TMC Transformers India Limited

• Funding capital expenditure towards setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility with an aggregate installed capacity of 78,000 MVA at Halol, Gujarat₹2.32k Cr
• Part funding of the incremental working capital requirements of our Company₹1.66k Cr
• General corporate purposes

• The Company derives a substantial portion of its revenue from the sale of transformers to the railways sector, which accounted for 42.19%, 28.41% and 30.66% of revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any delay in tendering, award and execution of railways projects or any reduction in demand, budgetary allocation, or capital expenditure by the railways sector could adversely affect the business, results of operations, financial condition and cash flows.(Customer Concentration)

• The Company derives a substantial portion of its revenue from operations from its top 10 customers, which contributed 74.65%, 62.17% and 60.72% of revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. Any loss of such customers, reduction in orders, adverse changes in their business or financial condition, or payment delays could adversely affect the business, results of operations, financial condition and cash flows.(Customer Concentration)

• The Company's business is largely dependent on top 10 suppliers being able to procure and provide raw materials, which accounted for 79.92%, 63.32% and 53.38% of the cost of goods sold in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. The Company does not have long-term supply arrangements with its suppliers. If one or more existing suppliers discontinue supplies or the Company is unable to procure raw materials from alternate suppliers in a timely manner or on commercially acceptable terms, it may adversely affect the business, financial condition and cash flows.(Supplier Concentration)

• The maintenance of a valid and active Research Designs and Standards Organisation (RDSO) approval is a mandatory prerequisite for the Company's products to be considered for procurement in railway-linked projects. There can be no assurance that the Company will be able to maintain its RDSO approvals at all times, obtain renewals in a timely manner, or comply with specifications without incurring significant additional costs or delays. Failure to renew or delisting of approvals, or failure to comply with revised technical standards, could render the Company ineligible to supply transformers for railway-linked projects, result in the loss or deferral of orders, and impair relationships with contractor customers.(Regulatory)

• The Company's revenues from the railways sector are dependent on the Indian Railways' infrastructure development programmes, including railway electrification, traction substations, signalling systems, and other allied projects. Any reduction, delay, deferment, reprioritisation or cancellation of railway infrastructure projects, reduction in budgetary allocations by the Government of India or Indian Railways, delays in tendering, award or execution of projects, changes in procurement policies or technical specifications, or slowdown in electrification and modernisation initiatives could result in reduced demand for products, lower order inflows and delays in execution of existing orders.(Regulatory)

• The Company's total outstanding order book stood at ₹ 6,734.18 million as of March 31, 2026, of which orders aggregating to ₹ 4,863.50 million, constituting approximately 72.22% of the total order book, were attributable to the railways sector. Accordingly, the Company expects to continue to derive a significant portion of its revenues from the sale of transformers to the railways sector. If the Company is unable to diversify its revenue base across multiple sectors and customers, or if it fails to sustain or grow its business with existing railways sector customers, its business, results of operations, financial condition and cash flows could be materially and adversely affected.(Customer Concentration)

• The Company derives a substantial portion of its revenue from operations from a few customers. The Company expects to continue to rely on its top 10 customers for the foreseeable future. Any failure to retain such customers or to negotiate purchase orders with them on commercially viable terms, or loss of any of the top 10 customers for any reason including the loss of orders from their own customers, inability to meet revised quality specifications or technological requirements, disputes with such customers, or adverse changes in their financial condition could have a material adverse effect on the business.(Customer Concentration)

• The Company's dependence on a limited number of customers may reduce its bargaining power in negotiating commercial terms, which could adversely affect profit margins and financial performance. Fluctuations in the industries in which the customers operate may result in a loss of customers, a reduction in order volumes or downward pressure on pricing. The key customers may also choose to replace the Company with competing suppliers.(Customer Concentration)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.