TMC Transformers Files ₹5,500 Million IPO DRHP with SEBI

TMC Transformers (India) Limited filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 30, 2026, for a Book Built Issue of ₹5,500.00 million.

This IPO consists entirely of a fresh issue of shares, with no Offer for Sale (OFS) component.

Key IPO Details

• IPO Size: ₹5,500.00 million
• Issue Type: Fresh issue of shares
• DRHP Filed: June 30, 2026
• Proposed Listing: BSE and NSE
• Book-Running Lead Manager: Anand Rathi Advisors Ltd.
• Registrar: MUFG Intime India Pvt. Ltd.

The company plans to use the net proceeds from the IPO for three primary objectives, including significant capital expenditure.

Proceeds Allocation

• Funding capital expenditure for a greenfield Extra High Voltage (EHV) facility: ₹2,317.76 million
• Partially funding incremental working capital: ₹1,659.52 million
• General corporate purposes: not exceeding 25% of gross proceeds

This new greenfield EHV facility in Halol, Gujarat, is designed to manufacture transformers up to 500 MVA / 765 kV class.

It aims to add 78,000 MVA annual capacity by Fiscal 2029 and is projected to be India’s largest transformer facility at a single location.

Company Profile

Incorporated in February 2009, TMC Transformers is a manufacturer of power and distribution transformers, serving diverse sectors including railways and renewable energy.

The company holds unique certifications, including being the only Indian manufacturer certified by RDSO for all classes required for 2×25 kV traction substations.

• Revenue CAGR (last three fiscals): 29.83%
• PAT CAGR (last three fiscals): 151.77%
• Order Book (March 2026): ₹6,734.18 million

TMC Transformers is strategically positioned to benefit from the projected strong growth in the Indian power transformer market, driven by renewable energy integration and railway modernization.