Tmc Transformers (India) IPO Details
TMC Transformers (India) Limited filed its draft red herring prospectus with SEBI on 30 Jun 2026 and Sebi Approval received on 1 Oct 2026 for an issue of about ₹550.00 Cr. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- SEBI Approved
- DRHP filed
- 30 Jun 2026
- SEBI Approval
- 1 Oct 2026
- Issue size
- ₹550.00 Cr
- Board
- Mainboard
- Price band
- TBA
Tmc Transformers (India) IPO status
TMC Transformers (India) Limited filed its draft red herring prospectus (DRHP) with SEBI on and SEBI Approval received on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 30 Jun 2026 |
|---|---|
| Days since filing | 123 |
| SEBI observation | 1 Oct 2026 |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 75% of the Net Issue |
| Retail Investors | Not Less Than 10% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
TMC Transformers (India) Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹273.16 Cr to ₹419.65 Cr, and profit after tax rose from ₹46.65 Cr to ₹95.71 Cr. The PAT margin for 31 Mar 2026 was 22.81%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 395.20 | 172.12 | 94.52 |
| Total Income | 419.65 | 273.16 | 248.00 |
| Profit After Tax | 95.71 | 46.65 | 15.10 |
| Net Worth | 205.33 | 102.04 | 55.42 |
| Reserve & Surplus | 205.30 | 102.00 | 55.37 |
| Total Borrowings | 117.42 | 20.70 | 22.86 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 75.21 | 89.19 | 70.39 |
| ROCE % | 79.31 | 122.05 | 100.17 |
| Debt / Equity | 0.13 | -0.12 | 0.04 |
| RoNW % | 62.28 | 59.25 | 31.54 |
| Pat Margin % | 22.94 | 17.17 | 6.10 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Tmc Transformers (India) Ltd | 10 | — | 14.11 | 14.05 | 62.28% | 26.27 |
| Transformers & Rectifiers India | 1 | 37.56 | 9.07 | 9.07 | 19.34% | 51.40 |
| Voltamp Transformers | 10 | 34.65 | 301.85 | 301.85 | 18.07% | 1,771.06 |
| Atlanta Electricals | 2 | 67.46 | 27.17 | 27.17 | 31.52% | 120.84 |
| Shilchar Technologies | 10 | 33.22 | 138.25 | 138.25 | 37.91% | 429.05 |
| Marsons | 1 | 43.59 | 2.69 | 2.69 | 27.23% | 12.64 |
| Indo Tech Transformers | 10 | 33.27 | 87.36 | 87.36 | 51.43% | 351.89 |
| Danish Power | 10 | 29.31 | 35.03 | 35.03 | 17.76% | 234.32 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding capital expenditure towards setting up the Proposed Facility |
| 2 | Part funding of the incremental working capital requirements of the Company |
| 3 | General corporate purposes |
About TMC Transformers (India) Limited
Incorporated in February 2009, TMC Transformers (India) Limited is an established Indian transformer manufacturer engaged in the design, manufacture, and supply of power and distribution transformers across various voltage classes. Its product portfolio includes oil-filled transformers up to 160 MVA / 220 kV, dry-type transformers up to 20 MVA / 36 kV, and compact substations up to 3 MVA / 36 kV. The company caters to diverse sectors, including railways, renewable energy, metro systems, power utilities, industrial customers, and distribution companies.
The company offers a diversified range of transformer solutions covering both oil-filled and dry-type insulation technologies, including high-voltage power transformers, Scott-connected traction transformers, cast resin transformers, auto transformers, furnace transformers, solar power multi-winding inverter-duty transformers, and distribution transformers.
TMC Transformers operates an integrated, design-led manufacturing model supported by in-house engineering, testing, and certification capabilities. It is the only transformer manufacturer in India certified by RDSO for all transformer classes required for 2×25 kV traction substations and is among the only two Indian manufacturers approved to manufacture 100 MVA / 220 kV Scott-connected traction transformers for Indian Railways. The company has also demonstrated strong financial performance, with rapid revenue growth compared with its peers while maintaining healthy gross profit margins.
Led by an experienced management team with extensive expertise in transformer manufacturing, the company focuses on technology-driven product development, quality assurance, and customized transformer solutions for high-entry-barrier sectors.
As of March 31, 2026, TMC Transformers had 192 full-time employees across manufacturing, design, quality, sourcing, sales, finance, administration, legal, and senior management functions.
Strengths
Established transformer manufacturer with capabilities across high-MVA and high-voltage transformer segments.
Strong presence in the railway sector, supported by comprehensive RDSO approvals.
Integrated in-house design, engineering, testing, and certification capabilities.
Strong revenue growth, profitability, and a healthy order book supporting business visibility.
Experienced management team with deep domain expertise in transformer manufacturing.
Promoters
Hriday Narayan R Shukla
Contact details
Tmc Transformers (India) Limited
Survey No. 26 1/2 Part B
Village - Khandiwada
Vadodara- Halol Highway, Taluka - Waghodiya
Vadodara, Gujarat, 391510
Tel: +91 74350 00215
Email: cs@tmc-india.co
Website: www.tmc-india.com
Tmc Transformers (India) IPO FAQs
- Has Tmc Transformers (India) IPO filed for an IPO?
- TMC Transformers (India) Limited filed its draft red herring prospectus (DRHP) with SEBI on 30 Jun 2026.
- When will the Tmc Transformers (India) IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Tmc Transformers (India) IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
- What is the Tmc Transformers (India) IPO size?
- The DRHP proposes an issue of about ₹550.00 Crore. The final size can change in the RHP.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.