# Indo Tech Transformers share price today (Indo Tech Transformers Ltd, NSE: INDOTECH)

> Indo Tech Transformers share price today: ₹2,732.40 at the NSE close on 4 November 2026, up 64.2% in a year. Indo Tech Transformers (NSE: INDOTECH) is worth ₹2,901 crore, trades at a P/E of 29.2 and has closed between ₹1,178.50 and ₹3,902.50 over the past 52 weeks. > Indo Tech Transformers Ltd is reporting record margins. INDOTECH · Capital Goods - Transformers · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/indo-tech-transformers-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹2,732.40 (+64.2% in a year)
- P/E: 29.2× (higher than 57% of the last 6.7 years)
- Revenue (Jun 2026): ₹228 Cr (+39.0% on a year ago)
- Profit (Jun 2026): ₹26.0 Cr (+36.8% on a year ago)
- Operating margin: 14.0% (−1.0 points on a year ago)
- ROCE: 40%, FY26
- ROIC: 32.3%, against a 12.0% cost of capital: +20.3 points

The main question: promoters moved −4.7 percentage points over 8 quarters while the business went the other way. ## What is the Indo Tech Transformers share price today? Indo Tech Transformers Ltd's share price was ₹2,732.40 at the close on 4 November 2026. It has been rising for 26 weeks. That is 1.1% 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 57% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 4 weeks running. Over the last 11 years the share price moved +1,776% 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. ## What changed at Indo Tech Transformers this quarter? 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. ## What are Indo Tech Transformers' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹228 crore | ₹164 crore | +39.0% |
| Profit | ₹26.0 crore | ₹19.0 crore | +36.8% |
| Earnings per share | ₹24.20 | ₹18.05 | +34.1% |
| Operating margin | 14.0% | 15.0% | −1.0 points |

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.)

## What is the Indo Tech Transformers share price history? Indo Tech Transformers closed at ₹2,732.40 on 4 November 2026, up 64.2% from ₹1,664.10 a year earlier (7 November 2025) and up 1,577.3% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹2,703.60 | +1.1% |
| 1 month ago · 1 Oct 2026 | ₹3,350.80 | −18.5% |
| 6 months ago · 8 May 2026 | ₹2,835.90 | −3.6% |
| 1 year ago · 7 Nov 2025 | ₹1,664.10 | +64.2% |
| 3 years ago · 3 Nov 2023 | ₹515.00 | +430.6% |
| 5 years ago · 4 Nov 2021 | ₹162.90 | +1,577.3% |
| 10 years ago · 4 Nov 2016 | ₹202.15 | +1,251.7% |
| Earliest weekly close in our records · 26 Feb 2016 | ₹145.65 | +1,776.0% |
| Highest weekly close since February 2016, also the 52-week high · 21 Aug 2026 | ₹3,902.50 | −30.0% |
| Lowest weekly close since February 2016 · 22 May 2020 | ₹71.95 | +3,697.6% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹1,178.50 | +131.9% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 26 February 2016 to 4 November 2026.)

## What is the latest news on Indo Tech Transformers? 4 Nov 2026: Indo Tech Transformers closed at ₹2,732.40, up 1.1% on the week and down 18.5% 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.)

## What dividend does Indo Tech Transformers pay? 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 ₹2,732.40 close on 4 November 2026. The last was a dividend of ₹10 a share, ex-date 16 September 2026. ### Indo Tech Transformers dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 16 Sep 2026 | ₹10 | Dividend |

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. 0 of 5 Of the last 5 financial years, years with an NSE dividend record

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.)

## What did Indo Tech Transformers management say on the latest results call? 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 the future of Indo Tech Transformers? What is changing in the business? 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.)

## What could change the Indo Tech Transformers story? What are the risks? 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.)

## Which stock lists is Indo Tech Transformers on? Indo Tech Transformers is on one of our India lists: Power & green energy stocks. - [Power & green energy stocks Group on the list: Power equipment, transformers and cables](https://www.sectoralpha.in/sectors/power-stocks-india)

## Is Indo Tech Transformers profitable? 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. 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. ## How much revenue does Indo Tech Transformers make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Indo Tech Transformers keep? 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. 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. ## Is Indo Tech Transformers' profit turning into cash? 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. 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. ## Where does Indo Tech Transformers' cash go? 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. 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. ## What is Indo Tech Transformers' P/E ratio, and how does it compare with its own history? Indo Tech Transformers Ltd's P/E is 29.2×, in the middle of its own history: higher than 57% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +45.2% while the price moved +64.2%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +75.8% a year; about +76.0% a year came from earnings growth and about −0.2 percentage points from the multiple (roughly no change). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Indo Tech Transformers business getting better or worse? Indo Tech Transformers Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +126.7% at its peak to +29.9%, but the business is still expanding, with ROCE steady at 40.5%. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Indo Tech Transformers story, and has it been checked? Indo Tech Transformers Ltd's story is not scored yet against the checks our research 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. What is proven. 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. The test written in advance. CRGO/Copper Price Spike. Measured by: CRGO/Copper Price Spike by the next result. The test written in advance. Promoter Pledge Concentration. Measured by: 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. Measured by: 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. 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 2026. The story check is re-scored every results season; the record below never changes. ## What is Indo Tech Transformers management's track record? Operating turnaround visible in the numbers but forward-guidance accuracy unverifiable; capital retained (zero dividend) to fund 135cr capital spending. 77.24% Promoter shares pledged

(Checked 15 June 2026.)

## How much does Indo Tech Transformers earn on its capital? Indo Tech Transformers Ltd earned a ROCE of 40% in FY26. That is up from a low of −5% in FY19. Its return on capital used (ROIC) is 20.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 11.9% net margin and 1.40× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.9% net margin × 1.40× asset turnover × 1.49× leverage (assets divided by equity) ≈ 24.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 32.3% − 12.0% = +20.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 32.3% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 33.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Indo Tech Transformers have too much debt? Indo Tech Transformers Ltd has total debt of ₹5.0 Cr against shareholder equity of ₹374 Cr as of Jun 2026, so its debt is 0.01× its equity, which is very little. Year by year, that ratio went from 0.01 in FY22 to 0.01 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Indo Tech Transformers shareholding pattern? Promoters cut their stake in Indo Tech Transformers Ltd by 4.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 70.3% of the company. Domestic institutions moved +0.3 points over the same period, to 0.3%. This uses the four owner groups that companies report every quarter; nothing is guessed 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). Over the last two years: Promoters: −4.7 points over 8 quarters, to 70.3%; Domestic institutions: +0.3 points over 8 quarters, to 0.3%; Foreign institutions: +0.2 points over 8 quarters, to 0.6%. Why the owners changed: promoters drove it (−4.7 points). They reduced their stake. ## How far is Indo Tech Transformers from balance-sheet trouble? For Indo Tech Transformers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Indo Tech Transformers rank in its industry? 72.0 out of 100, rank 1 of 12 in Capital Goods - Transformers, with 96% of the evidence available. Indo Tech Transformers Ltd scores 72.0 out of 100 against the 12 companies it is compared with in Capital Goods - Transformers, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 22.9 + 20.2 + 15.5 + 13.4 = 72. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Indo Tech Transformers compared with? Indo Tech Transformers ranks 1 of 12 Capital Goods - Transformers companies on the 4-Factor Sector Score, with 72.0 out of 100. 1. Indo Tech Transformers Ltd this page INDOTECH · losing its lead · Most evidence points up · 96% evidence 72.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Revenue 22.1% · Profit 29.9% · Operating margin change -1 points · 88% evidence Capital efficiency 20.2/25 · ROCE 40.4% · Operating margin 14% · 100% evidence Valuation 15.5/20 · P/E 29× · PEG 0.74 · 100% evidence Relative strength 13.4/20 · Lead over its industry 6.5% · Lead over NIFTY 500 20.6% · 1 year 60.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.9 + 20.2 + 15.5 + 13.4 = 72 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Supreme Power Equipment Ltd](https://www.sectoralpha.in/stocks/supreme-power-equipment-ltd) SUPREMEPWR · turning · Evidence leans up · 78% evidence 62.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 23.9% · Profit 3.6% · Operating margin change -1.4 points · 83% evidence Capital efficiency 14.9/25 · ROCE 22% · Operating margin 17.3% · 76% evidence Valuation 11.8/20 · P/E 24.6× · PEG n/a · 50% evidence Relative strength 19.3/20 · Lead over its industry 4.9% · Lead over NIFTY 500 22.3% · 1 year 17.4% · 100% evidence · 4 of 12 weeks ahead Exact sum: 16.2 + 14.9 + 11.8 + 19.3 = 62.2 · What this means: Relative strength against the index is 22.3%, and revenue and profit growth are weak. 3. [CG Power & Industrial Solutions Ltd](https://www.sectoralpha.in/stocks/cg-power-industrial-solutions-ltd) CGPOWER · turning · Evidence leans up · 100% evidence 57.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 23.8% · Profit 28.3% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.7% · Operating margin 14% · 100% evidence Valuation 4.3/20 · P/E 90.6× · PEG 6.43 · 100% evidence Relative strength 6.8/20 · Lead over its industry -8% · Lead over NIFTY 500 7.2% · 1 year 9.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.5 + 18.8 + 4.3 + 6.8 = 57.4 · What this means: Earnings are strong; relative strength in its sector is -8% and the one-year return is 9.1%. 4. [Transformers & Rectifiers India Ltd](https://www.sectoralpha.in/stocks/transformers-rectifiers-india-ltd) TARIL · turning · Evidence leans up · 75% evidence 57.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 27.3% · Profit 23.3% · Operating margin change 6 points · 95% evidence Capital efficiency 14.6/25 · ROCE 23.3% · Operating margin 17% · 76% evidence Valuation 10.1/20 · P/E 29.4× · PEG n/a · 15% evidence Relative strength 9.5/20 · Lead over its industry -11.3% · Lead over NIFTY 500 4.6% · 1 year -32.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 23.1 + 14.6 + 10.1 + 9.5 = 57.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Marsons Ltd](https://www.sectoralpha.in/stocks/marsons-ltd) MARSONS · breaking out · Evidence leans up · 81% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.3/35 · Revenue 33.5% · Profit 43.6% · Operating margin change -0.9 points · 88% evidence Capital efficiency 13.7/25 · ROCE 24.4% · Operating margin 14.7% · 100% evidence Valuation 7.0/20 · P/E 57.8× · PEG 7.62 · 100% evidence Relative strength 11.3/20 · Lead over its industry n/a · Lead over NIFTY 500 14.1% · 1 year -13.7% · 25% evidence · 9 of 12 weeks ahead Exact sum: 20.3 + 13.7 + 7 + 11.3 = 52.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Voltamp Transformers Ltd](https://www.sectoralpha.in/stocks/voltamp-transformers-ltd) VOLTAMP · breaking out · Evidence leans down · 100% evidence 44.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 22.8% · Profit -1.8% · Operating margin change -4 points · 100% evidence Capital efficiency 15.6/25 · ROCE 23.5% · Operating margin 15% · 100% evidence Valuation 3.2/20 · P/E 32.4× · PEG 4.92 · 100% evidence Relative strength 12.1/20 · Lead over its industry 0.3% · Lead over NIFTY 500 16.9% · 1 year 39.8% · 100% evidence · 11 of 12 weeks ahead Exact sum: 13.9 + 15.6 + 3.2 + 12.1 = 44.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Ujaas Energy Ltd](https://www.sectoralpha.in/stocks/ujaas-energy-ltd) UEL · leader · Evidence leans down · 77% evidence 43.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.4/35 · Revenue -26% · Profit -3.5% · Operating margin change 9.5 points · 100% evidence Capital efficiency 6.8/25 · ROCE 3.9% · Operating margin 20.4% · 100% evidence Valuation 8.5/20 · P/E 378× · PEG n/a · 15% evidence Relative strength 15.1/20 · Lead over its industry 4.4% · Lead over NIFTY 500 21.2% · 1 year 58.8% · 70% evidence · 12 of 12 weeks ahead Exact sum: 13.4 + 6.8 + 8.5 + 15.1 = 43.8 · What this means: Relative strength against the index is 21.2%, and revenue and profit growth are weak. 8. [Bharat Bijlee Ltd](https://www.sectoralpha.in/stocks/bharat-bijlee-ltd) BBL · turning · Evidence leans down · 100% evidence 40.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.5/35 · Revenue 26.4% · Profit -11.6% · Operating margin change 1 points · 100% evidence Capital efficiency 4.9/25 · ROCE 8.4% · Operating margin 8% · 100% evidence Valuation 10.7/20 · P/E 20.3× · PEG 4.48 · 100% evidence Relative strength 5.1/20 · Lead over its industry -20.6% · Lead over NIFTY 500 -5.2% · 1 year -22.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.5 + 4.9 + 10.7 + 5.1 = 40.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Schneider Electric Infrastructure Ltd](https://www.sectoralpha.in/stocks/schneider-electric-infrastructure-ltd) SCHNEIDER · quiet · Evidence leans down · 96% evidence 35.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.2/35 · Revenue 9.5% · Profit -29.9% · Operating margin change -6 points · 88% evidence Capital efficiency 15.5/25 · ROCE 29.6% · Operating margin 5% · 100% evidence Valuation 5.8/20 · P/E 135× · PEG 2.78 · 100% evidence Relative strength 6.7/20 · Lead over its industry -5.2% · Lead over NIFTY 500 9% · 1 year 30.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 7.2 + 15.5 + 5.8 + 6.7 = 35.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) SHILCTECH · quiet · Most evidence points down · 82% evidence 33.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 3.6/35 · Revenue -9.2% · Profit -29.9% · Operating margin change -10 points · 95% evidence Capital efficiency 21.2/25 · ROCE 50.7% · Operating margin 21% · 76% evidence Valuation 7.2/20 · P/E 32.8× · PEG n/a · 50% evidence Relative strength 1.1/20 · Lead over its industry -21.7% · Lead over NIFTY 500 -7.7% · 1 year -17.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 3.6 + 21.2 + 7.2 + 1.1 = 33.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Danish Power Ltd](https://www.sectoralpha.in/stocks/danish-power-ltd) DANISH · breaking out · Too little evidence to rank firmly · 32% evidence 52.9 out of 100 Growth Capital Valuation Relative
12. [Vilas Transcore Ltd](https://www.sectoralpha.in/stocks/vilas-transcore-ltd) VILAS · breaking out · Too little evidence to rank firmly · 32% evidence 45.6 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Capital Goods - Transformers](https://www.sectoralpha.in/sectors/capital-goods-transformers), all 12 compared on one page. ## Which companies are close to Indo Tech Transformers in size? Indo Tech Transformers is the 6th largest of 12 Capital Goods - Transformers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Voltamp Transformers, Transformers & Rectifiers India and Shilchar Technologies. Just below it: Bharat Bijlee, Marsons and Ujaas Energy. ### Capital Goods - Transformers companies close in size

1. [Voltamp Transformers Ltd](https://www.sectoralpha.in/stocks/voltamp-transformers-ltd) ₹10,472 crore
2. [Transformers & Rectifiers India Ltd](https://www.sectoralpha.in/stocks/transformers-rectifiers-india-ltd) ₹8,954 crore
3. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) ₹4,091 crore
4. Indo Tech Transformers Ltd ₹2,884 crore
5. [Bharat Bijlee Ltd](https://www.sectoralpha.in/stocks/bharat-bijlee-ltd) ₹2,634 crore
6. [Marsons Ltd](https://www.sectoralpha.in/stocks/marsons-ltd) ₹2,558 crore
7. [Ujaas Energy Ltd](https://www.sectoralpha.in/stocks/ujaas-energy-ltd) ₹2,485 crore

[All 12 Capital Goods - Transformers companies, largest first](https://www.sectoralpha.in/sectors/capital-goods-transformers#all-companies)

### Companies close in size in other industries

1. [Nilkamal Ltd](https://www.sectoralpha.in/stocks/nilkamal-ltd) ₹2,907 crore · Plastics - Plastic & Plastic Products
2. [Jubilant Agri & Consumer Products Ltd](https://www.sectoralpha.in/stocks/jubilant-agri-consumer-products-ltd) ₹2,903 crore · Chemicals - Speciality
3. Indo Tech Transformers Ltd ₹2,884 crore
4. [National Fertilizer Ltd](https://www.sectoralpha.in/stocks/national-fertilizer-ltd) ₹2,877 crore · Fertilisers
5. [Divgi Torqtransfer Systems Ltd](https://www.sectoralpha.in/stocks/divgi-torqtransfer-systems-ltd) ₹2,874 crore · Auto Ancillaries - Transmission

## What else do people ask about Indo Tech Transformers? ### What is Indo Tech Transformers's share price today? Indo Tech Transformers Ltd's share price is ₹2,732.40, +64.2% over the past year. The whole company is worth ₹2,901 Cr on the market. In the last 52 weeks it traded between ₹1,179 to ₹3,903; today it is 57% of the way up from the low, 1.1% below its 200-day average (as of 4 November 2026). ### What were Indo Tech Transformers's latest quarterly results? Indo Tech Transformers Ltd reported revenue of ₹228 Cr and net profit of ₹26.0 Cr for the Jun 2026 quarter. Revenue rose 39.0% and profit rose 36.8% compared with a year earlier. Earnings per share were ₹24.20. The operating margin was 14.0%, 1.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Indo Tech Transformers's market cap? Indo Tech Transformers Ltd's market capitalisation is ₹2,901 Cr at a share price of ₹2,732.40. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Indo Tech Transformers performing? Indo Tech Transformers Ltd's share price has been rising for 26 weeks. In its latest quarter, revenue rose 39.0% and profit rose 36.8% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 4 weeks running (as of 4 November 2026). ### Will Indo Tech Transformers's share price go up? This page does not forecast Indo Tech Transformers Ltd's share price. What it shows instead: the share price is ₹2,732.40, and it has been rising for 26 weeks. Its P/E of 29.2× is higher than 57% of its own last 7 years (as of 4 November 2026). ### Who owns Indo Tech Transformers? Promoters own 70.3% of Indo Tech Transformers Ltd, foreign institutions 0.6%, domestic institutions 0.3% and the public 28.9% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 4.7 percentage points over 8 quarters (as of 4 November 2026). ### Where is Indo Tech Transformers in its business cycle? Indo Tech Transformers Ltd's FY26 operating margin was 17.0%, against a 13-year range of −16.0% to 17.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Indo Tech Transformers story? The main question: promoters moved −4.7 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Indo Tech Transformers a stock worth studying right now? What the numbers show: Indo Tech Transformers Ltd is reporting record margins. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Indo Tech Transformers share price forecast for 2026? 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. What would change the story: 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. ### Where does this page get Indo Tech Transformers' management information? From Indo Tech Transformers' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Power & green energy stocks: https://www.sectoralpha.in/sectors/power-stocks-india

This is research, not advice. We’re not SEBI-registered.