Megatherm Induction Ltd. (MEGATHERM) — Tipsheet https://tipsheet.markets/company/megatherm/ Every Tipsheet Editorial note covering Megatherm Induction Ltd. (MEGATHERM), newest first. Grounded in BSE/NSE primary-source filings. en-in Tue, 28 Jul 2026 14:38:35 GMT Megatherm stops taking orders as transformer unit hits 100% capacity https://tipsheet.markets/megatherm-megatherm-stops-taking-orders-as-transformer-unit-hits-100-capacity-109229/ https://tipsheet.markets/megatherm-megatherm-stops-taking-orders-as-transformer-unit-hits-100-capacity-109229/ Wed, 17 Jun 2026 15:09:11 GMT Order book doubles to ₹80-90 cr, FY27 revenue target of ₹450+ cr reaffirmed. But a prior call gave conflicting capex figures, raising execution questions. Order book doubles to ₹80-90 cr, FY27 revenue target of ₹450+ cr reaffirmed. But a prior call gave conflicting capex figures, raising execution questions.

What’s new

  • Transformer unit at 100% capacity – double shifts, no new orders accepted.
  • Secured 400+ MVA orders from solar and BESS; vendor approvals from Shell, Tata Power.
  • FY27 revenue target of ₹450+ cr reaffirmed; 17-18% EBITDA margin target in 2-3 years.

Why it matters

A nano-cap pulling the order book to double historical levels is rare. The capacity constraint is a good problem, but the ₹370 cr company now has to execute on global expansion (US JV, Spain JV, Middle East) and a 3x revenue jump by FY27 – all while managing front-loaded cost growth (23% employee, 17% marketing). The conflicting capex figures from two weeks ago don't inspire confidence in planning.

What we’re watching

  • How quickly the company adds capacity – capex clarity needed after the June 2 mismatch.
  • Whether the global JVs (US, Spain) materialise within the stated timeline.
  • Margin trajectory – employee costs rose 23% in the latest quarter; cost savings from scale need to show.

The full read

Megatherm's transformer unit is running flat out. Double shifts, 100% capacity, no new orders. That pushed the order book to ₹80-90 crore, more than double where it normally sits. The FY27 revenue target of ₹450+ crore was reaffirmed, along with a 17-18% EBITDA margin goal in 2-3 years. All of this sounds constructive for a ₹370 crore market cap. But the last call, just two weeks ago, produced conflicting capex numbers ( ₹20 crore vs ₹5-10 crore ). A nano-cap that can't keep its stories straight while promising a US JV, a Spanish JV, and Middle East offices, and already spent 23% more on employees, has a lot to prove between now and FY27.

Primary source: NSE

]]> Concalls Tipsheet Editorial Megatherm gave two capex figures in one call. The numbers don't match. https://tipsheet.markets/megatherm-megatherm-gave-two-capex-figures-in-one-call-the-numbers-don-t-match-104819/ https://tipsheet.markets/megatherm-megatherm-gave-two-capex-figures-in-one-call-the-numbers-don-t-match-104819/ Tue, 02 Jun 2026 17:09:04 GMT Management first put near-term capex at ₹20 crore, then agreed it was ₹5-10 crore over two years. The ₹425-450 crore FY27 revenue guidance stands. Management first put near-term capex at ₹20 crore, then agreed it was ₹5-10 crore over two years. The ₹425-450 crore FY27 revenue guidance stands.

What’s new

  • Management cited ₹20 crore for a new transformer shed, then agreed with an analyst that near-term capex is ₹5-10 crore over two years.
  • A ₹80-85 crore transformer order book is now in delivery, and a fourth transformer facility needs ₹20 crore capex.
  • FY27 revenue guidance of ₹425-450 crore and a 5-6 year target of ₹1,000 crore were reiterated.

Why it matters

The discrepancy isn't rounding. A ₹20 crore shed versus ₹5-10 crore total over two years is a factor-of-four gap. For a company scaling its transformer business to a ₹150 crore capacity, the capex path is the first check on whether the revenue target is credible.

What we’re watching

  • Which capex figure the board approves in the next capital-allocation update.
  • Whether the ₹80-85 cr order book translates into the promised ₹150 cr capacity.
  • Timing for the fourth transformer facility—management declined to specify.

The full read

Megatherm Induction gave two capex numbers on its June 2 call, and they don't line up. Management first cited ₹20 crore for a new transformer shed. An analyst then pushed for total near-term capital spending, and management agreed the figure was ₹5-10 crore over two years. That's not a rounding difference. It is a factor-of-four gap on the very spending plan that underpins the ₹150 crore capacity target. The ₹80-85 crore order book is real, and deliveries are underway, but the capex trail is what validates the rest of the story. A fourth facility needs another ₹20 crore, yet management wouldn't say when it will be built. The ₹425-450 crore FY27 guidance and the ₹1,000 crore five-year target still stand, but the capex contradiction is the first question any model will need to resolve.

Primary source: NSE

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