Tmc Transformers India Ltd IPO

Established transformer manufacturer with a demonstrated transition towards higher MVA / kV classes, supporting improved margins and customer profile.

Proven track record in supplying to the high-entry-barrier railway sector, supported by RDSO approvals across multiple transformer classes.

In-house design and engineering capabilities supported by comprehensive certification and testing infrastructure.

Integrated manufacturing capabilities with backward-integrated CRGO processing supporting efficiency, performance and lead time advantages.

Our Company derives a substantial portion of its revenue from sale of transformers in the railways sector. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, we derived Rs. 1,760.49 million, Rs. 771.98 million and Rs. 758.84 million which constituted 42.19%, 28.41% and 30.66% of our revenue from operations, from sale of transformers to the railways sector. Any delay in tendering, award and execution of railways projects or any reduction in demand, budgetary allocation, or capital expenditure by the railways sector could adversely affect our business, results of operations, financial condition, and cash flows.

We derive a substantial portion of our revenue from operations from our top 10 customers. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, our top 10 customers contributed Rs. 3,114.46 million, Rs. 1,689.23 million and Rs. 1,502.97 million which constituted 74.65%, 62.17 % and 60.72%, respectively, of our revenue from operations. Any loss of any such customers, reduction in orders, adverse changes in their business or financial condition, payment delays could adversely affect our business, results of operations, financial condition and cash flows.

Our business is largely dependent on top 10 suppliers being able to procure and provide us with our raw materials. During Fiscal 2026, Fiscal 2025 and Fiscal 2024, purchases from our top 10 suppliers amounted to Rs. 1,900.08 million, Rs. 1,056.73 million and Rs. 1,073.48 million, respectively, constituting 79.92%, 63.32% and 53.38% of the cost of goods sold. We do not have long-term supply arrangements with our suppliers. If one or more of our existing suppliers discontinue their supplies to us, or any inability on our part to procure raw materials from alternate suppliers in a timely manner, or on commercially acceptable terms, the same may adversely affect our business, financial condition and results of operations.

We have had instance of delays in payments of statutory dues by our Company in the Fiscal 2026, 2025 and 2024. Any delays in payment of statutory dues in near furture may result in prosecution, imposition of penalties and other actions under applicable law, which may have an adverse impact on our reputation, financial condition and cash flows.