NSE: INDOTECH · BSE: 532717
INDO TECH TRANSFORM LTD.
Manufactures power and distribution transformers for India's electricity sector, with current plant capacity of 14,000 MVA running at 80-90% utilisation. Revenue of ₹782.08 crore in FY26 was up 27.8% from the prior year, driven by higher transformer demand, with materials accounting for 76.2% of revenue. The product range historically extended up to 220 kV; in July 2026 the company received NTPC approval to manufacture 400 kV class transformers for Battery Energy Storage System (BESS) projects, and secured an initial order for two 90 MVA units through an EPC contractor. Capacity is being scaled up sharply — phased capex approvals total ₹495 crore (₹135 crore earlier tranches in progress and ₹360 crore approved on June 26, 2026) to lift capacity from 14,000 MVA to 50,000 MVA (up to 400 kV range) by March 2029, funded through internal accruals and bank term loans. The expansion opens access to higher-value utility, renewable energy, transmission and BESS projects. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transformer manufacturing. Capital-intensive, cyclical electrical equipment manufacturer in a multi-year capacity expansion phase.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 280 | 371 | 504 | 612 | 782 |
| EBITDA (ex other income) | 17 | 31 | 60 | 76 | 120 |
| margin % | 6.0 | 8.2 | 11.8 | 12.4 | 15.4 |
| Owners' profit | 12 | 26 | 47 | 64 | 93 |
| EPS, as reported (₹) | 11.48 | 24.20 | 44.12 | 60.15 | 87.26 |
| ROE % · ROCE % | 8.4 · 9.6 | 15.0 · 16.4 | 21.6 · 27.3 | 22.8 · 30.4 | 24.8 · 33.0 |
| Debt / equity (x) | 0.00 | 0.07 | 0.02 | 0.03 | 0.01 |
| Cash from operations | 22 | (4) | 32 | 56 | 57 |
| Capex | (3) | (8) | (8) | (16) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 146 | 177 | 206 | 164 | 183 | 196 | 239 | 228 |
| Profit before tax | 25 | 29 | 24 | 25 | 33 | 34 | 32 | 34 |
| Net profit | 18 | 19 | 21 | 19 | 25 | 25 | 24 | 26 |
| EPS (₹) | 16.69 | 18.15 | 19.75 | 18.05 | 23.33 | 23.45 | 22.53 | 24.20 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Indo Tech Q1 FY27 Investor Presentation Outlines Growth and Expansion Plan | investor communications | medium | — | — |
| 10 Sept 2026 · Indo Tech Q1 FY27 investor presentation: ₹782 Cr FY26 revenue, ₹93 Cr PAT, ₹495 Cr CAPEX plan | investor communications | medium | — | — |
| 2 Sept 2026 · Indo Tech Transformers bags INR 165.55 Cr order from AP TRANSCO | business updates | high | — | — |
| 1 Sept 2026 · Indo Tech Transformers wins INR 55 Cr order from Waaree Renewables | business updates | high | — | — |
| 31 Aug 2026 · Wins INR 55 Crore transformer order from Waaree Renewables | business updates | high | — | — |
| 27 Aug 2026 · Newspaper publication of AGM notice and e-voting details | compliance | minimal | — | — |
| 27 Aug 2026 · AGM on Sep 23, 2026; Record Date for Final Dividend Sep 16 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · AGM Notice on Sep 23, 2026 with Dividend, ESOP, and RPT Approvals | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Newspaper ad on AGM notice, KYC updation and TDS on dividend | compliance | minimal | — | — |
| 17 Aug 2026 · Credit rating affirmed, outlook revised to Positive by India Ratings | credit debt | medium | — | — |
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.