Capital Goods - Transformers — sector analysis & key numbers
Capital Goods - Transformers is showing topping signs after a long run: 8 of 12 constituents are in price uptrends, and aggregate profit grew 12% in the latest year.
Capital Goods - Transformers groups 12 listed companies worth ₹2,20,452 Cr combined, and 8 of 12 are in confirmed price uptrends. Aggregate profit moved −2.6% year-on-year in the latest reported quarter. The sector trades at an aggregate P/E of 63.5×, at the 75th percentile of its own history.
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Companies
- 12
- Total market cap
- ₹2,20,452 Cr
- Relative strength
- 47.2
- RRG quadrant
- leaders
- Weeks in streak
- 12
- In Stage-2 uptrend
- 8 of 12
- Above 200-DMA
- 10 of 12
- Beating NIFTY 500
- 9 of 12
- Latest-quarter revenue
- ₹7,331 Cr
- Latest-quarter profit
- ₹704 Cr
- Aggregate P/E
- 63.5×
- Valuation percentile
- 75th of its own history
- Sector wind
- tailwind
- Data as of
- 1 July 2026
The research read on Capital Goods - Transformers: showing topping signs after a long run.lifecycle_bucket
All three streams agree the THESIS is up and earnings-backed, but they conflict on whether margins and price have peaked — so mixed. CURVE: a durable, still-expanding earnings super-cycle (profit 1,497→2,536, OPM rebuilt to mid-teens). The deterministic curve driver is earnings-led (aggregate earnings +69.4% just edged the multiple +63.7% — the winner pattern), confirmed by qual's order-book and revenue numbers and corroborated by broadening breadth (% above 200-DMA 31→73%). BUT the deterministic cyclicality verdict is peak margin value trap with the most severe normalization in the batch: trailing PE 67th → normalized 100th percentile (Δ-33 pts) because OPM 13.63% sits at the 75th percentile versus a 5.4% mid-cycle with enormous amplitude — at mid-cycle margins this is the MOST expensive sector, not cheap. Price has run ~13x to a peak and the multiple itself re-rated +63.7% — a topping winner, not an early turn. The new, decisive caution versus last fortnight is that qual has DOWNGRADED from worth studying deeper to on watch: margins are now visibly compressing (Shilchar -800 bps, TARIL -430 bps) as transformer oil doubled and fixed-price utility contracts resist pass-through — the 'margin peak as cycle top' signal is live. Top contributors are broad-ish (CGPOWER 19.8%, TARIL 19.3%, DANISH 10.4% — no single-name dominance) and breadth is genuinely wide. SOCIAL is broad/off-target. capital_flows = capacity risk (institutions absent, capex +153.7% flood). Per the lifecycle rubric this is topping with sector earnings still EXPANDING → earnings-gated cap of 75; I hold conviction at 65, below last fortnight's 72 and below the cap, because the earnings are genuinely durable AND broadly participated, but the now-visible margin compression on top of the severe peak-margin normalization (normalized PE 100th percentile), the +63.7% multiple re-rating, the ~13x price run, and institutions absent into a capex flood mean the forward distribution is no longer the start of the curve. No extension case is invoked.synthesis
What would change this view: The demand leg the thesis rests on slips while margins keep compressing — if transformer-oil and CRGO inflation are NOT passed through and aggregate OPM rolls below mid-teens while order intake decelerates (the TARIL guidance walk-back to ₹3,250 Cr is an early sign), then the +63.7% re-rated multiple has nothing left to compound and the peak-margin normalization (normalized PE 100th percentile) bites — confirming a peak-margin top, not a durable super-cycle. Conversely, backward-integration restoring ~200 bps of margin in FY27 with order intake re-accelerating would re-establish earnings-led durability and lift conviction.would_change_my_mind
Grid super-cycle keeps order books at ~2x revenue, but a raw-material wall (transformer oil +100%, CRGO/copper) is gutting margins — demand real, profitability now the swing factor.one_line_thesis
- ✓Aggregate profit turned from years of losses (-530 in 2017, -713 in 2018, -1,233 in 2020) to a durable, still-expanding profit (1,410 in 2021, 1,497, 2,329, 2,275, 2,536 in 2026). · capital-goods-transformers.json (curve.annual_fundamentals.pat)
- ✓Revenue compounds steadily (14,018→16,720→20,758→25,089 across 2023-2026) on a large established base. · capital-goods-transformers.json (curve.annual_fundamentals.revenue)
- ⚠OPM rebuilt from ~0 (0.03 in 2017) to mid-teens (14.56 in 2025, 13.63 in 2026); deterministic block puts current OPM 13.63 at the 75th percentile versus a 5.4 normalized mid-cycle, direction rising. · capital-goods-transformers.json (sector_cycle_deterministic.margin)
- ⚠Aggregate trailing PE RE-RATED from 38.8 (2023-03 anchor) to 63.52 (2026-03), a +63.7% multiple expansion; rerating verdict is re-rating. · capital-goods-transformers.json (curve scalars)
- ✓PB has come off its 23.87 peak to 10.02 but is still rich. · capital-goods-transformers.json (curve.valuation_series.pb; pb_now)
- ⚠Price index ran from a ~22 trough (2018-09) to a peak of 1,007.6 (2025-09), roughly a 13x move, settling at 871.1 (2026-03). · capital-goods-transformers.json (curve.valuation_series.price_idx)
- ⚠Deterministic curve driver is earnings-led: aggregate earnings +69.4% just edged the multiple +63.7% — the winner pattern, durable; breadth corroborates (% above 200-DMA 31.2→72.7%). · capital-goods-transformers.json (sector_cycle_deterministic.curve_move_driver; sector_why_traces breadth_200dma)
- ⚠Deterministic verdict is peak margin value trap: trailing PE 67th → normalized 100th percentile (Δ-33 pts) at mid-cycle margins — the most severe normalization in the batch. · capital-goods-transformers.json (sector_cycle_deterministic.verdict)
Research view from 2026-06-27
Across the 3 largest constituents with research timelines, 2 carried trackable guidance: 3 beats, 0 met, 4 misses against what management said.guidance_pairs
Research view from 2026-06-27
8 of 12 constituents are in Stage-2 price uptrends, 10 trade above their 200-day averages, and 9 are beating the NIFTY 500 on relative strength.stageabove_dma200rs_mansfield
Over the trailing ~20 weeks, the share of constituents above the 200-day line moved from 25% to 82% — participation is widening.breadth_series
Sector relative strength stands at 47.2, in the leaders quadrant of the rotation map, with relative strength rising over a 12-week streak.current_rsquadrant
Recent stage changes: BBL (stage 4→1), DANISH (stage 4→2).stage
Data: Breadth trend
| Period | % above 200-DMA (%) | % beating NIFTY (%) |
|---|---|---|
| Feb 26 | 25.0 | 16.7 |
| Feb 26 | 33.3 | 33.3 |
| Feb 26 | 33.3 | 33.3 |
| Mar 26 | 33.3 | 33.3 |
| Mar 26 | 27.3 | 27.3 |
| Mar 26 | 27.3 | 27.3 |
| Mar 26 | 18.2 | 27.3 |
| Mar 26 | 37.5 | 37.5 |
| Apr 26 | 55.6 | 55.6 |
| Apr 26 | 81.8 | 54.5 |
| Apr 26 | 90.9 | 81.8 |
| Apr 26 | 81.8 | 72.7 |
| May 26 | 90.9 | 63.6 |
| May 26 | 54.5 | 54.5 |
| May 26 | 54.5 | 54.5 |
| May 26 | 63.6 | 63.6 |
| Jun 26 | 63.6 | 63.6 |
| Jun 26 | 63.6 | 63.6 |
| Jun 26 | 81.8 | 63.6 |
| Jun 26 | 81.8 | 63.6 |
Data as of 2026-07-01
Top performers by 1-year price return: Ujaas Energy Ltd (+97.8%), Schneider Electric Infrastructure Ltd (+69.4%), Indo Tech Transformers Ltd (+67.9%), CG Power & Industrial Solutions Ltd (+44.3%), Supreme Power Equipment Ltd (+8.3%).price
Data: Indexed price (base 100, ~52 weeks) — default top-5
| Period | 533644 (index) | SCHNEIDER (index) | INDOTECH (index) | CGPOWER (index) | SUPREMEPWR (index) | Sector avg (index) |
|---|---|---|---|---|---|---|
| Jul 25 | 100 | 100 | 100 | 100 | 100 | 100 |
| Jul 25 | 95.0 | 106 | 100 | 100 | 106 | 100 |
| Jul 25 | 90.3 | 107 | 98.5 | 99.2 | 97.8 | 95.0 |
| Aug 25 | 99.5 | 117 | 88.9 | 97.5 | 93.0 | 95.7 |
| Aug 25 | 124 | 109 | 83.4 | 99.8 | 89.2 | 94.7 |
| Aug 25 | – | 102 | 101 | 99.7 | 103 | 93.9 |
| Aug 25 | 118 | 101 | 99.2 | 102 | 96.3 | 95.0 |
| Aug 25 | 121 | 100 | 92.0 | 104 | 93.4 | 94.2 |
| Sep 25 | 115 | 104 | 97.1 | 110 | 97.0 | 96.2 |
| Sep 25 | 109 | 102 | 94.8 | 118 | 92.7 | 95.4 |
| Sep 25 | 104 | 104 | 96.8 | 117 | 106 | 96.6 |
| Sep 25 | 98.7 | 97.8 | 90.7 | 111 | 98.2 | 91.7 |
| Oct 25 | 104 | 100 | 96.1 | 112 | 98.7 | 93.5 |
| Oct 25 | 126 | 97.0 | 97.4 | 113 | 101 | 94.6 |
| Oct 25 | 132 | 96.3 | 89.9 | 114 | 99.7 | 93.1 |
| Oct 25 | 125 | 98.4 | 90.9 | 108 | 101 | 92.0 |
| Oct 25 | 119 | 97.9 | 89.5 | 110 | 98.1 | 91.1 |
| Nov 25 | 125 | 101 | 88.5 | 110 | 93.9 | 88.9 |
| Nov 25 | 128 | 93.3 | 98.4 | 111 | 95.9 | 89.2 |
| Nov 25 | 128 | 86.8 | 90.9 | 106 | 110 | 87.7 |
| Nov 25 | 121 | 83.8 | 89.9 | 101 | 104 | 84.5 |
| Dec 25 | 153 | 88.2 | 84.7 | 99.0 | 99.1 | 85.2 |
| Dec 25 | 160 | 84.0 | 85.0 | 99.7 | 96.8 | 85.8 |
| Dec 25 | 152 | 85.0 | 83.2 | 101 | 95.0 | 84.6 |
| Dec 25 | 145 | 85.1 | 82.5 | 98.2 | 92.9 | 83.3 |
| Jan 26 | 137 | 83.9 | 85.2 | 97.2 | 91.0 | 83.4 |
| Jan 26 | 131 | 75.4 | 80.4 | 89.1 | 83.3 | 78.1 |
| Jan 26 | 124 | 72.6 | 76.1 | 84.1 | 83.7 | 75.3 |
| Jan 26 | 118 | 71.0 | 65.4 | 82.2 | 68.3 | 69.8 |
| Feb 26 | 126 | 82.1 | 66.6 | 89.4 | 74.4 | 74.1 |
| Feb 26 | 176 | 90.0 | 71.8 | 101 | 84.9 | 83.1 |
| Feb 26 | 192 | 95.0 | 73.1 | 102 | 68.9 | 83.7 |
| Feb 26 | 182 | 108 | 75.4 | 107 | 69.2 | 86.7 |
| Feb 26 | 182 | 106 | 84.1 | 109 | 70.6 | 87.9 |
| Mar 26 | 181 | 106 | 73.3 | 107 | 77.9 | 85.3 |
| Mar 26 | – | 104 | 70.1 | 106 | 72.8 | 75.1 |
| Mar 26 | – | 104 | 69.0 | 102 | 78.2 | 75.6 |
| Mar 26 | – | 103 | 62.7 | 100 | 74.7 | 72.1 |
| Apr 26 | – | 106 | 66.6 | 102 | 78.7 | 80.6 |
| Apr 26 | – | 118 | 70.6 | 110 | 86.1 | 84.6 |
| Apr 26 | – | 121 | 98.2 | 116 | 101 | 91.2 |
| Apr 26 | – | 138 | 128 | 123 | 106 | 99.4 |
| Apr 26 | – | 146 | 144 | 122 | 120 | 104 |
| May 26 | – | 157 | 151 | 131 | 120 | 102 |
| May 26 | – | 148 | 138 | 126 | 110 | 94.8 |
| May 26 | – | 153 | 124 | 130 | 115 | 96.0 |
| May 26 | – | 153 | 134 | 137 | 117 | 97.5 |
| Jun 26 | – | 137 | 141 | 140 | 116 | 97.6 |
| Jun 26 | – | 129 | 139 | 137 | 113 | 95.2 |
| Jun 26 | – | 156 | 143 | 144 | 116 | 103 |
| Jun 26 | – | 156 | 156 | 141 | 122 | 104 |
| Jul 26 | – | 162 | 172 | 146 | 117 | 106 |
Data: Quarterly revenue (8q) — default top-5
| Period | 533644 (₹ Cr) | SCHNEIDER (₹ Cr) | INDOTECH (₹ Cr) | CGPOWER (₹ Cr) | SUPREMEPWR (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 6.0 | 593 | 82.0 | 2,228 | 28.0 | 420 |
| Sep 24 | 5.0 | 600 | 146 | 2,413 | 58.0 | 414 |
| Dec 24 | 8.0 | 857 | 177 | 2,516 | 29.0 | 534 |
| Mar 25 | 8.0 | 587 | 206 | 2,753 | 91.0 | 526 |
| Jun 25 | 3.0 | 622 | 164 | 2,878 | 35.0 | 533 |
| Sep 25 | 5.0 | 650 | 183 | 2,923 | 75.0 | 494 |
| Dec 25 | 3.0 | 1,029 | 196 | 3,175 | 36.0 | 659 |
| Mar 26 | – | 590 | 239 | 3,442 | 106 | 667 |
Data: Quarterly net profit (8q) — default top-5
| Period | 533644 (₹ Cr) | SCHNEIDER (₹ Cr) | INDOTECH (₹ Cr) | CGPOWER (₹ Cr) | SUPREMEPWR (₹ Cr) | Sector avg (₹ Cr) |
|---|---|---|---|---|---|---|
| Jun 24 | 4.0 | 48.0 | 6.0 | 241 | 3.0 | 45.5 |
| Sep 24 | 1.0 | 54.0 | 18.0 | 220 | 7.0 | 42.9 |
| Dec 24 | 4.0 | 111 | 19.0 | 238 | 3.0 | 58.5 |
| Mar 25 | 0.0 | 55.0 | 21.0 | 274 | 12.0 | 60.3 |
| Jun 25 | 2.0 | 41.0 | 19.0 | 267 | 5.0 | 55.8 |
| Sep 25 | 0.0 | 52.0 | 25.0 | 284 | 10.0 | 51.9 |
| Dec 25 | 0.0 | 97.0 | 25.0 | 284 | 3.0 | 65.7 |
| Mar 26 | – | 22.0 | 24.0 | 363 | 11.0 | 64.0 |
Data: Operating margin % (8q) — default top-5
| Period | 533644 (%) | SCHNEIDER (%) | INDOTECH (%) | CGPOWER (%) | SUPREMEPWR (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| Jun 24 | 8.6 | 14.0 | 10.0 | 15.0 | 21.1 | 15.3 |
| Sep 24 | -3.4 | 12.0 | 16.0 | 12.0 | 20.0 | 14.4 |
| Dec 24 | 41.7 | 16.0 | 14.0 | 13.0 | 10.5 | 17.7 |
| Mar 25 | 8.0 | 15.0 | 10.0 | 13.0 | 18.0 | 16.3 |
| Jun 25 | -122 | 11.0 | 15.0 | 13.0 | 18.9 | 2.6 |
| Sep 25 | 10.9 | 13.0 | 17.0 | 13.0 | 19.0 | 15.6 |
| Dec 25 | -18.9 | 17.0 | 17.0 | 13.0 | 14.2 | 12.8 |
| Mar 26 | – | 8.0 | 14.0 | 14.0 | 18.0 | 14.4 |
Data: Latest reported ROCE / ROE (single latest reading, not a trend) — default top-5
| Period | 533644 (%) | SCHNEIDER (%) | INDOTECH (%) | CGPOWER (%) | SUPREMEPWR (%) | Sector avg (%) |
|---|---|---|---|---|---|---|
| ROCE % | 10.0 | 29.6 | 37.7 | 27.0 | 22.0 | 24.8 |
| ROE % | 9.7 | 35.6 | 28.4 | 20.8 | 19.4 | 21.0 |
Data: 10-year valuation percentile (latest) — default top-5
| Period | SCHNEIDER (percentile) | INDOTECH (percentile) | CGPOWER (percentile) | SUPREMEPWR (percentile) | Sector avg (percentile) |
|---|---|---|---|---|---|
| 10y percentile | 83.0 | 80.0 | 95.0 | 75.0 | 67.5 |
Interactive charts default to the five strongest performers by 1-year price return; use the rail to add or remove any constituent, globally or per chart. Non-interactive readers see the same numbers in each chart’s data table.
Data as of 2026-07-01
In the latest reported quarter (2026-03), constituents together booked ₹7,331 Cr of revenue (+16.3% year-on-year) and ₹704 Cr of profit (-2.6%).revenuepat
Reporting honesty note: 11 of the constituents have reported this quarter versus 12 a year ago, so part of the year-on-year change is composition, not like-for-like growth.reporters
On the annual arc, aggregate profit grew 12% to ₹2,536 Cr in 2026.pat
Data: Aggregate quarterly revenue
| Period | Revenue (₹ Cr) | Reporters |
|---|---|---|
| Jun 23 | 3,483 | 10 |
| Sep 23 | 3,979 | 11 |
| Dec 23 | 4,212 | 10 |
| Mar 24 | 4,770 | 11 |
| Jun 24 | 4,199 | 10 |
| Sep 24 | 4,972 | 12 |
| Dec 24 | 5,342 | 10 |
| Mar 25 | 6,306 | 12 |
| Jun 25 | 5,326 | 10 |
| Sep 25 | 5,924 | 12 |
| Dec 25 | 6,590 | 10 |
| Mar 26 | 7,331 | 11 |
Data: Aggregate quarterly profit
| Period | Profit after tax (₹ Cr) |
|---|---|
| Jun 23 | 320 |
| Sep 23 | 426 |
| Dec 23 | 1,065 |
| Mar 24 | 489 |
| Jun 24 | 455 |
| Sep 24 | 515 |
| Dec 24 | 585 |
| Mar 25 | 723 |
| Jun 25 | 558 |
| Sep 25 | 623 |
| Dec 25 | 658 |
| Mar 26 | 704 |
Data: Aggregate operating margin
| Period | OPM (%) |
|---|---|
| Jun 23 | 12.3 |
| Sep 23 | 14.2 |
| Dec 23 | 14.4 |
| Mar 24 | 14.3 |
| Jun 24 | 14.4 |
| Sep 24 | 13.4 |
| Dec 24 | 14.7 |
| Mar 25 | 14.9 |
| Jun 25 | 13.7 |
| Sep 25 | 13.8 |
| Dec 25 | 14.2 |
| Mar 26 | 12.9 |
Data: Aggregate profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| 2015 | -12 |
| 2016 | -397 |
| 2017 | -530 |
| 2018 | -713 |
| 2019 | -414 |
| 2020 | -1,233 |
| 2021 | 1,410 |
| 2022 | 1,077 |
| 2023 | 1,497 |
| 2024 | 2,329 |
| 2025 | 2,275 |
| 2026 | 2,536 |
Data: Operating margin by year
| Period | OPM (%) |
|---|---|
| 2015 | 3.8 |
| 2016 | 3.4 |
| 2017 | 0.0 |
| 2018 | 2.4 |
| 2019 | 4.5 |
| 2020 | 3.1 |
| 2021 | 5.4 |
| 2022 | 9.7 |
| 2023 | 12.7 |
| 2024 | 14.1 |
| 2025 | 14.6 |
| 2026 | 13.6 |
Data as of 2026-06-27
Sector revenue moved from ₹20,758 Cr to ₹25,089 Cr (+20.9% year-on-year).revenue
The aggregate P/E moved from 38.8× to 63.5× (+63.7%) while sector profits moved +69.4% — earnings led the multiple — the durable pattern.pe
Capital cycle: capital is entering this industry, with constituent capex running +153.7% year-on-year.readcapex_yoy_pct
Participation check: the share of constituents above their 200-day average moved 31%→73% across the trailing weeks — the move is broadening.pct_above_200dma
Sector Σrevenue +20.9% YoY — confirm it is demand/volume-led across constituents, not price/base.
revenueSector PE moved +63.7% but aggregate ΣPAT rose +69.4% over ~3y — EARNINGS led the multiple (the durable pattern). The re-rating is backed by real aggregate earnings.
peprice_idxpatCapital is ENTERING (read=ENTERING; capex +153.65%, FII+DII -1pp) — crowding in + a capex surge LATE in the cycle is a HEADWIND (supply coming, competition for returns). Check whether the inflow is EARLY (depressed valuation, fresh turn) or LATE (chasing a run).
capex_yoy_pctfii_dii_delta_4qpromoter_delta_2qcwip_growth_pctSector breadth WIDENING — % above 200-DMA 31→73% over the trailing weeks: broad participation corroborates a genuine sector-wide turn rather than a few-name move.
pct_above_200dmapct_outperformingResearch view from 2026-06-27
Ownership: institutional (FII+DII) holdings moved -1 percentage points over four quarters; promoter stakes moved -2.46 points over two.fii_dii_delta_4qpromoter_delta_2q
Constituents spent ₹4,175 Cr on capex in the trailing twelve months (+153.7% year-on-year), with gross block growing +38.4%.capex_ttm_sum_crcapex_yoy_pct
On the deterministic capital-flow read, capital is entering this industry.read
Research view from 2026-06-27
The sector trades at an aggregate P/E of 63.52× against a range of 11.06–90.99× over its 40-quarter history.pe
The median constituent sits at the 75th percentile of its own 10-year valuation range.percentile
Aggregate operating margin (13.6%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.opm
Data: Aggregate P/E and price index
| Period | P/E (×) | Price index |
|---|---|---|
| Jun 16 | – | 100 |
| Sep 16 | – | 98 |
| Dec 16 | – | 86 |
| Mar 17 | – | 105 |
| Jun 17 | – | 108 |
| Sep 17 | – | 102 |
| Dec 17 | – | 117 |
| Mar 18 | – | 99 |
| Jun 18 | – | 75 |
| Sep 18 | – | 66 |
| Dec 18 | – | 67 |
| Mar 19 | – | 66 |
| Jun 19 | – | 50 |
| Sep 19 | – | 36 |
| Dec 19 | – | 31 |
| Mar 20 | – | 22 |
| Jun 20 | – | 31 |
| Sep 20 | – | 42 |
| Dec 20 | – | 63 |
| Mar 21 | 11.1 | 85 |
| Jun 21 | 13.3 | 103 |
| Sep 21 | 18.1 | 140 |
| Dec 21 | 26.6 | 206 |
| Mar 22 | 34.7 | 202 |
| Jun 22 | 35.2 | 205 |
| Sep 22 | 44.1 | 257 |
| Dec 22 | 49.3 | 287 |
| Mar 23 | 38.8 | 313 |
| Jun 23 | 50.8 | 409 |
| Sep 23 | 52.0 | 491 |
| Dec 23 | 40.2 | 533 |
| Mar 24 | 56.0 | 699 |
| Jun 24 | 69.2 | 918 |
| Sep 24 | 72.8 | 992 |
| Dec 24 | 91.0 | 1,008 |
| Mar 25 | 68.7 | 842 |
| Jun 25 | 71.3 | 914 |
| Sep 25 | 72.4 | 963 |
| Dec 25 | 60.4 | 827 |
| Mar 26 | 63.5 | 871 |
Aggregate operating margin (13.6%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Data as of 2026-06-27
12 companies make up this sector, led by CG Power & Industrial Solutions Ltd at ₹1,48,379 Cr of market value.constituents
| Company | Price | 1y | Stage | RS | 10y val % |
|---|---|---|---|---|---|
| CG Power & Industrial Solutions Ltd | ₹977 | +44.3% | 2 | 32.6 | 95 |
| Schneider Electric Infrastructure Ltd | ₹1,387 | +69.4% | 2 | 49.3 | 83 |
| Voltamp Transformers Ltd | ₹9,934 | +6.3% | 2 | 16.9 | 93 |
| Transformers & Rectifiers India Ltd | ₹359 | −23.8% | 4 | -1.4 | 66 |
| Shilchar Technologies Ltd | ₹4,534 | −18.9% | 2 | 5.6 | 81 |
| Bharat Bijlee Ltd | ₹2,825 | −6.7% | 1 | 0.2 | 64 |
| Indo Tech Transformers Ltd | ₹3,240 | +67.9% | 2 | 76.5 | 80 |
| Ujaas Energy Ltd | ₹178 | +97.8% | 2 | 55.4 | – |
| Danish Power Ltd | ₹1,033 | −3.9% | 2 | 30.1 | 50 |
| Marsons Ltd | ₹115 | −47.8% | 4 | -27.5 | 25 |
| Vilas Transcore Ltd | ₹373 | −36.1% | 4 | -14.1 | 30 |
| Supreme Power Equipment Ltd | ₹247 | +8.3% | 2 | 22.0 | 75 |
Data as of 2026-07-01
Headwind chain: A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; Also touches: Cables - Power, Electrical Equipments/HVDC, Infra - Construction & Contracting, Engineering - Turnkey Services.triggermechanism
Tailwind chain: Surge in AI-driven data center capacity and renewable integration requiring massive grid upgrades. Also touches: Data Centre, Cables - Power, Electrical Equipments/HVDC.triggermechanism
A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex; the same wind shows in Cables - Power qual, Electrical Equipments/HVDC (Q1/Q4 order-to-billing inflection), Capital Goods - Transformers (Q1 order book) and Engineering - Turnkey Services (record Rs4,849 Cr quarter, Q2).
Government + utility grid spend converts to multi-year backlog → revenue/PAT inflection across transformers, cables, HVDC equipment and turnkey EPC. But the same capex wave is now showing up as a sector-wide supply flood on the balance sheet (Electrical Equipments/HVDC capex +232.8% YoY / CWIP +39.9%; Capital Goods - Transformers capex +154%; Engineering - Turnkey Services capex +69% with a late-cycle capex flood), which compresses the order premium and margins as utilization is chased late-cycle.
Surge in AI-driven data center capacity and renewable integration requiring massive grid upgrades.
Data centers demand disproportionate power and cooling, which flows down to transformers, HVDC, power cables, and EMS players for server racks.
Research view from 2026-06-27
A breakdown is NOT underway: 82% of constituents still trade above their 200-day averages.breadth_series
- A breakdown is NOT underway: 82% of constituents still trade above their 200-day averages.
Data as of 2026-07-01
Straight answers from the data
What is the Capital Goods - Transformers sector?
The Capital Goods - Transformers sector groups 12 listed companies with a combined market value of ₹2,20,452 Cr, led by CG Power & Industrial Solutions Ltd, Schneider Electric Infrastructure Ltd, Voltamp Transformers Ltd. 8 of 12 constituents are currently in confirmed price uptrends.
Which stocks are in the Capital Goods - Transformers sector?
The largest Capital Goods - Transformers companies by market value are CG Power & Industrial Solutions Ltd (₹1,48,379 Cr), Schneider Electric Infrastructure Ltd (₹31,927 Cr), Voltamp Transformers Ltd (₹10,425 Cr), Transformers & Rectifiers India Ltd (₹10,225 Cr), Shilchar Technologies Ltd (₹5,250 Cr), Bharat Bijlee Ltd (₹3,188 Cr), Indo Tech Transformers Ltd (₹3,117 Cr), Ujaas Energy Ltd (₹2,380 Cr).
What are the best-performing Capital Goods - Transformers stocks?
By 1-year price return as of 1 July 2026, the strongest Capital Goods - Transformers stocks are Ujaas Energy Ltd (+98%), Schneider Electric Infrastructure Ltd (+69%), Indo Tech Transformers Ltd (+68%), CG Power & Industrial Solutions Ltd (+44%), Supreme Power Equipment Ltd (+8.3%). These are descriptive price moves measured from weekly Screener closes, not recommendations.
Is the Capital Goods - Transformers sector in an uptrend?
8 of 12 Capital Goods - Transformers constituents are in Stage-2 price uptrends, 10 trade above their 200-day average, and 9 are beating the NIFTY 500 on relative strength. Sector relative strength reads 47.2, in the leaders quadrant of the rotation map, rising over a 12-week streak.
How many Capital Goods - Transformers stocks trade above their 200-day average?
10 of 12 Capital Goods - Transformers constituents currently trade above their 200-day moving average. Over the trailing ~20 weeks, that share moved from 25% to 82% — participation is widening.
Is the Capital Goods - Transformers sector expensive versus its own history?
The Capital Goods - Transformers sector trades at an aggregate P/E of 63.5× against a 11.1–91.0× band over its own history. The median constituent sits at the 75th percentile of its own 10-year P/E range, above the middle of its own historical range. Aggregate operating margin (13.6%) sits at the 83rd percentile of its own annual history — a cheap-looking multiple on near-peak margins is only cheap if the margins hold.
Is money entering or leaving the Capital Goods - Transformers sector?
On Sector Alpha's deterministic capital-flow read, money is entering the Capital Goods - Transformers sector. Institutional (FII+DII) holdings moved −1.00 percentage points across constituents over the last four quarters, and constituents grew capex +153.7% year-on-year.
How fast is the Capital Goods - Transformers sector growing?
In the latest reported quarter (March 2026), Capital Goods - Transformers constituents together booked ₹7,331 Cr of revenue, +16.3% year-on-year, with aggregate profit −2.6% year-on-year. Figures aggregate Screener-scraped quarterly filings across the sector.
How are Capital Goods - Transformers operating margins trending?
Aggregate Capital Goods - Transformers operating margin was 12.8% in the latest reported quarter (March 2026), versus 14.9% a year earlier — margins are softening.
Which sectors is the Capital Goods - Transformers sector connected to?
The Capital Goods - Transformers sector sits in 2 cross-sector chains: as a potential casualty it connects to Cables - Power, Electrical Equipments/HVDC, Infra - Construction & Contracting, Engineering - Turnkey Services — A Rs9.15Tn India T&D + RDSS + renewable-grid buildout with 5-7y order visibility, cited verbatim across the entire CapGoodsPower complex;; as a beneficiary it connects to Data Centre, Cables - Power, Electrical Equipments/HVDC — Surge in AI-driven data center capacity and renewable integration requiring massive grid upgrades..
What is the bull case for the Capital Goods - Transformers sector?
Grid super-cycle keeps order books at ~2x revenue, but a raw-material wall (transformer oil +100%, CRGO/copper) is gutting margins — demand real, profitability now the swing factor. Aggregate profit turned from years of losses (-530 in 2017, -713 in 2018, -1,233 in 2020) to a durable, still-expanding profit (1,410 in 2021, 1,497, 2,329, 2,275, 2,536 in 2026).
What could change the view on the Capital Goods - Transformers sector?
The demand leg the thesis rests on slips while margins keep compressing — if transformer-oil and CRGO inflation are NOT passed through and aggregate OPM rolls below mid-teens while order intake decelerates (the TARIL guidance walk-back to ₹3,250 Cr is an early sign), then the +63.7% re-rated multiple has nothing left to compound and the peak-margin normalization (normalized PE 100th percentile) bites — confirming a peak-margin top, not a durable super-cycle. Conversely, backward-integration restoring ~200 bps of margin in FY27 with order intake re-accelerating would re-establish earnings-led durability and lift conviction. Also worth noting: a breakdown is NOT underway: 82% of constituents still trade above their 200-day averages.
What is the research view on the Capital Goods - Transformers sector?
Sector Alpha does not publish trading recommendations or price calls — this is a research read, not advice. What the data says: topping · mixed. All three streams agree the THESIS is up and earnings-backed, but they conflict on whether margins and price have peaked — so mixed. CURVE: a durable, still-expanding earnings super-cycle (profit 1,497→2,536, OPM rebuilt to mid-teens). Every number on this page traces to its source column; it is machine-written research, not investment advice.
Should I invest in the Capital Goods - Transformers sector?
Sector Alpha does not publish sector allocations or trading calls — for Capital Goods - Transformers or any sector. What this page provides is a data-first read: how many constituents are in confirmed uptrends, how the sector's valuation compares with its own history, where earnings sit in their cycle, and whether capital is entering or leaving. Use it to study the sector on the evidence, then do your own diligence.
What is the Capital Goods - Transformers sector's relative-strength position?
Capital Goods - Transformers relative strength reads 47.2 on Sector Alpha's rotation map, placing it in the leaders quadrant. Relative strength is rising and has held for 12 weeks. A positive, rising relative-strength trend means the sector has been outperforming the broad market week after week.