BSE: 517546
ALFA TRANSFORMERS LTD.
Manufactures distribution transformers sold primarily to state-owned power distribution companies. Products include 11 KV CRGO and Amorphous Metal distribution transformers across ratings such as 10 KVA, 100 KVA, and 63-1250 KVA. Recent order wins include a Rs 63 crore Letter of Award from Madhya Gujarat Vij Company Ltd (MGVCL) for 12,000 units of 10 KVA aluminium-wound transformers to be delivered across FY 2026-27, a Rs 7.14 crore order from MGVCL for 478 units of 100 KVA amorphous metal transformers, and a Rs 3 crore two-year rate contract from TP Southern Odisha Distribution Ltd (TPSODL). Pricing on these contracts is linked to an IEEMA price variation formula. Materials account for 76.5% of FY26 revenue, employee costs 11.4%, other operating expenses 12.6%, and depreciation 3.4%, with FY26 revenue of Rs 31.865 crore. The board has approved the slump sale of its Vadodara (Gujarat) unit to KASST Industries for Rs 18 crore as a going concern; this unit contributed Rs 1,049.30 lakhs (about 32% of FY26 revenue) but posted losses of Rs 272.48 lakhs and has accumulated losses of Rs 1,581.15 lakhs. The company is registered as an MSME in Odisha and is headquartered in Bhubaneswar. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing and supply of distribution transformers. Small-cap electrical equipment manufacturer focused on distribution transformers for power utilities, with MSME status in Odisha
Exhibit 1: Financial summary, FY19–FY19 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 |
|---|---|
| Revenue | 65 |
| EBITDA (ex other income) | 1 |
| margin % | 1.8 |
| Owners' profit | (1) |
| EPS, as reported (₹) | (1.54) |
| ROE % · ROCE % | (3.6) · 0.9 |
| Debt / equity (x) | 0.18 |
| Cash from operations | — |
| Capex | — |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY19 |
|---|---|
| Revenue | 0 |
| Profit before tax | 0 |
| Net profit | 0 |
| EPS (₹) | 0.00 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.9 | 3.3 | 6 of 49 | 90% |
| ROCE | (3.5) | 12.4 | 51 of 55 | 7% |
| ROE | (3.6) | 12.4 | 47 of 50 | 6% |
| Debt / Equity | 0.2 | 0.3 | 23 of 50 | 55% |
| Market cap | 36 | 591 | 48 of 56 | 15% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · September 2026 quarter revenue jumps 291 percent, returning to profit | results | high | — | — |
| 27 Oct 2026 · Quarter sales jump to Rs 2,248.53 lakh and profit swings to Rs 268.01 lakh | results | high | — | — |
| 15 Oct 2026 · Alfa Transformers board to meet Oct 27 to consider Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · Quarterly compliance certificate on share dematerialisation filed with BSE | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter group buys 1,000 shares of Alfa Transformers | ownership changes | low | — | — |
| 30 Sept 2026 · Promoter Geetishree Das buys 3,200 shares of Alfa Transformers | ownership changes | low | — | — |
| 21 Sept 2026 · Trading window closed ahead of Q2 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 17 Aug 2026 · Alfa Transformers Q1 FY27 results published in newspapers, losses widen | compliance | minimal | — | — |
| 13 Aug 2026 · Alfa Transformers reports Q1 FY27 loss of about Rs 67 lakh; revenue near Rs 956 lakh | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.