We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
IND BB- / Stable / IND A4+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Valuation
Financials (FY2024)
Investment Thesis
TELK is a 60-year-old Kerala State PSU manufacturing power transformers up to 400 kV class with operating revenues of INR 100–150 Cr. The company benefits from stable government-backed demand and the India-wide push for power sector modernisation. However, as a PSU, it faces structural constraints in competitiveness and scale versus large private sector peers. It represents a relatively stable but low-growth investment profile given its government ownership.
Pros
Cons
Business Segments
Power Transformers
Design, manufacture, and supply of power transformers up to 400 kV class for utilities and industrial customers
Distribution Transformers & Electrical Equipment
Manufacture of distribution transformers and related high-voltage electrical equipment
Revenue Model
Revenue from supply of power transformers and electrical equipment primarily to state electricity boards (KSEB and others) and central/state government utilities; also participates in competitive tenders for private sector industrial customers.
Detailed Analysis
Growth Plans
India's power sector capex driven by renewable energy expansion (solar, wind) requiring new transformer capacity
Government 'Make in India' preference for domestic manufacturers in power equipment tenders
Kerala government's continued investment in electricity distribution infrastructure through KSEB
Industry Tailwinds
India's power sector capex driven by renewable energy expansion (solar, wind) requiring new transformer capacity
Recent Developments
TELK reported operating revenue in Rs 100-150 crore range for FY2021. The company continues to manufacture India's most advanced domestic EHV power transformers for national grid expansion.
2021India's ambitious renewable energy expansion plan requires massive investment in transmission infrastructure including EHV power transformers, directly benefiting TELK's order pipeline.
2023Comparable Companies
BHEL · ~60000 Cr
Frequently Asked Questions
About TELK (Transformers & Electricals Kerala)
Transformers and Electricals Kerala Ltd. (TELK) is India's premier manufacturer of Extra High Voltage (EHV) power transformers, headquartered at Angamaly, near Kochi, Kerala. Incorporated on December 9, 1963, TELK was established as a State Government Company (SGC prefix in CIN) and has been a joint venture company of the Government of Kerala and NTPC Limited since 2009. TELK specialises in the manufacturing of high-voltage power transformers up to 315 MVA (Megavolt Ampere) capacity and 420 kV (kilovolt) class, making it one of India's leading EHV transformer manufacturers. In addition to power transformers, TELK manufactures Current Transformers (CT), Voltage Transformers (VT), and Tap Changer units — critical components for India's electricity transmission and distribution infrastructure. The company's joint venture structure — with NTPC Limited (India's largest power generation company, a Navratna PSU) as a partner — gives TELK significant strategic credibility and access to order pipelines from India's power sector. NTPC's involvement ensures a steady flow of demand for TELK's high-voltage equipment as India expands its power generation and transmission capacity. For the financial year ending March 31, 2021, TELK's operating revenue was in the range of Rs 100-150 crore. Earlier estimates suggest annual revenue of approximately USD 60 million (around Rs 500 crore at current exchange rates), though more recent confirmed data points to the Rs 100-150 crore range. The company employs several hundred skilled engineers and technicians at its Angamaly facility. India's power sector is undergoing massive transformation with the government targeting 500 GW of renewable energy by 2030. This expansion requires substantial investments in transmission infrastructure, including large power transformers, CTs, and VTs. TELK, as one of India's few domestic EHV transformer manufacturers, is strategically positioned to capture a significant share of this infrastructure spending. The company's 60+ year legacy and NTPC partnership provide strong execution credibility.
Key Milestones
Common questions about unlisted shares
You buy from and sell to the wisefolio desk — shares route through the desk's demat, money-in before shares-out.
You enquire
· Takes 2 minutesTell us the company and quantity you want. Share your demat details so we can settle directly into your account.
We source & quote
· Typically within 1 business dayOur desk sources the shares and comes back with a firm price and an allocation for the quantity available.
You accept the allocation
· Quote valid for 3 daysReview the price, quantity and total. Accept to lock the allocation. The quote is valid for a short window before it needs re-pricing.
You transfer the funds
· Pay within 2 days of acceptingPay by direct bank transfer to the desk's published account — never to a personal account. We confirm receipt and begin the transfer.
Shares reach your demat
· Usually credited within 2–3 business daysOnce payment is verified, the shares are transferred from the desk's demat into yours, and you receive a transfer confirmation.
A principal desk for unlisted & pre-IPO shares — you transact with us, not a stranger.
You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Be the first to discuss TELK (Transformers & Electricals Kerala) — share your research, ask questions, or compare notes with other investors.
Government 'Make in India' preference for domestic manufacturers in power equipment tenders
Kerala government's continued investment in electricity distribution infrastructure through KSEB
Industry Headwinds
Increasing competition from private sector manufacturers with superior technology and pricing
Potential delays in government power infrastructure projects affecting order flow
Public sector company subject to government procurement delays and policy changes
Source: AlphaHub Research
Revenue (Rs 100-150 crore range FY2021) below estimated capacity utilisation potential
Source: Company Financial Filings
Working capital intensive business with long collection cycles from government utilities
Source: AlphaHub Research
Company reported a net loss of ₹10.00 Cr (FY2024) — may signal structural profitability challenges
Source: Financial data
Competes with large private sector manufacturers including BHEL, Siemens, ABB India, and CG Power which have significantly greater R&D and manufacturing scale
As a PSU, subject to government-mandated pricing constraints, labour union dynamics, and slower decision-making that could affect responsiveness to market opportunities
Heavy reliance on KSEB and Kerala government utilities creates customer concentration risk; slowdown in Kerala's power infrastructure spend could affect revenues
Risk of technology gap versus global transformer manufacturers if capital expenditure on R&D and equipment modernisation is not maintained
CGPOWER · ~70000 Cr
VOLTAMP · ~4000 Cr
Incorporated in 1963 in Kerala as a State Government Company (CIN: U31102KL1963SGC002043)
Established manufacturing facility at Angamaly, Kerala for power transformer production
Developed capability to manufacture power transformers up to 400 kV class, serving major Indian utilities
Achieved operating revenue scale of INR 100–150 Cr in recent financial years