TMC Transformers (India) has filed preliminary papers with SEBI to raise up to ₹550 crore through an Initial Public Offering. According to the Draft Red Herring Prospectus filed on Tuesday, the proposed IPO comprises an entirely fresh issue of equity shares with a face value of ₹10 each, with no Offer For Sale (OFS) component. The company may also undertake a pre-IPO placement of up to ₹110 crore before filing the red herring prospectus, which would reduce the size of the fresh issue accordingly. As reported by Moneycontrol, Hriday Narayan R Shukla serves as the promoter of the company, while Anand Rathi Advisors and Intensive Fiscal Services are the book-running lead managers to the issue.
The company plans to utilize the IPO proceeds primarily to fund capital expenditure for setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility at Halol, Gujarat, with an aggregate installed capacity of 78,000 MVA. According to the DRHP, the proceeds will also part-fund the company's incremental working capital requirements and be used for general corporate purposes. The facility will support the company's integrated, design-led manufacturing model offering oil-filled transformers up to 160 MVA/220 kV, dry-type transformers up to 20 MVA/36 kV, and compact substations up to 3 MVA/36 kV. As reported by Moneycontrol, TMC Transformers is an integrated, design-led transformer manufacturer with capabilities across multiple transformer types and voltage classes.
According to a CRISIL report cited in the draft papers, TMC Transformers is the only transformer manufacturer in India certified by the Research Designs and Standards Organisation (RDSO) for all classes of transformers required for 2×25 kV traction substations used by Indian Railways. As reported by Moneycontrol, the company is also one of only two Indian manufacturers approved by RDSO to manufacture 100 MVA/220 kV Scott-connected traction transformers, and the first and only manufacturer approved for 100 MVA/230 kV Scott-connected traction transformers for high-voltage railway electrification projects. According to the DRHP, the company is among the few transformer manufacturers in India with the capabilities and certifications to cater to major end-user segments, including railways, renewable energy, metro projects, industrial customers and power distribution companies, citing a CRISIL report.
The company has emerged as one of the fastest-growing transformer manufacturers in India, with revenue from operations growing at a compound annual growth rate (CAGR) of 29.83% between FY24 and FY26, according to the CRISIL report. According to Moneycontrol, TMC Transformers reported the highest gross profit margin among its peers, at 43.01% in FY26 and 38.57% in FY25, reflecting its strong execution capabilities, backward integration and cost efficiency. The company's integrated manufacturing approach allows it to cater to customer-specific requirements across multiple infrastructure and energy sectors, positioning it well for continued growth in India's expanding power and railway electrification markets.
TMC Transformers serves a diversified customer base across high-growth sectors such as railways, renewable energy, metro rail, industrials and power distribution utilities (discoms), as reported by Moneycontrol. The company's integrated manufacturing approach allows it to cater to customer-specific requirements across multiple infrastructure and energy sectors, positioning it well for continued growth in India's expanding power and railway electrification markets. According to the DRHP, the company's capabilities span across major end-user segments, including railways, renewable energy, metro projects, industrial customers and power distribution companies, citing a CRISIL report.
