Transformer Stocks in India 2026: Makers and Order Books

Every unit of power India adds has to pass through transformers before it reaches a home, a factory or a data centre. A transformer steps voltage up so that power can travel long distances, and steps it down again so that it can be used. India met an all-time peak power demand of 271 GW in May 2026 and plans more than 900 GW of non-fossil capacity by 2035-36, and each step of that build-out needs more of them.

That demand has filled the order books of India's listed transformer makers and of the companies that supply their parts. This page lists the transformer companies we have studied in depth, with each one's latest order book and how many years of revenue it covers. Each row links to our full research on that company. The figures come from company filings and results calls, and the table is updated as new results come in.

Figures as of 13 November 2026. This page is research, not a recommendation to buy or sell any stock.

Transformer Stocks in India at a Glance

The order book is the value of contracts a company has signed but not yet delivered. Dividing it by a year's revenue shows how many years of work are already in hand, if the company delivers on time.

Quality Power's ratio uses total income. Shilchar's figure is the order book it reported at the start of FY27, against FY26 revenue of ₹652 Cr.

Transformer Makers

Transformers come in many sizes. Distribution transformers sit near homes and shops. Power transformers sit in substations and power plants. The largest units, at 400 kV, 765 kV and above, sit on the national grid and carry the biggest power flows.

TARIL makes power transformers up to 1,200 kV, and reactors. It manufactured a record 33,763 MVA in FY26, against 16,425 MVA two years earlier, and has about 75,000 MVA of capacity. Atlanta Electricals makes power transformers and is preparing to move into 400 kV and 765 kV units, which take about 18 to 24 months to deliver. It is also building a plant for inverter-duty transformers, which serve solar plants, battery storage and EV charging. Shilchar Technologies makes power and distribution transformers and is expanding capacity from about 7,500 MVA to 14,000 MVA. Indo Tech Transformers makes power and distribution transformers for utilities, renewable projects and industry.

The Parts Inside a Transformer

A transformer maker is only as fast as its slowest supplier. Several of the key parts are in short supply.

• Bushings: insulated parts that carry current into the transformer tank. TARIL's management calls bushings a large bottleneck today. Yash Highvoltage makes them.
• Winding wire: the copper and aluminium conductor wound around the core. KSH International makes it, including continuously transposed conductor (CTC) for large transformers.
• CRGO steel: the special electrical steel that forms the core. It makes up about 30-35% of a transformer's raw material, and much of it is imported.
• Transformer oil: the oil that cools and insulates the windings. APAR Industries is one of the makers.

Why Transformer Stocks Are Rising

The grid is being rebuilt. Transmission and distribution made up about 43% of India's power transformer demand in FY25, industry about 29% and renewable energy about 10%. New transmission lines and substations need new transformers at each end.

Renewables need more transformers. Solar and wind farms are far from the cities that use their power, and each project needs its own transformers to connect to the grid. India's transformer market is projected to grow about 8.3% a year, from about USD 2.6 billion in 2025 to about USD 5.6 billion by 2034.

Storage and data centres add new demand. Battery-storage projects need inverter-duty transformers, and data centres need dedicated substations and backup power. India's Central Electricity Authority expects the country to need about 236 GWh of battery storage by 2031-32.

Exports are opening up. The global transformer market was about USD 68 billion in 2025 and is projected to reach about USD 137 billion by 2036. TARIL already has customers in more than 40 countries.

Other Companies in the Transformer Chain

How to Read a Transformer Company's Order Book

1. Which voltage class? Orders for 400 kV and 765 kV units are larger, take longer to deliver and face fewer competitors than lower classes.
2. How fast does it turn into revenue? Smaller transformers ship faster; large 400 kV and 765 kV units take about 18 to 24 months.
3. Who is the customer? State utilities can delay tenders and pay late. Central utilities, private developers and exporters usually pay faster.
4. Are raw material costs passed on? Copper, CRGO steel and oil prices move fast. Check whether orders carry price-variation clauses.
5. Is capacity keeping up? Watch how much capacity is being added, when it starts, and whether the parts supply can keep pace.

Key Risks for Transformer Stocks

• Raw material prices: copper and CRGO steel swings can squeeze margins on fixed-price orders.
• CRGO duties: India's trade regulator has started an anti-dumping probe into CRGO steel imports, with a decision expected by March 2027.
• Parts shortages: bushings and mineral oil were in short supply in FY26, which can delay deliveries.
• New capacity: many makers are expanding at once, which could bring more price competition in the lower voltage classes.
• Tender timing: utilities can delay awards, leaving gaps between orders.

Explore our Products

Research Framework

Market Cap focus

No. of ideas in a year

Holding period

Pricing

Emerging Titans

Combination of quantitative analysis, industry tailwinds, and management assessment - SPRINT investment philosophy

Multi Cap

20-25

3+ Years

Rs. 23,999/year

Buy Now

Tiny Titans

Heavy emphasis on scuttlebutt research, plant visits, and early on-ground signals

Exclusively for SME's

15-20

3+ years

Rs. 31,999/year

Buy Now

Conclusion

The grid, renewables, storage and data centres all need transformers, and the makers and their part suppliers hold some of the largest order books relative to revenue in the power sector. But an order book is only as good as the factory and the parts behind it. Use the table above to see where each company stands, then read our research on each one for its capacity plans, margins and risks.

Shashank Mahajan

High growth stock specialist, Value Educator

Shashank Mahajan is an equity research professional with over 12 years of experience in identifying high-potential SME and micro-cap stocks at an early stage. He follows a rigorous scuttlebutt research–driven approach, combining on-ground insights with deep financial analysis. Shashank specializes in uncovering under-researched and under-owned companies with strong management quality and long-term growth potential. Through disciplined research and early identification, he focuses on spotting tomorrow’s market leaders before they enter the mainstream investor radar.