Board approves Q2 results, transformer capacity addition and switchgear capex expansions
Board approved unaudited Q2/H1 results for the quarter ended 30 September 2026.
By ScoutQuest · · 2 min read
- Standalone Q2 revenue from operations
- Rs. 3504.63 crore
- Standalone Q2 profit after tax
- Rs. 449.90 crore
- Power Transformer capacity addition
- 10,000 MVA at about Rs. 68 Crores
Results for the quarter
The Board approved the unaudited financial results for the quarter and half year ended 30 September 2026, both standalone and consolidated, as recommended by the Audit Committee. The statutory auditors carried out a limited review. For the standalone results:
- Revenue from operations was 3504.63 crore for the quarter, against 2649.19 crore in the same quarter a year earlier.
- Profit after tax was 449.90 crore, against 307.18 crore a year earlier.
- For the half year, revenue from operations was 6566.00 crore and profit after tax 813.49 crore.
- Basic earnings per share was 2.86 for the quarter and 5.16 for the half year.
Revenue from operations split, standalone, for the quarter: Power Systems 1768.86 crore and Industrial Systems 1737.75 crore.
Transformer capacity
The Power Transformer manufacturing facility is described as running at maximum capacity.
- A Lean initiative showed scope to add 10,000 MVA within the existing facility.
- The Board approved this capacity enhancement.
- Estimated project investment is 68 Crores (net of taxes).
- The project is planned for completion in 12-15 months.
Switchgear capital expenditure
The company says its existing manufacturing facilities face significant capacity constraints, with a rising order pipeline and growing domestic and export demand for extra high voltage products. It proposes the following projects:
- S1 Unit (OIP), Ambad: investment of approximately 300 Crores to raise capacity for OIP bushings and instrument transformers up to 800 kV by 4236 equivalent units per year, with production tentatively expected to start in 30-36 months.
- S3 Unit-II Phase 2: the Board approved a further investment of approximately 15.31 Crores to add 3600 units of annual EHV circuit breaker capacity, planned for completion in 6-9 months.
- GIS Division, Vilholi: the Board approved an enhancement of the capex from 35.17 Crores to 44.62 Crores, an additional 9.45 Crores, mainly for an 800 kV high-voltage testing system to enable testing of 245 kV and 400 kV GIS. About 90% of the project assets are expected to be transferred to the greenfield facility on its commissioning.
These investments are described as part of the greenfield investments proposed for the switchgear business.
People
The Board, on the recommendation of the Nomination and Remuneration Committee, designated Mr. Rajat Shah, Vice President - Services, and Mr. Rushikesh Kulkarni, Chief Growth & Innovation Officer - Industrial Business, as Senior Management Personnel with effect from 23 October 2026.
What to keep in mind
- The capacity additions are spread over different timeframes, from 6-9 months for S3 Unit-II Phase 2 to 30-36 months for S1 Unit (OIP), so the extra output would come in stages.
- The stated investment figures are estimated project costs, and the transformer figure is stated net of taxes.
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More numbers
- Revenue from operations, standalone, Q23504.63
- Profit after tax, standalone, Q2449.90
- Power Transformer capacity addition (MVA)10,000 MVA
- Power Transformer project investment, net of taxes68 Crores
- S1 Unit (OIP) Ambad project investment300 Crores
- S1 Unit (OIP) capacity addition, equivalent units per year4236 equivalent units per year
- S3 Unit-II Phase 2 further investment15.31 Crores
- GIS Vilholi additional capex9.45 Crores
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