Indo Tech Transformers share price today

Indo Tech Transformers Ltd's share price was ₹2,703.60 at the close on 30 October 2026. It has been rising for 26 weeks. That is 2.2% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,179 and ₹3,903, and at that close it sat 56% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Indo Tech Transformers Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

Over the last 11 years the share price moved +1,756% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 9 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Revenue up on a year earlier for 8 quarters in a row

   In the June 2026 quarter revenue was ₹228 crore, +39% on a year earlier.

2. Foreign funds (FIIs) raised their stake for 5 quarters in a row

   From 0.2% to 0.6% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Indo Tech Transformers reported revenue of ₹228 crore, up 39.0% from ₹164 crore a year earlier, and a profit of ₹26.0 crore, up 36.8% from ₹19.0 crore.

Indo Tech Transformers results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Indo Tech Transformers closed at ₹2,703.60 on 30 October 2026, up 60.8% from ₹1,681.80 a year earlier (31 October 2025) and up 1,579.8% over five years. Its highest weekly close since February 2016 was ₹3,902.50 on 21 August 2026.

Indo Tech Transformers share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 26 February 2016 to 30 October 2026.

30 Oct 2026: Indo Tech Transformers closed at ₹2,703.60, up 1.3% on the week and down 19.3% on the month. 16 Sep 2026: ex-date for a dividend of ₹10 a share.

Earlier

• Results for April to June 2026: Revenue up 39.0% and profit up 36.8% on a year earlier.
• Our read, 31 May 2026: Revenue grew 38.7% yearly growth FY21-FY26 while profit compounded at 72% as operating margin lifted from 0.5% (FY20) to 15% (FY26), structural operating leverage captured on an existing asset base.,January to March 2026 delivered record quarterly revenue of ₹239 Cr but operating margin compressed 327 basis points on the previous quarter to 13.5%, creating a falsifiable test: temporary product-mix effect or structural pricing erosion.,Board approved total ₹135 Cr capital spending 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.

Our read of the business

Revenue grew 38.7% yearly growth FY21-FY26 while profit compounded at 72% as operating margin lifted from 0.5% (FY20) to 15% (FY26), structural operating leverage captured on an existing asset base.,January to March 2026 delivered record quarterly revenue of ₹239 Cr but operating margin compressed 327 basis points on the previous quarter to 13.5%, creating a falsifiable test: temporary product-mix effect or structural pricing erosion.,Board approved total ₹135 Cr capital spending 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.

January to March 2026: Record revenue ₹239 Cr with 327 basis points operating margin compression, margin trajectory the open question.

Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

Indo Tech Transformers paid ₹10 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.37% at the ₹2,703.60 close on 30 October 2026. The last was a dividend of ₹10 a share, ex-date 16 September 2026.

Indo Tech Transformers dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Indo Tech Transformers Ltd paid out 11% of its profit as dividends in FY26, and it paid a dividend in 1 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

Indo Tech Transformers' management made 0 promises we could check against what it later reported.

Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

What is changing at Indo Tech Transformers, from the latest results and calls: operating leverage on fixed cost base, india t&d capital spending supercycle and capacity expansion to 25,000 mva.

• Operating Leverage on Fixed Cost Base. Employee costs ~₹10 Cr/quarter regardless of revenue level, every incremental ₹1 of revenue above breakeven drops at high profit margin until raw material costs spike. ⚠ estimate
• India T&D Capital spending Supercycle. ₹9 trillion India T&D capital spending pipeline through 2032; transformer supply constrained with high industry utilisation, demand exceeds available capacity, supporting pricing. ⚠ estimate
• Capacity Expansion to 25,000 MVA. Total ₹135 Cr three-phase capital spending, current 14,000 MVA running at 80-90% utilisation constrains revenue ceiling; 25,000 MVA by Mar-2029 unlocks next leg of growth. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

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.

The main risks

• CRGO/Copper Price Spike: 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. ⚠ estimate
• Promoter Pledge Concentration: Shirdi Sai Electricals pledged 77.2% of its INDOTECH shares, a forced-sale event at holding company level would depress INDOTECH price and could dilute minority shareholders. ⚠ estimate
• Capital spending Execution and Debt Load: ₹135 Cr total capital spending partly funded by term loans will increase D/E from near-zero, adding interest burden as operating margin is under pressure; Phase-1 delivery delays would delay revenue ceiling removal. ⚠ estimate
• Order Cancellation and Customer Concentration: A ₹65 Cr order from Renew Wind Energy was cancelled (Mar-2026) due to project delays, renewable sector project risk can cause order book volatility. ⚠ estimate

Our read after the January to March 2026 results, written 31 May 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

Indo Tech Transformers is on one of our India lists: Power & green energy stocks.

Indo Tech Transformers Ltd earned ₹26.0 Cr of net profit in the Jun 2026 quarter, +36.8% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹93.0 Cr. Over 10 years profit has grown 37.0% a year on average. That is 11.4% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹19.0 Cr.

For the full year, FY26 profit was ₹93.0 Cr (+45.3% on the year before).

Why profit moved: revenue changed +39.0% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +30.4% and revenue +22.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

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.

Indo Tech Transformers Ltd reported ₹228 Cr of revenue in the Jun 2026 quarter, +39.0% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 10 years it has grown 15.2% a year on average. The last full year, FY26, came in at ₹782 Cr.

Revenue is everything the company billed its customers in the period.

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.

The last four reported quarters add to ₹846 Cr.

FY26 revenue was ₹782 Cr, +27.8% on the year before.

Recent pace: the last four quarters grew +22.8% on average, against 15.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +22.1%, against +31.1% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +29.9%, against +41.4% a year (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.

Indo Tech Transformers Ltd's operating margin was 14.0% in the Jun 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −16.0% and 17.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −0.7 percentage points on the year while gross margin changed −2.6 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

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.

Over the last 3 years, 71% of Indo Tech Transformers Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹57.0 Cr of operating cash against ₹93.0 Cr of profit. After ₹36.0 Cr of spending on assets, ₹21.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 71% of profit came in as cash: the cash cycle got 31 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 31 days longer. The next section looks at where the cash is stuck.

Indo Tech Transformers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 149 days in FY26, up from 118 days in FY21. It spent ₹56.0 Cr on assets over the last 3 years. Customers take 56 days to pay, and stock sits for 131 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹782 Cr, each day of that cycle ties up about ₹2.1 Cr, so roughly ₹319 Cr is tied up in the business at any time.

FY26: customers took 56 days to pay and stock sat for 131 days, about 4.3 months of sales sitting as stock, for a full cycle of 149 days, longer than FY21's 118.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 131 days. Customers pay about 56 days after that. Suppliers are paid at 38 days. Together that makes the 149-day cycle.

Spending on assets: ₹56.0 Cr over the last 3 years, against ₹14.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹12.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Indo Tech Transformers Ltd's P/E is 29.0×, in the middle of its own history: higher than 56% of past readings. Its usual P/E (the middle reading) is 26.3×, over 6.7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why this happened. Motilal Oswal report documents a structural T&D build-out 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.