BSE: 539255
STAR DELTA TRANSFORMERS LIMITE
Manufactures electrical transformers, with solar power listed as a secondary segment that has generated no meaningful revenue in recent quarters. In FY26, total revenue was Rs. 173.06 crore, with the transformers segment accounting for the entire reported period segment revenue. The business runs quarterly, with Q3 FY26 alone delivering Rs. 51.57 crore from transformers and 9M FY26 reaching Rs. 126.62 crore across operations. Materials and components dominate the cost structure at 80.4% of revenue, with employee cost at 2.8% and other operating expenses at 8.3%. The company is headquartered in Bhopal and operates under the Heavy Electrical Equipment classification. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transformers, Solar Power. Small-cap heavy electrical equipment manufacturer, single-product focused on transformers.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 31 | 71 | 140 | 142 | 173 |
| EBITDA (ex other income) | 2 | 5 | 13 | 15 | 17 |
| margin % | 5.4 | 7.7 | 9.4 | 10.3 | 9.8 |
| Owners' profit | 4 | 6 | 11 | 11 | 12 |
| EPS, as reported (₹) | 24.34 | 38.38 | 37.05 | 35.42 | 39.79 |
| ROE % · ROCE % | 6.4 · 9.5 | 9.2 · 13.2 | 15.1 · 22.1 | 12.6 · 17.2 | 12.4 · 17.5 |
| Debt / equity (x) | 0.01 | 0.04 | 0.03 | 0.03 | 0.11 |
| Cash from operations | 3 | (16) | (7) | 3 | (11) |
| Capex | (0) | (0) | (1) | (1) | (0) |
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 | 37 | 33 | 38 | 30 | 44 | 53 | 46 | 37 |
| Profit before tax | 4 | 3 | 4 | 3 | 4 | 4 | 6 | 2 |
| Net profit | 3 | 2 | 3 | 2 | 4 | 2 | 4 | 1 |
| EPS (₹) | 19.16 | 15.04 | 10.20 | 15.14 | 13.24 | 6.87 | 14.73 | 4.67 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Transformers | 111 | 78.3 |
| TRANSFORMERS | 31 | 21.7 |
| Total, before eliminations | 142 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.6 | 36.5 | 5 of 34 | 88% |
| P/B | 1.4 | 5.4 | 4 of 33 | 91% |
| ROCE | 16.0 | 16.6 | 19 of 36 | 49% |
| ROE | 12.4 | 14.7 | 23 of 34 | 33% |
| Debt / Equity | 0.1 | 0.1 | 17 of 34 | 52% |
| EBITDA margin | 6.0 | 16.4 | 31 of 35 | 12% |
| Revenue growth | 24.0 | 17.7 | 14 of 33 | 59% |
| Profit growth | (38.2) | 6.7 | 25 of 32 | 23% |
| Market cap | 138 | 6267 | 34 of 35 | 3% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Clarification on share price movement, says fully market driven | regulatory legal | medium | — | — |
| 15 Oct 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 12 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 30 Sept 2026 · 50th AGM voting results: All 3 resolutions passed with requisite majority | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Star Delta Transformers 50th AGM held on Sep 29, 2026 - proceedings summary | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 till 48 hrs after Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper notice published for 50th AGM on September 29, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Star Delta FY26 Annual Report filed; revenue up 22%, PAT at Rs 11.94 Cr | compliance | low | — | — |
| 4 Sept 2026 · 50th AGM on Sept 29, 2026 at Bhopal; no dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · 50th AGM scheduled for September 29, 2026; no dividend recommended | compliance | minimal | — | — |
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.