India’s power and transmission sector has created some remarkable multibagger stories, with transformer and allied equipment manufacturers delivering strong wealth creation over the past five years. Backed by expanding capacity, rising export demand, and robust order books, these companies have shown consistent growth across operational and financial parameters.
1. Shilchar Technologies Ltd
Established in 1986, Shilchar Technologies manufactures a wide range of transformers including power, distribution, electronics and telecommunication types, catering to both domestic and export markets across the USA, Canada, Africa, and the Middle East.
The company has an installed production capacity of 7,500 MVA and focuses on transformers up to 50 MVA and 132 KV class. It has supplied transformers to over 25 countries across five continents. Its flagship facility in Gavasad spans 17 acres with ample land to quadruple capacity in the future.
Shilchar specializes in custom-made transformers for renewables and industrial applications, and its order pipeline for FY26 stands at Rs. 750–800 crore, with new capacity expected to be fully utilized in FY26.
The company has a market cap of Rs. 5,222 crore and the current share price is Rs. 4,565.10. Over the past five years, the stock has delivered a CAGR of 142 percent, while the 10-year CAGR stands at 57 percent.
2. Transformers and Rectifiers India Ltd
Incorporated in 1994, Transformers and Rectifiers India has established itself as a diversified transformer manufacturer catering to both domestic and international markets, including prestigious orders from Canada and the United Kingdom.
The company manufactures a wide range of products including single phase power transformers up to 500 MVA and 1200 kV, furnace transformers, rectifier and distribution transformers, locomotive traction transformers, reactors, mobile substations, solar application transformers, and green hydrogen application transformers.
Operating on a B2B model across power generation, transmission, distribution, and industrial sectors, it has a total installed capacity of nearly 40,000 MVA and a global presence in 25 countries. As of Q1, the company had an order book of Rs. 5,246 crore, order inflows of Rs. 665 crore, and ongoing inquiries worth Rs. 18,000 crore.
The company has a market cap of Rs. 15,063 crore and the current share price is Rs. 501.85. The five-year stock price CAGR stands at 154 percent, while the 10-year CAGR is 50 percent.
3. GE Vernova T&D India Ltd
GE Vernova T&D India is engaged in manufacturing transmission equipment such as transformers, switchgears, control panels, relays, and line traps, primarily operating in the high-voltage segment.
The company provides complete transmission systems, including substations ranging from 66 kV to 1,200 kV, with particular focus on 440 kV and 765 kV. Competing with global players like Siemens and Hitachi, it manufactures power transformers, circuit breakers, gas-insulated switchgears, instrument transformers, and substation automation solutions. It also delivers turnkey projects including FACTS, HVDC, and substation construction. As of Q1FY26, its order book stood at Rs. 12,965 crore.
The company has a market cap of Rs. 70,796.87 crore and the current share price is Rs. 2,765. Over the last five years, the stock has generated a CAGR of 95 percent, while the 10-year CAGR is 18 percent.
4. Apar Industries Ltd
Apar Industries operates across three segments—transformer and specialty oils, conductors, and power and telecom cables—supplying both domestic and global markets in over 140 countries.
The company has large-scale capacities including 861,600 KL of transformer oils, 444,607 MT of conductors, and 880,176 km of cables as on March 31, 2025. Apar is among the top three global producers of conductors and specialty oils, with over 500 grades of transformer oil.
It commissioned a port-based plant in Hamriyah, Sharjah to serve Middle Eastern and African markets, and also entered a brand and manufacturing alliance with ENI S.P.A, Italy for automotive lubricants.
The company has a market cap of Rs. 34,504.38 crore and the current share price is Rs. 8,589.95. Over the last five years, the stock delivered a CAGR of 93 percent, with the 10-year CAGR at 34 percent.
Written By Manan Gangwar
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