Tmc Transformers India IPO

About TMC Transformers (India) IPO

The public issue of the TMC Transformers (India) Ltd IPO, a mainboard IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA. The initiation of refunds will take place on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE. The IPO comprises only a fresh issue of equity shares. The company proposes to issue equity shares of face value ₹10 each, aggregating up to ₹550 crore. There is no offer for sale (OFS) in this issue.

TMC Transformers (India) Ltd IPO's price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA.

Incorporated in 2009, TMC Transformers (India) Limited is a transformer manufacturer catering to the power transmission and distribution sector. The company designs, manufactures, tests and supplies oil-filled transformers, dry-type transformers, Scott-connected traction transformers and compact substations.

Objectives Of TMC Transformers (India) IPO

• Funding capital expenditure towards setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility with an aggregate installed capacity of 78,000 MVA at Halol, Gujarat.
  
• Funding the company's incremental working capital requirements.
  
• General corporate purposes.
  

Industry Outlook

India's power sector is expected to grow steadily, driven by rising electricity demand, urbanisation and investments in transmission and distribution infrastructure. According to the CRISIL Report, India's installed power generation capacity reached 533 GW in March 2026 and is projected to increase to 835–845 GW by FY2031, with renewables accounting for 52–57% of the total capacity.

Per capita electricity consumption increased from 1,010 kWh in FY2015 to 1,460 kWh in FY2025 and is expected to reach 1,600–1,650 kWh by FY2031. CRISIL expects India's power demand to grow at a CAGR of 5–6% over the next five years, supported by industrial growth, railway electrification, urbanisation and electric vehicle adoption.

The renewable energy transition is expected to drive demand for transformers and other power equipment. More than 80% of new power capacity additions through FY2031 are expected to come from renewables, with 264–274 GW of renewable capacity likely to be added during the period.

India's peak electricity demand has increased from 177 GW in FY2019 to 250 GW in FY2025. Continued investments in grid modernisation and power infrastructure are expected to support long-term demand for transformer manufacturers.

About TMC Transformers (India) Limited

Incorporated in 2009, TMC Transformers (India) Limited is engaged in the design, manufacturing, testing and supply of power and distribution transformers. Its product portfolio includes oil-filled transformers up to 160 MVA/220 kV, dry-type transformers up to 20 MVA/36 kV, Scott-connected traction transformers and compact substations for utilities, railways, metros, renewable energy and industrial applications.

The company has an integrated manufacturing and design-led business model. As of 15 May 2026, it had an installed transformer manufacturing capacity of 13,500 MVA. It also has in-house CRGO processing capabilities, an NABL-accredited testing laboratory, and is one of the few manufacturers in India with CESI (Italy) C2, E2 and F1 certifications.

Strengths Of TMC Transformers (India) Limited

• The company has steadily moved towards higher MVA and higher kV transformers. This improves product mix and supports better margins than conventional distribution transformers.
• Railway transformers have high qualification requirements and limited competition. TMC is among the few approved manufacturers, creating a strong entry barrier for new players.
• The company follows an integrated design-to-manufacturing model. In-house engineering allows it to develop application-specific transformers instead of standard products.
• Backward integration into CRGO processing improves supply visibility and material utilisation. It also helps reduce dependence on external processors and improves operational efficiency.
• The company reported the highest gross profit margin among listed peers at 43.01% in FY26 and 38.57% in FY25, according to the CRISIL Report.
• Revenue from Operations grew at a CAGR of 29.83% between FY24 and FY26, making it one of the fastest-growing transformer manufacturers during the period, according to the CRISIL Report.
• An experienced management team leads the business with deep industry expertise.

Risks Of TMC Transformers (India) Limited

• The company derives a significant share of its revenue from the railways sector. During FY26, railway projects contributed 42.19% of Revenue from Operations.
• Revenue is concentrated among a few customers. The top 10 customers contributed 74.65% of Revenue from Operations in FY26.
• The business depends on a limited supplier base for key raw materials. The top 10 suppliers accounted for 79.92% of the cost of goods sold in FY26, and most supplies are not backed by long-term agreements.
• As of 31 March 2026, the company's order book stood at ₹673.42 crore. However, project delays, modifications, cancellations or payment delays could impact future revenue and cash flows.
• The company depends on project-based orders from railways, metro, renewable energy, private DISCOMs and industrial customers. Lower order inflows or delays in tender awards could affect business growth.
• Manufacturing facilities need adequate capacity utilisation to maintain profitability. Any significant decline from current utilisation levels may impact operating margins and financial performance.

The company has identified listed peers operating in a similar line of business for broad comparison purposes.

Note: (i) Source – All the financial information for listed industry peers mentioned above is sourced from Financial Results/ Draft Red Herring Prospectus of the company for the year ended 31 March 2026 and stock exchange data dated 30 June 2026 to compute the corresponding financial ratios.

Anchor Investor Bidding Date TBA

Registrar Details
MUFG Intime India Private Limited
E-mail: tmctransformers.ipo@in.mpms.mufg.com
Tel: +91 810 811 4949

Book Running Lead Manager

• Anand Rathi Advisors Limited
  
• Intensive Fiscal Services Private Limited
  

TMC Transformers (India) Limited Contact Details
Survey No. 26 1/2 Part B, Village - Khandiwada, Vadodara- Halol Highway,
Taluka - Waghodiya, Vadodara - 391510, Gujarat, India
Email: cs@tmc-india.com
Tel: +91 74350 00215

TMC Transformers (India) Limited Business Model

TMC Transformers (India) Limited manufactures and supplies power and distribution transformers for the transmission and distribution sector. The company generates revenue from the design, manufacturing and supply of oil-filled transformers, dry-type transformers, Scott-connected traction transformers and compact substations. It serves customers across railways, metros, renewable energy, utilities, industrial and infrastructure sectors in India and overseas.

TMC Transformers (India) Limited Growth Trajectory

TMC Transformers (India) Limited's Total Income for FY26 was ₹419.65 crore, whereas in FY25 and FY24 it was ₹273.16 crore and ₹248.00 crore, respectively.

The Profit After Tax for FY26 was ₹95.71 crore, whereas in FY25 and FY24 it was ₹46.65 crore and ₹15.10 crore, respectively.

Its EBITDA for FY26 was ₹133.05 crore, whereas in FY25 and FY24 it was ₹66.70 crore and ₹22.39 crore, respectively.

TMC Transformers (India) Limited Market Position

TMC Transformers is one of the fastest-growing transformer manufacturers in India, recording a revenue CAGR of 29.83% between FY24 and FY26. The company also reported the highest gross profit margin among its listed peers at 43.01% in FY26. The company is the only transformer manufacturer in India certified by RDSO for all transformer classes required for 2×25 kV traction substations. It is also the first and only manufacturer approved for 100 MVA / 230 kV Scott-connected traction transformers for Indian Railways.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹419.65 crore, ₹95.71 crore and ₹133.05 crore, respectively.

How To Apply for TMC Transformers (India) IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.