Indo Tech Transformers (INDOTECH) had a P/E of 27.9× on 6 Nov 2026, below the industry P/E of 30.0×, and the shares are 35% below their 52-week high. Its ROCE of 33% is the highest among the 7 largest Electrical Equipment & Parts peers, and sales and net profit grew 28% and 53% a year over 3 years. It has almost no debt, and its dividend yield is 0.4%. It is a small-cap company with a market cap of ₹2,768 Cr, ranked 36th of 97 Electrical Equipment & Parts companies by market cap; the shares rose 62% over the past year.
- ₹2,700.00
- ₹2,795.00
- ₹2,541.00
- ₹2,701.30
- 35.1K
Health check
- ReturnsAhead
+61.9% over a year, better than 6 of 7 peers.
- Price tagIn line
P/E 27.9 vs industry 30.0.
- GrowthStrong
Sales +28.1%, profit +53.4% a year over 3 years.
- ProfitabilityStrong
ROCE 32.7% vs peer median 22.1%.
- Balance sheetSolid
Practically debt-free, Piotroski 7 of 9.
- Red flags2 to check
35% below its 52-week high.
Small cap
Moves with the market
Key metrics
- Market cap
- ₹2,768 Cr
- Small cap
- P/E
- 27.9
- Industry 30.0
- Price to book
- 7.40
- Peers 7.24
- Dividend yield
- 0.38%
- ROE
- 28.4%
- Peers 18.0%
- ROCE
- 32.7%
- Peers 22.1%
- Debt to equity
- 0.01
- Debt ₹5.20 Cr
- EPS (TTM)
- ₹93.51
- Face value ₹10
- OPM (TTM)
- 15.1%
- Net margin 11.7%
- Sales growth
- +39.0%
- Latest quarter vs a year ago
- Profit growth
- +34.1%
- Latest quarter vs a year ago
- Price to sales
- 3.27
- EV/EBITDA 20.8
Strengths and risks
Strengths
- Return on equity of 28.4%.
- Return on capital employed of 32.7%.
- Practically debt-free.
- Quarterly profit up 34.1% on a year ago.
- Quarterly sales up 39.0% on a year ago.
Risks to check
- 35% below its 52-week high.
- Promoter stake down from 75.0% to 70.3%.
About Indo Tech Transformers
Indo Tech Transformers Limited engages in the manufacture and sale of transformers in India and internationally. The company offers distribution and power transformers; large power transformers, including generator step up/down, two and three winding, and auto transformers, as well as skid-mounted substations. It serves various sectors, such as transmission, generation, hydro, wind, solar, steel, cement, textiles, utilities, DESCOMS etc. The company was…
- Headquarters
- Kancheepuram
- Sector
- Industrials
- ISIN
- INE332H01014
- Website
- indo-tech.com
Price range
- Avg volume (3M)
- 25.3K
- 1-year return
- plus 61.9%
- From 52-week high
- minus 35.3%
Peers · Electrical Equipment & Parts
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| POWERINDIAHitachi Energy India | 27,800.00 | minus 1.42% | 1,23,911 | 107.7 | 95.3 | 24.9% | 16.1% | 0.02 | 22.2% | plus 37.9% |
| CGPOWERCG Power and Industrial Solutions | 773.00 | minus 4.43% | 1,21,785 | 88.6 | 72.5 | 19.3% | 13.1% | 0.02 | 21.2% | plus 8.2% |
| POLYCABPolycab India | 7,871.00 | plus 0.28% | 1,18,613 | 37.5 | 29.0 | 30.4% | 13.6% | 0.02 | 26.6% | plus 3.8% |
| HAVELLSHavells India | 1,128.00 | plus 5.61% | 70,789 | 42.6 | 30.0 | 22.1% | 9.1% | 0.02 | 9.9% | minus 28.1% |
| APARINDSApar Industries | 14,106.00 | minus 9.65% | 59,065 | 41.6 | 30.7 | 26.7% | 9.5% | 0.12 | 17.0% | plus 87.2% |
| KEIKEI Industries | 3,988.00 | minus 1.80% | 38,143 | 36.1 | 29.9 | 18.7% | 11.0% | 0.04 | 19.1% | plus 1.8% |
| HONAUTHoneywell Automation India | 30,080.00 | minus 0.79% | 26,613 | 47.0 | 35.7 | 15.7% | 13.8% | 0.02 | 10.9% | minus 17.5% |
| INDOTECHIndo Tech Transformers | 2,606.40 | minus 3.51% | 2,768 | 27.9 | 20.8 | 32.7% | 13.2% | 0.01 | 28.1% | plus 61.9% |
| Median of 7 peers | – | −1.42% | 70,789 | 42.6 | 30.7 | 22.1% | 13.1% | 0.02 | 19.1% | 3.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 164 | 183 | 196 | 239 | 228 | |
| 140 | 152 | 163 | 207 | 196 | |
| 24 | 31 | 33 | 32.4 | 31.8 | |
| 14.6% | 16.9% | 16.8% | 13.5% | 13.9% | |
| 2.6 | 4.2 | 2.3 | 1.3 | 4.8 | |
| 0.5 | 0.6 | 0.6 | 0.5 | 0.5 | |
| 1.1 | 1.2 | 1.2 | 1.3 | 1.7 | |
| 25 | 33.3 | 33.5 | 31.9 | 34.4 | |
| 23.4% | 25.6% | 25.7% | 24.9% | 25.2% | |
| 19.2 | 24.8 | 24.9 | 23.9 | 25.7 | |
| 18.05 | 23.33 | 23.45 | 22.53 | 24.20 |
Profit & loss
- Sales CAGR 3Y
- +28.1%
- Profit CAGR 3Y
- +53.4%
- EPS CAGR 3Y
- +53.4%
- ROE
- 28.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 368 | 498 | 606 | 773 | |
| – | +35.4% | +21.6% | +27.7% | |
| 331 | 433 | 518 | 643 | |
| 36.7 | 65 | 87.5 | 130 | |
| 10.0% | 13.0% | 14.4% | 16.8% | |
| −4.3 | 15.3 | 4.3 | −0.2 | |
| 1.8 | 2.8 | 1.1 | 1 | |
| 4.8 | 4.9 | 4.5 | 4.8 | |
| −0 | −15.3 | −0.3 | −0.1 | |
| 25.7 | 57.3 | 86 | 124 | |
| – | 18.2% | 25.7% | 25.0% | |
| 25.7 | 46.9 | 63.9 | 92.8 | |
| – | +82.3% | +36.3% | +45.2% | |
| 24.20 | 44.12 | 60.15 | 87.36 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.6 | 10.6 | 10.6 | 10.6 | |
| 160 | 207 | 270 | 363 | |
| 11.3 | 5 | 8.2 | 5.2 | |
| 118 | 160 | 147 | 176 | |
| 301 | 382 | 436 | 555 | |
| 46.7 | 49.5 | 61 | 91.6 | |
| 2.6 | 1.1 | 11.8 | 18.2 | |
| 3.1 | 0.2 | 6.8 | 0.9 | |
| 12.9 | 25.9 | 64.3 | 77.3 | |
| 235 | 305 | 292 | 367 | |
| 301 | 382 | 436 | 555 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −3.9 | 31.8 | 55.3 | 56.9 | |
| −14.7 | −11.6 | −17.7 | −53.2 | |
| 9.4 | −8.1 | 1.4 | −5.1 | |
| −9.3 | 12.1 | 39 | −1.4 | |
| −7.6 | −8.1 | −15.7 | −34.1 | |
| −11.6 | 23.6 | 39.6 | 22.8 |
Shareholding pattern
- Promoters70.29%
- Public29.71%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 70.29% | 29.71% | minus 1.89 | |
| 30 Jun 2026 | 72.18% | 27.82% | minus 2.82 | |
| 31 Mar 2026 | 75.00% | 25.00% | 0.00 | |
| 31 Dec 2025 | 75.00% | 25.00% | 0.00 | |
| 30 Sep 2025 | 75.00% | 25.00% | – |
Major shareholders
Filings & events
News
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