SYNOPSIS:
SPEL’s expansion boosts capacity, product range, and revenue potential, targeting strong growth and margin gains. With a Rs. 230 crore order book, it secures major wins across power, renewable, and industrial sectors, strengthening market presence.
A company that stands as one of the leading players in the power and distribution transformer manufacturing industry – specialising in the manufacturing of power and distribution transformers – is certainly one to keep on your radar.
We’re talking about Supreme Power Equipment Limited (SPEL), a Tamil Nadu-based company mainly engaged in the business of manufacturing, up-gradation, and refurbishment of transformers ranging from power transformer, generator transformer, windmill transformer, distribution transformer, isolation transformer, solar transformer, energy efficient transformer, converter and rectifier transformer.
With a market cap of Rs. 546 crores, shares of Supreme Power Equipment Limited hit an intraday high at Rs. 227 on Wednesday, up by around 8 percent, as against its previous closing of Rs. 210.95 on BSE. The Company made its debut in the primary market with an IPO & listed on NSE Emerge in December 2023.
Management Guidance
SPEL is undertaking a major expansion to build a state-of-the-art, 6-acre facility aimed at significantly enhancing production capacity, strengthening its product portfolio, and unlocking new business opportunities.
The project, expected to be fully operational by December 2025 with production beginning in January 2026, involves an investment of Rs. 95-100 crore and carries a revenue potential of Rs. 500-550 crore at full capacity. As part of the capacity upgrade, SPEL plans to increase its annual output from 2,500 MVA to 9,000 MVA, adding 6,500 MVA of new capacity.
The company’s strategic focus includes offering transformers ranging from 25 MVA to 160 MVA and expanding its market reach through a broader, more competitive product range. This expansion is expected to drive 10-30 percent year-on-year revenue growth, improve profit margins through efficiency gains, and strengthen market share. As of March 2025, the project is around 70 percent complete.
Order Book
As of 30th September 2025, Supreme Power reported a robust order book totalling Rs. 230 crores. It reported several key operational highlights through notable orders secured across multiple regions and industries.
During the first half of FY25, the company received a Rs. 19.82 crore order from an EPC company in Telangana for eight 20 MVA, 110/33-11 kV power transformers, marking its strategic entry into the Telangana market and expanding its presence in South India.
A Rs. 10.02 crore order from a Karnataka-based power company involves supplying 20 MVA and 66/11 kV transformers, introducing new-capacity transformers and expanding SPEL’s portfolio.
Strengthening its position in the renewable (solar) energy sector, SPEL secured a Rs. 9.03 crore order from a renewable project company for 55 MVA and 85 MVA transformers, supporting solar and green infrastructure initiatives.
Additionally, the company also entered the steel industry with a Rs. 2.55 crore order from a reputed steel plant in Kerala for a 31.5 MVA, 110/22 kV power transformer with NIFPS, highlighting its ability to cater to specialised, industry-specific requirements.
Financial Highlights
In H1 FY26, SPEL reported a consolidated revenue from operations of Rs. 75 crores, a decline of around 18 percent HoH but a growth of over 29 percent YoY. Meanwhile, the company’s net profit stood at Rs. 10 crores, representing a decrease of nearly 17 percent HoH but a growth of around 43 percent YoY, over the same period.
In FY25, the company’s revenue mix reflected strong diversification across its key product segments. Distribution and energy-efficient transformers contributed the largest share at Rs. 58.06 crore (40 percent), followed by power transformers at Rs. 40.55 crore (28 percent). Inverter duty transformers for solar applications generated Rs. 25.49 crore (18 percent), highlighting growing traction in the renewable energy segment. The “Other” category added another Rs. 20.69 crore (14 percent), bringing the total revenue for FY25 to Rs. 145 crore.
Written by Shivani Singh
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