Danish Power Ltd is a transformer manufacturer that rode India’s renewable-energy wave from a small Jaipur panel shop into a global supplier behind more than 14 GW of clean-energy installations. Founded in 1985 by the Talwar family and now led by their second generation, the company spent four decades converting one product generation’s cash flow into the next - moving from LT panels to inverter-duty transformers, then to higher-voltage power transformers and export markets, each time using the installed base and customer trust of the phase before. That recurring approach - build a specialised capability, prove it with demanding private-sector customers, then stretch it into a larger voltage class or a new geography - explains how a Rajasthan-based manufacturer came to export to over 33 countries and hold an order book above ₹500 crores. # Business segments Three engines at different stages - a transformer cash cow powering India’s solar and wind build-out, a small but sticky panels business riding grid modernisation, and an export leg now scaling profitably after years of quiet groundwork - each built on the customer relationships and testing credentials of the one before. ## 1. Transformers: the renewable-energy engine that pays the bills **Roughly nine-tenths of revenue comes from designing and building the specialised transformers that connect solar plants, wind farms and battery storage to the grid - and almost all of it from private-sector buyers who pay faster and value reliability over the lowest bid.** - **Inverter-duty transformers are the core** - the company’s main product is the transformer that sits between a solar inverter and the grid, a niche it entered in 2011 and has since scaled to over 12 GW of solar projects worldwide. Because renewable plants need transformers that handle variable loads and harmonics differently from conventional units, the company competes on application engineering rather than just price. - **Private-sector customers, by design** - almost 90% of revenue comes from private players such as Tata Power, ABB, Siemens, Greenko and Sterling & Wilson, which means stronger payment discipline, relatively better margins and faster execution cycles than government-tender work. The company has never lost an order to an imported transformer, partly because government rules require BIS-certified equipment, creating a natural barrier. - **A product ladder that stretches upward** - the range runs from distribution transformers up to power transformers of 100 MVA and 245 kV class, with prototype development and type testing for the higher-voltage units now underway and revenue expected from FY28. The company also makes dry-type cast-resin transformers for data centres and ester-fluid-filled transformers - it claims to be the first in India with a BIS licence for biodegradable ester-fluid distribution transformers - both of which open doors in fire-sensitive and environmentally conscious applications. - **Capacity built ahead of demand** - annual transformer manufacturing capacity has been expanded to roughly 11,000 MVA across two Jaipur plants, with both phases of the post-IPO expansion fully commissioned by January 2026. An additional 200,000-plus square feet of land is already acquired in the same industrial zone for the next phase, though no timeline is committed. - **An order book that diversifies by itself** - the confirmed order book exceeds ₹500 crores, up from about ₹450 crores in the prior quarter, with deliveries spread over six to nine months and an increasingly varied mix that now includes battery-storage, export and power-transformer orders alongside the inverter-duty core. ## 2. Panels and automation: the grid-modernisation rider **A small but persistent business making the control-and-protection brains for high-voltage substations - it rides the same customer relationships and grid-upgrade spending that drive transformer demand.** - **Control and relay panels up to 400 kV** - the division manufactures the panels that protect and control high-voltage substations, along with substation automation systems that digitise how utilities manage power flow. The first 400 kV order came in 2018, marking the step up from lower-voltage work. - **Single-digit share, but sticky** - the segment contributed 7.46% of revenue in FY25 and 6.88% in FY26 and produced 489 panels in FY26. Because control panels are often specified alongside transformers in substation projects, the business benefits from the same grid-modernisation and renewable-integration tailwinds without needing a separate sales force. - **Automation is the differentiator** - the company offers advanced substation automation solutions, not just hardware panels, which lifts it above pure-play panel fabricators and makes it relevant to utilities upgrading ageing substation infrastructure. ## 3. Exports: the patient, now-profitable third leg **A three-decade export presence that was deliberately kept small while domestic demand boomed, now scaling profitably as the company reconnects with pre-Covid customers across four continents.** - **33 countries, built one order at a time** - the first export order went to Oman in 2001; by 2022 the company had reached 30 countries, spanning Europe, the Middle East, Africa, Central Asia, Southeast Asia and Australia. The largest single export order was €17 million to the UK in 2014, and the first 132 kV power transformer export came a decade later in 2024. - **Profitable growth, not volume-chasing** - exports contributed 8% of revenue in FY26, a sharp jump from the prior year when domestic sales absorbed most capacity post-Covid. The company explicitly prioritises profitable export orders over volume-led expansion, targeting regions where it already has an installed base and customer relationships - the Middle East, Europe, Africa and Australasia. - **Credentials that travel** - the company was granted Star Export House status in 2014 and won a National Award for Export Excellence in 2016. It competes in international tenders by strengthening relationships with global EPC players and securing product certifications for varied international standards, and has already booked around 400 MVA of export orders for the current financial year. # Manufacturing and technology backbone **Two Jaipur plants with in-house testing, an accredited lab and a backward-integration bet on sheet metal - the shared infrastructure that lets every segment promise quality and delivery speed.** - **An accredited lab that doubles as a sales tool** - the company was the first transformer manufacturer in Rajasthan to earn NABL accreditation to ISO 17025 for its in-house testing laboratory, and it holds ISO 9001, 14001 and 45001 certifications. The lab runs impulse testing, partial discharge testing and automatic transformer analysis, which means customers can witness type tests without going to a third-party facility. - **Backward integration into sheet metal** - a wholly-owned subsidiary is building a sheet-metal fabrication facility with roughly around Rs 20 crores of capex, expected to be commissioned by August 2026, targeting a bottleneck that has historically caused quality and supply-chain headaches. # Group structure and partners **A tight, family-controlled group with two subsidiaries - one for backward integration, one for real estate - and banking relationships that reflect a near-debt-free balance sheet.** - **Danish Transformer India Private Limited** is the wholly-owned subsidiary set up for the sheet-metal backward-integration project, with operations expected to begin by August 2026. - **Evernest Shelter Private Limited** is a wholly-owned subsidiary with total assets of roughly ₹16.8 crores and turnover of about ₹1.8 crores in FY25, operating outside the core transformer business. - **Danish Foundation** is a Section 8 company incorporated as the group’s corporate-social-responsibility vehicle. - **Promoters hold roughly 74%** of the listed entity, with the founding Talwar family - Mr. Dinesh Talwar, Mrs. Shashi Talwar and second-generation MD Mr. Shivam Talwar - in executive roles and a board that includes independent directors. - **Bank facilities of ₹185 crores** are rated Crisil A-/Stable (long-term) and Crisil A2+ (short-term), with State Bank of India, ICICI Bank and YES Bank as the lending partners, while the company itself is almost debt-free with a debt-to-equity ratio of 0.004 times.