Indo Tech Transformers has added another order to a busy autumn. In an exchange filing dated October 24, 2026, the Kancheepuram-based maker said it has received a purchase order worth ₹47.485 crore (plus applicable taxes) to supply four power transformers to a steel plant in eastern India. This Indo Tech Transformers order comes from Shyam SEL & Power Limited, and it is the company’s fourth order disclosure on NSE since the end of August.
In this article
What the Indo Tech Transformers order includes
The Regulation 30 disclosure on NSE lays out the terms plainly:
- Customer: Shyam SEL & Power Limited, a domestic entity.
- Scope: two 80/100 MVA, 220/33 kV power transformers and two 130/180 MVA, 220/33 kV power transformers, to be manufactured and supplied by the company.
- Value: ₹47.485 crore plus applicable taxes (rounded off).
- Execution: 12 months from the date of drawing approval.
- Related party: no, and the promoter group has no interest in the customer.
One small point that is easy to miss. The 12-month clock starts from drawing approval, not from the order date. So the real delivery window depends on when the customer signs off on the drawings.
How it compares with the company’s size
Indo Tech’s investor presentation for the June quarter, filed on September 10, put its executable order book at ₹1,318 crore and FY26 revenue from operations at ₹782 crore. Against those numbers, the new order works out to about 3.6% of that executable order book and about 6.1% of a full year’s revenue. It is a useful addition, not a needle-mover on its own.
The same presentation showed provisional (unaudited) Q1 FY27 sales of ₹227 crore, up 38% year on year, with PAT of ₹26 crore. It also reported 80-90% capacity utilisation on a current installed capacity of 14,000 MVA, and laid out a phased ₹495 crore capex plan to reach 50,000 MVA by FY29. That is the backdrop we would keep in mind: with the factory already this busy, new orders matter only as much as the company’s ability to build capacity and ship on time.
Four order disclosures in about eight weeks
Here is how the recent run looks, all figures excluding taxes:
- August 28 LoA (corrected on September 1): ₹55 crore from Waaree Renewable Technologies for five power transformers, with supply between January and April 2027.
- September 2 disclosure: ₹165.55 crore of purchase orders from AP TRANSCO for 26 power transformers, to be executed between October 2026 and June 2027.
- September 23 disclosure: ₹42.88 crore from Leap Green Energy Group for four transformers, including two in the 400/33 kV class, which the company described as a milestone in its move into the 400 kV segment.
- October 24: ₹47.485 crore from Shyam SEL & Power for four power transformers.
Put together, that is roughly ₹310.92 crore of orders disclosed since late August. The mix is worth a look too. There is a state transmission utility, two renewable energy clients and now a steel-sector buyer, which fits the customer spread the company itself highlights, with public utilities, renewables and industrial customers such as steel and cement.
What to watch next
The filing landed on a Saturday evening, so Monday, October 26, is the first session where the stock can react to it. The more useful checkpoint is the September-quarter result. We would look at whether the executable order book has moved up from ₹1,318 crore and whether the first phase of the capacity expansion is on schedule, since utilisation is already high. For other order wins filed the same day, see our posts on KEC International’s PGCIL order and the Ramky Infrastructure RVNL contract.
Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.
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