Indo Tech Transformers has secured two significant contracts totaling ₹221 crore from major utilities. The company received ₹165.55 crore worth of orders from Andhra Pradesh Transmission Corporation (AP TRANSCO) for manufacturing and supplying 26 power transformers. These orders comprise 17 units of 80 MVA/220/33 kV transformers and nine units of 80 MVA/132/33 kV transformers, with execution scheduled between October 2026 and June 2027. Additionally, the company secured a ₹54 crore contract from Waaree Renewable Technologies for five power transformers including three 170 MVA/175 MVA power transformers and two 125 MVA power transformers, scheduled for execution between January and April 2027. These orders reinforce Indo Tech's strong order pipeline and validate its product positioning in the booming green energy ecosystem.
Following the announcement of the AP TRANSCO orders, Indo Tech Transformers shares experienced a positive market response. According to Business Standard, shares added 1.31% to ₹3,616.60 after the company announced receipt of the purchase orders. This represents a significant turnaround from the previous decline of 3.67% to ₹3,569.95 following the initial order announcement. The market reaction reflects investor confidence in the company's ability to secure major utility contracts and execute on its diversified order book. The company's consolidated financials show zero revenue, net profit, and operating profit margin for the trailing twelve months, indicating that no revenue has been recognized in the most recent period, making these orders particularly significant for future growth prospects.
These ₹221 crore contracts represent the first disclosed order wins in the last three fiscal quarters, breaking a period of no reported inflows for the company. As reported by Business Standard, the company's trailing twelve-month revenue stands at zero, making book-to-bill and backlog coverage metrics uncomputable at this stage. The total disclosed order book currently consists solely of these two single orders, meaning backlog coverage is effectively undefined until further wins are announced. This order breakthrough signals renewed business activity after a prolonged period of silence in order announcements, with the company now securing orders from both renewable energy and traditional transmission sectors.
Indo Tech Transformers operates in the manufacturing of power and distribution transformers, special application transformers, mobile substation transformers, and substations. The company demonstrated strong financial performance in Q1 FY27, with standalone revenue from operations reaching ₹227.89 crore, marking a robust growth compared to ₹163.93 crore in Q1 FY26. The company's standalone net profit increased 34.06% YoY to ₹25.70 crore from ₹19.17 crore in the same period of the prior fiscal year. While the EBITDA margin softened slightly to 13.95% in Q1 FY27 compared to 14.64% in Q1 FY26, the company's diversified product portfolio positions it well for the renewable energy sector growth.
On July 24, 2026, Indo Tech Transformers received landmark approval from NTPC to manufacture 400 kV class transformers for battery energy storage system projects, marking its entry into the Extra High Voltage segment. The company also secured an initial commercial order for two 90 MVA units under this category. Additionally, on June 26, 2026, the board approved an additional capex proposal of ₹360 crore to expand plant capacity to 50,000 MVA by March 2029. This technical transition into the 400 kV extra high-voltage market improves long-term growth visibility and supports the company's structural growth narrative in the transformer manufacturing sector.
