Indo Tech Transformers reported a 39% year-on-year rise in net profit for the quarter ended June 30, 2026. Sales grew 38% to ₹227 crore, supported by strong order visibility and high capacity utilisation.

The subsidiary of Shirdi Sai Electricals Limited filed its investor presentation with the Bombay Stock Exchange and National Stock Exchange on September 10, 2026. The unaudited figures highlight continued momentum from the previous fiscal year.

Financial Performance

Revenue from operations reached ₹227 crore in Q1FY27, up from ₹164 crore in the same period last year. Profit before tax (PBT) increased 36% to ₹34 crore, while profit after tax (PAT) rose 39% to ₹26 crore.

For the full fiscal year FY26, revenue stood at ₹782 crore, representing a 28% increase over FY25. PAT for FY26 was ₹93 crore, a 45% jump from ₹64 crore in the prior year. The PAT margin expanded by 150 basis points to 12%. Earnings per share (EPS) for FY26 stood at ₹87.4, up from ₹60.1 in FY25.

What the Numbers Show

The company’s balance sheet strength supports its expansion plans. Cash and bank balances increased to ₹114 crore from ₹93 crore in FY25. Total equity rose to ₹374 crore from ₹281 crore. Working capital efficiency improved significantly, with debtor days falling to 56 days from 76 days in FY25. This improvement in collections, alongside near-zero net debt and a debt-to-equity ratio of 0.03x, indicates robust liquidity ahead of capital expenditure cycles. Return on capital employed (ROCE) stood at 38% and return on equity (ROE) at 28% for FY26.

Capacity Expansion and Order Book

Indo Tech operates at 80-90% capacity utilisation against an installed capacity of 14,000 MVA. The company holds an executable order book of ₹1,318 crore and pipeline opportunities exceeding ₹10,000 crore.

A phased capital expenditure plan of ₹495 crore aims to expand capacity to 50,000 MVA by FY29. The expansion is funded through internal accruals and term loans without equity dilution. Key phases include:

• Phase 1: Capacity to 16,000 MVA (₹75 crore)
• Phase 2: Capacity to 20,000 MVA (₹25 crore)
• Phase 3: Capacity to 25,000 MVA (₹35 crore)
• Phase 4: Target 50,000 MVA by FY29 (₹360 crore)

Market Context

The Indian power transformer market is projected to grow from ₹16,063 crore in FY22 to ₹28,744 crore by FY30. Demand drivers include transmission infrastructure upgrades, renewable energy additions targeting 500 GW by 2030, and industrial capex in steel, cement, and data centres.

Indo Tech manufactures distribution, power, and special-application transformers, serving customers across utilities, renewable developers, and industrial sectors. The company has manufactured over 66,000 transformers since its inception.

Indo Tech Transformers secured a ₹165.55 crore order from AP Transco for the supply of 26 power transformers.

Order details

The contract awarded by AP Transco covers the supply of 26 power transformers. The following table summarises the key details of the order as disclosed.

Significance of the contract

The order from AP Transco represents a notable contract win for Indo Tech Transformers in the power equipment segment. AP Transco, the Andhra Pradesh transmission utility, is a key procurer of power infrastructure equipment in the southern Indian power sector.