPC, leveraging the dual BIS-BEE certification which acts as an entry barrier for smaller competitors, and expanding O&M services.
Products & Services
Power and distribution transformers, low-loss transformers, and operational and maintenance (O&M) services.
Brand Portfolio
Indo-Tech Transformers.
New Products/Services
Focus on low-loss transformers and digital monitoring/predictive maintenance solutions for transformer lifecycles.
Market Expansion
Targeting the renewable energy sector and EPC contracts which offer better payment terms and higher growth potential than traditional utility contracts.
Market Share & Ranking
Not specifically ranked, but positioned to gain market share as smaller players exit due to increased compliance thresholds (BIS-BEE).
Strategic Alliances
Synergies with the Shirdi Sai Electricals Limited (SSEL) group for cost efficiency and market reach.
External Factors
Industry Trends
The industry is shifting toward 'Total Cost of Ownership' (TCO) based procurement and digital monitoring. Mandatory ESG reporting (BRSR Core) is expanding in India, and Indo-Tech is positioning itself with a comprehensive ESG roadmap.
Competitive Landscape
Operates in a fragmented and price-sensitive market, competing against both large organized players and smaller local manufacturers.
Competitive Moat
The moat is sustained by the dual BIS-BEE certification requirements and integrated manufacturing capabilities, which create high compliance thresholds that smaller, cost-driven players cannot meet.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and government policies regarding the power sector and renewable energy transitions.
Consumer Behavior
Utilities and industrial clients are shifting toward lifecycle-focused procurement and predictive maintenance services.
Geopolitical Risks
Global demand-supply imbalances for CRGO steel and copper impact input costs and margin stability.
Regulatory & Governance
Industry Regulations
Subject to BIS-BEE certifications and EHS (Environment, Health, and Safety) laws. Compliance with SEBI LODR and SCORES 2.0 is maintained with zero reported complaints.
Environmental Compliance
Complies with PWM Rules 2022 (plastic packaging >120 micron) and has set a 70% carbon footprint reduction target.
Taxation Policy Impact
Financials are prepared in accordance with Ind AS and Section 133 of the Companies Act, 2013.
Legal Contingencies
No instances of non-compliance or penalties from regulatory authorities related to capital markets were reported for the last three years.
Risk Analysis
Key Uncertainties
Raw material price volatility (Copper/CRGO) and the financial health of DISCOMs remain the primary uncertainties impacting margin and cash flow stability.
Geographic Concentration Risk
Primarily focused on the Indian market; specific regional concentration percentages are not disclosed.
Third Party Dependencies
Dependent on specialized suppliers for CRGO steel, which is a critical and volatile input.
Technology Obsolescence Risk
Mitigated by investing in digital monitoring and low-loss transformer technology to meet evolving industry standards.
Credit & Counterparty Risk
Trade receivables turnover ratio improved to 4.7 from 3.8, indicating better collection efficiency, though DISCOM payment delays remain a systemic risk.
