Announcement
Copy of Newspaper Publication 18 Aug - Mixed newspaper notices; no clear Danish Power announcement.
Source: Nse
Danish Power Ltd. (DANISH)
SME CapPower stocks · SME cap · NSE
Danish Power Ltd. manufactures transformers, including inverter duty, dry-type, and power transformers, and operates a Panel and Automation division. The company recently expanded capacity to 11,000 MVA annually and is focusing on higher voltage transformers, battery energy storage applications, and exports, with 90% of revenues from the private sector.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:51 pm ISTDetails
Quote21 Oct, 03:51 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result10 May, 03:49 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
64BullishSMA20 +13.0% / mo · MACD −
Stock trend: 64
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DANISHD candles · FIT view+8.0%TODAY · PROVISIONALLatest price ₹975.90 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.3%
RSI
51
MACD hist
-7.89
52W pos
78%
2026-10-21O ₹979.00H ₹979.00L ₹911.10C ₹975.90Vol 11,850 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DANISHNifty PowerNifty 500
- DANISH
- +10.2%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- +15.8 pp
Chart stats
19 Oct 2026- From 52W high
- -10.9%
- 52W range position
- 78%
- ATR (14)
- 5.7%
- Volume vs 20D
- 0.31x
- Avg traded value
- ₹3.5 Cr
- 20D price channel
- ₹910 - ₹1,075
₹1,094.9
₹550.5 - ₹1,094.9
₹55.4
Latest completed session
20-session average
63.7% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish64
Price trend and sector-relative-strength timing.
Valuation
Legacy model-10.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹310 Cr | NDF | +46.2% |
| EBITDA | ₹55 Cr | NDF | +48.6% |
| Operating margin | 18.0% | NDF | +0 bps |
| PAT | ₹40 Cr | NDF | +37.9% |
| PAT margin | 12.9% | NDF | -78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.60
- P/B
- 4.13
- EV/EBITDA
- 19.24
- Market Cap
- 1903.00Cr
Profitability
- ROE
- 16.70%
- ROCE
- 22.20%
- ROA
- 11.98%
- Dividend Y
- 0.21%
Growth (CAGR)
- Revenue 5Y
- 25.27%
- EPS 5Y
- 34.75%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 46.00×
- Altman Z
- 8.79
- Book Value
- 234.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 42.00 Cr
- EPS TTM
- 35.03
Shareholding
- Promoter Hold
- 73.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 521+22.0% vs prev
Net Profit
₹ CrLatest: 69.0+25.5% vs prev
Return on Equity
%Latest: 14.9-0.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 51. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~10.7% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 77% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 2 UptrendEstablished S2
1M return
-4.4%
3M return
+10.2%
6M return
+12.9%
1Y return
+17.3%
RS 1D
+2
RS 20D
-2
Sector rank
#11
Industry rank
-
Stage evidence
- Price is 14.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
27 Aug 2026
S2 age
36 trading sessions
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 119.5+2.05%
RS vs Nifty 500120
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth19/25
Quality12/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -10.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
27.6
PB
4.1
EV/EBITDA
19.2
ROE
16.7%
ROCE
22.2%
FCF Yield
—
Debt/Equity
0.0
MoS
-10.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-10.9%
Previous: -10.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹429.46
-127.2% MoS
Growth-justified P/E
25.1
Growth-justified Value
₹880.3
-10.9% MoS
PEG
0.93
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DPEL
SME
Divine Power Energy Ltd.
Power
match 91
37
56.6
20.7%
-125%
WATCHLIST
ORIANA
SME
Oriana Power Ltd.
Power
match 88
73
10.4
39.6%
+59%
UNDERVALUED
PARTH
SME
Parth Electricals & Engineering Ltd.
Electrical Equipment
match 87
39
52.0
18.7%
-102%
WATCHLIST
VIVIANA
SME
Viviana Power Tech Ltd.
Electrical Equipment
match 87
66
14.9
59.7%
+44%
UNDERVALUED
HPL
Small
HPL Electric & Power Limited
Electrical Equipment
match 87
51
17.9
9.9%
+29%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-01T10:45:31.592Z
Management commentary snapshot
FY26 Revenue up 22% YoY to INR521 Cr, PAT up 26% YoY to INR69 Cr, driven by execution and expanded capacity. EBITDA margins maintained at ~19% despite ramp-up costs.
Danish Power delivered strong FY26 results, maintaining margins amidst capacity expansion and external volatility. The company's strategic focus on high-growth segments like BESS and power transformers, coupled with backward integration and a disciplined order approach, positions it well. However, Q1 FY27 margins face pressure from commodity price hikes and geopolitical tensions.
Growth engines
Power Transformer Division
New facility activates power transformer division, upgrading capabilities to manufacture transformers up to 100 MVA and 245 KV voltage class. Expect meaningful revenue contribution from FY28.
Battery Energy Storage Systems (BESS)
Already supplying transformers for BESS applications, identified as one of the most upcoming, high-demand growth segments both in India and internationally. BESS projects contribute 20-25% of current order book.
Dry-Type Transformers for Data Centers
Demand is rising across data centers; company is building capacities and certification pathways to increase this segment.
Exports
Export revenue jumped to 8-9% in FY26. Focus remains on profitable export growth, targeting 15-20% of revenues in FY27 by leveraging new capacity and long-term agreements.
Capacity and execution
Transformer Manufacturing Capacity
Both phases of capacity expansion planned post-IPO are fully commissioned and operational, increasing capacity to approximately 11,000 MVA annually.
Power Transformer Capabilities
New facility enables manufacturing of power transformers up to 100 MVA and 245 KV voltage class. Prototype development and type testing have commenced.
Backward Integration Facility
Sheet metal fabrication facility with a capital outlay of approximately INR20+ crores is expected to be commissioned in the next three to four months.
Land for Future Expansion
Proactively acquired land close to existing facilities to be prepared for the next phase of expansion, with potential to increase capacity by 80% to 100%.
Tailwinds
Strong Indian Electrical Infrastructure Demand
Grid modernization, renewable energy build-out, rapid expansion of data centers, and broader rise in per capita electricity consumption are structural demand drivers for 5-7+ years.
Healthy Underlying Industry Demand
Despite external disruptions, the underlying demand environment for the industry remains extremely healthy, with strong inquiry inflow even amidst geopolitical tensions.
Diversified Order Mix
Order mix is becoming more diversified with contributions from battery storage, export products, and power transfer opportunities alongside inverter duty transformers.
Headwinds
Global Operating Environment Volatility
Rising geopolitical tensions, supply chain issues, logistics disruptions, and fluctuations in key commodity prices (transformer oil, aluminum, copper) create uncertainty.
Commodity Price Fluctuations
Transformer oil, in particular, has seen a 100%+ rise. Difficulty in purchasing materials like transformer oil far in advance impacts margins on existing firm-priced orders.
Q1 FY27 Margin Pressure
The ongoing war impact will affect Q1 FY27 margins, especially for older, firm-priced orders, despite active discussions with clients for mitigation.
Risk radar
Raw Material Price Volatility
Abnormal rise in transformer oil prices and fluctuations in aluminum and copper can impact profitability, especially for fixed-price orders.
Geopolitical Tensions
Global operating environment volatility due to geopolitical tensions can lead to supply chain disruptions and increased costs.
Competitive Intensity
Competition in the IDT transformer segment is increasing as other manufacturers enter, potentially impacting margins, though the company relies on customer quality and reliability.
Execution and Qualification for New Segments
Power transformer segment has high entry barriers with extensive testing and validation. Real revenue from higher voltage power transformers is expected only from FY28.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly reports FY26 revenue and PAT growth on a year-on-year basis. Management also states the business is structurally H2 heavy, making YoY comparisons more appropriate for assessing overall performance trends.
Sector KPIs management disclosed
Annual Transformer Manufacturing Capacity
Transformer manufacturing capacity increased to approximately 11,000 MVA on an annual basis.
FY26 Capacity Utilization
Considering phase one expansion live mid-year, utilization was roughly 80% for FY26. Phase two came live only after January, impacting full-year utilization.
Confirmed Order Book
Confirmed order book stands at over INR500 crores, compared to about INR450 crores at the time of the last call. Deliveries are spread over the next six to nine months.
FY26 Consolidated Revenue
For FY26, the company delivered a consolidated revenue of INR521 crores, with a growth of approximately 22% on a year-on-year basis.
Management forward view
FY27 Revenue Guidance
Based on current order visibility, capacity ramp-up, and market outlook, FY27 revenue is expected to be more than INR700 crores.
EBITDA Margin Sustainability
Committed to sustaining EBITDA margins in the range of 19%, which remains a key focus. Long-term objective is margin improvement.
Next Phase of Expansion Decision
A decision on the next level of expansion, leveraging the acquired land, is expected within the next three months. Construction could take 12-18 months.
Diversification and Reliability
Vision is to stay in manufacturing, diversify product expertise, and be known as one of the most reliable and good manufacturers across all product lines.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Capacity Utilization | Roughly 80% for FY26 (considering phased capacity ramp-up). | Ramp-up to optimum utilization, especially in H2 FY27 and beyond, to achieve FY27 target of 7,000-8,000 MVA and FY28 target of >10,000 MVA. |
| Power Transformer Segment Progress | Prototype development and type testing commenced for up to 100 MVA, 245 KV transformers. | Formal customer qualifications and initial order closures throughout FY27, leading to meaningful revenue contribution from FY28. |
| Export Revenue Share | 8-9% of FY26 revenue. | Achievement of the target of 15-20% of revenues in FY27, indicating successful leveraging of new capacity and international agreements. |
| Q1 FY27 Margin Impact | Older, firm-priced orders are under pressure due to commodity price hikes (e.g., 100%+ rise in transformer oil). | Clarity on the extent of margin pressure in Q1 FY27 and the effectiveness of mitigation strategies with clients, as new orders are priced to reflect current costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 83rd percentile within Power. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Power: 83rd pctile, median 65 · SME: 90th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 73.6%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸ROCE is 23.4%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Danish Power Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Sep 2026 · Updates 17 Aug - Submitted FY2025-26 annual report and AGM notice for 8 September 2026.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.