Established player in the transformer manufacturing sector catering to high growth industries.
Successful short circuit testing of transformers up to 500 MVA 400 kV which enables us to compete for large, high-value
contracts across sectors.
Comprehensive presence across our Transformer Manufacturing Business and EPC Business enabling us to serve a large
total addressable market.
Integrated manufacturing facilities equipped to deliver high-quality products.
Track record of executing orders for large and marquee clients.
Experienced Promoters and management team with significant industry experience.
Track record of profitability.
We derive a significant portion of our revenue from the Transformer Manufacturing Business. A reduction in
demand for purchase of transformers could adversely affect our business, results of operations and financial
condition.
A significant portion of our revenue from operations is from our Transformer Manufacturing Business which is
attributable to high growth sectors including the power transmission, railways and renewable energy sectors. Any
economic cyclicality coupled with reduced demand or negative trend in these or other sectors that we operate in,
could have material adverse effect on our business, financial condition and results of operations.
Under-utilization of our manufacturing capacities and an inability to effectively utilize our manufacturing
capacities could have an adverse effect on our business, future prospects and future financial performance.
We depend on certain customers for a significant portion of our revenue from operations. In the Fiscals 2026, 2025
and 2024, our top 10 customers' contribution towards our revenue from operations was 93.16%, 93.88%, and
95.43%, respectively. Any decrease in demand from such customers, the loss of such customers or our inability to
diversify our customer base could have an adverse effect on our business, financial condition and results of
operations.
If we are unable to raise additional working capital or are unable to obtain financing on favourable terms or at all,
our business and growth could be adversely affected.
In our Transformer Manufacturing Business, we derive a significant portion of our revenue from the supply of
power transformers to transmission utilities including state transmission companies in the power transmission
sector. Additionally, our Transformer Manufacturing Business is largely dependent upon the demand for power
generation, transmission and distribution which is closely linked to Government policies. Any economic downturn
or change in government policy may have an adverse impact on our business, financial condition, cash flows and
results of operations.
A significant portion of our revenue is dependent on tenders being awarded by the government-controlled entities,
which follow tendering process for determination of their suppliers. Government bids are procured through
competitive bidding process. Our bids may not always be accepted. We may not be able to qualify for, compete and
win projects, which could adversely affect our business and results of operations. Further, we may not always be
able to possess and maintain our pre-qualification capability for our Transformer Manufacturing Business and
EPC Business. We may be adversely affected if we do not succeed in all or a majority of the contracts that we tender
for.
We are exposed to the risk of disqualification, suspension, or blacklisting by government authorities, which could
prevent us from bidding for or executing government projects. Any such action could restrict our access to a
substantial part of our revenue base and have a disproportionate adverse impact on our business, results of
operations, cash flows, and reputation.
A significant portion of our revenue is generated from our Manufacturing Facilities, notably our Gangol
Manufacturing Facility, situated in Meerut, Uttar Pradesh. Any disruptions in the region could have a material
adverse effect on our business, financial condition and results of operations.
As on date of this Red Herring Prospectus, 34 public Shareholders of our Company who collectively hold 208,000
Equity Shares are currently untraceable. Further, 156,000 Equity Shares issued to such Shareholders pursuant to
a bonus issue on September 19, 2025, along with the Equity Shares previously held by them in our Company, have
not been credited to their demat accounts as we have been unable to establish contact with them, and have been
credited to a demat suspense account.
