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Indo Tech Transformers Ltd (INDOTECH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532717 NSE: INDOTECH Electric Equipment | Small Cap | Indo Tech Transform. Share Price

₹2,799.45 -26.35 (-0.93%)

As on 04-Jun'26 16:59

Indo Tech Transformers Ltd (INDOTECH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532717 NSE: INDOTECH Electric Equipment | Small Cap | Indo Tech Transform. Share Price

₹2,799.45 -26.35 (-0.93%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,973 Cr.
Current Price
₹2,799.5
52-Week Low / High
₹1,100 / 2,972
TTM EPS
₹87.4
TTM Sales
₹782 Cr.
Book Value per Share
₹351.9
P/E Ratio
32.05
Higher than its 5-year historical median
Industry PE
56.3
Price to Book (P/B)
7.96
Higher than its 5-year historical median
Price to Sales (P/S)
3.80
Higher than its 5-year historical median
EV/EBITDA
21.91
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
25.66%
Outperforms industry median
Return on Capital Employed (ROCE)
37.81%
Outperforms industry median
Return on Assets (ROA)
15.34%
Operating Profit Margin
13.4%
Net Profit Margin
10.44%
Gross Profit Margin
14.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
21.58%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
55.22%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
36.32%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
77.24%
Reserves
₹363 Cr.
Equity
₹10.6 Cr.
Face Value
₹10
All Time Low / High
₹42.50 / 3792.90

Indo Tech Transformers stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Indo Tech Transformers Ltd a good quality company?
Indo Tech Transformers Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Indo Tech Transformers Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Indo Tech Transformers Ltd vs industry peers?
Indo Tech Transformers Ltd revenue CAGR is 24.40%, compared to the industry median CAGR of 13.01%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Indo Tech Transformers Ltd?
Promoters hold 75.00% of the Indo Tech Transformers Ltd, with 77.24% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Indo Tech Transformers Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 29.1% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indo Tech Transformers Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 4.2%-4.1%-1%-4.7%2%7.2%13.8%20.8%34.5%37.8%-
Value Creation
Index
-0.7-1.3-1.1-1.3-0.9-0.50.00.51.51.7-

Growth Parameters

Sales 190149220213205206280371503612782
Sales YoY Gr.--21.6%48%-3.1%-3.8%0.3%36%32.4%35.7%21.6%-
Adj EPS -3.4-10.5-3.5-7.91.85.911.424.444.560.187.4
YoY Gr.-NANANANA222.8%92.4%113.5%82.2%35.2%-
BVPS (₹) 145.8130.1126.3117.9119.1125.5136.7160.9204.5264.4351.9
Adj Net
Profit
-3.6-11.1-3.7-8.426.312.125.947.263.893
Cash Flow from Ops. -2.7-11.83.617.4-14.57.821.7-3.931.855.8-
Debt/CF from Ops. 0000000-2.90.20.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 13.9%24.4%29.8%21.6%
Adj EPS NA100.8%73.9%35.2%
BVPS6.8%17.3%24.6%29.3%
Share Price 27.7% 86.3% 96.4% 29.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-2.3-7.6-2.7-6.51.64.98.716.424.325.628.4
Op. Profit
Mgn %
-0.5-1.8-0.5-115.57.99.910.613.415.4
Net Profit
Mgn %
-1.9-7.5-1.7-3.913.14.379.410.411.9
Debt to
Equity
00000000.1000
Working Cap
Days
21828721921522523217918017617295
Cash Conv.
Cycle
9313310410010010577829110157

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales190149220213205206280371503612
Operating Expenses + 191152221215203195258335451530
Manufacturing Costs1081010111020191623
Material Costs151110173165154143196264354440
Employee Cost 16171820222325313235
Other Costs 13162021181917214933
Operating Profit -1-3-1-221122365382
Operating Profit Margin (%) -0.5%-2.0%-0.5%-1.0%0.9%5.5%7.9%9.8%10.5%13.4%
Other Income + 1325153232219
Exceptional Items 0000000000
Interest 232223781211
Depreciation 5555555554
Profit Before Tax 4-9-4-80612265786
Tax 0200-20001022
Profit After Tax 4-11-4-82612264764
PAT Margin (%) 2.1%-7.6%-1.7%-3.9%0.9%3.1%4.4%6.9%9.3%10.4%
Adjusted EPS (₹)3.8-10.6-3.5-7.91.85.911.524.244.160.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Indo Tech Transform. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 155138134125127133145171217281
Share Capital 11111111111111111111
Reserves 144128123115116123135160207270
Debt +00000001145
Long Term Debt0000000145
Short Term Debt0000000900
Minority Interest0000000000
Trade Payables42385545573870898562
Others Liabilities 162419231916232974105
Total Liabilities 213201209193202187238300380453

Fixed Assets

Net Fixed Assets +62545052484441444950
Gross Block102596066676769768691
Accumulated Depreciation4051014192427323742
CWIP 0000001106
Investments 0000000000
Inventories3547433446355271118135
Trade Receivables65597962746982129139123
Cash Equivalents 23101330132243425893
Others Assets 27292315211720121647
Total Assets 213201209193202187238300380453

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -3-12417-15822-43256
PBT 4-9-4-80612265786
Adjustment 18631027911334
Changes in Working Capital -24-8416-17-100-41-45-16
Tax Paid -0-0-0-0-05-00-14-18
Cash Flow From Investing Activity + 8-1-1-1-2-3-9-15-12-18
Capex 11-2-1-1-1-1-3-8-8-16
Net Investments -20-1-1-2-4-6-8-6-5
Others -0111121123
Cash Flow From Financing Activity + 0-1-0-0-0-0-09-81
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000001222
Interest Paid 0-1-0-0-0-0-1-1-2-2
Dividend Paid 0000000000
Others 00000009-92
Net Cash Flow 6-14216-16513-91239

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)2.63-7.69-2.71-6.471.534.848.7616.2724.1525.66
ROCE (%)4.23-4.06-1.02-4.652.017.2113.8220.8434.4937.81
Asset Turnover Ratio10.791.11.061.041.061.321.381.481.47
PAT to CFO Conversion(x)-0.75N/AN/AN/A-7.51.331.83-0.150.680.88
Working Capital Days
Receivable Days101.10137.90112.40120.80120.60126.8098.30103.8097.3078
Inventory Days65.6091.5072.9066.2071.7071.6056.1060.5068.8075.50
Payable Days92132.7098.70111.70121.20120.30100109.9089.8061.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *58.8358.8358.8358.8375.1577.7977.7980.3077.2477.24
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Indo Tech Transformers Ltd FAQs

The current trading price of Indo Tech Transform. on 04-Jun-2026 16:59 is ₹2,799.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Indo Tech Transform. stood at ₹2,973 Cr

The latest P/E ratio of Indo Tech Transform. as of 03-Jun-2026 is 32.05.

The latest P/B ratio of Indo Tech Transform. as of 03-Jun-2026 is 7.96.

The 52-week high of Indo Tech Transform. is ₹2,972.4 and the 52-week low is ₹1,100.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indo Tech Transform. is ₹782 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indo Tech Transformers Ltd is a average quality company.

The key valuation ratios of Indo Tech Transformers Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Indo Tech Transformers Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Indo Tech Transformers Ltd

Indo-Tech Transformers,The flagship  company of the Indo Tech Group made a small beginning in the year 1976 and today it is a prominent player in the transformer market in India, manufacturing power and distribution transformers upto 100 MVA/220 KV. Over the years it has executed orders for North American markets for Mobile transformers and substation transformers. It has also strengthened its presence in Southern Indian SEBs (TNEB, Andhra Pradesh, Karnataka, Kerala) and built capabilities in various types of transformers such as Wind power, Fail Safe, Amorphous metal core.

Indo Tech has a list of over 3900 satisfied customers. Its key customer categories include SEBs, EPC contractors, Corporate and exports to our clients abroad. It has developed relationships with all Southern Electricity Boards. Its EPC contractors customer base include Larsen & Toubro, ABB Ltd, Reliance Energy Limited etc, Corporates include Taj Group of Hotels, Lakshmi Machine Works, TI Group, Sanmar group etc.Since inception it has supplied over 55,000 transformers of various capacities (upto 60MVA) to over 3000 customers in India. Over the last 8 years, it has exported transformers to Nigeria, Srilanka, U.K., USA, Ghana, Canada, and several other countries.

It manufactures special transformers, which are customer & industry specific. Various technologies have been imported as well as developed to keep abreast with the ever-changing international scenario. It had several technical collaborations in the past with companies such as Honeywell Inc., (Formerly Allied Signals, (USA)), MobleSource Industries Inc etc to manufacture various types of distribution and power transformers.

The Indo Tech Group has diversified into various related areas of business, manufacturing Electrical, Electronic & computer hardware related products, pre - stressed cement casting products in addition to various special application transformers, mobile sub-station transformers & sub - stations. It is currently manufacturing largest mobile transformer of 60MVA capacity and has obtained approval as a supplier of 132KV Power transformer for Power Grid Corporation of India Limited.

The company is having four manufacturing facilities spread between Palakkad in Kerala, Thirumazhisai & Kancheepuram in Chennai, Tamil Nadu. Over 56000 Transformers of different ratings are in service in various Substations and Industries across India and around the world. The plants of the company are capable of manufacturing 500 -600 transformers of assorted sizes every month, and have an overall annual capacity of 2450 MVA.

In 2009 the Company was ranked as No. 1 in the Electrical Machines and Equipment Sector in the Industry 2.0 Top 500 SMBs.
In 2010 the brand of the products of the Company has been changed from ‘Indo-Tech' to 'Prolec GE'.

Research & development- The Company is having its own Research and Development Wing, which has developed ITTEPAC & RADAC. ITTEPAC is Intergrated Total Transformer Electronic Protection and Control, a microprocessor based control, which monitors and controls the various parameters of a transformer such as voltage, current, temperature etc. RADAC is a Remote Controlled Operation of Transformers. It monitors and controls a cluster of Distribution Transformers in a particular area.

The company has two Test laboratories. The Medium Test Laboratory is equipped to test upto 20 MVA 33 KV class including the temperature rise test. The larger power laboratory has state - of - the - art equipments to test upto 100 MVA 220 KV class transformers.

The company is having a good global reach and has exported various transformers to USA, UK, Canada, Nigeria, Germany, Egypt, Singapore, Qatar, Abu Dhabi, Saudi Arabia, Sri Lanka, Japan, Switzerland etc.

The product range of the company includes

Open Ventilated Dry Type Transformers in technical tie-up with E. I. Dupont, ranging between 100KVA/11KV & 2500KVA/33KV class. These transformers are manufactured at Thirumazhisai.Distribution Transformers suitable for use in utilities and industries, ranging between 100KVA /11KV & 3150KVA/33KV.

Furnance transformers Up to 15MVA and 50 kilo amps current rating for Arc Furnace and induction furnace in service.

Mobile Substation Transformers up to 60MVA, voltage upto 220KV of compact design with nomex insulation and unit coolers.

Power Transformers between 5MVA/33KV to 315MVA/400KV including two winding, three winding and auto transformers. Special Transformers with On Load Tap Changer to cater for wide variation upto 40% range for industries, Amorphous Metal Core Distribution Transformers for high efficiency, Auto Booster for 11KV and 33KV application.

The Customers of the company ranges from aqua culture / fish culture, automotive industries, Banks,Cement industry, Chemicals/plastic/rubber, Dairy, Granite, Government department, Construction to Municipalities.

 

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