In summary
Kamath’s capacity (similar to voltamps 15000 MVA) and focus on solar and distribution transformers does not appear as a direct competitor to TARIL, which excels in grid-scale and industrial applications with a planned 70,000 MVA capacity. While Waaree’s financial resources could scale Kamat’s capabilities in the medium term, entering TARIL’s HV/UHV market would require substantial investment and technological upgrades, making direct competition unlikely in the near future.
Pls check below comparison.
| Detail | Waaree Energies (via KTPL) | TARIL |
|---|---|---|
| Transformer Order Book | Current (FY25): 500–800 crore - Total order book: 25 GW (47,000 crore, including solar modules) Transformer portion: 3,000 crore (25 GW × 120 crore/GW) Transformer Realistic estimate: 500–800 crore, including 390 crore for 3 GW EPC orders By FY27 (20 GW module capacity): 1,000–1,500 crore (assuming all modules use KTPL transformers, adjusted for capacity constraints) | - 5,100 crore (unexecuted, FY25) - Fresh orders: 4,500 crore - Inquiries: 22,000 crore |
| Order Book Composition | Transformers for solar EPC projects (3 GW currently, scaling to 20 GW by FY27) and regional utilities (e.g., KPTCL, BESCOM) | HV/UHV transformers (220 kV+, 765 kV), distribution, rectifier, furnace, reactors for grid, industrial, railways, renewables |
| Transformer Types | Distribution (up to 3 MVA, 33 kV) Power (up to 20 MVA, 110 kV) | Power (up to 500 MVA, 1,200 kV) Distribution, Rectifier, Furnace, Specialty, Reactors |
| Testing Capacity | Up to 5 MVA (33 kV), 50 MVA (132 kV) | Up to 500 MVA (1,200 kV), including 765 kV |
| Installed Capacity | 8,000–10,000 MVA p.a. (assumed, based on FY24 revenue and industry benchmarks) | Planned 70,000 MVA , by 2026 |
| High-Voltage Capability | Limited to 110 kV (power transformers) | Dominant in 220 kV+ and 765 kV segments |
| Revenue (FY24/FY25) | KTPL: 1,227 crore (FY24) Waaree Energies: 14,445 crore (FY25, +26.7% YoY) | 1,950 crore (FY25, +53% YoY) |
| EBITDA (FY25) | Waaree Energies: 3,123crore (FY25, guidance 5,500–6,000 crore for FY26) | 320 crore (FY25, +149% YoY) |
| Order Book Revenue Visibility | Moderate, tied to solar EPC (12–15 months execution) and regional orders; potential growth to 1,000–1,500 crore by FY27 | Strong, with 5,100 crore unexecuted and 22,000 crore inquiries |
| Backward Integration | None for KTPL; Waaree focuses on solar cell/wafer integration | - CRGO Steel for laminations up to 765 kV/500 MVA, expandable to 1,200 kV/1,000 MVA - Tank Fabrication - Transformer Bushings- Radiators: Part of component integration to reduce lead times and costs - |
| Market Positioning | Regional player (KTPL) supporting Waaree’s solar projects; 15 GW module capacity, targeting 20 GW by FY27 | National/global leader in HV/UHV transformers; 10% power transformer share, 50% furnace transformer share |
| Strategic Focus | Solar EPC and renewable energy integration; KTPL acquisition for transformer supply | HV/UHV grid infrastructure, industrial, railway, and renewable projects; backward integration for cost efficiency |
Notes
- Waaree Energies (KTPL) :
- Transformer order book estimate (500–800 crore in FY25, 1k–1.5k crore by FY27) assuming KTPL supplies transformers for Waaree’s 20 GW module capacity, adjusted for capacity constraints (8k–10k MVA, up to 110 kV) and partial external sourcing.
- KTPL’s capacity of 8k–10k MVA aligns with FY24 revenue (1,227 crore) at 0.1–0.15 crore/MVA, focusing on high-volume distribution transformers.
- Waaree’s total order book (25 GW, 47k crore) is dominated by solar modules.
- TARIL :
- Order book (5k crore + 22k crore inquiries) reflects strong demand for HV/UHV transformers, driven by grid upgrades and renewable energy targets.
- Backward integration (CRGO steel, tank fabrication, RIP bushings, radiators) enhances margins and reduces production lead times, targeting completion by Q1 FY26.
- Planned 70k MVA capacity solidifies economies of scale.
- Market Context : India’s 500 GW renewable energy target by 2030 (280 GW solar) drives demand for both distribution transformers (KTPL’s strength) and HV/UHV transformers (TARIL’s strength).
D- Holding Taril from lower levels.