Transformer manufacturing capacity
11,000 MVA
+83% YoY
Capacity expanded from ~6,000 MVA to 11,000 MVA post-IPO phases 1 and 2.
DANISHPOWER
Energy
15 May 2026
Danish Power Ltd — Q4 FY26
Danish Power delivered a solid FY26 with revenue of ₹521 crore (+22% YoY) and PAT of ₹69 crore (+26% YoY), driven by capacity expansion to 11,000 MVA and strong execution in inverter duty transformers (IDTs).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Danish Power delivered a solid FY26 with revenue of ₹521 crore (+22% YoY) and PAT of ₹69 crore (+26% YoY), driven by capacity expansion to 11,000 MVA and strong execution in inverter duty transformers (IDTs). EBITDA margin held at 19% despite commissioning costs and raw material inflation. The order book stands at ₹500+ crore, with 90% executable in FY27. Management guided FY27 revenue above ₹700 crore and maintained 19% EBITDA margin target, though near-term pressure from firm-price orders and commodity volatility (especially transformer oil) may impact Q1. Key growth drivers include battery energy storage (BESS) transformers (20-25% of order book), export expansion (target 15-20% of revenue), and power transformers (245 kV class) expected to contribute from FY28. Risk: Geopolitical disruptions and commodity price spikes could compress margins on legacy fixed-price contracts.
Key Numbers
Order book
₹500+ crore
+11% vs last call
Order book grew from ₹450 crore at last call; deliveries spread over 6-9 months.
Export share of revenue
8-9%
+8pp YoY
Exports jumped from near zero to 8-9% in FY26; target 15-20% in FY27.
BESS transformers in order book
20-25%
new segment
Battery energy storage transformers now 20-25% of order book, a new growth driver.
Management Guidance
FY27 revenue guidance: >₹700 crore
Management expects FY27 revenue to exceed ₹700 crore based on order visibility, capacity ramp-up, and market outlook.
Management guidance revenueEBITDA margin guidance: ~19%
Management commits to sustaining EBITDA margins around 19%, though power transformer and export ramp-up may cause temporary pressure.
Management guidance marginsExport share target: 15-20% in FY27
Management targets export revenue to reach 15-20% of total revenue in FY27, up from 8-9% in FY26.
Management guidance growthNext capacity expansion decision in 3 months
Management plans to decide on next phase of capacity expansion within 3 months, potentially doubling current capacity on acquired land.
Management guidance capexKey Risks
Geopolitical disruption and commodity price volatility
Rising transformer oil, aluminium, and copper prices due to geopolitical tensions could compress margins, especially on fixed-price orders.
high · management_commentaryMargin pressure from legacy fixed-price orders
Analyst raised concern that older firm-price orders may face margin erosion; management acknowledged Q1 could see impact but is in active discussions with clients.
medium · analyst_questionPower transformer segment revenue delay
Revenue from higher-voltage power transformers (245 kV) is expected only from FY28, with type testing and customer qualifications taking longer.
medium · management_commentaryIncreased competition in transformer market
Analyst questioned if new entrants (e.g., Worley) could intensify competition; management downplayed but acknowledged competitive intensity may rise.
low · analyst_questionNotable Quotes
Getting an order right at in the today's last two years or in today's time is not very difficult but getting a good quality order is will remain always a bit of a challenge.
The product type or the type of transformer does not determine the margin; the margin is determined by the type of customer, the type of value you are offering to the customer.
We have also slowed down in this month April and May even our clients have we've come to a conclusion with some of our clients okay if they have time let us wait for things to normalize.
Frequently Asked Questions
What was Danish Power's revenue in Q4 FY26?
Danish Power reported revenue of ₹310 Cr in Q4 FY26, representing a +22% change compared to the same quarter last year.
What guidance did Danish Power management give for FY27?
FY27 revenue guidance: >₹700 crore: Management expects FY27 revenue to exceed ₹700 crore based on order visibility, capacity ramp-up, and market outlook. EBITDA margin guidance: ~19%: Management commits to sustaining EBITDA margins around 19%, though power transformer and export ramp-up may cause temporary pressure. Export share target: 15-20% in FY27: Management targets export revenue to reach 15-20% of total revenue in FY27, up from 8-9% in FY26. Next capacity expansion decision in 3 months: Management plans to decide on next phase of capacity expansion within 3 months, potentially doubling current capacity on acquired land.
What are the key risks for Danish Power in FY27?
Key risks include Geopolitical disruption and commodity price volatility — Rising transformer oil, aluminium, and copper prices due to geopolitical tensions could compress margins, especially on fixed-price orders.; Margin pressure from legacy fixed-price orders — Analyst raised concern that older firm-price orders may face margin erosion; management acknowledged Q1 could see impact but is in active discussions with clients.; Power transformer segment revenue delay — Revenue from higher-voltage power transformers (245 kV) is expected only from FY28, with type testing and customer qualifications taking longer.; Increased competition in transformer market — Analyst questioned if new entrants (e.g., Worley) could intensify competition; management downplayed but acknowledged competitive intensity may rise..
Did Danish Power meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Danish Power Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.