KEKanohar Electricals544911Earnings call transcript

Maiden earnings call transcript: premium product mix rises, 18,000 MVA brownfield expansion planned

Transcript of the maiden earnings call (October 7, 2026) for the quarter ended June 30, 2026.

By ScoutQuest · Wed 14 Oct 2026, 2:24 PM IST · 3 min read

Revenue mix FY26

Transformers ~85% of FY26 revenue, EPC ~15%

Capacity

Combined Meerut capacity roughly 19,200 MVA

Brownfield expansion

~18,000 MVA planned at Gangol; new capacity targeted for FY29

The company held its maiden earnings conference call on October 7, 2026 to discuss results for the quarter ended June 30, 2026 (Q1 FY27). The transcript was shared with the stock exchanges on October 14, 2026. The call was hosted by Nuvama Institutional Equities, and the company was represented by Whole-time Directors Mr. Abhishek Singhal and Mr. Vivek Singhal, and Chief Financial Officer Mr. Shiv Kumar Kamboj.

What the business does

• Power transformers, Scott-connected transformers for Indian Railways, and shunt reactors, sold into transmission, railway and renewable energy infrastructure.
• An EPC business covering substations and transmission lines, which management said allows the company to bid directly for larger substation packages where utilities bundle transformers together.
• Manufacturing at two Meerut facilities, Rithani and Gangol, with combined capacity of approximately 19,200 MVA.
• Management said the company is among a few Indian manufacturers certified for the highest-rating power transformers, and was the first Indian company to receive RDSO approval for a Scott-connected railway transformer at the highest rating.

Revenue mix and backward integration

• The transformer business contributed around 85% of revenues as of FY26; the EPC business roughly 15%.
• The share of 400 kV transformers in the mix rose from 10.3% in FY24 to 52% in FY26, and stood at about 70% in Q1 FY27.
• The company has brought several components in-house, including transformer tanks, control panels, radiators and insulation components, which management said gives it greater control over quality, reliability and delivery timelines.

Capacity and guidance from management

• Existing capacity is stated to be sufficient through FY28.
• A brownfield expansion of about 18,000 MVA is planned at the Gangol plant, with part of the IPO proceeds to be used for it.
• The new capacity is targeted to be in place for FY29, which management said is well before the company approaches its limits.
• Management described the approach as adding capacity ahead of demand while staying financially disciplined, and continuing to expand into premium, qualification-driven products in transmission and railways.

Industry opportunity highlighted

• Green Energy Corridor III, a Government of India programme focused entirely on intra-state transmission, with an outlay of ₹1.85 lakh crores.
• State utilities, such as those in Maharashtra and Gujarat, raising capital and announcing large transmission programmes of their own, where 400 kV is typically the highest voltage.
• Railway electrification, dedicated freight corridors, Vande Bharat and high-speed rail, where future work shifts to a higher-voltage AC system that uses Scott-connected transformers.
• Rising power demand from industrialisation, urbanisation, data centres and electric mobility, which management said makes the transmission grid a critical enabler.

Why qualifications matter, in management's words

• Bidding for large utility and railway tenders is qualification-driven: a manufacturer needs field performance experience and a short-circuit certification for each specific rating.
• Management said the company has built a portfolio of qualifications across power transformers, railway transformers, shunt reactors and EPC of substations and transmission lines, which it believes gives it a differentiated position.

Taken together, the call sets out the shift of the product mix towards higher-voltage transformers, the capacity the company plans to add and the industry programmes it is targeting. The transcript notes that the call may contain forward-looking statements based on management's beliefs and expectations as of the call date, which are not guarantees of future performance.

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