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Stock Analysis

Description

Transformers and Rectifiers (India) Limited (TARIL) is a leading Indian manufacturer of power, distribution, furnace, and specialty transformers, operating on a B2B model for power and industrial sectors.

Key Growth Triggers

Strategic receipt of an HVDC repair order from PowerGrid, positioning TARIL as a key player in advanced transformer segments.
Ongoing capacity expansion projects at Changodar and Moraiya facilities, expected to boost production capabilities.
Planned backward integration facilities for CTC, Press Board, and RIP Bushings to enhance cost efficiencies and supply chain resilience.
A strong and diversified order book of approximately ₹8,000 crore, providing significant revenue visibility for the next 18-24 months.
Management's confident outlook for achieving US$1 billion revenue target supported by industry growth and strategic initiatives.

Order Book

Closing Order Book FY26: Approximately ₹8,000 crore
Unexecuted Order Book (UEOB): Approximately ₹8,000 crore

Key Red Flags

The company successfully resolved the World Bank debarment issue.
Past supply chain disruptions related to material imports (e.g., copper conductor, CTC) have been managed, with effects noted in Q2 and Q3, but are now being resolved.

Key Dates To Watch

Commissioning of backward integration facilities and capacity expansions throughout FY27.
Future order inflows and progress on the HVDC segment.

Corporate Announcements

14th Apr 26

Impact Rating: 2

No description available.

26th Mar 26

Impact Rating: 6

Transformers and Rectifiers (India) Limited has announced the closure of its trading window for securities, effective April 1, 2026. This restriction will remain in place until 48 hours following the declaration of its audited financial results.

5th Mar 26

Impact Rating: 5

Transformers and Rectifiers (India) Ltd has updated its list of authorized Key Managerial Personnel (KMPs) to include Mr. Mehul Shah, CFO, for determining event materiality and facilitating regulatory disclosures.

5th Mar 26

Impact Rating: 7

Transformers and Rectifiers (India) Ltd has appointed Mehul Shah as its new Chief Financial Officer (CFO) and Key Managerial Personnel, effective March 5, 2026.

10th Feb 26

Impact Rating: 3

Transformers and Rectifiers (India) Ltd announced participation in Nuvama Institutional Equities' investor conference on Feb 11, 2026, confirming no price-sensitive information will be shared.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	A B B	5299.00	63.57	112334.33	0.83	409.04	-7.17	3310.72	13.69	38.65	13010.65	16.56	1766.99	408.88	15.61	16.04	0.01
2.	Siemens	3133.60	66.14	111599.28	0.38	485.40	-7.14	5171.20	16.02	15.83	17364.20	11.56	1687.44	484.90	8.44	7.46	0.01
3.	B H E L	303.55	189.24	105698.03	0.16	374.89	253.17	7511.80	14.09	4.87	29269.17	4.03	558.54	374.89	4.33	0.81	0.45
4.	CG Power & Ind	636.95	93.88	100310.87	0.20	284.44	29.76	2922.79	21.14	37.48	11069.29	12.97	1068.45	286.72	13.44	14.53	0.02
5.	Siemens Ener.Ind	2603.30	84.27	92703.55	0.00	359.60	–	2645.70	–	38.52	7826.70	19.34	1100.10	359.60	21.16	13.26	0.03
6.	Hitachi Energy	19582.00	121.81	87368.99	0.03	264.36	405.57	1832.55	17.94	19.44	6815.40	12.60	717.23	264.36	19.04	5.77	0.02
7.	GE Vernova T&D	3150.50	87.72	80685.58	0.16	299.48	107.08	1538.46	38.88	54.74	5094.78	23.87	919.85	299.48	38.67	14.76	0.01
8.	T R I L	321.20	47.81	9642.85	0.06	16.80	-60.10	428.42	-3.93	24.64	2131.57	13.70	201.71	16.80	7.50	11.01	0.27
–	Median: 37 Co.	540.25	48.8	6732.6	0.03	36.89	41.39	452.47	24.34	27.41	1522.91	13.79	169.5	45.14	6.21	11.74	0.14

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	323	365	545	153	312	511	425	500	647	325	254	446	428
Expenses	295	331	467	150	273	430	398	438	544	295	235	382	398
Operating Profit	27	34	78	4	39	80	28	63	104	30	19	64	30
Other Income	4	2	9	2	4	16	3	2	11	3	2	12	12
Profit before tax	11	18	68	-14	25	81	13	48	95	16	4	60	26
Tax %	-8%	25%	25%	-23%	26%	26%	30%	26%	20%	33%	26%	29%	34%
Net Profit	12	13	51	-11	18	60	9	36	77	11	3	42	17
EPS in Rs	0.45	0.47	1.68	-0.41	0.61	2.00	0.33	1.25	2.55	0.40	0.11	1.40	0.56

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	718	542	576	802	685	832	683	727	1,126	1,375	1,270	1,948	2,132
Expenses	680	513	544	722	627	775	637	663	1,059	1,269	1,150	1,664	1,840
Operating Profit	38	29	32	80	58	58	46	64	66	106	120	284	292
Other Income	4	3	5	8	7	12	17	10	12	12	9	36	49
Interest	25	30	36	41	43	45	44	45	42	47	50	48	47
Depreciation	9	12	13	13	15	17	18	18	15	23	23	24	24
Profit before tax	8	-10	-13	33	7	8	1	11	21	48	56	247	270
Net Profit	5	-6	-9	22	4	5	1	7	13	37	41	188	204
EPS in Rs	0.18	-0.24	-0.32	0.83	0.16	0.19	0.02	0.26	0.49	1.40	1.44	6.25	6.79
Dividend Payout %	21%	0%	0%	0%	0%	0%	0%	19%	15%	5%	7%	3%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	13	13	13	13	13	13	13	13	13	13	14	30	30
Reserves	322	315	306	304	308	314	314	321	334	369	525	1,180	1,255
Borrowings	163	150	158	204	397	256	301	254	316	323	251	260	348
Other Liabilities	287	216	283	321	337	258	273	307	411	445	341	578	608
Total Liabilities	786	693	761	842	1,056	840	902	896	1,075	1,150	1,131	2,049	2,241
Fixed Assets	144	175	167	169	176	181	172	162	150	136	127	144	138
Gross Block	184.73	228.75	234.93	182.10	204.55	225.58	234.94	241.57	244.47	249.06	263.56	304.28	–
Accumulated Depreciation	40.96	54.20	67.51	13.43	28.08	44.90	62.83	79.99	94.96	113.51	136.10	160.26	–
CWIP	26	11	11	5	11	3	2	0	3	3	5	62	92
Investments	2	6	6	6	6	7	6	6	7	6	8	284	220
Other Assets	614	502	576	661	862	650	722	728	915	1,005	991	1,559	1,790
Total Assets	786	693	761	842	1,056	840	902	896	1,075	1,150	1,131	2,049	2,241

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-33	92	33	53	-108	180	10	95	-6	27	28	99
Cash from Investing Activity	-14	-31	-3	-12	-29	-5	-11	-6	-4	6	-23	-543
Cash from Financing Activity	36	-48	-29	-60	149	-186	4	-93	20	-42	-6	444
Net Cash Flow	-11	13	0	-19	12	-11	3	-4	10	-10	-0	0

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	194	159	190	165	260	162	216	203	163	167	172	83
Inventory Days	74	132	142	109	171	98	138	131	96	82	95	106
Days Payable	136	152	200	141	196	115	156	174	126	113	90	105
Cash Conversion Cycle	131	139	132	133	235	145	199	160	133	136	177	84
Working Capital Days	163	168	158	138	251	153	74	93	61	69	114	36
ROCE %	7%	4%	5%	15%	8%	8%	7%	9%	10%	14%	14%	25%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.91%	74.91%	74.91%	74.91%	69.65%	69.65%	66.16%	66.16%	64.36%	64.36%	64.36%	64.36%
FIIs	0.00%	0.02%	0.03%	0.56%	3.48%	4.45%	8.00%	9.34%	11.08%	11.33%	10.94%	11.21%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	1.89%	6.33%	6.93%	7.68%	7.22%	6.04%	5.95%
Public	25.09%	25.07%	25.07%	24.53%	26.87%	24.00%	19.50%	17.57%	16.88%	17.07%	18.67%	18.47%

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Transformers and Rectifiers (India) Limited Board Meeting Scheduled for 21st April, 2026

15th April 2026, 1:38 am

Transformers and Rectifiers Announces Trading Window Closure

26th March 2026, 8:39 pm

Transformers and Rectifiers (India) Authorises Chief Financial Officer for Materiality Disclosures

5th March 2026, 6:45 pm

Transformers and Rectifiers (India) Ltd Appoints New CFO, Mehul Shah

5th March 2026, 6:40 pm

Transformers and Rectifiers (India) Ltd to Participate in Nuvama India Conference; No Price Sensitive Information to be Shared

10th February 2026, 9:36 pm

Published by Other Websites

External media mentions & references

Transformers India Appoints New CFO, Sets 2026 Start Date

5th March 2026, 1:55 pm

Indian Stocks Surge on Breakouts: Renaissance, Tejas, J&K Bank Lead Movers

26th February 2026, 5:46 pm

Price-Volume Breakouts Signal Momentum: Top Indian Stocks to Watch

18th February 2026, 5:47 pm

Transformers Stock Surges 12% on Record Volume, Bullish Technicals Emerge

18th February 2026, 3:12 pm

Indian Markets Soar on US Trade Pact; Breakout Stocks Surge

9th February 2026, 5:50 pm

News Articles

Editorial & research coverage

Market Movers: BHEL, Bajaj Finserv, Tata Motors CV in Focus Jan 9

9th January 2026, 7:58 am

Transformers & Rectifiers Stock Tanks 12% Despite Profit Surge

8th January 2026, 3:41 pm

Nifty Hits Record High! Discover Top 3 Stocks Surging with Massive Volume Breakouts Today!

3rd January 2026, 5:07 pm

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25th December 2025, 9:20 am

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13th December 2025, 5:23 pm

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

1d - Of Earnings Conference Call to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended on 31st …

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

2d - Earnings conference call for Q3 FY26 on Jan 8, 2026 at 4:00 PM IST, hosted by Nuvama.

Special Window For Re-Lodgement Of Transfer Requests Of Physical Shares

3 Jan - Report on SEBI special-window re-lodgement for month ended 31 Dec 2025; approvals: Nil.

Board Meeting Intimation for Pursuant To Regulation 29 Of The SEBI (LODR) Regulations, 2015 And Opening Of Trading Window

31 Dec - Board meeting on 8 Jan 2026 to approve Q3 and 9M unaudited results; trading window opens 11 Jan 2026.