DANISH
Danish Power financials
- Market cap
- ₹2.0k Cr
- Sector
- Capital Goods
- Calls analysed
- 2
Danish Power Q4 FY26
What went well
- FY26 Consolidated Revenue of ₹521 crores, up 22% YoY, driven by healthy execution and expanded capacity.
- EBITDA margins maintained at approximately 19% for FY26, reflecting strong operational discipline and prudent order selection.
- PAT grew 26% YoY to ₹69 crores in FY26.
What to watch
- External disruptions (geopolitical tensions, supply chain, commodity price volatility) are creating near-term volatility and potential impact on Q1 FY27 margins.
- Scaling the power transformer business and exports may temporarily impact margins.
What Danish Power does
Danish Power designs and manufactures oil and dry-type power transformers, distribution transformers, inverter-duty transformers for renewable energy, traction transformers, control relay panels and substation automation systems for utilities, industrial and renewable-energy customers. It earns primarily by executing engineered, order-based supply contracts for domestic clients (such as Tata Power, ABB, Torrent Power, Greenko and Jakson Green) and by exporting equipment to overseas utilities and EPC contractors. The company is expanding into extra-high-voltage power transformers (up to 245 kV) and is backward-integrating into sheet-metal fabrication through a subsidiary, Danish Transformer India Private Limited.
Segments
- Transformers
- Panels and Automation
- Installed transformer manufacturing capacity
- 11,000 MVA/year
- Manufacturing plants
- 2 (Mahindra World City, Jaipur; Sitapura Industrial Area, Jaipur)
- Export countries served
- 33+
- Cumulative renewable energy installations powered (inverter-duty transformers)
- 12 GW+ solar projects worldwide
- Years of operating experience
- ~40 years (founded 1985)
- Voltage class capability
- Up to 245 kV (extra-high-voltage segment)
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 3 delivered 1 missed 9 open- FY26 Revenue delivered, diluted said Q2 FY26 Promised: ₹600 crores Q4 FY26: Achieved ₹521 crores in revenue for FY26, which is within the revised guidance of ₹500-550 crores.
- Export Contribution (FY28) went quiet said Q2 FY26 Promised: 30% Q4 FY26: No mention of the FY28 export target in the current quarter.
- FY27 Revenue revised up said Q2 FY26 Promised: ₹650 crores Q4 FY26: Guidance for FY27 revenue increased to 'more than INR700 crores plus'.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 163 | 261 | 211 | 310 |
| EBITDA | 30 | 51 | 36 | 54 |
| Net profit | 21 | 38 | 29 | 41 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +10.4% 1Y
1Y: ₹903.85 on 10 Sept 2025 → ₹997.4. High ₹1,061.85 (22 Jun 2026), low ₹557.05 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +4.1%
- 11 May
- Q2 FY26
- −7.3%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹29 Cr | ₹34 Cr | ₹42 Cr | ₹81 Cr | ₹327 Cr | ₹436 Cr |
| Borrowings | ₹23 Cr | ₹28 Cr | ₹14 Cr | ₹13 Cr | ₹3 Cr | ₹2 Cr |
| Other liabilities | ₹26 Cr | ₹52 Cr | ₹50 Cr | ₹67 Cr | ₹87 Cr | ₹108 Cr |
| Total liabilities | ₹79 Cr | ₹116 Cr | ₹108 Cr | ₹163 Cr | ₹437 Cr | ₹566 Cr |
| Fixed assets | ₹17 Cr | ₹16 Cr | ₹30 Cr | ₹35 Cr | ₹59 Cr | ₹178 Cr |
| Capital work in progress | ₹0 Cr | ₹7 Cr | ₹1 Cr | ₹0 Cr | ₹26 Cr | ₹15 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹31 Cr | ₹31 Cr |
| Other assets | ₹63 Cr | ₹94 Cr | ₹77 Cr | ₹127 Cr | ₹322 Cr | ₹343 Cr |
| Total assets | ₹79 Cr | ₹116 Cr | ₹108 Cr | ₹163 Cr | ₹437 Cr | ₹566 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, DIIs trimmed −1.10 pp while the public added +1.09 pp. The shareholder count grew 21% to 5,919.
- Promoters
- 73.6%
- FIIs
- 0.3%
- DIIs
- 4.0%
- Public
- 22.1%
Since Mar 2025
- DIIs −1.10 pp
- Public +1.09 pp
- Promoters +0.07 pp
How it drifted, 4 quarters
Over this window the public went from 14.0% to 22.1% — +8.1 pp.
Ownership split by quarter, oldest first. Oct '24: Promoters 73.5%, FIIs 2.9%, DIIs 9.6%, Public 14.0%.Mar '25: Promoters 73.5%, FIIs 0.3%, DIIs 5.1%, Public 21.0%.Sep '25: Promoters 73.5%, FIIs 0.3%, DIIs 4.5%, Public 21.7%.Mar '26: Promoters 73.6%, FIIs 0.3%, DIIs 4.0%, Public 22.1%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Shivam Talwar +3.04 pp 8.59% held
- Puneet Sandhu Talwar +0.07 pp 0.07% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Danish Power above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Dinesh Talwar | 64.96% | unchanged |
| Shivam Talwar | 8.59% | +3.04 pp |
| Shalu Aggarwal | 1.52% | unchanged |
| Vq Fastercap Fund AIF | 1.50% | unchanged |
| Carnelian Structural Shift Fund AIF | 1.29% | unchanged |
| Puneet Sandhu Talwar | 0.07% | +0.07 pp |
| NBFCs registered with RBI NBFC / DFI | 0.04% | unchanged |
| Dinesh Talwar HUF | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 8.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Danish Power
Guides on how to read this kind of business and the numbers that matter.