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Research report written by - Akash Jain, MBA (Financial Markets), Vice – President Research ---------------------------
Background..
Bharat Bijlee Limited is a leading Electrical Engineering since 1946 engaged in
the business segments like Power Transformers, Projects, Electric Motors,
Magnet Technology Machines, Drives and Industrial Automation solutions.
The company caters to a spectrum of industries and the builders of the
nation’s infrastructure: power, refineries, steel, cement, railways, machinery,
construction and textiles. Headquartered in Mumbai, the company has an
extensive sales and service network across India for its Power Transformers,
Electric Motors, Elevator Systems and Drives & Industrial Automation
divisions. It also serves international markets.
The Company's manufacturing facilities are located in Airoli, Navi Mumbai on
a 1,93,000 square meters campus, with a working area of approximately
50,000 square meters. It has state-of-the -art plants for its Power Transformer
and Electric Motors Bharat Bijlee’s factory that are certified for ISO
9001:2008, ISO 14001:2004 and OHSAS 18001:2007.
Power systems segment (Transformers, Turnkey Projects for electrical sub
stations and Maintenance Products)
The Power Systems segment (40 percent of FY21 revenue) comprises of
Power Transformers up to 200 MVA, 220 KV voltage class and EPC projects for
electrical substations up to 400 KV. To maintain its flagship position as a
preferred transformer supplier, the transformer plant has been upgraded to
manufacture power transformers in a dust-free and humidity-controlled
environment by air-conditioning the winding shop and installing de-
humidifiers. The sector continues to suffer from over-capacity and almost
stagnant demand. Though the Company achieved near full capacity volumes,
intense competition kept prices lower and profits muted. Government
schemes like Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for
strengthening and enhancement of sub-transmission distribution
infrastructure in rural areas, involve an increased demand for distribution
transformers in the future. In addition, the Integrated Power Development
Scheme (IPDS) for meeting the power requirements of urban areas will lead to
demand for the transformers.
Industrial Systems (Electric Motors, Drives & Automation systems and
Magnet Technology Machines) Industrial segment (60 percent of FY21 revenue) comprises of a full range of
low and medium voltage industrial motors, permanent magnet technology
machines (MTM) and AC variable drives and drive systems. The Motors
business, despite a moderate GDP growth with negative IIP – manufacture of
electrical equipment, continued its growth by enlarging product offerings,
focusing on value engineering, and deepening its geographical reach. In FY20,
the Company secured order for and successfully delivered a wide range of
motors to lift the dam gates for the Kaleshwaram Lift Irrigation Project,
currently the world’s largest multi-stage lift irrigation system. Further, The
Company's flameproof motors received the IECEx Certificate of Conformity
under the IEC Certification Scheme for Explosive Atmospheres from SGS
BASEEFA. The Drives and Automation business has been developing newer
applications with an eye on widening its sectoral reach. The MTM business
has been focusing on value engineering, and offers solutions for Indian and
export markets.
In spite of the entry of several international brands, the Company's gearless
elevator machines continue to hold a flagship position in the domestic market
and have made inroads into export markets through its overseas partner. This
vertical has also successfully developed and manufactured a range of servo
motors; these have been successfully tested at Electrical Research and
Development Association (ERDA).
Particulars
(Rs. crores)
FY21 FY20 FY19 FY18
Topline 731 929 932 774
EBITDA 37 70 61 37
EBITDA (%) 5.06 7.53 6.55 4.78
Profit after tax 26 46 42 61
PAT margin (%) 3.56 4.95 4.51 7.88
Equity share cap. 5.65 5.65 5.65 5.65
Networth 972 756 752 692
Total Debt 246 248 199 215
Debtor days 120 115 100 140
Debt/Equity (x) 0.25 0.33 0.26 0.31
EPS (Rs.) 46.09 80.69 73.49 108
P/E (x) 30 17 19 13
RoNW (%) 2.67 6.08 5.59 7.88
CMP Rs.1,391.70 (Face value: Rs. 10 )
Book value Rs. 1,721 per share
Recommendation "BUY"
Target price Rs. 1,975
Upside 41.9%
52 Week High/Low Rs. 1,514 /Rs. 650
Beta 0.58
Market Cap Rs. 786 crores
EPS (TTM)/P/E(x) Rs. 46.09/31x
NSE/BSE code BBL/503960
Bloomberg code BIJL:IN
Promoter holding 33.45%
3 year CAGR Revenue : (1.6) %, EBITDA: 3.1%, PAT :
(24.7)%
Price performance 1 month: 6.89%, 3 months: 27.14 %, YTD:
59.51%, I Year: 82.95%, 3 years: 19.13%
Source: Company
Investment recommendation and rationale
At CMP of Rs. 1,391.7, the stock is valued at P/BV of 0.81x and P/E of
30x at FY21 EPS. We recommend "BUY" with a target price of Rs. 1,975
(30x at FY22E EPS of Rs. 65.83 due to the following factors: a) likely
capex revival in power and capital goods sector with Government's
focus on investment led spending to drive growth; b) the Company is
one of the leading manufacturers of transformers in India for more
than five decades; b) BBL is the leader in 220 KV class Power
Transformers in India, c) the Company has installed 1,70,000 MVA of
Transformers and exporting to more than 26 countries, d) the
Company enjoys one of the highest rates of repeat orders in the
Transformers industry and the highest level of comfort of ownership
for its transformers; e) favourable government schemes like Deendayal
Upadhyaya Gram Jyoti Yojana (DDUGJY) and Integrated Power
Development Scheme" (IPDS) will augur well for the Company; f)
commissioned over 90 substations of 132 KV, g) 132/33KV substation
commissioned for one of the Asia's largest solar power plants, h) BBL is
domestic leader in Elevator Drive solutions, and also export its
Permanent Magnet Gearless Machines to Europe and South America
via its partner Permagsa, i) technology partnership with KEB Germany
in drives and automation segement, j) experienced promoters with
domain expertise in electrical engineering segment j) healthy balance
sheet with low debt/equity of 0.25x, k) positive operating cashflow in
last three years despite industry under pressure, l) operating
performance expected to improve going forward. We believe the
Company is poised to do well now after the sector was under pressure
due to slowdown in capex activity of Power and Capital goods sector.
Investors' Delight: Bharat Bijlee Limited (BBL) July 15, 2021
Research report written by - Akash Jain, MBA (F ---------------------------
Key segments Transformers
For more than five decades Bharat Bijlee has been one of the leading
to customers. The manufacturing and quality systems laid down when we began this business in 1955 have been consistently upgraded and augme
keeping customer needs in mind. The Company enjoys
ownership" for it transformers. BBL's design competence, manufacturing processes, testing facilities and quality assurance procedu
Bharat Bijlee to establish itself as a reputed manufacturer of 220KV class transformers upto 200 MVA range.
facilities of Routine, Heat Run and Impulse Test has reduced execution time and enabled
shortest delivery time for customized transformers. The Company has a
after-sales service. The Company has supplied transformers to all major electricity boards, power utilities, industries, business houses and EPC contractors.
It has alarge customer base both in India and abroad.
Types of Transformers
Liquid Filled Power Transformers upto 200MVA,220KV
For Power Transformers, the short circuit withstand capability is of prime importance. The Company ensures this through the adoption of a unique
clamping arrangement of the windings at accurately determined pre
withstand system transients and lightning surges are of vital importance. The insulation design and quality of materials used
withstands these stringent test requirements upto a BIL of 1050 KVP when tested in accordanc
200 MVA - 220KV class Transformer under Temperature Rise test
Source: Company
Sub-station Transformers
This type of transformer is used in sub stations to transfer the incoming voltage to the
two/three windings. In general it is equipped with On load tap changers and are connected to transmission grids by bushings a
transformer is built in core form. HV/LV windings are galvanically separated for system transformer while they are Auto connected for auto transformer.
Generator Transformers
This is a type of Power Transformer where the LV winding is connected to the generator through the bus duct and HV winding
In addition to the features of Power Transformer, our Generator Transformer is designed to withstand over voltage caused by s
the generator. It is built as a single or three phase unit and located in po
Unit Auxiliary Transformers (UAT)
The Unit Auxiliary Transformer is the Power Transformer that provides power to the auxiliary equipment of a power generating
operation. This transformer is connected directly to the generator out
of power to the generating station. It is generally a three-
UAT is equal to the main generator voltage rating. The secondary windings can have same or different voltages i.e. generally 11KV an
plant layout.
132/25 KV Single Phase Traction Transformer
This transformer is installed in a traction sub-stations along side the rail track and is used to feed 25KV AC power to railway electric locomotives.
KV winding is connected to two nominated phases of incoming three phase lines and on the secondary side, one terminal of 25 K
the traction overhead equipment while the other is solidly earthed to the running traction rails. This transformer is designed
200% for specified duration and dynamic/thermal short circuit of 0.5sec and 5 sec respectively.
, MBA (Financial Markets), Vice – President Research
For more than five decades Bharat Bijlee has been one of the leading manufacturers of transformers in India. BBL transformers offer outstanding benefits
The manufacturing and quality systems laid down when we began this business in 1955 have been consistently upgraded and augme
one of the highest rates of repeat orders in the industry and the highest level o
design competence, manufacturing processes, testing facilities and quality assurance procedu
as a reputed manufacturer of 220KV class transformers upto 200 MVA range. The effective use of SAP systems and in
facilities of Routine, Heat Run and Impulse Test has reduced execution time and enabled it to meet challenging delivery commitments.
The Company has a well established all-India marketing network that ensures responsive pre
mers to all major electricity boards, power utilities, industries, business houses and EPC contractors.
the short circuit withstand capability is of prime importance. The Company ensures this through the adoption of a unique
clamping arrangement of the windings at accurately determined pre-stress levels. For primary voltages of 132 kV and 220 kV, ability of
withstand system transients and lightning surges are of vital importance. The insulation design and quality of materials used
withstands these stringent test requirements upto a BIL of 1050 KVP when tested in accordance with national /international /client specific standards.
220KV class Transformer under Temperature Rise test
This type of transformer is used in sub stations to transfer the incoming voltage to the next voltage level. It can be system or auto transformer with
two/three windings. In general it is equipped with On load tap changers and are connected to transmission grids by bushings a
indings are galvanically separated for system transformer while they are Auto connected for auto transformer.
This is a type of Power Transformer where the LV winding is connected to the generator through the bus duct and HV winding
In addition to the features of Power Transformer, our Generator Transformer is designed to withstand over voltage caused by s
the generator. It is built as a single or three phase unit and located in power stations.
The Unit Auxiliary Transformer is the Power Transformer that provides power to the auxiliary equipment of a power generating
generator out-put by a tap-off of the isolated phase bus duct and thus becomes cheapest source
-winding transformer i.e. one primary and two separate secondary windings. Primary winding of
equal to the main generator voltage rating. The secondary windings can have same or different voltages i.e. generally 11KV an
ns along side the rail track and is used to feed 25KV AC power to railway electric locomotives.
KV winding is connected to two nominated phases of incoming three phase lines and on the secondary side, one terminal of 25 K
he traction overhead equipment while the other is solidly earthed to the running traction rails. This transformer is designed
200% for specified duration and dynamic/thermal short circuit of 0.5sec and 5 sec respectively.
manufacturers of transformers in India. BBL transformers offer outstanding benefits
The manufacturing and quality systems laid down when we began this business in 1955 have been consistently upgraded and augmented
one of the highest rates of repeat orders in the industry and the highest level of "comfort of
design competence, manufacturing processes, testing facilities and quality assurance procedures have enabled
The effective use of SAP systems and in-house
meet challenging delivery commitments. BBL maintains
India marketing network that ensures responsive pre- and
mers to all major electricity boards, power utilities, industries, business houses and EPC contractors.
the short circuit withstand capability is of prime importance. The Company ensures this through the adoption of a unique
stress levels. For primary voltages of 132 kV and 220 kV, ability of windings to
withstand system transients and lightning surges are of vital importance. The insulation design and quality of materials used, ensure that its product
e with national /international /client specific standards.
next voltage level. It can be system or auto transformer with
two/three windings. In general it is equipped with On load tap changers and are connected to transmission grids by bushings and cables. The system/auto
indings are galvanically separated for system transformer while they are Auto connected for auto transformer.
This is a type of Power Transformer where the LV winding is connected to the generator through the bus duct and HV winding to the transmission system.
In addition to the features of Power Transformer, our Generator Transformer is designed to withstand over voltage caused by sudden load throw off from
The Unit Auxiliary Transformer is the Power Transformer that provides power to the auxiliary equipment of a power generating station during its normal
off of the isolated phase bus duct and thus becomes cheapest source
winding transformer i.e. one primary and two separate secondary windings. Primary winding of
equal to the main generator voltage rating. The secondary windings can have same or different voltages i.e. generally 11KV and or 6.9KV as per
ns along side the rail track and is used to feed 25KV AC power to railway electric locomotives. The 132
KV winding is connected to two nominated phases of incoming three phase lines and on the secondary side, one terminal of 25 KV winding is connected to
he traction overhead equipment while the other is solidly earthed to the running traction rails. This transformer is designed to meet overloads up to
Research report written by - Akash Jain, MBA (F ---------------------------
Projects
Bharat Bijlee has been a key player in the country's power sector, setting standards of excellence for over seven decades. Qu
managers with years of experience in the field of electrical project management work together seamlessly t
frames. Its association with clients is comprehensive and covers all aspects of work from start to finish.
through planning, design, supply, erection, testing and commissi
inter-related activities such as analysing load and system requirements, formulating technical specifications and design parameters
the Company continues its partnership by providing technical assistance and imparting training to customers in the operation and maintena
systems.
Source: Company Electric Motors
Bharat Bijlee is one of the leading Electrical Motor manufacturers in India.
of motors suitable even for the most severe of applications. We continue to be one of the most trusted electric motors manufa
following the developments in the global regulatory environments and developing products that comply with these requirements.
comprehensive range of highly reliable and energy efficient 3 Phase AC Electrical Rotating Machine from 0.12 kW to 1250 kW.
accounts for over half the total electricity consumption, of which 60 to 70% is utilized by electric motors. This indicates t
more energy than any other application. A typical electric motor’s average lifespan ranges anywhe
raw material and manufacturing process. The operational cost of a motor is around 95% of the total life cycle cost. Minimum E
Standards (MEPS) was voluntary in the past but as per the r
induction motors that can be manufactured and sold in the country needs to be IE2 efficiency level conforming to IS standards
Electric Motor manufacturing in India, BBL has always advocated the concept of energy saving for a sustainable future. It has been
persistent endeavor to develop a wide range of motors in premium efficiency series thus rendering choice to customers to sele
energy efficient motors. The Company' expertise lies in deep understanding of various industrial applications and offering the most optimized solution
with low life cycle ownership cost. The motors are suited
screen, vibrators, centrifuges, stone crusher and many more
Magnet technology machines
From 1973 upto 2004, Bharat Bijlee manufactured elevators under the brand name Olympus, which had
2004, the Company divested the Elevator division. By leveraging
manufacturers of Permanent Magnet Gearless Machines for Elevators in India. The construction industry’s growing awareness of
environment friendliness offered a latent opportunity for innovation in the overlapping dom
applications. Bharat Bijlee’s GreenStar range of Permanent Magnet Gearless Machines are suitable for machine
maintenance free. Additionally, they offer energy savings of up to 30%.
Magnet motor technology in applications beyond elevator machines, in order to address a larger market and increasing opportun
in the long-term.
The Company's new range of SynchroTorq™ high-torque machines is suitable for Direct Drive applications. It has higher efficiency, provides significant
power saving and has no oil spillage and cleaning issues. It is powered by KEB Drive
In May 2018, its new plant for Magnet Technology Machines at its
continued domestic and export growth in its GreenStar range of elevator machines, and
Machine manufacturers going forward. The 950 sqm plant has been certified as a Green Building (Gold Standard) by IGBC (Indian Green Building Council).
The plant has clean-area facilities, line, type and reliability testing capability, and is designed to optimize material flow and handling. The production
capacity is scalable for further expansion by the modular design and layout.
, MBA (Financial Markets), Vice – President Research
Bharat Bijlee has been a key player in the country's power sector, setting standards of excellence for over seven decades. Qu
managers with years of experience in the field of electrical project management work together seamlessly to execute projects within optimum time
Its association with clients is comprehensive and covers all aspects of work from start to finish. It begins at project inception, and continues
through planning, design, supply, erection, testing and commissioning. The Company works in close cooperation with consultants and clients in various
related activities such as analysing load and system requirements, formulating technical specifications and design parameters
continues its partnership by providing technical assistance and imparting training to customers in the operation and maintena
Bharat Bijlee is one of the leading Electrical Motor manufacturers in India. Established in 1946, BBL has evolved over the decades to provide a wide range
of motors suitable even for the most severe of applications. We continue to be one of the most trusted electric motors manufa
in the global regulatory environments and developing products that comply with these requirements.
comprehensive range of highly reliable and energy efficient 3 Phase AC Electrical Rotating Machine from 0.12 kW to 1250 kW.
accounts for over half the total electricity consumption, of which 60 to 70% is utilized by electric motors. This indicates t
A typical electric motor’s average lifespan ranges anywhere between 15 to 20 years depending on the quality of
raw material and manufacturing process. The operational cost of a motor is around 95% of the total life cycle cost. Minimum E
Standards (MEPS) was voluntary in the past but as per the recent mandate by the Indian government, the minimum efficiency of 3 phase squirrel cage
induction motors that can be manufactured and sold in the country needs to be IE2 efficiency level conforming to IS standards
always advocated the concept of energy saving for a sustainable future. It has been
persistent endeavor to develop a wide range of motors in premium efficiency series thus rendering choice to customers to sele
expertise lies in deep understanding of various industrial applications and offering the most optimized solution
The motors are suited Motors suited for all applications i.e. Pumps, compressors, fans & blowers, conveyors, lifts,
screen, vibrators, centrifuges, stone crusher and many more.
From 1973 upto 2004, Bharat Bijlee manufactured elevators under the brand name Olympus, which had over 15,000 installations
By leveraging its deep understanding of elevator applications, in 20
manufacturers of Permanent Magnet Gearless Machines for Elevators in India. The construction industry’s growing awareness of
environment friendliness offered a latent opportunity for innovation in the overlapping domain of rotating machines and elevator drive engineering
of Permanent Magnet Gearless Machines are suitable for machine-room less applications and are relatively
savings of up to 30%. In 2016, the Company had decided to leverage its competencies in Permanent
Magnet motor technology in applications beyond elevator machines, in order to address a larger market and increasing opportun
torque machines is suitable for Direct Drive applications. It has higher efficiency, provides significant
power saving and has no oil spillage and cleaning issues. It is powered by KEB Drive-SCL technology without encoder.
agnet Technology Machines at its Airoli campus commenced operations. This in line with the company’s strategy for
continued domestic and export growth in its GreenStar range of elevator machines, and also to cater to new applications as Permanent Magnet Gearless
The 950 sqm plant has been certified as a Green Building (Gold Standard) by IGBC (Indian Green Building Council).
type and reliability testing capability, and is designed to optimize material flow and handling. The production
capacity is scalable for further expansion by the modular design and layout. The Company offers three product variants are offered to its
Bharat Bijlee has been a key player in the country's power sector, setting standards of excellence for over seven decades. Qualified engineers and
o execute projects within optimum time
It begins at project inception, and continues
oning. The Company works in close cooperation with consultants and clients in various
related activities such as analysing load and system requirements, formulating technical specifications and design parameters. After commissioning,
continues its partnership by providing technical assistance and imparting training to customers in the operation and maintenance of
Established in 1946, BBL has evolved over the decades to provide a wide range
of motors suitable even for the most severe of applications. We continue to be one of the most trusted electric motors manufacturers in India, closely
in the global regulatory environments and developing products that comply with these requirements. It offers a
comprehensive range of highly reliable and energy efficient 3 Phase AC Electrical Rotating Machine from 0.12 kW to 1250 kW. The industrial sector
accounts for over half the total electricity consumption, of which 60 to 70% is utilized by electric motors. This indicates that the electric motors consume
re between 15 to 20 years depending on the quality of
raw material and manufacturing process. The operational cost of a motor is around 95% of the total life cycle cost. Minimum Energy Performance
ecent mandate by the Indian government, the minimum efficiency of 3 phase squirrel cage
induction motors that can be manufactured and sold in the country needs to be IE2 efficiency level conforming to IS standards. Being a forerunner of
always advocated the concept of energy saving for a sustainable future. It has been the Company's
persistent endeavor to develop a wide range of motors in premium efficiency series thus rendering choice to customers to select from the wide range of
expertise lies in deep understanding of various industrial applications and offering the most optimized solution
ications i.e. Pumps, compressors, fans & blowers, conveyors, lifts,
over 15,000 installations across the country. In
deep understanding of elevator applications, in 2007, BBL became the first
manufacturers of Permanent Magnet Gearless Machines for Elevators in India. The construction industry’s growing awareness of energy efficiency and
ain of rotating machines and elevator drive engineering
room less applications and are relatively
In 2016, the Company had decided to leverage its competencies in Permanent
Magnet motor technology in applications beyond elevator machines, in order to address a larger market and increasing opportunities for this technology
torque machines is suitable for Direct Drive applications. It has higher efficiency, provides significant
Airoli campus commenced operations. This in line with the company’s strategy for
also to cater to new applications as Permanent Magnet Gearless
The 950 sqm plant has been certified as a Green Building (Gold Standard) by IGBC (Indian Green Building Council).
type and reliability testing capability, and is designed to optimize material flow and handling. The production
duct variants are offered to its customers:
Research report written by - Akash Jain, MBA (F ---------------------------
GreenStar: For multi-storied buildings: GreenStar from Bharat Bijlee is a new
synchronous motor. Compact modular design, light weight and low operating noise levels make it
GreenStar has outstanding torque and cogging characteristics and no oil spillage problems. Real savings in energy consumption
maintenance, contribute to a significant reduction in cost of ownership
GreenStar Mini: Home lift for bungalows: GreenStar Mini is a gearless Permanent Magnet Gearless Machine ideal for home elevators i.e. bungalows and
penthouses. It is compact and facilitates elevators with a minimum of space and civil work
a) Lifts loads up to 300 kg and travels up to 15 meters
b) Operates on single-phase 230V Drive domestic power supply
c) Manual release for brake provided
d) Insulation class F with thermistor for thermal protection
e) GreenStar Max: For high capacity loads up to 5000
carrying capacities of up to 5000 kg: the right machine for your Goods, Stretcher and Car elevators.
Drives and automation
Leveraging its expertise of over 70 years in the design, manufacture and application of motors, Bharat Bijlee offers Variable Speed Drives, and Industrial
Automation solutions. For over a decade now, Bharat Bijlee’s products and solutions pervade across the industrial automation
Industrial Drives are offered in an exclusive partnership with Karl E Brinkmann (KEB) of Germany, a world
Controllers, Servo Drives and Industrial Automation solutions. KEB drives are designed for applications
speed and response time.
Bharat Bijlee, provides a comprehensive range of KEB drives as standalone modules, or as integrated engineering systems with
(415V/ 690Volts). BBL offers KEB drives and industrial automation solutions for a variety of applications in industries such as Plastic, Textile, Machine
Tools and others. Variable speed AC drives are offered in an exclusive partnership with Karl E Brinkmann (KEB) of Germany, a world cla
AC drives, Motion controllers and Servo Drives.These drives are designed for applications demanding the best performance in accuracy, speed and
response time. Bharat Bijlee provides a comprehensive range of KEB Drives as standalone
up to 900kW (415V/ 690Volts).
KEB Servo Drive Solutions for Energy Saving in Plastic IMM, BMM & Hydraulic Press
Source: Company
DC drives continue to be used in applications where AC industr
Bharat Bijlee engineers and supplies DC drives in partnership with Sprint Electric, UK. It supplies a comprehensive range of
for the most challenging applications where DC machines are a better option.
Source: Company
, MBA (Financial Markets), Vice – President Research
GreenStar from Bharat Bijlee is a new-generation Permanent Magnet Gearless Machine for elevators powered by a
synchronous motor. Compact modular design, light weight and low operating noise levels make it especially suitable for machine room
GreenStar has outstanding torque and cogging characteristics and no oil spillage problems. Real savings in energy consumption
ost of ownership.
GreenStar Mini is a gearless Permanent Magnet Gearless Machine ideal for home elevators i.e. bungalows and
penthouses. It is compact and facilitates elevators with a minimum of space and civil work.
Lifts loads up to 300 kg and travels up to 15 meters
phase 230V Drive domestic power supply
Insulation class F with thermistor for thermal protection
ty loads up to 5000 kg capacity: Green Star Max extends its range of Permanent Magnet Gearless Machines to
carrying capacities of up to 5000 kg: the right machine for your Goods, Stretcher and Car elevators.
the design, manufacture and application of motors, Bharat Bijlee offers Variable Speed Drives, and Industrial
Automation solutions. For over a decade now, Bharat Bijlee’s products and solutions pervade across the industrial automation
Industrial Drives are offered in an exclusive partnership with Karl E Brinkmann (KEB) of Germany, a world-class manufacturer of AC Drives, Motion
Controllers, Servo Drives and Industrial Automation solutions. KEB drives are designed for applications demanding the best performance in accuracy,
Bharat Bijlee, provides a comprehensive range of KEB drives as standalone modules, or as integrated engineering systems with
rives and industrial automation solutions for a variety of applications in industries such as Plastic, Textile, Machine
Variable speed AC drives are offered in an exclusive partnership with Karl E Brinkmann (KEB) of Germany, a world cla
.These drives are designed for applications demanding the best performance in accuracy, speed and
response time. Bharat Bijlee provides a comprehensive range of KEB Drives as standalone modules or as integrated engineering systems with automation
KEB Servo Drive Solutions for Energy Saving in Plastic IMM, BMM & Hydraulic Press
DC drives continue to be used in applications where AC industrial drives are not economical or convenient. To complete its industrial drives offering,
Bharat Bijlee engineers and supplies DC drives in partnership with Sprint Electric, UK. It supplies a comprehensive range of
most challenging applications where DC machines are a better option.
generation Permanent Magnet Gearless Machine for elevators powered by a
especially suitable for machine room-less applications.
GreenStar has outstanding torque and cogging characteristics and no oil spillage problems. Real savings in energy consumption, space and routine
GreenStar Mini is a gearless Permanent Magnet Gearless Machine ideal for home elevators i.e. bungalows and
range of Permanent Magnet Gearless Machines to
the design, manufacture and application of motors, Bharat Bijlee offers Variable Speed Drives, and Industrial
Automation solutions. For over a decade now, Bharat Bijlee’s products and solutions pervade across the industrial automation pyramid. Variable speed AC
class manufacturer of AC Drives, Motion
demanding the best performance in accuracy,
Bharat Bijlee, provides a comprehensive range of KEB drives as standalone modules, or as integrated engineering systems with automation up to 900kW
rives and industrial automation solutions for a variety of applications in industries such as Plastic, Textile, Machine
Variable speed AC drives are offered in an exclusive partnership with Karl E Brinkmann (KEB) of Germany, a world class manufacturer of
.These drives are designed for applications demanding the best performance in accuracy, speed and
modules or as integrated engineering systems with automation
ial drives are not economical or convenient. To complete its industrial drives offering,
Bharat Bijlee engineers and supplies DC drives in partnership with Sprint Electric, UK. It supplies a comprehensive range of fully digital DC drives worldwide
Research report written by - Akash Jain, MBA (Financial Markets), Vice – President Research ---------------------------
Industry overview
The Global Transformer Market is estimated to reach US$80.1billion by 2025, growing at a CAGR of 6.7% from 2020 to 2025.The transformers are
electrical machines designed to transfer electricity from one circuit to another with varying voltage level. Increase in current brings increase in voltage
levels therefore transformers are designed to bring the required voltage level by setting or stepping the voltages as per the requirement. The transformers
are designed so that they can be used in the wider range and wider applications for various industrial purposes with a broader market prospects. In power
systems the transformer brings safety and efficiency by raising and lowering voltage levels as per the requirements. The use of transformers in various
industrial applications, surge in adoption of different ratings of transformer in different regions globally, rise in R&D activities and rise in industrialization
are driving the growth of the market.
Key Takeaways
1) Rise in industrialization and centralization along with surge in adoption of new flexible transformers for different industrial uses are driving the
growth of the market.
2) Electrical Transformers have wide applications like use in emergency mobile substations, prefabricated substations and others for power
generation, power transmission, power distribution in Energy and Power Utilities due to their flexible, voltage regularization and cost
effectiveness.
3) APAC is expected to dominate the global Transformer Market in the forecast period 2020-2025 owing to the rise in transmission and distribution
networks along with surge in adoption of electrical transformers for various applications.
(Source: https://www.industryarc.com/Report/18180/transformer-market.html)
The Indian transformer industry continued to witness overcapacity and fierce competition amongst market players. The industry has been stagnant over
the past several years due to the slowdown in private investment and the manufacturing sector. UDAY (Ujwal DISCOM Assurance Yojana), a Scheme for
the financial turnaround of power distribution companies (DISCOMs), was approved by the Government of India with the objective to improve operational
and financial efficiency of State DISCOMs. Many DISCOMs have not been able to adhere to the reform paths envisaged under UDAY for a variety of
reasons: tariffs not being reflective of costs; inadequate budgeting of subsidies; high aggregate technical and commercial (AT&C) losses etc. This has kept
investment in the power sector muted. The Indian electrical motors industry also showed no growth, but the Company’s initiatives to broaden its market
reach has shown results. Energy efficient motors, transportation, railways and water are sectors driving demand for electric motors.
The Indian Power & Distribution Transformers Market was valued at USD 2065.4 million in FY2020 and is anticipated to grow at a CAGR of over 6.89% in
the next six years, owing to the growing demand for power due to rapid increase in population, industrialization, and urbanization. India being the 5th
largest power producer in the world, in terms of installed capacity, is calling for an increase in the market of power & distribution transformer market.
According to the Ministry of Power, the total installed capacity of the country was 375.323 GW by the end of 2020.
Government schemes like Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for strengthening and enhancement of sub-transmission distribution
infrastructure in rural areas, involve an increased demand for distribution transformers in the future. Also, the Integrated Power Development Scheme
(IPDS) for fulfilling the power demand of urban areas add to the demand for the transformers.
The power transformers market has been segmented based on power output (5.1 to 50.0 MVA, 50.1 to 160 MVA, 160.1 to 350 MVA, Above 350 MVA) and
region wise (East, West, North, South). The distribution transformers market has been segmented based on power output (up to 100 KVA, 100.1 to 315
KVA, 315.1 to 5000 KVA) and region wise (East, West, North, South).
Major players dominating the Indian Power & Distribution Transformers Market are Toshiba Transmissions & Distribution Systems, Bharat Heavy
Electricals Limited, Crompton & Greaves Power & Industrial Solutions, ABB Hitachi India Ltd, General Electric, Transformers & Rectifiers India Ltd., Bharat
Bijlee, Voltamp Transformers.
(Source: https://www.prnewswire.com/news-releases/india-power--distribution-transformer-market-report-2021-2027-market-was-valued-at-2065-4-
million-in-fy2020-and-is-anticipated-to-grow-at-a-cagr-of-over-6-89-301258775.html)
Research report written by - Akash Jain, MBA (F ---------------------------
Shareholding pattern
One year price movement chart
Source: Tradingview
51%
, MBA (Financial Markets), Vice – President Research
33.45%
15.56%
51%
Promoters DII Public
Research report written by - Akash Jain, MBA (Financial Markets), Vice – President Research ---------------------------
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Research report written by - Akash Jain, MBA (Financial Markets), Vice – President Research ---------------------------
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