Date 16.08.2025
Transformers & Rectifiers
Timeframe : Day Chart
About
(1) Company is a manufacturer of Power, Furnace and Rectifier Transformers.
(2) Single-phase power transformers up to 500MVA & 1200kV Class
(3) Furnace Transformers, Rectifier & Distribution Transformers, Specialty Transformers
(4) Series & Shunt Reactors, Mobile Sub Stations, Earthing Transformers
(5) It operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors
(6) The company has a global footprint in 25+ countries.
Geographical Split
(1) Domestic: 92% in FY24 vs 85% in FY22
(2) Exports: 8%
Clientele
Powergrid, NTPC, TATA Power, Torrent Power, Siemens Energy, Bluestar, Hindustan Zinc, JSW, Getco
Order Book
(1) As of 9M FY25, the company has a total order book of Rs. 3,686 Cr.
(2) It also has orders worth Rs. 19,000+ Cr under negotiation.
(3) Total market cap at 15179 cr
Order Book Mix
Product-Wise :
(1) Power Transformer: 66%
(2) Reactor: 27%
(3) Special Duty Transformers: 7%
Customer-Wise :
(1) Industrial Customers: 47%
(2) Central Utilities: 43%
(3) State Utilities: 10
Manufacturing Capabilities
(1) The company is India's 2nd-largest transformer manufacturer by capacity
(2) Operating 3 plants in Ahmedabad, Gujarat, with a combined capacity of 40,000 MVA
Capex
(1) The company is expanding its capacity by 15,000 MVA to manufacture transformers for the renewable energy sector
(2) with order bookings for the new capacity set to begin in Q4 FY25
Valuations
(1) Market Cap = ₹ 15,179 Cr
(2) Stock P/E = 58.6
(3) Book Value = 12X
(4) ROCE = 28.0 %
(5) ROE = 23.4 %
(6) Sales Growth = 56% (YoY)
(7) Operating Profit Margin = 17%
Note*
(1) Debtor days have improved from 142 to 84.8 days.
(2) Company's working capital requirements have reduced from 73.6 days to 34.2 days
Regards,
Ankur
Transformers & Rectifiers
Timeframe : Day Chart
About
(1) Company is a manufacturer of Power, Furnace and Rectifier Transformers.
(2) Single-phase power transformers up to 500MVA & 1200kV Class
(3) Furnace Transformers, Rectifier & Distribution Transformers, Specialty Transformers
(4) Series & Shunt Reactors, Mobile Sub Stations, Earthing Transformers
(5) It operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors
(6) The company has a global footprint in 25+ countries.
Geographical Split
(1) Domestic: 92% in FY24 vs 85% in FY22
(2) Exports: 8%
Clientele
Powergrid, NTPC, TATA Power, Torrent Power, Siemens Energy, Bluestar, Hindustan Zinc, JSW, Getco
Order Book
(1) As of 9M FY25, the company has a total order book of Rs. 3,686 Cr.
(2) It also has orders worth Rs. 19,000+ Cr under negotiation.
(3) Total market cap at 15179 cr
Order Book Mix
Product-Wise :
(1) Power Transformer: 66%
(2) Reactor: 27%
(3) Special Duty Transformers: 7%
Customer-Wise :
(1) Industrial Customers: 47%
(2) Central Utilities: 43%
(3) State Utilities: 10
Manufacturing Capabilities
(1) The company is India's 2nd-largest transformer manufacturer by capacity
(2) Operating 3 plants in Ahmedabad, Gujarat, with a combined capacity of 40,000 MVA
Capex
(1) The company is expanding its capacity by 15,000 MVA to manufacture transformers for the renewable energy sector
(2) with order bookings for the new capacity set to begin in Q4 FY25
Valuations
(1) Market Cap = ₹ 15,179 Cr
(2) Stock P/E = 58.6
(3) Book Value = 12X
(4) ROCE = 28.0 %
(5) ROE = 23.4 %
(6) Sales Growth = 56% (YoY)
(7) Operating Profit Margin = 17%
Note*
(1) Debtor days have improved from 142 to 84.8 days.
(2) Company's working capital requirements have reduced from 73.6 days to 34.2 days
Regards,
Ankur
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.