Supreme Power Equipment Limited (SUPREMEPWR)
Q2 FY27 results
Supreme Power Equipment Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹135 Cr (+80.4% year on year, +180.5% on the previous quarter), and net profit ₹13.8 Cr (+37.7% year on year); the operating margin was 17.3%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹135 | +80.4% | +180.5% |
| Operating profit | ₹23.4 | +66.8% | +165.1% |
| Net profit | ₹13.8 | +37.7% | +178.0% |
| EPS (₹) | 5.46 | +44.8% | +178.6% |
| Operating margin | 17.3% | — | — |
- Profit +26% above its own trend
- Operating margin contracted 141 bps YoY
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: of pre-tax profit of ₹18.7 Cr, ₹18.4 Cr (99%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +41.5% year on year.
Against its own trend: net profit of ₹13.8 Cr was +26.2% against the ₹10.9 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.
SUPREMEPWR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.54% of the SUPREMEPWR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.44%. The price fell 7.38% on unusually low delivery.
Delivery in the last 5 sessions: 52.9% · 54.5% · 55.6% · 47.0% · 52.5%
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
Supreme Power Equipment Limited has submitted its Statement of Deviation(s) or Variation(s) under Regulation 32 of SEBI Listing Regulations for the half-year ended September 30, 2026. The company confirmed that there is zero deviation or variation in the utilization of proceeds raised through its preferential issue of convertible warrants. The statement and the Statutory Auditor's certificate were reviewed by the Audit Committee and approved by the Board on October 16, 2026.
- Confirmed nil deviation or variation in proceeds from Preferential Issue of Convertible Warrants
- Pertains to the half-year ended September 30, 2026
- Statement and Statutory Auditor certificate reviewed and approved by Board on October 16, 2026
Supreme Power Equipment reported standalone revenue from operations of ₹120.14 Cr for the half year ended September 30, 2026, marking a 48.9% YoY increase compared to ₹80.66 Cr in H1 FY26. Standalone net profit for H1 FY27 surged 45.1% YoY to ₹13.65 Cr from ₹9.41 Cr in the corresponding previous period. Diluted EPS for the half year expanded to ₹5.45 compared to ₹3.76 in H1 FY26. However, consolidated operations utilized net cash of ₹5.74 Cr due to inventory buildup and increased working capital outlays.
- Standalone revenue from operations reached ₹120.14 Cr in H1 FY27, up 48.9% YoY from ₹80.66 Cr in H1 FY26
- Standalone profit after tax rose 45.1% YoY to ₹13.65 Cr compared to ₹9.41 Cr in H1 FY26
- PBT grew 45.7% YoY to ₹17.88 Cr from ₹12.27 Cr in H1 FY26
- Half-year basic EPS improved to ₹5.46 vs ₹3.76 in the corresponding prior period
- Consolidated net operating cash flow turned negative at -₹5.74 Cr vs +₹25.90 Cr in full-year FY26 due to working capital expansion
Supreme Power Equipment reported standalone revenue from operations of ₹120.14 Cr for the half year ended September 30, 2026, marking a 48.9% YoY increase compared to ₹80.66 Cr in H1 FY26. Standalone net profit for H1 FY27 surged 45.1% YoY to ₹13.65 Cr from ₹9.41 Cr in the corresponding previous period. Diluted EPS for the half year expanded to ₹5.45 compared to ₹3.76 in H1 FY26. However, consolidated operations utilized net cash of ₹5.74 Cr due to inventory buildup and increased working capital outlays.
- Standalone revenue from operations reached ₹120.14 Cr in H1 FY27, up 48.9% YoY from ₹80.66 Cr in H1 FY26
- Standalone profit after tax rose 45.1% YoY to ₹13.65 Cr compared to ₹9.41 Cr in H1 FY26
- PBT grew 45.7% YoY to ₹17.88 Cr from ₹12.27 Cr in H1 FY26
- Half-year basic EPS improved to ₹5.46 vs ₹3.76 in the corresponding prior period
- Consolidated net operating cash flow turned negative at -₹5.74 Cr vs +₹25.90 Cr in full-year FY26 due to working capital expansion
Supreme Power Equipment 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 report confirmed that no share certificates were received for dematerialisation during the period from July 1, 2026 to September 30, 2026. The certificate was issued by the company's Registrar and Share Transfer Agent, Purva Sharegistry (India) Pvt. Ltd. This filing is a standard quarterly regulatory submission with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Nil share certificates dematerialised between July 1, 2026 and September 30, 2026
- Issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. dated October 1, 2026
Supreme Power Equipment Limited has submitted the scrutinizer's report and voting results for its 21st Annual General Meeting held on September 25, 2026. All 13 resolutions were approved by shareholders with the requisite majority, with overall voting participation at 62.84% across 24,991,135 outstanding shares. Key approvals included the adoption of standalone and consolidated FY26 financials, related-party transactions with Danya Electric Company, exceeding Section 186 loan/investment limits, and re-appointment of CMD Vee Rajmohan.
- All 13 AGM resolutions approved with requisite majority on September 25, 2026
- Total voter turnout stood at 62.84% (15,705,150 votes polled out of 24,991,135 total shares)
- Related-party transactions with Danya Electric Company approved with 96.73% votes in favour among public voters
- Shareholders approved exceeding limits under Section 186 for investments, loans, and guarantees with 99.83% approval
Supreme Power Equipment Limited conducted its 21st Annual General Meeting on September 25, 2026. The meeting addressed 13 resolutions, including ordinary business such as the adoption of FY26 financial statements and director reappointments. Key special business included shareholder approval to increase borrowing limits under Section 180(1)(c), create security charges under Section 180(1)(a), and approve material related party transactions with Danya Electric Company. Final voting results and scrutinizer reports are pending publication within prescribed regulatory timelines.
- Held 21st Annual General Meeting on September 25, 2026, commencing at 02:00 PM and concluding at 02:40 PM
- Put forward 13 resolutions covering FY26 accounts, reappointments, and enhanced borrowing limits
- Sought approval for material related party transactions with partnership firm Danya Electric Company
- Enabled 15-minute post-meeting e-voting window; final scrutinizer voting results awaited
Supreme Power Equipment Limited has informed the exchange about a scheduled interaction with analysts and investors. The group meeting is set to take place virtually on Monday, September 21, 2026, at 02:00 PM. The company noted that discussions will be based strictly on generally available information without any unpublished price-sensitive information.
- Virtual group analyst and investor meeting scheduled for September 21, 2026
- Meeting timing announced as 02:00 PM IST
- Discussions to focus strictly on generally available information
Supreme Power Equipment Limited has released the notice for its 21st Annual General Meeting scheduled for September 25, 2026, via video conferencing. Key resolutions include shareholder approval for material related-party transactions with Danya Electric Company up to ₹125 crore for FY27 (~54.6% of TTM revenue of ₹229 crore) and an increase in overall borrowing limits under Section 180(1)(c). The company is also seeking approval for the appointment of Mr. Ramesh C Behera as an Independent Director for a 5-year term.
- 21st Annual General Meeting scheduled to be held on September 25, 2026, at 02:00 PM IST via VC/OAVM.
- Shareholder approval sought for material related-party transactions with Danya Electric Company up to ₹125 crore during FY 2026-27.
- Resolution to approve an increase in overall borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
- Appointment of Mr. Ramesh C Behera as an Independent Director for a 5-year term from August 13, 2026, to August 12, 2031.
Supreme Power Equipment Limited has announced that its 21st Annual General Meeting (AGM) will be held on Friday, September 25, 2026, at 2:00 PM IST via video conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is set for Friday, September 18, 2026. Remote e-voting will run from September 22, 2026 (9:00 AM IST) to September 24, 2026 (5:00 PM IST). The Annual Report and AGM Notice for the financial year ended March 31, 2026, are being circulated to eligible members.
- 21st Annual General Meeting scheduled for September 25, 2026 at 2:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting entitlement fixed as September 18, 2026
- Remote e-voting window opens September 22, 2026 (9:00 AM) and closes September 24, 2026 (5:00 PM)
- Annual Report and AGM Notice for FY ended March 31, 2026 dispatched to registered shareholders
Supreme Power Equipment reported Q1 FY27 total income of ₹48.31 Cr (up 37.33% YoY) with EBITDA of ₹8.89 Cr (18.4% margin) and PAT of ₹4.9 Cr. The company secured ₹195.64 Cr in fresh orders during Q1, taking its order book to ₹590.06 Cr as of August 13, 2026 (~2.58x TTM revenue). Power transformers account for 76.91% of the book. Management guided for FY27 revenue of ₹250-300 Cr and ~₹400 Cr in FY28, backed by ramp-up at the 9,000 MVA Kannur facility.
- Order book reached ₹590.06 Cr as of August 13, 2026, with power transformers comprising ₹453.83 Cr (76.91%).
- Secured ₹195.64 Cr in fresh order inflows across 10 orders during Q1 FY27.
- Q1 FY27 total income grew 37.33% YoY to ₹48.31 Cr, while PAT grew 10.4% YoY to ₹4.9 Cr.
- Management guided FY27 revenue at ₹250-300 Cr with EBITDA margins expected between 18% and 20%.
Supreme Power Equipment reported a 37.33% YoY increase in Q1 FY27 consolidated total income to ₹48.31 Cr, while net profit rose 10.04% YoY to ₹4.90 Cr. During the quarter, the company bagged 10 new orders totaling ₹195.64 Cr, including an entry into the Maharashtra market. The total consolidated order book reached ₹590.06 Cr as of August 13, 2026 (~2.58x TTM revenue), providing strong medium-term visibility. Additionally, the company highlighted a 3.5x capacity expansion from 2,500 MVA to 9,000 MVA, expanding into higher-value transformers up to 200 MVA / 220 kV.
- Consolidated order book reached ₹590.06 Cr as of August 13, 2026, representing ~2.58x TTM revenue.
- Secured 10 new orders worth ₹195.64 Cr in Q1 FY27 with execution horizons between 7 and 17 months.
- Q1 FY27 consolidated total income grew 37.33% YoY to ₹48.31 Cr; EBITDA rose 32.02% YoY to ₹8.89 Cr.
- Manufacturing capacity expanded 3.5x from 2,500 MVA to 9,000 MVA, enabling entry into up to 200 MVA / 220 kV segment.
Supreme Power Equipment reported a 37.33% YoY increase in Q1 FY27 total income to ₹48.31 Cr, while net profit grew 10.04% YoY to ₹4.90 Cr. During the quarter, the company secured 10 new orders worth ₹195.64 Cr (equivalent to ~85% of TTM revenue of ₹229 Cr) with delivery timelines spanning 7 to 17 months. Total order book reached ₹590.06 Cr as of August 13, 2026 (~2.58x TTM revenue), providing healthy revenue visibility. Management also highlighted geographic expansion into Maharashtra with a ₹13.50 Cr contract.
- Total income rose 37.33% YoY to ₹48.31 Cr in Q1 FY27 compared to ₹35.18 Cr in Q1 FY26.
- EBITDA grew 32.02% YoY to ₹8.89 Cr and Net Profit rose 10.04% YoY to ₹4.90 Cr (EPS ₹1.96).
- Secured 10 new orders worth ₹195.64 Cr during Q1, executable over 7–17 months.
- Total order book stood at ₹590.06 Cr as of August 13, 2026 (~2.58x TTM revenue).
Supreme Power Equipment Limited has confirmed zero deviation or variation in the utilization of funds raised through its preferential issue of convertible warrants for the quarter ended June 30, 2026. The statement was reviewed and approved by the Audit Committee and the Board of Directors on August 13, 2026. A statutory auditor's certificate from PPN and Company was also provided to verify the expenditure incurred up to the period end. This is a routine regulatory filing ensuring that capital raised is being deployed as per the original objects of the issue.
- Reported nil deviation or variation in the utilization of proceeds for the quarter ended June 30, 2026
- Board and Audit Committee reviewed and took the statement on record on August 13, 2026
- Statutory Auditor certificate issued by PPN and Company confirms expenditure incurred as of June 30, 2026
- Compliance filing submitted under Regulation 32 of SEBI Listing Regulations
Supreme Power Equipment Limited reported a strong 33.6% YoY increase in revenue to ₹51.06 Cr for Q1 FY27. Net profit grew more modestly by 10.1% to ₹4.90 Cr, indicating some margin pressure as total expenses rose significantly. The board has secured leadership continuity by re-appointing the Chairman and Managing Director for a further three-year term. Additionally, the company has utilized ₹5.20 Cr of the ₹5.27 Cr raised through warrant subscriptions for factory development and working capital.
- Revenue from operations increased 33.6% YoY to ₹51.06 Cr in Q1 FY27 from ₹38.23 Cr in Q1 FY26
- Net profit for the quarter stood at ₹4.90 Cr, a 10.1% increase over the ₹4.45 Cr reported in the same period last year
- CMD Vee Rajmohan and WTD Vishwambran Nair Pradeep Kumar re-appointed for 3 years effective August 31, 2026
- Utilized ₹5.20 Cr out of ₹5.27 Cr (25% upfront warrant subscription) for factory development and working capital
- Total expenses for the quarter rose to ₹45.20 Cr compared to ₹33.16 Cr in the previous year's quarter
Supreme Power Equipment Limited reported a 33.5% YoY increase in revenue to ₹51.06 cr for Q1 FY27, compared to ₹38.23 cr in the previous year. Net profit grew more modestly by 10.1% YoY to ₹4.90 cr, indicating some margin pressure as expenses rose. The board approved the re-appointment of Mr. Vee Rajmohan as Chairman and MD for three years and confirmed the utilization of ₹5.20 cr from preferential warrant proceeds for factory development and working capital. The company remains on track with its capacity expansion goals to reach an annual revenue potential of ₹500-550 cr.
- Revenue from operations increased 33.5% YoY to ₹51.06 cr in Q1 FY27.
- Net profit for the quarter rose 10.1% YoY to ₹4.90 cr from ₹4.45 cr.
- Re-appointment of MD Vee Rajmohan and WTD Vishwambran Nair for 3 years effective August 31, 2026.
- Utilized ₹5.20 cr out of ₹5.27 cr received from preferential warrant subscriptions for factory development.
- Annual General Meeting (AGM) scheduled for September 25, 2026.
Financial Performance
Revenue Growth by Segment
The primary segment of manufacturing and selling transformers grew 31.6% YoY in FY25 to INR 149.54 Cr. H1 FY26 revenue reached INR 75.36 Cr, representing a 28.58% YoY increase.
Profitability Margins
Net Profit Margin for FY25 was 12.44% (INR 18.60 Cr profit on INR 149.54 Cr revenue). H1 FY26 Net Profit Margin improved to 12.49%, up 32 bps YoY. Operating margins have sustained at approximately 17%.
EBITDA Margin
H1 FY26 EBITDA margin was 18.9% (INR 14.27 Cr), growing 18.63% YoY in absolute terms.
Capital Expenditure
The company is expanding capacity with a new facility that has the potential to support annual revenue of INR 500 Cr to INR 550 Cr.
Credit Rating & Borrowing
Credit rating upgraded to [ICRA]BBB- (Stable) / [ICRA]A3 from [ICRA]BB+ / [ICRA]A4+. Interest coverage ratio was strong at 7.26 times for fiscal 2024.
Operational Drivers
Raw Materials
Steel (CRGO) and copper are the primary raw materials for transformer manufacturing, though specific cost percentages for each are not disclosed.
Capacity Expansion
Current capacity is not stated in units, but planned expansion aims to increase revenue potential to INR 500-550 Cr per annum.
Raw Material Costs
Raw material costs (including changes in inventory) were approximately INR 110.42 Cr in FY25, representing 73.8% of total revenue.
Manufacturing Efficiency
Bank limit utilization was low at 13.29% on average for the 13 months through October 2024, indicating high financial flexibility and efficient capital use.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be driven by the execution of a healthy order book of INR 90 Cr (as of 9M FY25) and capacity expansion to support INR 500-550 Cr in annual revenue. The company is targeting high-growth sectors including renewables, steel capacity expansion, and power grid modernization.
Products & Services
Transformers of all varieties, including electrical transmission equipment and related engineering services.
Brand Portfolio
Supreme Power Equipment Limited (SPEL).
Market Expansion
Expanding reach across utility, renewable energy, and industrial segments (specifically steel and manufacturing modernization).
External Factors
Industry Trends
The transformer industry is seeing a supportive environment with good visibility due to capacity expansion in manufacturing and the shift toward renewable energy integration.
Competitive Landscape
Intense competition from both large and small players in the transformer segment limits bargaining power with customers.
Competitive Moat
Moat is built on the extensive experience of promoters and established long-term relationships with utility and industrial clients, which are sustainable but subject to competitive tender pressures.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and power sector modernization, driven by national capacity expansion in industries like steel.
Consumer Behavior
Shift in demand toward more efficient transformers and equipment suitable for renewable energy grids.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act, 2013 and Accounting Standards specified under Section 133. Compliance with state discom tender requirements is critical.
Environmental Compliance
CSR expenditure was INR 21.47 lakhs in FY25, up from INR 9.90 lakhs in FY24.
Taxation Policy Impact
The effective tax rate for FY25 was approximately 27.3% (Total tax of INR 7.12 Cr on PBT of INR 26.05 Cr).
Risk Analysis
Key Uncertainties
Tender-based revenue model (100% of income) and susceptibility to raw material price volatility (steel/copper) which can squeeze the 17% operating margins.
Third Party Dependencies
High dependency on state discoms for order flow and payment realizations.
Technology Obsolescence Risk
The company is addressing modernization trends through capacity expansion and product acceptance in the renewable segment.
Credit & Counterparty Risk
Credit risk is primarily linked to slow payment realizations from state discoms, though liquidity is supported by ample surplus cash accruals of INR 13-14 Cr per annum.
