DRHP Link: https://nsearchives.nseindia.com/corporate/Registration_30062026233221_TMCTILDRHP.pdf

TMC Transformers (India) Limited, an established transformer manufacturer in India with capabilities across multiple transformer types and voltage classes, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

Hriday Narayan R. Shukla is the promoter of the Company.

The offer comprises a fresh issue of up to Rs. 550 crore. The face value of each equity share is Rs. 10.

The company in consultation with the BRLMs, may consider an issue of Specified Securities aggregating up to ₹ 110 Crore (“PreIPO Placement”), as may be permitted under applicable law, at its discretion, prior to filing of the Red Herring Prospectus with the RoC.

The Company proposes to utilise the net proceeds from the fresh Issue towards funding capital expenditure towards setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility with an aggregate installed capacity of 78,000 MVA at Halol, Gujarat (“Proposed Facility”), part funding of the incremental working capital requirements of the company and general corporate purposes.

The company operates an integrated, design-led manufacturing model and offer a comprehensive portfolio comprising oilfilled transformers up to 160 Mega Volt-Amp (“MVA”) / 220 kilovolts (“kV”) class, dry-type transformers up to 20 MVA / 36 kV class, and compact sub-stations up to 3 MVA / 36 kV class designed and manufactured to meet customer specific technical requirements.

It is one of the few transformer manufacturers in India with the requisite capabilities and certifications to cater to all major high-growth end-user sectors, including railways, renewables, metro, industrials, discoms and others (Source: CRISIL Report).

TMC Transformers (India) is the only transformer manufacturer in India certified by RDSO for all classes of transformers required for 2×25 kV traction substations in India (Source: CRISIL Report). It is also one of the only two Indian manufacturers certified by RDSO to manufacture 100 MVA / 220 kV Scott-connected traction transformers for deployment in high-voltage rail network electrification by the Indian Railways, and the first and only manufacturer approved for 100 MVA / 230 kV Scott-connected traction transformers for these applications as per CRISIL Report.

The company is one of the fastest growing transformer manufacturing companies from Fiscal 2024 to Fiscal 2026, in terms of revenue from operations, growing at a CAGR of 29.83% during the period (Source: CRISIL Report). It had the highest gross profit margin in Fiscal 2026 of 43.01% and in Fiscal 2025 of 38.57% amongst all peers, underscoring its strong market positioning, execution capabilities, backward integration and cost efficiency as per CRISIL Report.

The equity shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges, namely BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”, and together with BSE, the “Stock Exchanges”). Anand Rathi Advisors Limited and Intensive Fiscal Services Private Limited are the Book Running Lead Managers to the issue.