CTR Manufacturing Industries Limited Unlisted Share Price

2. Product Portfolio

CTR offers a broad but synergistic portfolio that serves the needs of power utilities, industrial plants, warehouses, and rail infrastructure.

a) Transformer Ancillaries & Power Equipment

CTR is best known for its transformer ancillaries, supplying components to power and distribution transformer OEMs and utilities. Key products include:

• On-Load Tap Changers (OLTCs)
  • Flange-mounted OLTCs
  • In-tank OLTCs
  • Vacuum tap changers
  • Designed for voltage regulation up to 765 kV
• Transformer Accessories
  • Bushings
  • Pressed steel radiators
  • Oil surge relays
  • Breathers
  • Conservator isolation valves
• Explosion Prevention & Fire Protection Systems
  • Nitrogen Injection based Explosion Prevention and Fire Extinguishing System (EPFES)
  • Designed for oil-filled transformers & reactors
  • Installed on 13,000+ units globally

These products are used in substations, grid infrastructure, and critical power assets to enhance reliability and safety.

b) Power Quality & Capacitor Solutions

CTR has a strong presence in power quality management, helping industries optimize energy usage and protect sensitive equipment.

Key products include:

• Plastic film capacitors
• Power factor correction capacitors
• Harmonic filter reactors
• Surge suppressors
• EMI / EMC filters
• Power electronic components & custom assemblies

These are widely used in steel, cement, sugar, mining, petrochemical, and heavy manufacturing sectors for improved power factor, reduced harmonics, and voltage stability.

c) Material Handling Equipment

CTR manufactures robust material handling systems tailored for Indian industrial conditions, including:

• Battery-operated forklifts (including flame-proof models)
• Pallet trucks
• Manual, semi-electric & electric stackers
• Scissor lifts
• Drum handling equipment
• Custom lifting and warehousing aids

These products are widely used in warehousing, logistics, automotive, FMCG, e-commerce, and manufacturing.

d) Railway Maintenance & Track Equipment

CTR also serves the railway and transportation sector with specialized maintenance tools and equipment, such as:

• Hydraulic rail jack trolleys
• Overhead line (OHE) maintenance machines
• Rail joint straighteners
• Rail stressors (for track tensioning)
• Weld trimmers
• Creep adjusters

These solutions support Indian Railways and rail contractors in track maintenance, safety, and modernization.

3. Markets & Sectors Served

CTR’s offerings cater to a diversified customer base, reducing dependence on any single industry.

Key Sectors:

• Power & Electrical Infrastructure
  • Transformer OEMs
  • Power generation, transmission, and distribution utilities
  • EPC contractors for substations & grid projects
• Heavy Industry & Manufacturing
  • Steel, cement, sugar, mining, petrochemical plants
  • Large industrial consumers needing power quality solutions
• Warehousing & Logistics
  • E-commerce hubs
  • Industrial parks & logistics centers
  • Automotive and consumer goods warehouses
• Railways & Transportation
  • Indian Railways divisions
  • Rail infrastructure contractors & metro projects

CTR also supplies products internationally through associates, partners, and technology collaborations, especially in the transformer components and safety systems space.

4. Manufacturing Footprint & Locations

CTR has a strong manufacturing presence in Maharashtra, with vertically integrated facilities and testing capabilities.

Key Locations:

• Pune (Nagar Road) – Head office & primary plant
  • Manufacturing of OLTCs, transformer accessories, and control systems
  • High-voltage test lab for equipment up to 765 kV
  • R&D and engineering center
• Aurangabad (Chikalthana Industrial Area)
  • Capacitors & power electronic components manufacturing
• Nashik (MIDC Ambad)
  • Electrical and mechanical component manufacturing

Capacity & Infrastructure:

• 17 manufacturing facilities (lines/units across campuses)
• 600,000+ sq. ft. of shop floor area
• 1,200+ employees
• 10 regional sales & service offices across India (Delhi, Mumbai, Kolkata, Bengaluru, Vadodara, Jaipur, Hyderabad, etc.)

All plants are ISO-certified and equipped with modern machinery, aligning with “Make in India” for both domestic demand and exports.

5. Key Clients & Strategic Partnerships

CTR supplies to many of India’s leading transformer manufacturers and EPC players, including:

• Bharat Bijlee Ltd
• Voltamp Transformers Ltd
• Transformers & Rectifiers (India) Ltd
• Atlanta Electricals Pvt. Ltd
  … and several other OEMs and industrial customers.

No single client contributes more than ~9% of revenue, ensuring low client concentration risk.

Global Technology Collaborations:

CTR has historically partnered with international firms to access and localize advanced technologies:

• CFR, Switzerland – Technology for plastic film capacitors
• ELIN OLTC GmbH, Austria – Designs for in-tank OLTCs
• ELIN Energieversorgung, Austria – Explosion prevention & fire protection technology

These partnerships helped CTR:

• Introduce European-standard OLTCs in India
• Develop EPFES systems for transformer safety
• Build strong in-house R&D capabilities over time

CTR also invests in technical training and after-sales support, including collaboration with EBZ, Germany for skill development and a dedicated Knowledge Enhancement Institute.

6. Industry Outlook & Positioning

CTR operates across three high-opportunity verticals—power infrastructure, industrial modernization, and railway expansion.

a) Power & Transformer Ancillary Industry

• Growth driven by:
  • Grid expansion
  • Substation modernization
  • Renewable energy integration
  • Safety regulations for transformers

CTR is well-positioned as:

• A leading OLTC and transformer fire-protection supplier in India
• A beneficiary of increased power sector capex and safety norms

b) Material Handling & Warehouse Automation

• Demand rising due to:
  • E-commerce & organized logistics
  • Modern manufacturing & factory automation
  • Focus on workplace safety and efficiency

CTR’s localized manufacturing and service network give it a cost and support advantage versus imported brands.

c) Railway & Infrastructure

• Boosted by record allocations to Indian Railways and metro projects
• Increased focus on maintenance, safety, and uptime

CTR’s specialized rail maintenance tools allow it to participate in this sustained capex cycle.

Key Risks & Mitigation:

• Sector cyclicality in power and infra → Mitigated by diversification
• Competition (domestic & international) → Addressed via R&D, tech tie-ups, and quality positioning
• Working capital & receivables (utilities/EPC customers) → Managed through financial discipline and client spread