Two executives designated Senior Management Personnel; board approves transformer and switchgear capex
Mr. Rajat Shah (Vice President - Services) and Mr. Rushikesh Kulkarni (Chief Growth & Innovation Officer - Industrial Business) designated Senior Management Personnel w.e.f. 23rd October 2026.
By ScoutQuest · · 3 min read
- Transformer capacity capex
- ₹68 Crores for 10,000 MVA transformer capacity
- OIP unit capex
- ₹300 Crores for the OIP unit
- SMP designation effective date
- designated Senior Management Personnel w.e.f. 23rd October 2026
Three decisions in one board meeting
The board met on 23rd October 2026 and, among other items, approved the unaudited results for the quarter and half year ended 30th September 2026, designated two executives as Senior Management Personnel, and cleared capacity expansion projects at several plants.
Senior management designations
- Mr. Rajat Shah, Vice President - Services, designated as Senior Management Personnel with effect from 23rd October 2026.
- Mr. Rushikesh Kulkarni, Chief Growth & Innovation Officer - Industrial Business, designated as Senior Management Personnel with effect from 23rd October 2026.
- The board acted on the recommendation of the Nomination and Remuneration Committee.
Quarter in numbers (standalone, unaudited)
- Revenue from operations was ₹3,504.63 crores, against ₹2,649.19 crores in the same quarter a year earlier.
- Profit after tax was ₹449.90 crores, against ₹307.18 crores.
- For the six months ended 30th September 2026, profit after tax was ₹813.49 crores and basic earnings per share ₹5.16.
- Segment revenue for the quarter: Power Systems ₹1,768.86 crores and Industrial Systems ₹1,737.75 crores.
- Price Waterhouse Chartered Accountants LLP carried out a limited review of the standalone results and stated that nothing came to its attention that would suggest the statement was not prepared in accordance with the applicable accounting standards.
Capacity expansion approved
- Power Transformer facility (T3 Division): capacity to be enhanced by 10,000 MVA in the existing plant, which the company says is operating at maximum capacity. Estimated project investment is ₹68 Crores (net of taxes), to be completed in 12-15 months.
- S1 Unit (OIP), Ambad: proposed investment of approximately ₹300 Crores to enhance capacity for OIP bushings and instrument transformers up to 800 kV, by 4236 equivalent units per year, with production tentatively expected to commence in 30-36 months.
- S3 Unit-II Phase 2: further investment of approximately ₹15.31 Crores to add 3600 units of EHV circuit breaker capacity annually at the facility, to be completed in 6-9 months.
- GIS Division, Vilholi: the board approved raising the capex for the brownfield project to ₹44.62 Crores, an increase of ₹9.45 Crores, mainly for an 800 kV high-voltage testing system to test 245 kV and 400 kV GIS. About 90% of the project assets are expected to be transferred to the Greenfield facility on commissioning.
Why the company gives
- The expansions are linked to the current and projected order pipeline and to growing domestic and export demand; the company describes its existing switchgear facilities as witnessing significant capacity constraints.
- These are capital projects spread over the timelines stated above, so the additional capacity becomes available only as each project is completed.
Other notes in the results
- Of the funds raised through a Qualified Institutions Placement in the previous financial year, a part has been utilised towards the objects stated in the placement document up to 30th September 2026, with the unutilised amount temporarily held in fixed deposits and mutual funds and the balance kept in a monitoring account.
- The company refers to certain ongoing direct tax litigations pending before various forums and states that management is confident of a favourable outcome in these matters.
What to watch
The designations and the expansion approvals are enablers rather than immediate earnings events; the reviewed quarterly numbers and the completion of the capex projects are the parts with figures investors can track.
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More numbers
- Revenue from operations, quarter ended 30.09.2026 (₹ in crores)3504.63
- Profit after tax, quarter ended 30.09.2026 (₹ in crores)449.90
- Investment for Power Transformer (T3) capacity expansion₹68 Crores
- Power Transformer capacity enhancement10,000 MVA
- Proposed investment, S1 Unit (OIP), Ambad₹300 Crores
- Further investment, S3 Unit-II Phase 2₹15.31 Crores
- Enhanced capex, GIS Division, Vilholi₹44.62 Crores
- OIP bushing and instrument transformer capacity addition per year4236 equivalent units per year
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