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Techno Electric & Engineering Company Ltd

TECHNOE

NSE

₹946.70-1.84%9 Nov 2026

Reports

Data Centre

Techno Electric & Engineering Company Ltd

TECHNOE

NSE

₹946.70

-1.84%

9 Nov 2026

SOICxStockScans Reports

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Data Centre

17 indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Techno Electric & Engineering Company began building power stations when India’s grid was still taking shape - it wired NTPC’s very first plant - and over six decades it has quietly constructed more than half of PGCIL’s substations. Today it is a zero-debt, cash-rich infrastructure house that uses the steady profits of its high-voltage electrical contracting to build long-term annuity assets in digital infrastructure: data centres and smart meters. The recurring pattern is simple - win technically difficult work that few others can bid for, execute it without penalties, and then recycle the cash into owning and operating assets that pay out for decades.

Business segments

Three engines at different stages - a high-voltage EPC cash cow, a national digital-infrastructure platform under construction, and a smart-metering annuity book - each funded by the cash flows of the one before.

1. EPC: building the hardest parts of India’s power grid

The company wins complex, high-voltage substation and power-plant contracts that carry technical barriers to entry, delivering them on time and without penalties - that is how it earns margins roughly twice the industry norm.

Only the difficult work - it focuses on Extra High Voltage (EHV) substations of 765 kV and 400 kV, the most technically demanding segments, and deliberately avoids low-margin transmission-line jobs where competition is fierce. It has built over 50% of Power Grid Corporation’s substations - 160 out of 276 - and has been involved in nearly every NTPC power-station installation.
Margins protected by know-how - the EPC business consistently delivers EBITDA margins of 13-15%, while industry peers struggle in single digits, because the EHV segment’s technical complexity keeps out casual bidders. The business has a Return on Capital Employed of 64.1% as of March 2025.
Forty-year supply relationships - long-standing ties with global OEMs such as Schneider, Vertiv, GE and Siemens give it supply-chain advantages over new entrants who cannot replicate those procurement terms quickly.
Zero-penalty track record - across more than 500 projects since inception, it has never paid a penalty for late or faulty delivery, which makes it a preferred bidder for repeat clients; 70% of orders in the past three years came from customers who came back. It once delivered a 765/400 kV, 3 GW substation at Sikar in just nine months, a national record.
A deep order book - as of December 2025 the EPC order book stood at INR 10,200 crores, with roughly INR 2,500 crores in new confirmed orders secured between April 2025 and February 2026, plus another INR 750 crores where it is the lowest bidder. The largest client, Power Grid Corporation, accounts for 21-22% of the book, but the company is actively diluting concentration as data-centre and smart-metering verticals scale up.

2. Data centres: a national digital-infrastructure platform under construction

The company is building and owning a network of hyperscale and edge data centres across India, using its in-house electrical-engineering muscle to construct them faster and cheaper than pure-play operators can.

Built, not just bought - because 70% of data-centre capital expenditure is electromechanical work, the company’s 40-year EPC capability saves up to 18% in construction costs and compresses deployment to 18 months versus the industry’s 24-36 months. It runs seven simultaneous projects across emerging hubs rather than building sequentially, which speeds up market capture.
Edge network riding national fibre - through a 20-year exclusive revenue-sharing partnership with RailTel, a government-owned enterprise with 61,000+ km of fibre, the company is deploying over 100 edge data centres across 23 states. The first facility in Gurugram is already live and fully occupied; Mumbai goes live shortly after, and locations in Indore, Bhubaneswar, Ahmedabad and Lucknow are next.
Selling services, not just space - in edge facilities the company uses about 60% of capacity itself and monetises the rest by selling managed cloud services, not merely colocation; it has already onboarded its first cloud customer. It targets INR 100 crores-plus in edge revenue for FY27, with 50-60% EBITDA margins - nearly four times EPC margins.
Green power built in - the Chennai data centre was chosen partly because the company already owns renewable-energy assets in Tamil Nadu that can supply it, and the facility runs at a Power Usage Effectiveness of roughly 1.35 with 75% lower water use than conventional designs. Energy cost is a pass-through to the customer, so the revenue per MW - INR 8-10 crore per annum - excludes power.

3. Smart metering: a long-dated annuity book from the government’s grid upgrade

The company installs and operates smart meters under decade-long contracts where it earns a fee per meter per month, creating a steady income stream that smooths out the lumpiness of EPC.

Paid per meter, per month - revenue is recognised only after each meter is commissioned with its communication module and software, and then it flows monthly for the 93-month operations-and-maintenance phase that follows the 27-month installation window.
A 2.24-million-meter order book - the company holds four AMI projects across Madhya Pradesh, Jammu & Kashmir, Jharkhand and Tripura, worth INR 2,612 crores under the government’s Revamped Distribution Sector Scheme. As of December 2025, roughly half the order book had been executed, with the Indore facility targeted for completion by March end and Ranchi projects by June '26 and the rest by December 2026.
Profit over volume - the company is seeing margin pressure in some new tenders and has turned selective, bidding only where returns make sense, and it has taken no debt to fund the AMI rollout.

Group structure and partners

The listed parent holds the EPC business directly, while each new infrastructure vertical - data centres, smart meters, transmission assets - sits in its own wholly-owned subsidiary, keeping the balance sheet clean and the cash flows ring-fenced.

The core EPC business resides in the standalone parent company, Techno Electric & Engineering Company Ltd.
The data-centre business is housed under Techno Digital Infra Private Limited and related entities, while the smart-metering business operates through a series of five AMI Solutions SPVs.
TBCB transmission projects are held in NERES XVI Power Transmission Limited and NERGS-I Power Transmission Limited, both acquired in 2024.
The 20-year exclusive edge-data-centre concession is with RailTel Corporation of India, a government Navratna CPSE that provides access to its 61,000+ km national fibre network.
The company has 40-year supply relationships with global OEMs - Schneider, Vertiv, GE and Siemens - and has previously partnered with firms from China, South Korea and Canada to jointly deliver US$500 million worth of projects.

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Mkt Cap

Market Capitalization

₹11,010Cr

Close Price

₹946.70

Industry

Data Centre

Price To Earnings

25.55

Price To Sales

3.28

Revenue

₹3,356Cr

Rev Gr TTM

Revenue Growth TTM

38.72%

PAT Gr TTM

PAT Growth TTM

-6.49%

Upcoming Results on

12 Nov 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	462	327	440	375	441	636	816	526	843	872	1,010	630
Growth YoY Revenue Growth YoY%	148.8	76.3	40.5	37.0	-4.5	94.8	85.6	40.1	91.1	37.1	23.8	19.8
Expenses ExpensesCr	385	270	385	323	371	546	689	434	732	746	878	531
Operating Profit Operating ProfitCr	78	56	54	52	70	90	127	92	111	126	132	100
OPM OPM%	16.8	17.3	12.4	13.9	15.9	14.2	15.5	17.6	13.2	14.5	13.1	15.8
Other Income Other IncomeCr	29	45	31	24	39	44	53	48	38	32	32	29
Interest Expense Interest ExpenseCr	4	4	4	2	2	3	4	3	7	4	6	4
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	9	3	6
PBT PBTCr	101	95	79	72	105	129	174	136	140	144	155	118
Tax TaxCr	27	3	2	19	11	33	40	25	36	25	41	25
PAT PATCr	74	92	78	98	94	96	135	136	104	119	115	93
Growth YoY PAT Growth YoY%	25.4	192.5	27.6	288.4	27.7	4.5	73.7	38.8	10.4	24.2	-15.0	-31.4
NPM NPM%	16.0	28.1	17.6	26.1	21.3	15.1	16.5	25.9	12.3	13.7	11.3	14.8
EPS EPS₹	6.8	8.5	7.2	9.1	8.2	8.3	11.6	11.7	8.9	10.3	9.8	8.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	462	327	440	375	441	636	816	526	843	872	1,010	630
Growth YoY Revenue Growth YoY%	148.8	76.3	40.5	37.0	-4.5	94.8	85.6	40.1	91.1	37.1	23.8	19.8
Expenses ExpensesCr	385	270	385	323	371	546	689	434	732	746	878	531
Operating Profit Operating ProfitCr	78	56	54	52	70	90	127	92	111	126	132	100
OPM OPM%	16.8	17.3	12.4	13.9	15.9	14.2	15.5	17.6	13.2	14.5	13.1	15.8
Other Income Other IncomeCr	29	45	31	24	39	44	53	48	38	32	32	29
Interest Expense Interest ExpenseCr	4	4	4	2	2	3	4	3	7	4	6	4
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	9	3	6
PBT PBTCr	101	95	79	72	105	129	174	136	140	144	155	118
Tax TaxCr	27	3	2	19	11	33	40	25	36	25	41	25
PAT PATCr	74	92	78	98	94	96	135	136	104	119	115	93
Growth YoY PAT Growth YoY%	25.4	192.5	27.6	288.4	27.7	4.5	73.7	38.8	10.4	24.2	-15.0	-31.4
NPM NPM%	16.0	28.1	17.6	26.1	21.3	15.1	16.5	25.9	12.3	13.7	11.3	14.8
EPS EPS₹	6.8	8.5	7.2	9.1	8.2	8.3	11.6	11.7	8.9	10.3	9.8	8.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,097	120	1,294	989	876	889	999	830	1,502	2,269	3,252	3,356
Growth Revenue Growth%	38.2	-89.0	975.3	-23.6	-11.4	1.5	12.4	-17.0	81.1	51.0	43.3	38.7
Expenses ExpensesCr	877	10	1,000	740	660	673	841	743	1,293	1,929	2,790	2,887
Operating Profit Operating ProfitCr	221	110	294	249	216	216	158	87	209	339	462	469
OPM OPM%	20.1	91.5	22.7	25.2	24.7	24.3	15.8	10.4	13.9	14.9	14.2	14.0
Other Income Other IncomeCr	65	19	42	73	48	65	154	75	136	160	150	130
Interest Expense Interest ExpenseCr	44	21	24	12	6	8	6	11	16	11	19	21
Depreciation DepreciationCr	49	37	42	42	42	41	7	8	8	8	17	21
PBT PBTCr	192	70	271	268	216	232	299	143	321	481	575	557
Tax TaxCr	72	14	65	74	37	50	59	46	50	103	126	126
PAT PATCr	120	56	206	193	179	182	239	97	271	378	449	431
Growth PAT Growth%	13.0	-53.6	268.9	-6.0	-7.4	1.5	31.7	-59.6	180.5	39.5	18.7	-6.5
NPM NPM%	10.9	46.3	15.9	19.6	20.4	20.4	24.0	11.7	18.0	16.7	13.8	12.8
EPS EPS₹	10.5	0.7	18.3	17.2	16.3	16.5	23.3	25.0	24.9	37.2	40.7	37.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,097	120	1,294	989	876	889	999	830	1,502	2,269	3,252	3,356
Growth Revenue Growth%	38.2	-89.0	975.3	-23.6	-11.4	1.5	12.4	-17.0	81.1	51.0	43.3	38.7
Expenses ExpensesCr	877	10	1,000	740	660	673	841	743	1,293	1,929	2,790	2,887
Operating Profit Operating ProfitCr	221	110	294	249	216	216	158	87	209	339	462	469
OPM OPM%	20.1	91.5	22.7	25.2	24.7	24.3	15.8	10.4	13.9	14.9	14.2	14.0
Other Income Other IncomeCr	65	19	42	73	48	65	154	75	136	160	150	130
Interest Expense Interest ExpenseCr	44	21	24	12	6	8	6	11	16	11	19	21
Depreciation DepreciationCr	49	37	42	42	42	41	7	8	8	8	17	21
PBT PBTCr	192	70	271	268	216	232	299	143	321	481	575	557
Tax TaxCr	72	14	65	74	37	50	59	46	50	103	126	126
PAT PATCr	120	56	206	193	179	182	239	97	271	378	449	431
Growth PAT Growth%	13.0	-53.6	268.9	-6.0	-7.4	1.5	31.7	-59.6	180.5	39.5	18.7	-6.5
NPM NPM%	10.9	46.3	15.9	19.6	20.4	20.4	24.0	11.7	18.0	16.7	13.8	12.8
EPS EPS₹	10.5	0.7	18.3	17.2	16.3	16.5	23.3	25.0	24.9	37.2	40.7	37.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	178	23	23	22	22	22	22	22	23	23
Reserves ReservesCr	916	484	1,209	1,404	1,474	1,594	1,815	1,909	2,142	3,716	4,134
Current Liabilities Current LiabilitiesCr	508	77	516	405	422	431	427	580	565	948	1,292
Non Current Liabilities Non Current LiabilitiesCr	419	228	171	187	161	156	252	259	105	369	489
Total Liabilities Total LiabilitiesCr	1,855	967	1,920	2,017	2,079	2,203	2,516	2,769	2,834	5,056	5,939
Current Assets Current AssetsCr	943	337	1,234	1,345	1,396	1,610	2,037	2,573	2,431	4,445	5,253
Non Current Assets Non Current AssetsCr	912	630	686	672	683	592	479	196	402	611	686
Total Assets Total AssetsCr	1,855	967	1,920	2,017	2,079	2,203	2,516	2,769	2,834	5,056	5,939

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	178	23	23	22	22	22	22	22	23	23
Reserves ReservesCr	916	484	1,209	1,404	1,474	1,594	1,815	1,909	2,142	3,716	4,134
Current Liabilities Current LiabilitiesCr	508	77	516	405	422	431	427	580	565	948	1,292
Non Current Liabilities Non Current LiabilitiesCr	419	228	171	187	161	156	252	259	105	369	489
Total Liabilities Total LiabilitiesCr	1,855	967	1,920	2,017	2,079	2,203	2,516	2,769	2,834	5,056	5,939
Current Assets Current AssetsCr	943	337	1,234	1,345	1,396	1,610	2,037	2,573	2,431	4,445	5,253
Non Current Assets Non Current AssetsCr	912	630	686	672	683	592	479	196	402	611	686
Total Assets Total AssetsCr	1,855	967	1,920	2,017	2,079	2,203	2,516	2,769	2,834	5,056	5,939

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	33	160	212	198	112	125	259	93	-198	453	-590
Investing Cash Flow Investing Cash FlowCr	198	-158	60	-171	38	-54	-224	13	269	-1,630	703
Financing Cash Flow Financing Cash FlowCr	-145	-55	-326	-16	-161	-34	-64	-103	-85	1,175	-92
Net Cash Flow Net Cash FlowCr	85	-54	-54	10	-11	37	-28	3	-14	-2	21
Free Cash Flow Free Cash FlowCr	225	116	211	195	111	125	226	28	-379	285	-657
CFO To PAT CFO To PAT%	27.1	286.3	103.1	102.2	62.3	69.0	108.3	96.6	-73.1	119.8	-131.5
CFO To EBITDA CFO To EBITDA%	14.8	144.9	72.1	79.3	51.6	58.0	164.1	107.7	-94.7	133.5	-127.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	33	160	212	198	112	125	259	93	-198	453	-590
Investing Cash Flow Investing Cash FlowCr	198	-158	60	-171	38	-54	-224	13	269	-1,630	703
Financing Cash Flow Financing Cash FlowCr	-145	-55	-326	-16	-161	-34	-64	-103	-85	1,175	-92
Net Cash Flow Net Cash FlowCr	85	-54	-54	10	-11	37	-28	3	-14	-2	21
Free Cash Flow Free Cash FlowCr	225	116	211	195	111	125	226	28	-379	285	-657
CFO To PAT CFO To PAT%	27.1	286.3	103.1	102.2	62.3	69.0	108.3	96.6	-73.1	119.8	-131.5
CFO To EBITDA CFO To EBITDA%	14.8	144.9	72.1	79.3	51.6	58.0	164.1	107.7	-94.7	133.5	-127.7

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				3,107	2,587	3,365	2,721	3,628	8,299	11,664	11,458	11,010
Price To Earnings Price To Earnings				16.1	14.4	18.5	10.3	19.4	30.9	27.6	24.2	25.6
Price To Sales Price To Sales				3.1	3.0	3.8	2.7	4.4	5.5	5.1	3.5	3.3
Price To Book Price To Book				2.2	1.7	2.1	1.5	1.9	3.8	3.1	2.8	2.6
EV To EBITDA EV To EBITDA				12.4	11.8	15.4	16.9	40.2	39.0	34.1	24.7	23.4
Profitability Ratios Profitability Ratios
GPM GPM%	28.2	93.6	30.6	34.2	34.4	34.0	24.9	24.1	22.5	22.0	20.8	20.8
OPM OPM%	20.1	91.5	22.7	25.2	24.7	24.3	15.8	10.4	13.9	14.9	14.2	14.0
NPM NPM%	10.9	46.3	15.9	19.6	20.4	20.4	24.0	11.7	18.0	16.7	13.8	12.8
ROCE ROCE%	17.7	10.5	23.4	19.4	14.9	14.5	16.6	8.0	15.6	13.0	14.1	14.1
ROE ROE%	12.9	8.4	16.7	13.6	12.0	11.3	13.0	5.0	12.5	10.1	10.8	10.8
ROA ROA%	6.5	5.8	10.7	9.6	8.6	8.3	9.5	3.5	9.6	7.5	7.6	7.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				3,107	2,587	3,365	2,721	3,628	8,299	11,664	11,458	11,010
Price To Earnings Price To Earnings				16.1	14.4	18.5	10.3	19.4	30.9	27.6	24.2	25.6
Price To Sales Price To Sales				3.1	3.0	3.8	2.7	4.4	5.5	5.1	3.5	3.3
Price To Book Price To Book				2.2	1.7	2.1	1.5	1.9	3.8	3.1	2.8	2.6
EV To EBITDA EV To EBITDA				12.4	11.8	15.4	16.9	40.2	39.0	34.1	24.7	23.4
Profitability Ratios Profitability Ratios
GPM GPM%	28.2	93.6	30.6	34.2	34.4	34.0	24.9	24.1	22.5	22.0	20.8	20.8
OPM OPM%	20.1	91.5	22.7	25.2	24.7	24.3	15.8	10.4	13.9	14.9	14.2	14.0
NPM NPM%	10.9	46.3	15.9	19.6	20.4	20.4	24.0	11.7	18.0	16.7	13.8	12.8
ROCE ROCE%	17.7	10.5	23.4	19.4	14.9	14.5	16.6	8.0	15.6	13.0	14.1	14.1
ROE ROE%	12.9	8.4	16.7	13.6	12.0	11.3	13.0	5.0	12.5	10.1	10.8	10.8
ROA ROA%	6.5	5.8	10.7	9.6	8.6	8.3	9.5	3.5	9.6	7.5	7.6	7.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Data Centre

	NETWEB	ANANTRAJ	BBOX	TECHNOE	E2E
Market CapitalizationMkt CapCr	22,822	16,178	14,470	11,010	10,083
Close PriceClose₹	3,839.00	449.55	814.75	946.70	490.50
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	60.09	26.70	58.41	25.55	85.90
Price To SalesPS	6.13	6.27	2.17	3.28	41.06
RevenueRevenueCr	3,722	2,581	6,654	3,356	246
Revenue Growth TTMRev Gr TTM%	174.9%	12.3%	12.2%	38.7%
PAT Growth TTMPAT Gr TTM%	172.6%	21.2%	5.1%	-6.5%

	NETWEB	ANANTRAJ	BBOX	TECHNOE	E2E
Market CapitalizationMkt CapCr	22,822	16,178	14,470	11,010	10,083
Close PriceClose₹	3,839.00	449.55	814.75	946.70	490.50
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	60.09	26.70	58.41	25.55	85.90
Price To SalesPS	6.13	6.27	2.17	3.28	41.06
RevenueRevenueCr	3,722	2,581	6,654	3,356	246
Revenue Growth TTMRev Gr TTM%	174.9%	12.3%	12.2%	38.7%
PAT Growth TTMPAT Gr TTM%	172.6%	21.2%	5.1%	-6.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26