TMC Transformers files DRHP with Sebi for Rs 550 crore IPO

TMC Transformers (India), a manufacturer of power and traction transformers, has filed draft papers with the capital markets regulator Sebi to raise up to Rs 550 crore through an IPO. The proposed IPO comprises an entirely fresh issue of equity shares with a face value of Rs 10 each.

The company may also undertake a pre-IPO placement of up to Rs 110 crore before filing the red herring prospectus, which would reduce the size of the fresh issue accordingly.

The company plans to utilise the IPO proceeds primarily to fund capital expenditure for setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility at Halol, Gujarat, with an aggregate installed capacity of 78,000 MVA. The remaining funds will be used to meet incremental working capital requirements and for general corporate purposes.


TMC Transformers follows an integrated, design-led manufacturing model and offers a wide range of products, including oil-filled transformers of up to 160 MVA, dry-type transformers up to 20 MVA/36 kV, and compact substations up to 3 MVA/36 kV, catering to customer-specific requirements.

The company serves a diversified customer base across high-growth sectors such as railways, renewable energy, metro rail, industrials and power distribution utilities (discoms).

According to a CRISIL report cited in the draft papers, TMC Transformers is the only transformer manufacturer in India certified by the Research Designs and Standards Organisation (RDSO) for all classes of transformers required for 2×25 kV traction substations used by Indian Railways.

It is also one of only two Indian manufacturers approved by RDSO to manufacture 100 MVA/220 kV Scott-connected traction transformers, and the first and only manufacturer approved for 100 MVA/230 kV Scott-connected traction transformers for high-voltage railway electrification projects.

The company has also emerged as one of the fastest-growing transformer manufacturers in India, with revenue from operations growing at a compound annual growth rate (CAGR) of 29.83% between FY24 and FY26, according to the CRISIL report.

It also reported the highest gross profit margin among its peers, at 43.01% in FY26 and 38.57% in FY25, reflecting its strong execution capabilities, backward integration and cost efficiency.