From supplying emergency transformers for oxygen plants during the COVID to exporting 3000kVA units to Uganda, Ashutosh Shinde turned adversity into opportunity. Under his leadership, Digvijay Industries evolved from a 200kVA repair-focused firm into a full-scale manufacturer of solar and dry-type transformers, securing over 1500 export orders by 2025 and emerging as a key player in government electrification projects.
Ashutosh Shriram Shinde, managing director of Digvijay Industries. He completed his mechanical engineering from Savitribai Phule Pune University in 2019. The company was established in 1999 as a proprietorship firm. Shriram S Shinde, father of Ashustosh, originally founded the company under the name of High-Tech Transformers. Back then, they were only involved in the repair of electrical distribution transformers, catering mainly to utility clients like MSC-PCL and Mahavitaran.
Ashutosh realises that, during his education phase, he was passionate about mechanical and automotive engineering. Over time, he understood that even though they are working in the electrical transformer and equipment manufacturing space, the manufacturing process itself required significant mechanical engineering. That understanding led him to pursue mechanical engineering.
During his college years, he was fortunate enough to be part of a team that designed and manufactured an all-terrain vehicle (ATV) for a national competition called BAJA, which was organised by Mahindra. He shares with a smile, “Our team achieved an All India Rank of 5 for two consecutive years and also participated in an international event in Illinois, USA, where we secured 19th rank globally”. For Ashutosh, these experiences, from family and college projects, are things that he and his family deeply cherish, and he believes that they have played a huge role in shaping his thinking and the person he is today.
Respect Through Action, Not Inheritance
Ashutoh feels that being seen as a founder’s kid comes with a lot of misconceptions. So when he joined the company, he made a conscious decision. He continues, “For a month, nobody even knew I was the son of the founder. I was very particular about that”.
He adds further, “I was punctual, disciplined and intentional about earning respect based on my actions, not my surname”. He wanted people to accept him for who he was and not because of his relationship with the company, his focus was on building genuine connections with every stakeholder.
For the first one and a half to two years, he spent most of his time on the shop floor, working closely with everyone, that is, from staff to blue-collar workers. He was deeply involved in solving problems, identifying bottlenecks and getting to the root causes. According to Ashutosh, this hands-on approach helped him build professional as well as personal relationships across all levels of the company. He shares, “I believe when you’re dealing with something as intricate as a machine or a gearbox with 120 parts, and you are tasked with modifying just one part without affecting the performance or design, it’s not easy. But these kinds of challenges taught me the value of time, patience and collaboration”.
Over time, being there, every day, on the floor, during dispatches, shoulder to shoulder with the team, he earned their trust. “I never wanted them to feel I was above them, even though I was one of the owners. That’s something I’m truly proud of”, states Ashutosh with a smile.
Transforming the Digvijay Industries
Ashutosh was born in 1995, a year after his parents laid the foundation of their family business, High Tech Transformers, in 1994. Interestingly, his father, an electronics engineer and former assistant professor in Nashik, even postponed his marriage to fulfill his entrepreneurial dream. Coming from an electronics background and setting up a repair unit for electrical transformers, his father started the business with just three stakeholders and a 3,000- 4,000 sq ft workshop.
In the early years, 1994-1997, the company focused on repairing transformers up to 200kVA, primarily for rural and urban electrification. By the year 1998-99, they advanced to power transformer repairs, ranging from 2500 to 5,000 kVA. Between 2000-2002, they ventured into contract manufacturing for EMCO, producing transformers from 100 to 1600 kVA. Ashutosh shares, “The superior quality of our manufacturing led industry visitors to encourage us to launch our brand, which we eventually did”. From 2003 to 2016, they invested heavily in reverse engineering, developing in-house capabilities for critical components like core, laminations, windings, transformer oil and tanks, establishing end to end manufacturing process.
By 2016, they were the first BIS-certified transformer manufacturer in the Pune, Maharashtra region, says Ashutosh proudly. He continues, by then, they were manufacturing 200-300 transformers per month, scaling up to 600 units per month by 2017. They also actively supplied to the government tenders and from 2018-2020, they executed major projects for rural electrification, including HVDS schemes, helping reduce transmission losses and power theft.
In 2020, during the COVID crisis, the company managed to export its first batch of large transformers, which were up to 3000 kVA, to Uganda and Mozambique, especially for sugar industries.
Ashutosh joined the business in 2019 as Business Development Head and witnessed how COVID reshaped the mindsets and systems. During the pandemic, the company was operational with only three days of shutdown. Being a critical supplier for oxygen generation plants, they received special permission to operate, even housing 120 staff within their premises to ensure their safety and continued operations. They had zero layoffs and handled every need of the team, from groceries to hygiene essentials.
COVID became a turning point for the company. He shares, “We diversified into solar transformers and pursued exports while also cracking a significant deal with Kenya after ten months of effort. Since then, our export numbers have grown exponentially in Kenya”. In 2021 to 2022, they supplied about 400 units, in 2023, 700 units, in 2024, there were almost 1200 units and in 2025, they already have purchase orders for upwards of 1500 transformers.
“During 2023, we also led the way in executing projects under the RDSS, being the first in Maharashtra and among the top 5-8 in India to do so”, he says. That same year, the company also got the chance to enter the Goa market, capturing 80% market share within just one year. Now in 2024-25, they are also handling massive solar projects, with over 200 MW of transformer bookings, which is equivalent to 20 lakh kVA.
Family Values, Business Success
In 2022, Ashutosh got married to Manasi Shinde, an MBA graduate in Marketing and soon she joined the family business. He says, “Though she’s humble and does not speak much about it, Manasi has been a game changer for our organisation”. According to Ashutosh, Manasi brought a clear vision, strategic thinking and an energetic approach that helped the company move in the right direction. He further shares an instance where, under the influence of Manasi, the company doubled its revenue and team size within a year.
Ashutosh believes that while the business is growing rapidly, what truly makes it special is that it remains a family-run venture, with him, his wife Manasi, and his parents, Sriram Shinde and Ratnaprabha Shinde, all actively involved. He says, “All four of us share core values and principles, which have made working together smooth”. However, he acknowledges having different work styles and interestingly, that’s their strength. They have each taken responsibility for specific departments based on their strength, and this division has allowed each of them to lead and grow their verticals with clarity and conviction.
He adds, “Our different ways of thinking give us the advantage of looking at challenges from multiple perspectives. That’s also how we justify our company’s name, ‘Digvijay,’ which means ‘victory in all directions’—a clean, all-encompassing win”.
For Ashutosh, the team is the true strength behind the company’s achievements. He shares, “We have been blessed with a fantastic group of people, with an average age of just 32. They are the real doers—the ones who bring ideas to life every single day”.
He believes that while they may serve as guiding lights or catalysts, offering direction and support, it’s the team that truly drives the company forward. For him, employees are deeply valued, and the bond with them extends far beyond the workplace. He fondly recalls his childhood, when major festivals were celebrated not at home but at the factory, alongside the company’s employees, because he believes they must stand by their team during joyful moments as well.
As for Ashutosh’s journey, he is being connected to this company since he was a kid. He remembers visiting the plant often and the people there as his extended family. However, he shares, interestingly, despite this emotional bond, his parents once advised him against joining the industry. He explains further, “Like any protective parents, they thought the manufacturing sector was too stressful and believed I would have a better life abroad. But somewhere deep down, I always knew I’d return to the business”.
According to him, he always believed “our elders worked so hard to take us to a certain level. It would be foolish and unfair to their sacrifices if I chose to step off the path they had built, just to satisfy my ego. I couldn’t justify leaving behind what they had created. I knew I had to contribute and build further on their foundation, not just for them, but for the people who have stood by this company through thick and thin.”
Adapting to Industry Needs
The company today manufactures a wide spectrum of electrical transformers, ranging from 16 kVA to 20,000 kVA (20 MVA) with voltage levels up to 33 kV. Its product range covers standard distribution transformers for residential use, power transformers for substations, and several special-purpose units. These include furnace duty transformers for steel and induction furnaces, promoter duty transformers for sugar industries (with single input and dual outputs), and zigzag transformers that minimize harmonics in power systems.
The company also produces solar transformers that step-up voltage from solar panels to grid levels (11 kV or 33 kV) and provides fully customized solutions for clients in diverse geographies—including India, Kenya, Uganda, and Mozambique.
Looking ahead, the company is expanding into dry-type transformers, ideal for indoor, air-cooled applications. It also plans to manufacture reactors and rectifiers, essential for systems converting AC to DC. This strategic growth aims to meet evolving industry demands while reinforcing its position as a forward-looking, adaptable leader in transformer technology.
