Synopsis: Supreme Power Equipment Limited has received a Rs. 74.60 crore order comprising two transformer supply contracts from a Hyderabad-based client, with the higher-capacity 160MVA, 220 kV unit directly testing the capabilities of the company’s newly commissioned Kannur manufacturing plant that went live in February 2026.
Shares of an NSE-SME listed transformer manufacturer came into focus after it disclosed, via a filing dated April 22, 2026, the receipt of a Rs. 74.60 crore order from a Hyderabad-based client on the same morning. The order covers two distinct transformer supply contracts under a single 13-month execution window. At roughly 51 percent of the company’s FY25 standalone revenue of Rs. 145 crore, this is the largest order win the company has publicly reported to date.
With a market capitalisation of Rs. 599.79 crore, the shares of Supreme Power Equipment Limited were trading at Rs. 238 per share, up 2.10 percent from its previous close of Rs. 233.30. The stock is trading at a P/E of 27.58.
The Rs. 74.60 crore contract is structured in two tranches. The first, worth Rs. 51.30 crore covers the supply of 20MVA, 110/33-11 kV power transformers, a product range within the company’s established manufacturing capability.
The second, worth Rs. 23.30 crore is for a 160MVA, 220 kV transformer, a specification that sits at the upper edge of the company’s expanded product envelope. Both are domestic orders from the same unnamed Hyderabad-based entity, and the filing explicitly confirms no related-party angle. Execution is to be completed within approximately 13 months, placing completion around May 2027 spanning Q4 FY26 and a large portion of FY27.z
The 160MVA, 220 kV component of this order warrants specific attention. Until recently, Supreme Power’s stated manufacturing range topped out at 25MVA/132 kV. The company’s new Kannur facility commissioned for commercial production on February 25, 2026 with a capacity of 6,000 to 6,500 MVA per year and a stated capability of up to 200 MVA and 220 kV was explicitly built to address the higher end of the transformer market.
The Rs. 23.30 crore 160MVA order, received less than two months after Kannur’s commercial launch, appears to be among the first contracts enabled by that expanded capability. Whether the Hyderabad client was a pre-arranged anchor order for the new plant or a competitive win in the open market is not disclosed, but the timing is difficult to separate from the commissioning.
At Rs. 74.60 crore against FY25 revenue of Rs. 145 crore, this order is not a routine line item, it is a revenue-defining contract. The first three quarters of FY26 (June through December 2025) generated standalone revenue of approx Rs. 118 crore.
With a 13-month execution period, the bulk of this order’s revenue recognition will fall in FY27, providing a degree of near-term revenue visibility that a company of this size total assets of Rs. 189 crore as of September 2025 rarely has in advance. Working capital management will be the execution variable to watch: debtor days improved materially from 195 in FY24 to 110 in FY25, and borrowings have risen to Rs. 30 crore. A large order of this size will likely require additional working capital financing, particularly for the 160MVA unit, which involves more complex and expensive raw material sourcing.
Operating margins also bear monitoring. FY25 posted a solid 16 percent operating margin, but quarterly margins have been volatile, dipping to 7.45 percent in December 2024 before recovering to 16.49 percent in September 2025. Large transformer contracts with fixed-price structures can create margin lumps if input costs move during execution. The 13-month timeline gives meaningful exposure to copper and electrical steel price movements.
Business Overview
Supreme Power Equipment Limited, incorporated in 1994 and manufactures power transformers, distribution transformers, windmill transformers, solar and inverter duty transformers, and generator transformers. The company recently commissioned its Kannur manufacturing unit, raising total annual capacity to approximately 9,000 MVA.
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