State engineering major; HVDC consortium partner with Hitachi Energy, plus power transformers and substations (also in energy, railways and naval sectors)
Price
₹419.00
snapshot 6 Nov 2026
Strengths
Partner on India's ±800 kV HVDC terminals (Khavda-Nagpur for POWERGRID; Rajasthan for AESL)
Bhopal and Jhansi transformer plants and long utility relationships
Risks
Transmission is small next to its thermal-power order book
History of slow execution and weak margins
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.46L Cr
Stock P/E
50.7x
Div Yield
0.33%
ROCE
9.1%
ROE
6.3%
P/B
5.5x
Revenue growth
+19.2%FY26
Profit growth
+199.6%FY26
Net margin
4.7%FY26
1Y vs Nifty
+63 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
21,211FY22
23,365FY23
23,893FY24
28,339FY25
33,782FY26
Stock price return · as of 6 Nov 2026
1Y price return
+61%
3Y CAGR
+48%
5Y CAGR
+42%
Trend94th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 9.7% below its high
Note: Transmission is a small part next to thermal power
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Designs and builds the heaviest and slowest-to-make item in a substation: the core is stacked from CRGO steel, wound with copper, tanked, oil-filled and tested. Large units are made to order and take a year or more from order to delivery.
Why it matters
Transformers are the grid's tightest bottleneck worldwide. US large-transformer prices are up sharply since 2019 and lead times have more than doubled (BNEF, 2026), so Indian makers are exporting as well as serving a record domestic pipeline. Every major maker is adding capacity: Siemens Energy India approved ~₹2,060 Cr for 30,000 MVA (Feb 2026), and Hitachi Energy broke ground on a new factory at Karjan, Gujarat (Jun 2026).
Where the value pool sits
Margins have widened from high single digits to mid-teens or higher EBITDA for the leaders because demand exceeds capacity and pricing has reset. The pool is large and growing, but it is cyclical: new capacity arriving in FY27-FY28 and any export slowdown could bring pricing back down.
Key drivers
NEP plan to lift transformation capacity from ~1,251 GVA (2024) to ~2,342 GVA by 2032
Renewable pooling substations and BESS connections
US and European shortage pulling exports
Data-centre and industrial substations
Potential bottlenecks
CRGO electrical steel: India imports most of its need and supply is gated by BIS certification