SYNOPSIS: Rising power demand and renewable adoption are driving strong growth in India’s transformer ecosystem, with several listed players reporting robust Q3 FY26 revenue and profit growth amid expanding infrastructure investments.
The Indian power transformer market, which generated Rs. 16,063 crore in revenue in FY22, is projected to reach Rs. 28,744 crore by FY30. This growth is expected to be propelled by expanding power generation capacity, investments in transmission and distribution infrastructure, and the need to meet the nation’s rising energy demand.
India manufactures a wide range of power and distribution transformers, including specialised variants used in furnaces, electric traction systems, and rectifiers. Listed below are some notable transformer-related stocks that have reported their financial results for the third quarter of FY26:
With a market cap of Rs. 7,451.6 crores, the stock closed in the red at Rs. 248.25 on Friday, down by around 2 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 736.76 crores, reflecting a sequential growth of over 60 percent QoQ compared to Rs. 460 crores in Q2 FY26, and a year-on-year increase of around 32 percent from Rs. 559.4 crores recorded in Q3 FY25.
Net profit stood at Rs. 76 crores, indicating an impressive rise of more than 103 percent QoQ from Rs. 37.35 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 37 percent from Rs. 55.5 crores reported in Q3 FY25. Between FY22 and FY25, TARIL’s revenue grew at a 3-year CAGR of over 20 percent, while net profit surged at a CAGR of about 149 percent.
Transformers and Rectifiers (India) Limited (TARIL) offers a diverse product portfolio that includes single-phase power transformers of up to 500 MVA and 1200 kV class, furnace transformers, and rectifier and distribution transformers. It also manufactures specialty transformers designed for applications such as locomotive traction, along with series and shunt reactors, mobile substations, earthing transformers, solar application transformers, and green hydrogen application transformers.
TARIL operates on a B2B business model, catering primarily to the power generation, transmission, distribution, and industrial sectors. The company has an installed manufacturing capacity of ~40,000 MVA across its units.
Indo Tech Transformers Limited
With a market cap of Rs. 1,425 crores, the stock closed in the red at Rs. 1,342 on Friday, down by over 3 percent on BSE. For Q3 FY26, the company reported a revenue from operations of Rs. 196 crores, reflecting a sequential growth of over 7 percent QoQ compared to Rs. 183 crores in Q2 FY26, as well as an increase of around 11 percent YoY from Rs. 177 crores recorded in Q3 FY25.
Net profit stood at Rs. 24.9 crores, indicating a marginal rise of nearly 0.5 percent QoQ from Rs. 24.78 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 31 percent from Rs. 19 crores reported in Q3 FY25. Between FY22 and FY25, Indo Tech’s revenue grew at a 3-year CAGR of nearly 30 percent, while net profit surged at a CAGR of about 75 percent.
Indo Tech Transformers Limited is engaged in the manufacturing of power and distribution transformers and various special application transformers, mobile sub-station transformers and sub-stations. The company has its manufacturing plant located in Tamil Nadu.
Shilchar Technologies Limited
With a market cap of Rs. 4,360 crores, the stock closed in the red at Rs. 3,811.1 on Friday, down by over 3 percent on BSE. For Q3 FY26, the company reported a revenue from operations of Rs. 170 crores, reflecting a sequential decline of around 1 percent QoQ compared to Rs. 171 crores in Q2 FY26, but an increase of over 10 percent YoY from Rs. 154 crores recorded in Q3 FY25.
Net profit stood at Rs. 42 crores, indicating a decline of around 9 percent QoQ from Rs. 46 crores in Q2 FY26, but a significant growth on a year-on-year basis by nearly 20 percent from Rs. 35 crores reported in Q3 FY25. Between FY22 and FY25, Shilchar Tech’s revenue grew at a 3-year CAGR of over 51 percent, while net profit surged at a CAGR of about 119 percent.
Shilchar Technologies Limited is engaged in the business of manufacturing distributor transformers, which are used to transform power voltage from the transmission point to the end users. Its products include R-core transformers and parts, EI lamination, and distribution and power transformers.
Additionally, the company’s other products include plastic bobbins, toroidal transformers, metering current transformers (CTs) and potential transformers (PTs). Shilchar Tech manufactures and tests transformers up to 66 kV Class and 15 megavolt ampere (MVA) capacity.
Apar Industries Limited
With a market cap of Rs. 37,959 crores, the stock closed in the red at Rs. 9,450 on Friday, down by around 1 percent on BSE. For the quarter, the company posted a consolidated revenue from operations of Rs. 5,480 crores, reflecting a sequential decline of about 4 percent QoQ compared to Rs. 5,715 crores in Q2 FY26. However, on a year-on-year basis, revenue grew around 16 percent from Rs. 4,716 crores recorded in Q3 FY25, supported by resilient domestic demand and an improved product mix across business verticals.
Net profit for the quarter stood at Rs. 209 crore, indicating a significant decrease of around 17 percent QoQ from Rs. 252 crores in Q2 FY26, but a rise on a year-on-year basis by over 19 percent from Rs. 175 crores reported in Q3 FY25. Between FY22 and FY25, Apar Industries’ revenue grew at a 3-year CAGR of nearly 26 percent, while net profit surged at a CAGR of over 47 percent.
APAR Industries Limited operated in the diverse fields of electrical and metallurgical engineering, offering value-added products and services in power transmission conductors, petroleum speciality oils, power & telecom cables and house wires.
It is the largest global aluminium & alloy conductors’ manufacturer, the 3rd largest global manufacturer of transformer oils, and ranked 1st as a cables manufacturer for renewables in India.
Voltamp Transformers Limited
With a market cap of Rs. 8,049 crores, the stock closed in the green at Rs. 7,956 on Friday, up by around 0.3 percent on BSE. For Q3 FY26, the company reported a consolidated revenue from operations of Rs. 630 crores, reflecting a sequential growth of over 30 percent QoQ compared to Rs. 483 crores in Q2 FY26, as well as an increase of around 30 percent YoY from Rs. 484 crores recorded in Q3 FY25.
Net profit stood at Rs. 99 crores, indicating an impressive rise of more than 25 percent QoQ from Rs. 79 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 36 percent from Rs. 73 crores reported in Q3 FY25. Between FY22 and FY25, Voltamp’s revenue grew at a 3-year CAGR of nearly 20 percent, while net profit surged at a CAGR of about 35 percent.
Voltamp Transformers Limited (VTL) specialises in the design, manufacture and supply of both oil-filled and dry-type transformers. It serves a wide range of sectors – including Power, Oil & Gas, Petrochemicals, Steel, Cement, Data Centres, Green Energy and Commercial Infrastructure. Its clientele spans quality-focused corporates, utilities, PSUs, EPC contractors and global engineering firms.
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