Murugappa group maker of power transformers, switchgear and industrial motors, also building an OSAT chip plant (also in railways, data-centre and semiconductor sectors)
Price
₹773.00
snapshot 6 Nov 2026
Strengths
Power systems segment has a large order book and is adding transformer capacity
Strong balance sheet under Murugappa ownership
Risks
Grid is one segment next to motors, railways and semiconductors
Rich valuation - see the figures
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹1.22L Cr
Stock P/E
87.0x
Div Yield
0.17%
ROCE
26.7%
ROE
20.5%
P/B
13.9x
Revenue growth
+25.3%FY26
Profit growth
+23.2%FY26
Net margin
9.7%FY26
1Y vs Nifty
+8 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
5,484FY22
6,973FY23
8,046FY24
9,909FY25
12,418FY26
Stock price return · as of 6 Nov 2026
1Y price return
+6%
3Y CAGR
+26%
5Y CAGR
+36%
Trend62nd percentile
52-week range as of 6 Nov 2026 vs snapshot price · 21% below its high
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