Manufactures electrical equipment for the power transmission and distribution chain through three operating entities: a standalone India business (high-voltage instrument transformers, coils, magnet wire, and an HVDC test lab), Mehru Electrical and Mechanical Engineers (acquired — makes 400 KV instrument transformers and is expanding into GIS), and Endoks Enerji in Turkey (FACTS systems, BESS converters, and power-quality equipment). The group order book entering FY27 stood at roughly 1.4x the FY26 revenue base, split across QP at ₹520 crore, Mehru at ₹430 crore, and Endoks at ₹450 crore. Active wins include a ₹49 crore eco-reactor order from a top-3 US hyperscaler for data centers, a ₹40.9 crore FACTS supply order for Japan won by Endoks, and a ₹152 crore BESS order (expandable to ₹292 crore) at Endoks. Geographic reach spans India, Turkey (the European manufacturing hub), the US, Australia, the Middle East, and Europe. Materials are the dominant cost — insulators are currently on 18–24 month lead times and winding conductors, semiconductors, and copper are the key inputs. Capacity additions underway include the Sangli coil and magnet-wire factory (trial production July-August 2026), a ~45% capacity expansion at Mehru's Bhiwadi plant, and a new BESS converter facility in Nigde, Turkey (December 2026). A Term Sheet has also been signed to acquire Winwin Speciality Insulators to internalise insulator supply. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. High-voltage instrument transformers and coils, FACTS / power-quality equipment, BESS and Power Conversion Systems, Data-center power-quality equipment. Order-book driven electrical equipment manufacturer serving power transmission, renewable integration, and data-center infrastructure across India, Turkey, the US, Australia, the Middle East, and Europe
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|
| Revenue | 337 | 947 |
| EBITDA (ex other income) | 64 | 176 |
| margin % | 18.9 | 18.6 |
| Owners' profit | 66 | 121 |
| EPS, as reported (₹) | 9.10 | 15.67 |
| ROE % · ROCE % | 16.9 · 18.3 | 24.0 · 27.3 |
| Debt / equity (x) | 0.01 | 0.05 |
| Cash from operations | 62 | 80 |
| Capex | (16) | (129) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
