Supreme Power Equipment Ltd is a transformer manufacturer that has spent three decades moving up the voltage ladder - from small distribution units to 200 MVA, 220 kV power transformers - by betting its own factory floor on every step. Founded in 1994 as a partnership and listed in 2023, the company now operates two plants in Tamil Nadu with a combined capacity of 9,000 MVA a year, serving state electricity boards, renewable-energy developers and industrial customers across India and selectively abroad. The recurring approach is simple: build in-house manufacturing muscle at each new rating class, get qualified by the utilities that matter, and then chase the orders those qualifications unlock. # Business segments One core engine - designing and building transformers for every stage of the electricity chain - with a small, early-stage switchyard-installation service wrapped around it. ## 1. Transformers: the factory-built heart of the power grid **Every transformer is custom-designed to a customer's technical specification, manufactured end-to-end in-house, and then installed at the project site - the company earns its money by delivering a working unit, not by selling a standard product off the shelf.** - **Nine product types, one manufacturing backbone** - the company makes power transformers (up to 200 MVA, 220 kV), generator transformers, windmill transformers, distribution transformers, solar transformers, energy-efficient transformers, isolation transformers, converter-and-rectifier transformers, and transformer tanks, all flowing through the same in-house process of coil winding, core assembly, tanking, testing and dispatch. That means the factory can shift mix toward whatever the order book demands - currently 72% power transformers, 20% distribution and roughly 8% inverter-duty units. - **Built for a specific customer, not for inventory** - products are sold direct and custom-engineered to each buyer's technical specs, then supplied and installed at the project site. Orders come through three channels: government tenders, EPC (engineering-procurement-construction) contractors who bundle the transformer into a larger project, and direct industrial purchases. Execution cycles run from 5 to 18 months, so the order book - ₹588 crores as of May 2026 - is the best forward-looking gauge of activity. - **Renewable energy is the fastest-growing end-market** - solar projects, in particular, have pulled inverter-duty transformers to roughly 18% of revenue in FY25, up from 7% the year before, and nearly 40% of the order book is linked to solar. Windmill transformers are a separate, established line with 1,150 units supplied, designed to handle the voltage swings that come with gusty generation. - **Customer mix is a deliberate balancing act** - government utilities (TANGEDCO, KSEB and others across four empanelled states) provide volume and repeat orders but can pay slowly, so the company caps their share at 40-50% of revenue and tilts the rest toward private EPC firms and industrial buyers, who contributed nearly three-quarters of revenue in FY25. ## 2. Switchyard solutions: bundling the transformer with its surrounding substation **A non-manufacturing service that designs, procures and commissions the switchyard around the transformer - early-stage, lower-margin, but it turns a component sale into a one-point package for the customer.** - **The transformer is the anchor, the switchyard is the wrap** - the company calls the transformer the "heart of the substation" and offers to build the rest of the installation (structures, switchgear, cabling) as a single contract, removing the need for the customer to coordinate multiple vendors. # Group structure and partners **The listed company controls a 90%-owned subsidiary partnership that doubles as an extra execution arm for utility orders, while the founders run the board.** - **Danya Electric Company is the order-fulfilment sibling** - a 90% subsidiary, it focuses solely on utility-based contracts, providing additional manufacturing and supply capacity so the parent can handle higher volumes and tighter timelines. Its in-hand order book stood at roughly ₹160 crores as of May 2026. - **Founder-led with deep electrical-engineering roots on the board** - Chairman Vee Rajmohan and Whole-Time Director K V Pradeep Kumar each bring over 30 years of industry experience, while Non-Executive Director Devaraja Iyer Krishna Iyer adds 46 years in electrical power systems.