Indo Tech Transformers Ltd
INDOTECHIndo Tech Transformers Ltd's price has outrun its earnings. +97.7% in a year against EPS +45.2% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +97.7% in a year while annual EPS moved +45.2% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 78th percentile of its own 7-year range. Underneath, the last four quarters read improving — profit +36.8% year on year, and 71% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Indo Tech Transformers Ltd trades at ₹3,523, in a confirmed uptrend and 19 weeks into that stage. That is +33.4% against its own 200-day average. It sits at 86% of a 52-week range of ₹1,179 to ₹3,903. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 28 straight weeks.
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹3,523 it trades +33.4% versus its 200-day average and sits at 86% of its 52-week range (₹1,179–₹3,903).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +2,319% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 28 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Indo Tech Transformers Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: Not stated in the research file. Still open: CRGO and copper account for ~70% of transformer BOM; a 25-30% price swing on either input, with fixed-price contract exposure, directly compresses margin.
Our read, 31 May 2026. A transformer manufacturer executing a six-year margin re-rating — current OPM contraction at peak revenue is the principal uncertainty.
What is proven. A transformer manufacturer executing a six-year margin re-rating — current OPM contraction at peak revenue is the principal uncertainty.
What is not proven yet. CRGO and copper account for ~70% of transformer BOM; a 25-30% price swing on either input, with fixed-price contract exposure, directly compresses margin.
Layer 1 read, 27 June 2026 — KEEP. Genuine high-ROCE transformer compounder, but already up 17x and carrying a 77% promoter pledge. PAT compounded 72% to Rs 93 Cr over five years on a real OPM re-rating that the 12-quarter series confirms, so the move is earnings-led, not a hollow re-rating. But the stock has run 17x off its trough and trades EXPENSIVE versus its own median, Q4 OPM just compressed 327bps, and the promoter entity has pledged 77.24% of its shares — a HIGH governance risk. Quality story, late entry.
What would change Layer 1’s mind. Q1 FY27 OPM staying below 15% (M1 fails) would confirm the margin compression is structural rather than an input-cost blip; separately, the promoter pledge rising above 80% (M3) would escalate the governance overhang to a thesis-level risk.
Layer 2 read, 27 June 2026 — BENCH. A genuine grid-cycle winner that has already run 17x into margins now rolling over — bench, don't chase. INDOTECH's six-year margin re-rating is real (PAT 72% CAGR, ROCE 37.7%) but the stock has run ~17x off its lows on a PE now in the 72nd percentile, and both its own Q4 OPM (-327 bps QoQ) and the sector tri-stream verdict say margins are compressing on a transformer-oil +100% shock the sector cannot fully pass through. With sector-wide capacity flooding in (capex +153.65%, CWIP +80.67%) while institutions are absent and the promoter is selling, the easy money is made — this is a watch-for-margin-stabilization name, not a fresh entry.
What would change Layer 2’s mind. A concall/result showing OPM stabilizing or re-expanding (the -327 bps QoQ reversing) with evidence that EHV/HVDC mix-shift makes the mid-teens margin structurally durable, AND the promoter pledge/selling resolving — that would disprove the peak-margin-trap read and move BENCH to ADVANCE.
The test written in advance. CRGO/Copper Price Spike — CRGO/Copper Price Spike by the next result.
The test written in advance. Promoter Pledge Concentration — Promoter Pledge Concentration Pledge level declining below 50% would materially improve governance risk score. by the next result.
The test written in advance. Capex Execution and Debt Load — Capex Execution and Debt Load D/E exceeding 0.5x or ICR falling below 5x would signal debt-load stress. by the next result.
What the company does. Revenue grew 38.7% CAGR FY21-FY26 while PAT compounded at 72% as OPM lifted from 0.5% (FY20) to 15% (FY26) — structural operating leverage captured on an existing asset base. Q4 FY26 delivered record quarterly revenue of ₹239 Cr but OPM compressed 327 bps QoQ to 13.5% — creating a falsifiable test: temporary product-mix effect or structural pricing erosion. Board approved total ₹135 Cr capex to reach 25,000 MVA by Mar-2029 against current 14,000 MVA, financed through internal accruals and term loans, with 77.2% promoter pledge as a governance overhang.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Operating Leverage on Fixed Cost Base | HIGH | — | Employee costs ~₹10 Cr/quarter regardless of revenue level — every incremental ₹1 of revenue above breakeven drops at high PAT… | Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing. |
| India T&D Capex Supercycle | HIGH | — | ₹9 trillion India T&D capex pipeline through 2032; transformer supply constrained with high industry utilisation — demand… | Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing. |
| Capacity Expansion to 25,000 MVA | MEDIUM | — | Total ₹135 Cr three-phase capex — current 14,000 MVA running at 80-90% utilisation constrains revenue ceiling; 25,000 MVA by… | Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing. |
Lever 3 · Management change — BUILDING. Employee costs ~₹10 Cr/quarter regardless of revenue level — every incremental ₹1 of revenue above breakeven drops at high PAT margin until raw material costs spike. What proves it keeps working: Operating Leverage on Fixed Cost Base. It stops working if Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing.
Lever 8 · Demerger or value unlock — BUILDING. ₹9 trillion India T&D capex pipeline through 2032; transformer supply constrained with high industry utilisation — demand exceeds available capacity, supporting pricing. What proves it keeps working: India T&D Capex Supercycle. It stops working if Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing.
Lever 6 · Order-book wins — BUILDING. Total ₹135 Cr three-phase capex — current 14,000 MVA running at 80-90% utilisation constrains revenue ceiling; 25,000 MVA by Mar-2029 unlocks next leg of growth. What proves it keeps working: Capacity Expansion to 25,000 MVA. It stops working if Two consecutive quarters of OPM below 13% despite stable commodity prices would indicate structural pricing erosion, not input cost timing.
Sources: our stock research file (31 May 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Indo Tech Transformers Ltd reported ₹228 Cr of revenue in the Jun 26 quarter, +39.0% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 15.2% a year. The last full year, FY26, came in at ₹782 Cr. The last four reported quarters add to ₹846 Cr.
Why this happened. Dec-2024 board approved ₹75 Cr for 16,000 MVA; Nov-2025 approved ₹25 Cr for 20,000 MVA; May-2026 approved ₹35 Cr for 25,000 MVA. Financed through internal accruals and term loans. Each phase addresses the binding capacity constraint; the multi-phase structure reduces execution risk relative to a single large commitment. Revenue growth rate is capacity-constrained until Phase-1 delivers.
FY26 revenue came in at ₹782 Cr (+27.8% on the year), capping 10 years at 15.2% compound. The latest quarter (Jun 26) printed ₹228 Cr, +39.0% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +22.8% growth against the decade's 15.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +22.1% over the last 4 quarters against +31.1%/yr over the last 8 — rolling over; TTM profit +29.9% vs +41.4%/yr — rolling over.
FY26-Q4. revenue ₹239 Cr and profit ₹24 Cr as reported.
FY27-Q1. revenue ₹228 Cr and profit ₹26 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Indo Tech Transformers Ltd's operating margin is 14.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −16.0% to 17.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 14.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −16.0%–17.0%, and FY26's 17.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went −2.6 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
FY26-Q4. revenue ₹239 Cr and profit ₹24 Cr as reported.
FY27-Q1. revenue ₹228 Cr and profit ₹26 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Indo Tech Transformers Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, +36.8% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹93.0 Cr. The 10-year compound rate is 37.0%. That is 11.4% of the quarter's revenue. The same quarter a year earlier earned ₹19.0 Cr.
Jun 26 profit was ₹26.0 Cr, +36.8% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹93.0 Cr (+45.3%), and the 10-year compound rate is 37.0%.
Why profit moved: revenue contributed +39.0% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +30.4% vs revenue +22.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹239 Cr and profit ₹24 Cr as reported.
FY27-Q1. revenue ₹228 Cr and profit ₹26 Cr as reported.
Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 71% of Indo Tech Transformers Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹57.0 Cr of operating cash against ₹93.0 Cr of profit. After ₹36.0 Cr of capital spending, ₹21.0 Cr was left as free cash.
FY26: operating cash of ₹57.0 Cr against reported profit of ₹93.0 Cr, leaving free cash of ₹21.0 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 71% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 71%: the cash cycle stretched 31 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: conversion is below par and the cash cycle has stretched 31 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Indo Tech Transformers Ltd's cash conversion cycle runs 149 days in FY26, up from 118 days in FY21. Capital spending ran ₹56.0 Cr over the last 3 years. At FY26 sales of ₹782 Cr each day of that cycle holds about ₹2.1 Cr, so roughly ₹319 Cr sits inside the business at any moment.
FY26: debtors at 56 days, inventory at 131 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 149 days, looser than FY21's 118.
The full loop: cash goes out to suppliers and production on day 0; stock waits 131 days to sell; customers pay about 56 days after that; and suppliers themselves are paid at 38 days — netting out to the 149-day cycle.
In money terms: at FY26 sales of ₹782 Cr, each day of the cycle holds about ₹2.1 Cr — so the 149-day loop keeps roughly ₹319 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹56.0 Cr over the last 3 fiscal years against ₹14.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹12.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Indo Tech Transformers Ltd earns a ROCE of 40% in FY26. That is up from a trough of −5% in FY19. Return on invested capital clears the cost of that capital by +20.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.9% net margin on 1.40× asset turns.
FY26 ROCE is 40%, recovered from a FY19 trough of −5% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 11.9% net margin × 1.40× asset turns × 1.49× balance-sheet leverage ≈ 24.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 32.3% − 12.0% = a +20.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Indo Tech Transformers Ltd carries total debt of ₹5.0 Cr against shareholder equity of ₹374 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹5.0 Cr against shareholder equity of ₹374 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 2.8 points of Indo Tech Transformers Ltd over 8 quarters, the biggest move on the register. That takes promoters to 72.2% of the company. Foreign institutions moved −0.1 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. Revenue compounded at 38.7% while employee costs stayed flat, creating structural operating leverage. OPM expanded from 5% (FY21) to 17% (peak Q2/Q3 FY26). Q4 FY26 saw this driver pause — OPM fell to 13.5% despite record revenue of ₹239 Cr. The compression source was product mix or CRGO/copper cost pass-through — without a concall the root cause is unconfirmed (analyst inference).
The register over the last two years — Promoters: −2.8 points over 8 quarters to 72.2%; Foreign institutions: −0.1 points over 8 quarters to 0.3%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.
🚨 Why the register moved: promoters drove it (−2.8 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Indo Tech Transformers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Indo Tech Transformers Ltd trades at 37.7× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 26.0×, measured across 6.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Why this happened. Motilal Oswal report documents a structural T&D investment cycle that began in FY22-23 and continues through 2032. FY26 saw fewer scheme awards (16 vs 45 in FY25) due to execution bandwidth constraints — not demand weakness. Transformer manufacturers including INDOTECH operate at 80-90% capacity utilisation, sustaining lead-time extension and price discipline. Renewable integration (32.3 GW HVDC pipeline) and global transformer shortage create additional demand pull.
Today's P/E of 37.7× is at the pricey end of its own range (78th percentile), against a long-run median of 26.0× measured over 6.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +45.2% against a +97.7% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +84.8%/yr price move, ~+75.8%/yr came from earnings growth and ~+9.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 29 June 2026 price, Indo Tech Transformers Ltd was paying for profit growth of about 19.1% a year. Profit itself has compounded 37.0% a year over the past 10 years. Today the market pays 37.7× P/E, the 78th percentile of its own 7-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Indo Tech Transformers Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +126.7% at its peak to +29.9% but is still expanding, ROCE holding at 38.1%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +27.8% | +28.2% | +30.6% | +15.2% |
| Profit | +45.3% | +52.9% | +73.0% | +37.0% |
| EPS | +45.2% | +53.4% | +71.3% | +36.9% |
| Share price | +97.7% | +101.4% | +84.8% | +33.3% |
4-Factor Sector Score
79.5/100 — rank 1 of 12 in Capital Goods - Transformers · 100% evidence confidence
Indo Tech Transformers Ltd scores 79.5 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 29.1 + 18.3 + 12.1 + 20 = 79.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Indo Tech Transformers Ltdthis pageINDOTECH | 79.5/100Favorable setup100% evidence | LEADER | 29.1/35 Revenue 22.1% · PAT 29.9% · OPM change -1 pp 100% evidence | 18.3/25 ROCE 40.4% · OPM 14% 100% evidence | 12.1/20 P/E 37.7× · PEG 0.74 100% evidence | 20.0/20 RS sector 40.3% · RS bench 64.3% · 1Y 93%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.1 + 18.3 + 12.1 + 20 = 79.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Marsons LtdMARSONS | 59.2/100Mixed-positive evidence81% evidence | TURNING | 26.3/35 Revenue 33.5% · PAT 43.6% · OPM change -0.9 pp 95% evidence | 15.0/25 ROCE 25.4% · OPM 14.7% 95% evidence | 12.2/20 P/E 49.5× · PEG — 50% evidence | 5.7/20 RS sector -14.5% · RS bench -10.4% · 1Y -34.6%2 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 15 + 12.2 + 5.7 = 59.2 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -34.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Supreme Power Equipment LtdSUPREMEPWR | 55.7/100Mixed-positive evidence87% evidence | ASLEEP | 20.5/35 Revenue 23.9% · PAT 3.6% · OPM change -0.6 pp 95% evidence | 17.1/25 ROCE 22% · OPM 18.3% 95% evidence | 11.7/20 P/E 25.9× · PEG — 50% evidence | 6.4/20 RS sector -10.6% · RS bench 7.7% · 1Y 6%3 of 12 weeks ahead 100% evidence |
| Exact sum: 20.5 + 17.1 + 11.7 + 6.4 = 55.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Voltamp Transformers LtdVOLTAMP | 49.1/100Mixed-negative evidence100% evidence | BREAKING OUT | 14.6/35 Revenue 17.8% · PAT -2.8% · OPM change -2 pp 100% evidence | 14.8/25 ROCE 23.5% · OPM 15% 100% evidence | 2.5/20 P/E 35.8× · PEG 4.92 100% evidence | 17.2/20 RS sector 6.7% · RS bench 28.3% · 1Y 42.7%5 of 12 weeks ahead 100% evidence |
| Exact sum: 14.6 + 14.8 + 2.5 + 17.2 = 49.1 · Decision use: Price leads the evidence: RS versus the benchmark is 28.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5CG Power & Industrial Solutions LtdCGPOWER | 48.7/100Mixed-negative evidence100% evidence | TURNING | 18.9/35 Revenue 21.4% · PAT 24% · OPM change -1 pp 100% evidence | 16.4/25 ROCE 26.7% · OPM 12% 100% evidence | 3.7/20 P/E 113× · PEG 5.21 100% evidence | 9.7/20 RS sector -0.8% · RS bench 19.1% · 1Y 23.5%4 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 16.4 + 3.7 + 9.7 = 48.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 6Transformers & Rectifiers India LtdTARIL | 43.8/100Mixed-negative evidence75% evidence | ASLEEP | 14.9/35 Revenue 14.7% · PAT 2.3% · OPM change -1 pp 95% evidence | 14.3/25 ROCE 23.3% · OPM 16% 76% evidence | 10.4/20 P/E 33.5× · PEG — 15% evidence | 4.2/20 RS sector -26.1% · RS bench -10.3% · 1Y -42.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 14.9 + 14.3 + 10.4 + 4.2 = 43.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Shilchar Technologies LtdSHILCTECH | 42.9/100Mixed-negative evidence82% evidence | TURNING | 5.5/35 Revenue -7.1% · PAT -16.5% · OPM change -17 pp 95% evidence | 20.3/25 ROCE 50.7% · OPM 16% 76% evidence | 9.1/20 P/E 34.7× · PEG — 50% evidence | 8.0/20 RS sector -15.9% · RS bench 1.8% · 1Y -10.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 5.5 + 20.3 + 9.1 + 8 = 42.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Schneider Electric Infrastructure LtdSCHNEIDER | 37.9/100Mixed-negative evidence100% evidence | TURNING | 5.8/35 Revenue 9.5% · PAT -29.9% · OPM change -6 pp 100% evidence | 14.1/25 ROCE 29.6% · OPM 5% 100% evidence | 5.4/20 P/E 151× · PEG 2.79 100% evidence | 12.6/20 RS sector 4.1% · RS bench 23.4% · 1Y 37.8%7 of 12 weeks ahead 100% evidence |
| Exact sum: 5.8 + 14.1 + 5.4 + 12.6 = 37.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Ujaas Energy LtdUEL | 36.4/100Mixed-negative evidence74% evidence | BREAKING OUT | 8.9/35 Revenue -26.9% · PAT -47.7% · OPM change 30.2 pp 95% evidence | 2.8/25 ROCE 3.9% · OPM -92.1% 95% evidence | 8.5/20 P/E 701× · PEG — 15% evidence | 16.2/20 RS sector 15.8% · RS bench 40.1% · 1Y 82.3%6 of 12 weeks ahead 70% evidence |
| Exact sum: 8.9 + 2.8 + 8.5 + 16.2 = 36.4 · Decision use: Price leads the evidence: RS versus the benchmark is 40.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 10Bharat Bijlee LtdBBL | 29.8/100Adverse evidence100% evidence | ASLEEP | 15.8/35 Revenue 18.2% · PAT -18.8% · OPM change -2 pp 100% evidence | 4.3/25 ROCE 8.4% · OPM 5% 100% evidence | 9.7/20 P/E 22.7× · PEG 4.48 100% evidence | 0.0/20 RS sector -31.3% · RS bench -16% · 1Y -25.5%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.8 + 4.3 + 9.7 + 0 = 29.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Danish Power LtdDANISH | 52.6/100Thin evidence · provisional50% evidence | TURNING | 15.9/35 Revenue — · PAT — · OPM change -2 pp 26% evidence | 17.5/25 ROCE 23.4% · OPM 18% 95% evidence | 10.7/20 P/E 28.5× · PEG — 15% evidence | 8.5/20 RS sector -20.2% · RS bench 30.4% · 1Y 9%3 of 10 weeks ahead 70% evidence |
| Exact sum: 15.9 + 17.5 + 10.7 + 8.5 = 52.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 12Vilas Transcore LtdVILAS | 44.4/100Thin evidence · provisional50% evidence | ASLEEP | 17.6/35 Revenue — · PAT — · OPM change -5 pp 26% evidence | 8.8/25 ROCE 15.9% · OPM 9% 95% evidence | 11.5/20 P/E 21.9× · PEG — 15% evidence | 6.5/20 RS sector -9.6% · RS bench -12% · 1Y -34.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 17.6 + 8.8 + 11.5 + 6.5 = 44.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Indo Tech Transformers Ltd's share price today?
Indo Tech Transformers Ltd trades at ₹3,523, +97.7% over the past year. The company is valued at ₹3,741 Cr. The stock sits at 86% of its 52-week range of ₹1,179–₹3,903, +33.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were Indo Tech Transformers Ltd's latest quarterly results?
Indo Tech Transformers Ltd reported revenue of ₹228 Cr and net profit of ₹26.0 Cr for the Jun 26 quarter. Revenue rose 39.0% and profit rose 36.8% year on year. Earnings per share were ₹24.20. The operating margin was 14.0%, 1.0 pp lower than a year earlier. — as of 11 September 2026.
What is Indo Tech Transformers Ltd's revenue?
Indo Tech Transformers Ltd reported revenue of ₹228 Cr in the Jun 26 quarter, +39.0% year on year. For the full FY26 fiscal year, revenue was ₹782 Cr (+27.8%). Over the last 10 years revenue compounded at 15.2% a year. — as of 11 September 2026.
What is Indo Tech Transformers Ltd's profit?
Indo Tech Transformers Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, +36.8% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹93.0 Cr. The operating margin ran 14.0% in the latest quarter. — as of 11 September 2026.
What is Indo Tech Transformers Ltd's market cap?
Indo Tech Transformers Ltd's market capitalisation is ₹3,741 Cr at a share price of ₹3,523. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Indo Tech Transformers Ltd's P/E ratio?
Indo Tech Transformers Ltd trades at a P/E of 37.7×, at the 78th percentile of its own 7-year range, against a long-run median of 26.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Indo Tech Transformers Ltd pay a dividend?
Yes — Indo Tech Transformers Ltd's dividend payout was 11% of profit in FY26, and it recorded a payout in 1 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Indo Tech Transformers Ltd overvalued?
On its own history, Indo Tech Transformers Ltd looks expensive: its P/E of 37.7× sits at the 78th percentile of its 7-year range (long-run median 26.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Indo Tech Transformers Ltd growing?
Yes — Indo Tech Transformers Ltd is growing: latest-quarter revenue +39.0% year on year, profit +36.8%, and the margin −1.0 pp at 14.0%. The 10-year compound rates are 15.2% (revenue) and 37.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Indo Tech Transformers Ltd performing?
Indo Tech Transformers Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 39.0% and profit rose 36.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 28 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Indo Tech Transformers Ltd in?
Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +126.7% at its peak to +29.9% but is still expanding, ROCE holding at 38.1%. The read comes from the last 12 quarters of growth (revenue growth +22.1% latest, profit growth +29.9% latest, eps growth +28.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Indo Tech Transformers Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +33.4% versus its 200-day average and at 86% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Indo Tech Transformers Ltd beating the market?
On recent form, yes — Indo Tech Transformers Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 28 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +2,319% against the NIFTY 500's +273% — ahead of the index over the full window. — as of 11 September 2026.
Will Indo Tech Transformers Ltd's share price go up?
This page publishes no price forecast for Indo Tech Transformers Ltd. What it measures instead: the share price is ₹3,523, the price is in a confirmed uptrend 19 weeks in. Its P/E of 37.7× sits at the 78th percentile of its own 7-year range. — as of 11 September 2026.
Who owns Indo Tech Transformers Ltd?
Promoters hold 72.2% of Indo Tech Transformers Ltd, foreign institutions 0.3%, domestic institutions 0.1% and the public 27.5% (latest quarter). The biggest move on the register over the last two years: Promoters cut 2.8 points over 8 quarters. — as of 11 September 2026.
Does Indo Tech Transformers Ltd have too much debt?
No — Indo Tech Transformers Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 12×. FY26 borrowings were ₹5.0 Cr against equity of ₹374 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Indo Tech Transformers Ltd's capex?
Indo Tech Transformers Ltd spent ₹56.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹36.0 Cr, with ₹12.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Indo Tech Transformers Ltd's cash flow?
Indo Tech Transformers Ltd generated ₹57.0 Cr of operating cash flow in FY26 and ₹21.0 Cr of free cash flow after ₹36.0 Cr of capital spending. Reported profit that year was ₹93.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Indo Tech Transformers Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 71% of Indo Tech Transformers Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹57.0 Cr against reported profit of ₹93.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 11 September 2026.
Where is Indo Tech Transformers Ltd in its business cycle?
Indo Tech Transformers Ltd's FY26 operating margin was 17.0%, against a 13-year band of −16.0%–17.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Indo Tech Transformers Ltd's price assume?
At its price on 29 June 2026, Indo Tech Transformers Ltd was priced for profit growth of about 19.1% a year. Profit itself has compounded 37.0% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Indo Tech Transformers Ltd story?
The sharpest disagreement: the price moved +97.7% in a year while annual EPS moved +45.2% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Indo Tech Transformers Ltd a stock worth studying right now?
This is not investment advice. The machine read: Indo Tech Transformers Ltd's price has outrun its earnings. +97.7% in a year against EPS +45.2% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!