TMC Transformers India IPO

TMC Transformers (India) Ltd. filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2026, to raise funds through an Initial Public Offering (IPO).

The IPO is a book-built issue of ₹550 crore and will consist entirely of a fresh issue of shares, with no Offer for Sale (OFS) component. The company plans to use the funds raised for its business expansion and other stated objectives.

The equity shares are proposed to be listed on both the NSE and BSE. Anand Rathi Advisors Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. will act as the registrar. Details such as the IPO opening and closing dates, price band and lot size are yet to be announced.

TMC Transformers India IPO Important Dates

Yet to be announced. 

About TMC Transformers

TMC Transformers follows a design-led manufacturing model and develops power equipment based on the specific needs of its customers. The company manages the complete manufacturing process in-house, covering design, engineering, production and testing. It also has its own CRGO steel processing facilities and an NABL-accredited testing laboratory, giving it greater control over product quality and manufacturing.

Its product range includes oil-filled power and distribution transformers with capacities of up to 160 MVA / 220 kV, which are used by utilities and industrial customers. The company also manufactures dry-type transformers of up to 20 MVA / 36 kV, mainly for indoor installations and urban infrastructure where fire safety is important.

For the railway sector, TMC Transformers manufactures specialised traction transformers, including RDSO-approved Scott-connected transformers of up to 100 MVA. It also offers Compact Substations (CSS), which bring together transformers, ring main units and low-tension panels in a compact setup, making them suitable for locations where space is limited.

The company caters to several infrastructure and industrial segments, including railways and metro networks, renewable energy and Battery Energy Storage Systems (BESS), power distribution companies (Discoms), and heavy industrial projects. This gives TMC Transformers exposure to multiple areas where demand for reliable power infrastructure is growing.

TMC Transformers India IPO Objectives

1. The company plans to spend ₹231.78 crore for a new greenfield EHV transformer facility. It aims to expand its manufacturing capacity for 220 kV and higher-voltage transformers, with funds going toward civil construction, specialised machinery and advanced testing infrastructure.
2. The company will allocate ₹165.95 crore to meet its working capital requirements as the company scales production and executes its order book of ₹673.42 crore as of March 31, 2026.
3. The remaining proceeds will provide flexibility for operational expenses, administrative requirements, technology upgrades and other strategic needs, subject to applicable regulations.

Industry Outlook

The company belongs to the heavy equipment manufacturing industry. 

1. India’s electrical equipment market is projected to grow by $110.69 billion between 2025 and 2030, registering a 15.9% CAGR. The power transformer segment is expected to increase from $2.75 billion in 2025 to $3.93 billion by 2030, growing at around 7.4%-8.6% CAGR, ahead of the global growth rate of 6.5%.
2. India’s target of 500 GW of non-fossil fuel capacity by 2030 is expected to drive sustained demand for specialised transformers used in solar, wind and Battery Energy Storage Systems (BESS), particularly inverter and Scott-connected transformers.
3. The Revamped Distribution Sector Scheme (RDSS), with sanctioned projects exceeding ₹2.77 lakh crore, is supporting the modernisation of Discom networks through smart meters, automated switchgear and upgrades aimed at reducing AT&C losses.
4. India is estimated to require more than ₹4.75 lakh crore of transmission investment by 2030 to develop green energy corridors, HVDC lines and EHV substations, including systems operating at 765 kV and 800 kV.
5. Metro expansion, railway electrification and rapid growth in hyperscale data centres are increasing demand for dry-type, fire-resistant and specialised transformers, particularly for indoor and space-constrained applications.
6. The shift toward digitally monitored transformers, IoT-enabled systems, green dielectric fluids and higher-voltage equipment is creating opportunities for specialised manufacturers to improve realisations and build recurring revenue through maintenance and service contracts.

Financial Performance of TMC Transformers

TMC Transformers Peer Comparison

Strengths and Opportunities for TMC Transformers

1. TMC Transformers has steadily moved towards higher MVA and kV products, with capabilities up to 160 MVA / 220 kV. Average MVA per transformer increased from 3.78 in FY24 to 7.54 in FY26, supporting higher-value projects and better margins.
2. The shift towards larger and more complex transformers, along with better material utilisation, helped gross profit margin improve from 18.76% in FY24 to 43.01% in FY26, while EBITDA margin rose from 9.04% to 31.89%.
3. TMC Transformers has multiple RDSO approvals across traction transformer classes and is one of the few Indian manufacturers approved for 100 MVA / 220 kV Scott-connected traction transformers. Railway projects contributed 42.19% of FY26 revenue, with a railway order book of ₹486.35 crore as of March 31, 2026.
4. RDSO approvals, mandatory testing and vendor qualification requirements make the railway transformer market difficult for new players to enter. The approval process can typically take 3-5 years, giving established approved manufacturers an advantage.
5. A dedicated 12-member design team develops customised transformers based on voltage, load, energy-loss and environmental requirements. The company has also built a library of validated designs that can help reduce product development and execution timelines.
6. The company operates an NABL-accredited testing laboratory and has conducted short-circuit tests across 32 transformer ratings, including transformers up to 160 MVA / 220 kV. It also holds certifications from CESI, ISO and IRCLASS.
7. Its Vadodara facility had installed capacity of 8,500 MVA as of March 31, 2026, which increased to 13,500 MVA by May 15, 2026 following the expansion of its manufacturing space.
8. Through its subsidiary Anshuman, the company processes CRGO steel in-house, with processing capacity increasing from 4,500 MT to 7,000 MT from May 20, 2026. This provides better control over a critical raw material, procurement and production schedules.
9. The company serves railways, metro rail, renewable energy, BESS, utilities and industrial customers, reducing reliance on a single end-use segment and providing access to multiple infrastructure-driven growth opportunities.
10. TMC Transformers has supplied products to DMRC, MMRDA, UPMRCL, MMRCL, PMRCL and CMRL, while also serving EPC contractors, utilities and large private-sector customers on technically demanding projects.
11. TMC Transformers has supplied products to DMRC, MMRDA, UPMRCL, MMRCL, PMRCL and CMRL, while also serving EPC contractors, utilities and large private-sector customers on technically demanding projects.

Risks and Threats for TMC Transformers

1. Railway customers contributed 42.19% of revenue in FY26, up from 28.41% in FY25 and 30.66% in FY24. Any slowdown in railway tenders, project awards, execution or capital spending could impact revenue and cash flows.
2. The top 10 customers accounted for 74.65% of revenue in FY26, compared with 62.17% in FY25. Loss of a key customer, lower orders or delayed payments could materially affect financial performance.
3. The top 10 suppliers contributed 79.92% of cost of goods sold in FY26, up from 53.38% in FY24. The company also has no long-term supply agreements, increasing exposure to supply disruptions and raw material price or availability risks.
4. The company does not have long-term purchase commitments from customers and relies on orders from the railways, metro, renewable energy, BESS, Discom and industrial sectors. Changes in tender activity, project pipelines or customer capex could make order inflows and revenue less predictable.
5. The order book stood at ₹673.42 crore as of March 31, 2026, but orders may be delayed, modified, cancelled or executed over multiple periods. Therefore, the existing order book may not fully translate into future revenue or profits.
6. The company has reported instances of delayed payment of statutory dues in FY24-FY26. Further delays could lead to penalties, prosecution or other regulatory action, besides affecting its reputation and cash flows.
7. The company has filed suo-moto adjudication applications for certain non-compliances under the Companies Act, 2013. Adverse regulatory action or penalties relating to past or future non-compliance could affect its financial position and reputation.
8. The statutory auditors have highlighted certain Emphasis of Matter and CARO observations in recent financial statements. Similar observations in future periods could raise concerns among investors and affect the company's reported financial performance.
9. With business largely driven by project-based orders and customer tenders, revenue depends on project execution schedules, tender outcomes and customer capital expenditure cycles. Failure to secure repeat orders or delays in project execution could affect growth and profitability.

TMC Transformers India IPO Reservation

TMC Transformers India IPO Promoter Holding

Hriday Narayan Shukla is the promoter of this company

TMC Transformers India IPO Registrar and Lead Managers

TMC Transformers India IPO Lead Managers

1. Anand Rathi Advisors Ltd.
2. Intensive Fiscal Services Pvt. Ltd.

Registrar for TMC Transformers India IPO

• Name: MUFG Intime India Pvt. Ltd.
• Phone: 022-49186000
• Email ID: tmctransformers.ipo@in.mpms.m

How To Check the Allotment Status of the TMC Transformers India IPO?

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Contact Details of TMC Transformers India 

Address: Survey No. 26 1/2 Part B, Village – Khandiwada, Vadodara- Halol Highway, Taluka – Waghodiya, Vadodara, Gujarat, 391510

Phone: 74350 00215

Email ID: cs@tmc-india.com