MEGATHERM
Megatherm Induction financials
- Market cap
- ₹443 Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Megatherm Q4 FY26
What went well
- Adjusted PAT for FY26 was INR24.5 crores, excluding INR75 lakhs in extraordinary gratuity provisions, compared to INR21.3 crores in FY25.
- The transformer segment has a robust order book of INR80-85 crores, with production and deliveries having commenced.
- Spares revenue reached approximately INR70 crores in FY26, acting as a key factor in maintaining bottom-line stability.
What to watch
- FY26 top line missed the target of INR400+ crores, primarily due to war-related delays in export shipments.
- Approximately INR50-60 crores of export orders, particularly to the Middle East, are at risk of delay due to the geopolitical situation.
What Megatherm Induction Limited does
Megatherm Induction Limited designs, engineers and manufactures induction melting and heating equipment (furnaces, billet heaters, hardening systems, power sources) along with allied plant equipment such as ladle refining furnaces, electric arc furnaces, continuous casting machines, rail hardening machines and fume extraction systems, primarily for primary and secondary steel producers, auto ancillaries, DI pipe makers, ordnance factories and railways. It has more recently entered transformer manufacturing (converter-duty, inverter-duty/solar, arc-furnace, distribution and power transformers) at a new Kharagpur facility targeting renewable-energy customers. The company also offers turnkey steel-melt-shop solutions (design, engineering, supply, erection and commissioning) and an after-sales/spares and maintenance-contracts business.
Segments
- Induction heating & melting products
- Transformers
- Allied products
- Services & spares
- Installations
- 3,000+ across 50+ countries
- New transformer facility capacity
- 2,000 MVA (expandable to 3,000 MVA with minimal investment)
- Manufacturing complex area
- 3,92,040 sq. ft. (Kharagpur, West Bengal)
- R&D/production site area
- 8 acres (Vidyasagar Industrial Park, Kharagpur)
- Employees on payroll
- 305
- Inverter Duty Transformer (IDT) range
- 5 MVA to 40 MVA
Guidance record · Q4 FY26
what the last two calls moved 11 tracked 0 delivered 2 missed 9 open- FY26 Revenue missed said Q4 FY25 Promised: ₹60 to ₹80 odd crores additional compared to current financial year (Implied ₹360-380 crores) Q4 FY26: Achieved approx. ₹350 crores revenue for FY26. This is below the original guidance of ₹360-380 crores, but above the revised guidance of ₹330 crores. Management attributes the miss from higher targets to war-related export delays.
- Bottom Line Margin revised up said Q4 FY25 Promised: Increase to 9% within a couple of years Q4 FY26: Clarified that underlying EBITDA margin is 14-15%, suppressed to 10-12% by growth investments. Guided for 15% EBITDA margin in steady state (at ₹500-600 cr revenue), an upward revision from the previous 9-10% bottom line target.
- Revenue on track said Q4 FY25 Promised: ₹500 crores revenue within two years Q4 FY26: Reiterated target of ₹500-600 crores revenue in a couple of years, contingent on having four factories in place.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 17.6%, net profit down 7.7% against the same quarter last year.
| Line item | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 135 | 147 | 159 | 148 | 173 +28% | 159 +8% | 187 +18% |
| EBITDA | 13 | 14 | 22 | 15 | 21 +62% | 16 +14% | 18 −18% |
| Net profit | 6 | 8 | 13 | 9 | 12 +100% | 12 +50% | 12 −8% |
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 −18.7% 1Y
1Y: ₹308.55 on 10 Sept 2025 → ₹251. High ₹308.55 (10 Sept 2025), low ₹171.65 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +6.0%
- 2 Jun
- Q2 FY26
- +2.5%
- 12 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 | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹26 Cr | ₹27 Cr | ₹41 Cr | ₹102 Cr | ₹135 Cr | ₹146 Cr |
| Borrowings | ₹43 Cr | ₹40 Cr | ₹43 Cr | ₹36 Cr | ₹35 Cr | ₹49 Cr |
| Other liabilities | ₹68 Cr | ₹96 Cr | ₹99 Cr | ₹114 Cr | ₹119 Cr | ₹130 Cr |
| Total liabilities | ₹146 Cr | ₹173 Cr | ₹192 Cr | ₹270 Cr | ₹308 Cr | ₹344 Cr |
| Fixed assets | ₹43 Cr | ₹40 Cr | ₹58 Cr | ₹64 Cr | ₹77 Cr | ₹86 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹3 Cr | ₹3 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹7 Cr | ₹0 Cr | ₹2 Cr |
| Other assets | ₹103 Cr | ₹131 Cr | ₹133 Cr | ₹199 Cr | ₹228 Cr | ₹253 Cr |
| Total assets | ₹146 Cr | ₹173 Cr | ₹192 Cr | ₹270 Cr | ₹308 Cr | ₹344 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, promoters trimmed −0.94 pp while the public added +0.90 pp. The shareholder count shrank 7% to 3,139.
- Promoters
- 71.8%
- FIIs
- 0.3%
- DIIs
- 0.0%
- Public
- 27.8%
Since Mar 2025
- Promoters −0.94 pp
- Public +0.90 pp
- DIIs +0.04 pp
How it drifted, 5 quarters
Over this window the public went from 24.4% to 27.8% — +3.5 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 72.7%, FIIs 1.8%, DIIs 1.1%, Public 24.4%.Sep '24: Promoters 72.8%, FIIs 0.3%, Public 26.9%.Mar '25: Promoters 72.8%, FIIs 0.3%, Public 26.9%.Sep '25: Promoters 71.8%, FIIs 0.3%, Public 27.9%.Mar '26: Promoters 71.8%, FIIs 0.3%, DIIs 0.0%, Public 27.8%.
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.
- Janak Dinkarrai Desai +0.15 pp 2.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Megatherm Induction Limited above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Megatherm Electronics Pvt Ltd | 71.69% | unchanged |
| Janak Dinkarrai Desai | 2.00% | +0.15 pp |
| Ashish Kacholia | 1.68% | unchanged |
| Bengal Finance And Investment Pvt Ltd | 1.48% | unchanged |
| Avishek Paul Chowdhury | 0.04% | unchanged |
| Shesadri Bhusan Chanda | 0.04% | unchanged |
| Aninda Paul Chowdhury | 0.04% | unchanged |
| Satadri Chanda | 0.02% | unchanged |
| Ayati Chanda | 0.02% | unchanged |
| Christina Paulchowdhury | 0.00% | unchanged |
| Aaditeya Datta | 0.00% | unchanged |
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
- 3.1% 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 (3)
Read the Q4 FY26 call →Learn to analyse Megatherm Induction Limited
Guides on how to read this kind of business and the numbers that matter.