Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Indo Tech Transformers Ltd

INDOTECH
Capital Goods - Transformers

Indo Tech Transformers Ltd's price has outrun its earnings. +106.7% in a year against EPS +45.2% — the market is paying now for delivery later.

The sharpest disagreement: the price moved +106.7% 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 (13 weeks in) while the P/E sits at the 83rd percentile of its own 7-year range. Underneath, the last four quarters read improving — profit +14.3% 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.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹3,454
+106.7% 1Y
P/E
39.5×
83rd pctile
of its own 7-year range
Revenue (Mar 26)
₹239 Cr
+16.0% YoY
Profit (Mar 26)
₹24.0 Cr
+14.3% YoY
Operating margin
14.0%
+4.0 pp YoY
ROCE
38%
FY26
ROIC
34.2%
vs WACC 12.0% → +22.2 pp
Cash conversion
71%
of profit, last 3 FY
01 · Price story

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 ₹3,454, in a confirmed uptrend and 13 weeks into that stage. That is +51.6% against its own 200-day average. It sits at 100% of a 52-week range of ₹1,179 to ₹3,454. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 22 straight weeks.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹3,454 it trades +51.6% versus its 200-day average and sits at 100% of its 52-week range (₹1,179–₹3,454).

Jul 26: ₹3,454 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+51.6% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S4S2₹3,784₹2,833₹1,882₹932₹0.0₹3,454₹2,278Jul 23May 24Feb 25Nov 25Jul 26
S2S4S2₹3,784₹2,833₹1,882₹932₹0.0₹3,454₹2,278Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (551 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +2,271% while the NIFTY 500 moved +282% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 22 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.

02 · Valuation

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 39.5× P/E, at the pricey end of its own range (83rd percentile). Its long-run median P/E is 25.9×, measured across 6.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 39.5× is at the pricey end of its own range (83rd percentile), against a long-run median of 25.9× measured over 6.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 39.5× vs a 25.9× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 6.5-year window; loss-period spikes above 56× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (83rd percentile)
P/EMedianEPS (TTM) (quarterly)
59.2×₹94.445.9×₹70.832.6×₹47.219.4×₹23.66.1×₹0.0×39.50×₹87Feb 20Apr 22Oct 23Apr 25Jul 26
59.2×₹94.445.9×₹70.832.6×₹47.219.4×₹23.66.1×₹0.0×39.50×₹87Feb 20Oct 23Jul 26
PEG 0.28 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 12 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.8×0.6×0.3×0.0××0.28×Q1 FY24Q3 FY24Q2 FY25Q1 FY26Q4 FY26
1.1×0.8×0.6×0.3×0.0××0.28×Q1 FY24Q2 FY25Q4 FY26
P/E
39.5×
83rd percentile of 7y
PEG
n/m
not derivable — 3-year earnings growth unavailable

🚨 Why the multiple sits where it does: over the past year annual EPS moved +45.2% against a +106.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +72.5%/yr price move, ~+71.3%/yr came from earnings growth and ~+1.2 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.

03 · Stage: Consistent

Stage: Consistent 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 consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 38.1% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue +27.8% in FY26, profit +45.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
53%269%33%116%13%−36%−7.0%−189%−27%−342%%%27.8%45.3%FY16FY21FY26
53%269%33%116%13%−36%−7.0%−189%−27%−342%%%27.8%45.3%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue accelerating, profit accelerating
RevenueProfitEPS
47%259%39%197%32%136%25%75%18%13%%%28%45.3%45.2%Jun 23Sep 24Mar 26
47%259%39%197%32%136%25%75%18%13%%%28%45.3%45.2%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
43%37%31%25%18%%38.1%Jun 23Dec 23Sep 24Jun 25Mar 26
43%37%31%25%18%%38.1%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +28.0% · span +19.7% to +44.6%
Profit growth
Steady high
latest +45.3% · span +30.4% to +241.7%
EPS growth
Steady high
latest +45.2% · span +31.2% to +225.6%
ROCE
Steady high
latest 38.1% · span 20.0%–41.5%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
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+106.7%+98.8%+72.5%+29.5%
Revenue YoY (Mar 26)
+16.0%
latest quarter vs a year ago
Profit YoY (Mar 26)
+14.3%
latest quarter vs a year ago
Revenue 10y
15.2%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

84.8/100 — rank 1 of 12 in Capital Goods - Transformers · 96% evidence confidence

Indo Tech Transformers Ltd scores 84.8 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: 30.9 + 21.1 + 12.8 + 20 = 84.8. 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.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indo Tech Transformers Ltd reported ₹239 Cr of revenue in the Mar 26 quarter, +16.0% year on year. That is the 7th 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 ₹782 Cr.

FY26 revenue came in at ₹782 Cr (+27.8% on the year), capping 10 years at 15.2% compound. The latest quarter (Mar 26) printed ₹239 Cr, +16.0% year on year — the 7th consecutive quarter of year-over-year growth.

FY26 revenue ₹782 Cr (+27.8% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
15.2% a year over 10 years
RevenueYoY growth
84553%63333%42213%211−7.0%0−27%₹ Cr%₹78227.8%FY16FY21FY26
84553%63333%42213%211−7.0%0−27%₹ Cr%₹78227.8%FY16FY21FY26
Mar 26: ₹239 Cr (+16.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
7th straight quarter of growth
Revenue (quarterly)YoY growth
258109%19477%12944%6512%0−21%₹ Cr%₹23916%Jun 23Sep 24Mar 26
258109%19477%12944%6512%0−21%₹ Cr%₹23916%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +38.0% 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 +28.0% over the last 4 quarters against +24.7%/yr over the last 8 — accelerating; TTM profit +45.3% vs +39.2%/yr — accelerating.

06 · Operating margin

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 Mar 26 quarter, +4.0 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 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, +4.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −16.0%–15.0%, and FY26's 15.0% is the top of that band — a record year.

Why the margin moved: operating margin went +3.5 pp year on year while gross margin went +0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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: 15.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a −16.0–15.0% band over 13 years
operating marginYoY change (pp)
17%11%8.5%7.6%−0.5%4.3%−9.5%0.9%−18%−2.4%%%15%1%FY14FY20FY26
17%11%8.5%7.6%−0.5%4.3%−9.5%0.9%−18%−2.4%%%15%1%FY14FY20FY26
Mar 26: 14.0% operating margin (+4.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
18%5.8%15%2.9%12%0.0%8.3%−2.9%5.1%−5.8%%%14%4%Jun 23Sep 24Mar 26
18%5.8%15%2.9%12%0.0%8.3%−2.9%5.1%−5.8%%%14%4%Jun 23Sep 24Mar 26
07 · Net profit

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 ₹24.0 Cr of net profit in the Mar 26 quarter, +14.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹93.0 Cr. The 10-year compound rate is 37.0%. That is 10.0% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

Mar 26 profit was ₹24.0 Cr, +14.3% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹93.0 Cr (+45.3%), and the 10-year compound rate is 37.0%.

FY26 profit ₹93.0 Cr (+45.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
37.0% a year over 10 years
Net profitYoY growth
101246%7179%41−88%11−254%−19−421%₹ Cr%₹9345.3%FY16FY21FY26
101246%7179%41−88%11−254%−19−421%₹ Cr%₹9345.3%FY16FY21FY26
Mar 26: ₹24.0 Cr (+14.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
4th straight quarter of growth
Net profit (quarterly)YoY growth
28650%21470%14290%7111%0−69%₹ Cr%₹2414.3%Jun 23Sep 24Mar 26
28650%21470%14290%7111%0−69%₹ Cr%₹2414.3%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +16.0% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +75.4% vs revenue +38.0%. 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.

08 · Cash flow — the router

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.

FY26: CFO ₹57.0 Cr vs profit ₹93.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
71% of 3-year profit arrived as cash
Operating cashNet profitFree cash
10270398−24₹ Cr₹57₹93₹21FY16FY21FY26
10270398−24₹ Cr₹57₹93₹21FY16FY21FY26
FY26: CFO = 61% of profit (three-year rate 71%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
254%0.0%−259%−515%−771%%61%FY16FY21FY26
254%0.0%−259%−515%−771%%61%FY16FY21FY26

Why conversion sits at 71%: the cash cycle stretched 29 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 29 days — the next section's job is to find where the cash is stuck.

09 · Where the cash goes

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 147 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 ₹315 Cr sits inside the business at any moment.

FY26: debtors at 56 days, inventory at 129 days — roughly 4.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 147 days, looser than FY21's 118.

The full loop: cash goes out to suppliers and production on day 0; stock waits 129 days to sell; customers pay about 56 days after that; and suppliers themselves are paid at 38 days — netting out to the 147-day cycle.

In money terms: at FY26 sales of ₹782 Cr, each day of the cycle holds about ₹2.1 Cr — so the 147-day loop keeps roughly ₹315 Cr sitting inside the business at any moment.

FY26: a 147-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+29 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1921511106827days147d129d56d38dFY14FY17FY20FY23FY26
1921511106827days147d129d56d38dFY14FY20FY26

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.

FY26: capex ₹36.0 Cr, work-in-progress ₹12.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
3928175−6₹ Cr₹36₹12FY16FY18FY21FY23FY26
3928175−6₹ Cr₹36₹12FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

10 · Return on capital

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 38% in FY26. That is up from a trough of −5% in FY19. Return on invested capital clears the cost of that capital by +22.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 11.9% net margin on 1.41× asset turns.

FY26 ROCE is 38%, 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 × 1.41× asset turns × 1.48× 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: 34.2% − 12.0% = a +22.2 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.

FY26: ROCE 38% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY19's −5%
ROCEROIC (annual)WACC
41%29%17%4.0%−8.4%%38%37.6%FY15FY20FY26
41%29%17%4.0%−8.4%%38%37.6%FY15FY20FY26
Q4 FY26: ROCE 30.2% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
40%33%25%17%9.9%%30.2%38.1%Q1 FY24Q2 FY25Q4 FY26
40%33%25%17%9.9%%30.2%38.1%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

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.

FY26: debt ₹5.0 Cr at 0.01× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
120.06×90.05×60.04×30.02×00.01×₹ Cr×₹50.01×FY22FY24FY26
120.06×90.05×60.04×30.02×00.01×₹ Cr×₹50.01×FY22FY24FY26
Mar 26: debt ₹5.0 Cr, debt-to-equity 0.01 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
130.06×100.05×60.04×30.02×00.01×₹ Cr×₹50.01×Jun 23Sep 24Mar 26
130.06×100.05×60.04×30.02×00.01×₹ Cr×₹50.01×Jun 23Sep 24Mar 26
12 · Ownership

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.

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.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%75%0.3%0%24.7%Mar 24Mar 25Mar 26
81%59%38%16%−6.0%%75%0.3%0%24.7%Mar 24Mar 25Mar 26
Promoters cut 2.8 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%72.2%0.3%0.1%27.5%Jun 23Dec 24Jun 26
81%59%38%16%−6.0%%72.2%0.3%0.1%27.5%Jun 23Dec 24Jun 26
13 · Safety line

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.

14 · Related companies · Capital Goods - Transformers
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Indo Tech Transformers Ltdthis pageINDOTECH 84.8/100Sector-leading setup96% evidence LEADER 30.9/35 Revenue 28% · PAT 45.3% · OPM change 4 pp 88% evidence 21.1/25 ROCE 37.7% · OPM 14% 100% evidence 12.8/20 P/E 39.5× · PEG 0.45 100% evidence 20.0/20 RS sector 59.7% · RS bench 74.2% · 1Y 86.4%12 of 12 weeks ahead 100% evidence
Exact sum: 30.9 + 21.1 + 12.8 + 20 = 84.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Marsons LtdMARSONS 58.5/100Mixed-positive evidence77% evidence ASLEEP 26.3/35 Revenue 45.6% · PAT 70.4% · OPM change 3 pp 83% evidence 15.4/25 ROCE 25.4% · OPM 21% 95% evidence 12.2/20 P/E 40.9× · PEG — 50% evidence 4.6/20 RS sector -14.5% · RS bench -28.4% · 1Y -43.5%2 of 11 weeks ahead 70% evidence
Exact sum: 26.3 + 15.4 + 12.2 + 4.6 = 58.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.5% and the one-year return is -43.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3Supreme Power Equipment LtdSUPREMEPWR 53.2/100Mixed-positive evidence83% evidence FADING 20.0/35 Revenue 22.5% · PAT 12.7% · OPM change 0 pp 83% evidence 15.9/25 ROCE 22% · OPM 18% 95% evidence 12.3/20 P/E 25.4× · PEG — 50% evidence 5.0/20 RS sector -8.7% · RS bench 1.4% · 1Y 1%9 of 12 weeks ahead 100% evidence
Exact sum: 20 + 15.9 + 12.3 + 5 = 53.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4CG Power & Industrial Solutions LtdCGPOWER 51.8/100Mixed-positive evidence100% evidence FADING 18.7/35 Revenue 21.4% · PAT 24% · OPM change -1 pp 100% evidence 16.1/25 ROCE 26.7% · OPM 12% 100% evidence 1.5/20 P/E 107× · PEG 5.21 100% evidence 15.5/20 RS sector 2% · RS bench 13.1% · 1Y 30.3%10 of 12 weeks ahead 100% evidence
Exact sum: 18.7 + 16.1 + 1.5 + 15.5 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Shilchar Technologies LtdSHILCTECH 50.0/100Mixed-positive evidence78% evidence ASLEEP 9.1/35 Revenue 4.5% · PAT 6.8% · OPM change -10 pp 83% evidence 21.1/25 ROCE 50.7% · OPM 21% 76% evidence 9.7/20 P/E 33.1× · PEG — 50% evidence 10.1/20 RS sector -4.4% · RS bench 6.6% · 1Y -6.6%5 of 12 weeks ahead 100% evidence
Exact sum: 9.1 + 21.1 + 9.7 + 10.1 = 50 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Schneider Electric Infrastructure LtdSCHNEIDER 47.4/100Mixed-negative evidence96% evidence LEADER 7.5/35 Revenue 9.6% · PAT -20.9% · OPM change -7 pp 88% evidence 16.3/25 ROCE 29.6% · OPM 8% 100% evidence 6.1/20 P/E 145× · PEG 2.79 100% evidence 17.5/20 RS sector 26.4% · RS bench 38.7% · 1Y 48.4%12 of 12 weeks ahead 100% evidence
Exact sum: 7.5 + 16.3 + 6.1 + 17.5 = 47.4 · Decision use: Price leads the evidence: RS versus the benchmark is 38.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7Transformers & Rectifiers India LtdTARIL 43.6/100Mixed-negative evidence75% evidence ASLEEP 14.1/35 Revenue 14.7% · PAT 2.3% · OPM change -1 pp 95% evidence 14.1/25 ROCE 23.3% · OPM 16% 76% evidence 9.9/20 P/E 34.4× · PEG — 15% evidence 5.5/20 RS sector -24.9% · RS bench -16.3% · 1Y -39.6%6 of 12 weeks ahead 100% evidence
Exact sum: 14.1 + 14.1 + 9.9 + 5.5 = 43.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Voltamp Transformers LtdVOLTAMP 43.5/100Mixed-negative evidence100% evidence ASLEEP 14.1/35 Revenue 17.8% · PAT -2.8% · OPM change -2 pp 100% evidence 14.5/25 ROCE 23.5% · OPM 15% 100% evidence 3.1/20 P/E 31.7× · PEG 4.92 100% evidence 11.8/20 RS sector 3.1% · RS bench 14.8% · 1Y 12.3%6 of 12 weeks ahead 100% evidence
Exact sum: 14.1 + 14.5 + 3.1 + 11.8 = 43.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Ujaas Energy LtdUEL 34.6/100Adverse evidence74% evidence ASLEEP 8.9/35 Revenue -26.9% · PAT -47.7% · OPM change 30.2 pp 95% evidence 2.4/25 ROCE 3.9% · OPM -92.1% 95% evidence 8.5/20 P/E 522× · PEG — 15% evidence 14.8/20 RS sector 14.6% · RS bench 10.3% · 1Y 73%0 of 10 weeks ahead 70% evidence
Exact sum: 8.9 + 2.4 + 8.5 + 14.8 = 34.6 · Decision use: Price leads the evidence: RS versus the benchmark is 10.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
10Bharat Bijlee LtdBBL 31.3/100Adverse evidence96% evidence ASLEEP 15.8/35 Revenue 19.5% · PAT -10.4% · OPM change -3 pp 88% evidence 4.4/25 ROCE 8.4% · OPM 7% 100% evidence 8.6/20 P/E 23.8× · PEG 4.48 100% evidence 2.5/20 RS sector -20.3% · RS bench -10.5% · 1Y -14.5%9 of 12 weeks ahead 100% evidence
Exact sum: 15.8 + 4.4 + 8.6 + 2.5 = 31.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Danish Power LtdDANISH 50.5/100Thin evidence · provisional50% evidence ASLEEP 16.0/35 Revenue — · PAT — · OPM change -2 pp 26% evidence 16.4/25 ROCE 23.4% · OPM 18% 95% evidence 11.2/20 P/E 23.2× · PEG — 15% evidence 6.9/20 RS sector -20.2% · RS bench 2.6% · 1Y -15.9%8 of 10 weeks ahead 70% evidence
Exact sum: 16 + 16.4 + 11.2 + 6.9 = 50.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12Vilas Transcore LtdVILAS 43.3/100Thin evidence · provisional50% evidence ASLEEP 17.6/35 Revenue — · PAT — · OPM change -5 pp 26% evidence 8.8/25 ROCE 16.1% · OPM 9% 95% evidence 11.5/20 P/E 21.6× · PEG — 15% evidence 5.4/20 RS sector -9.6% · RS bench -18% · 1Y -35.1%1 of 10 weeks ahead 70% evidence
Exact sum: 17.6 + 8.8 + 11.5 + 5.4 = 43.3 · 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.

15 · Frequently asked questions

Frequently asked questions

What is Indo Tech Transformers Ltd's share price today?

Indo Tech Transformers Ltd trades at ₹3,454, +106.7% over the past year. The company is valued at ₹3,668 Cr. The stock sits at 100% of its 52-week range of ₹1,179–₹3,454, +51.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 31 July 2026.

What were Indo Tech Transformers Ltd's latest quarterly results?

Indo Tech Transformers Ltd reported revenue of ₹239 Cr and net profit of ₹24.0 Cr for the Mar 26 quarter. Revenue rose 16.0% and profit rose 14.3% year on year. Earnings per share were ₹22.52. The operating margin was 14.0%, 4.0 pp higher than a year earlier. — as of 31 July 2026.

What is Indo Tech Transformers Ltd's revenue?

Indo Tech Transformers Ltd reported revenue of ₹239 Cr in the Mar 26 quarter, +16.0% 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 31 July 2026.

What is Indo Tech Transformers Ltd's profit?

Indo Tech Transformers Ltd earned ₹24.0 Cr of net profit in the Mar 26 quarter, +14.3% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹93.0 Cr. The operating margin ran 14.0% in the latest quarter. — as of 31 July 2026.

What is Indo Tech Transformers Ltd's market cap?

Indo Tech Transformers Ltd's market capitalisation is ₹3,668 Cr at a share price of ₹3,454. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Indo Tech Transformers Ltd's P/E ratio?

Indo Tech Transformers Ltd trades at a P/E of 39.5×, at the 83rd percentile of its own 7-year range, against a long-run median of 25.9×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Indo Tech Transformers Ltd pay a dividend?

No — Indo Tech Transformers Ltd has recorded a dividend payout of 0% of profit in each of its last 13 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 31 July 2026.

Is Indo Tech Transformers Ltd overvalued?

On its own history, Indo Tech Transformers Ltd looks expensive against its own history: its P/E of 39.5× sits at the 83rd percentile of its 7-year range (long-run median 25.9×). 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 31 July 2026.

Is Indo Tech Transformers Ltd growing?

Yes — Indo Tech Transformers Ltd is growing: latest-quarter revenue +16.0% year on year, profit +14.3%, and the margin +4.0 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 31 July 2026.

How is Indo Tech Transformers Ltd performing?

Indo Tech Transformers Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 16.0% and profit rose 14.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 22 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Indo Tech Transformers Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 38.1% and holding. The read comes from the last 12 quarters of growth (revenue growth +28.0% latest, profit growth +45.3% latest, eps growth +45.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Indo Tech Transformers Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +51.6% versus its 200-day average and at 100% 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 31 July 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 22 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +2,271% against the NIFTY 500's +282% — ahead of the index over the full window. — as of 31 July 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 ₹3,454, the price is in a confirmed uptrend 13 weeks in. Its P/E of 39.5× sits at the 83rd percentile of its own 7-year range. — as of 31 July 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 31 July 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 60×. FY26 borrowings were ₹5.0 Cr against equity of ₹374 Cr. The returns on this page are earned, not borrowed — as of 31 July 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 31 July 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 31 July 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 31 July 2026.

Where is Indo Tech Transformers Ltd in its business cycle?

Indo Tech Transformers Ltd's FY26 operating margin was 15.0%, against a 13-year band of −16.0%–15.0%: 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 31 July 2026.

What could break the Indo Tech Transformers Ltd story?

The sharpest disagreement: the price moved +106.7% 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 31 July 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. +106.7% 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 31 July 2026.

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