Indo Tech Transformers Ltd

Indo Tech Transformers Ltd: Trading Window closed for Designated Persons from October 01, 2026 till the expiry of 48 hours after the declaration of Unaudited Financial Results for the quarter and year to date ended September 30, 2026

AGM Details

• AGM held Sep 23, 2026 at 10:30 a.m. via VC/OAVM at the registered office.
• Cut-off date for voting entitlement: Sep 15, 2026.

Resolutions and outcomes

• Resolution 1: Adoption of audited financial statements approved; 46 in favour, 6 against.
• Resolution 2: Dividend on equity shares declared; 46 in favour, 6 against.
• Resolution 3: Director reappointment by rotation approved; 45 in favour, 7 against.
• Resolution 4: Approval of material related party transaction approved; 40 in favour, 9 against.
• Resolution 5: Cost auditor remuneration for FY 2026-27 ratified; 44 in favour, 7 against.
• Resolution 6: Borrowing limits approved; 38 in favour, 14 against.
• Resolution 7: Mortgage/charge on assets approved; 37 in favour, 15 against.
• Resolution 8: ESOP 2026 approved; 35 in favour, 17 against.
• Resolution 9: Approval for Indo-Tech Transformers Limited and subsidiaries (If Any) approved; 34 in favour, 15 against.

AGM details

• 34th AGM held Sep 23, 2026 via VC/OAVM; 10:30–10:57 IST; record date Sep 15, 2026.

Key resolutions & outcomes

• Resolution 1 (Ord): Adopt Audited financial statements; passed with small dissent.
• Resolution 2 (Ord): Dividend declaration; passed with minor dissent.
• Resolution 3 (Ord): Reappointment of Sharat Chandra Kolla; passed.
• Resolution 4 (Special): Approval of Material Related Party Transaction; passed.
• Resolution 5 (Ord): Ratification of Cost Auditor remuneration for FY 2026-27; passed.
• Resolution 6 (Special): Borrowing limits; passed.
• Resolution 7 (Special): Creation of mortgage/charge; passed.
• Resolution 8 (Special): Approval of ITTL ESOP 2026; passed.
• Resolution 9 (Special): ITTL ESOP 2026 for holding and subsidiary; passed.

Director changes

• Director reappointment: Sharat Chandra Kolla after rotation; approved.

Auditors & governance

• Statutory Auditor ASA & Associates LLP; unqualified opinion for FY 2025-26.
• Secretarial Auditor J B Bhave & Co; unqualified opinion.

Key Update

• LoA received to supply four transformers for Magnolia Powertec (solar) and Crocus Green Energy (wind).
• Each transformer rated 125 MVA; configurations 400/33 kV for solar, 230/33 kV for wind.
• Contract value Rs 42.88 crore plus GST.

Business overview

• Tamil Nadu-based transformer manufacturer; subsidiary of Shirdi Sai Electricals Limited.
• Products include distribution, power, large power, and special-application transformers.
• 66,000+ transformers manufactured; installed capacity 14,000 MVA.
• Phased capex plan to reach 50,000 MVA by FY29.

Operational highlights

• FY26 revenue ₹782 Cr; PAT ₹93 Cr; EPS ₹87.4.
• Executible order book ₹1,318 Cr.
• Pipeline opportunities over ₹10,000 Cr.
• Capacity utilisation 80-90%.

Financial performance

• FY26 revenue from operations ₹782 Cr; YoY +28%.
• Total income ₹793 Cr; PBT ₹124 Cr; PAT ₹93 Cr.
• PAT margin 12%; EPS ₹87.4.
• Cash ₹114 Cr; near-zero net debt; debt/equity 0.03x.
• Debtor days 56; equity ₹374 Cr.

Capital structure & liquidity

• Capex ₹495 Cr; phased to 50,000 MVA by FY29.
• Funding via internal accruals and term loans; no equity dilution.
• Cash reserves ₹114 Cr; near-zero net debt.

Strategic priorities & outlook

• Capex-driven capacity expansion to 50,000 MVA by FY29.
• Expansion funded by internal accruals; limited equity dilution.
• Demand supported by 80-90% utilisation and ₹1,318 Cr executable order book.
• 2030 renewable target (500 GW) aligns with Indo Tech growth.

Risks & mitigation

• Raw-material volatility mitigated via back-to-back pricing, advance procurement, and price clauses.
• CAPEX execution risk managed by phased approvals and internal accrual funding.
• Customer concentration risk mitigated by diversified end-market exposure.
• Working-capital intensity addressed by improved debtor days and cash reserves.
• Competition offset by long track record and broad product range.

Governance & leadership

• Professional management with promoter guidance for strategic oversight.
• Board includes Chairman, CEO, Independent Director, and Non-Executive Directors.
• CFO: Saikrishnan C.P.; Compliance: Karthick D.
• Group Chairman: M. Purushothaman; CEO: Ajay Kumar Dhagat.

Business overview

• Indo Tech makes distribution, power, large power, and special-application transformers.
• Phased capacity expansion to 50,000 MVA by FY29 funded by internal accruals and term loans.
• Subsidiary of Shirdi Sai Electricals; headquartered in Kancheepuram, Tamil Nadu.

Operational highlights

• FY26 revenue ₹782 Cr; total income ₹793 Cr; YoY growth ~26-28%.
• Capex ₹495 Cr to reach 50,000 MVA by FY29.
• Executable order book ₹1,318 Cr; pipeline opportunities ₹10,000 Cr+.
• Utilisation 80-90% and cash ₹114 Cr; near-zero net debt.

Financial performance

• PAT ₹93 Cr; PAT margin 12%; EPS ₹87.4.
• ROCE 38%; ROE 28%; debt/equity 0.03x.

Capital structure & liquidity

• Capex financed by internal accruals and term loans; no equity dilution.
• Total equity ₹374 Cr; up from ₹281 Cr FY25.

Strategic priorities & outlook

• CAPEX plan to expand to 50,000 MVA by FY29; phased roll-out.
• Digitisation (SAP) supports scalability and governance.
• Diversified end-markets; growth in renewables and industrial sectors.

Risks & mitigation

• Raw-material volatility mitigated by back-to-back pricing and procurement.
• CAPEX execution risk mitigated by phased approvals and internal accrual funding.
• Customer concentration risk mitigated by diversification across segments.
• Working-capital intensity supported by debtor-day improvement and cash reserves.

Governance & leadership

• Group Chairman: N. Visweswara Reddy; CEO: M. Purushothaman; Independent Chairman: Ajay Kumar Dhagat.
• Promoter and independent directors; CFO: Karthick D; Company Secretary: Shiva Prasad Padhy.
• Professional management and SAP-driven controls underpin scalable operations.

AP TRANSCO order details

• Andhra Pradesh Transmission Corporation Limited awarded Indo Tech Transformers Limited a purchase order for 26 power transformers.
• Supply of 17 units 80 MVA 220/33 kV and 9 units 80 MVA 132/33 kV transformers.
• Total order value INR 165.55 Crores plus applicable taxes.
• Execution window: 26 transformers to be delivered between Oct 2026 and Jun 2027.
• Domestic entity; promoter interest none and not a related party transaction.
• Disclosed as a material event due to significant order value relative to ordinary course.

Order award details

• Waaree Renewable Technologies Ltd awarded LoA for 5 transformers; INR 55 Crores, domestic, 01/2027–04/2027; no promoter interest.

Order details

• Awarding entity: Waaree Renewable Technologies Limited (LoA dated Aug 28, 2026, domestic).
• Nature and scope: Manufacture and supply of 5 transformers (3x 170/175 MVA, 2x 125 MVA).
• Total value: INR 55 Crores plus applicable taxes.
• Execution window: All five transformers delivered between 01/2027 and 04/2027.
• Promoter interest: None; order not a related party transaction.
• Material impact: LOA deemed material event with potential order-book visibility.