Tmc Transformers (India) Limited
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Tmc Transformers (India) Limited's is preparing to launch its Initial Public Offering (IPO) with a substantial issue size of TBD. The offering comprises a fresh issue component of TBD.
The price band for the IPO has been set at TBD, providing investors with a range to place their bids. The minimum investment lot consists of TBD, making it accessible to both retail and institutional investors.
The subscription window for this public offering opens on TBD and will conclude on TBD. Following the subscription period, the share allotment is scheduled for TBD, with the official listing expected to commence on TBD on the NSE, BSE exchange.
TMC Transformers (India) Limited, incorporated in February 2009, is an Indian manufacturer of power and distribution transformers designed for various voltage requirements and industrial applications. Its product portfolio includes oil-filled transformers with capacities 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 serves sectors such as railways, renewable energy, metro rail, power utilities, industrial facilities and electricity distribution companies. It follows an integrated, design-led manufacturing model supported by in-house engineering, testing and certification capabilities. TMC Transformers is the only transformer manufacturer in India certified by RDSO for all transformer classes required for 2×25 kV traction substations and is among only two Indian manufacturers approved to manufacture 100 MVA / 220 kV Scott-connected traction transformers for Indian Railways. The company has recorded strong revenue growth while maintaining high gross profit margins compared with industry peers. Supported by an experienced management team, it focuses on technology-driven product development, quality assurance and customised transformer solutions for specialised sectors with high entry barriers. As of March 31, 2026, the company employed 192 full-time employees across manufacturing, design, quality, sourcing, sales, finance, administration, legal and senior management functions.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
The expected premium (GMP) is based on market buzz and unofficial trading. It should not be considered as the guaranteed listing price. Always refer to the RHP and seek advice from a financial expert before making investment decisions.
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- Wide Range of Transformer Solutions: TMC Transformers (India) Limited manufactures power, distribution, traction, and dry-type transformers for railway electrification, renewable energy projects, utilities, and industrial applications. Its varied product range helps serve customers across multiple sectors.
- Specialised Railway Capabilities: The company has developed expertise in railway transformer requirements and holds relevant RDSO approvals for its products. This provides access to railway electrification projects and supports its position in a specialised market.
- Growth & Expansion Potential: The company recorded revenue of approximately ₹417.24 crore and profit after tax of ₹95.71 crore in FY2026. Its proposed investment in a new high-voltage transformer manufacturing facility could support future production capacity and business growth.
- Dependence on Railway Projects: The company relies significantly on railway-related business. Delays in government projects, changes in procurement policies, or a reduction in new orders could affect revenue and business performance.
- Raw Material Price Fluctuations: Transformer manufacturing depends on copper, electrical steel, and other essential materials. Price increases or supply shortages may raise production costs and reduce profit margins.
- Customer Concentration & Expansion Risks: Dependence on major customers can make revenue vulnerable to order reductions or cancellations. Expansion into new manufacturing facilities may also involve investment requirements, execution delays, and challenges in utilising additional capacity.
- Hriday Narayan R Shukl
Tmc Transformers (India) Limited
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