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TARIL Reports Record FY26 Revenue of ₹2,509 Cr and Robust Order Book of ₹5,000+ Cr
Transformers and Rectifiers (India) Limited (TARIL) delivered a strong FY26 performance with consolidated revenue growing 24% YoY to ₹2,509 crores and PAT reaching ₹272 crores. The company achieved its highest-ever production of 33,763 MVA and maintains a massive order book exceeding ₹5,000 crores, providing 18 months of revenue visibility. A key strategic milestone was securing an HVDC repair order from PGCIL, positioning TARIL as the first Indian player in this high-margin, technically demanding segment. Management expects backward integration initiatives to further boost margins by 150-200 basis points in the near future.
Key Highlights
Consolidated revenue for FY26 reached ₹2,509 crores, up from ₹2,019 crores in FY25.
Unexecuted order book stands at ₹5,000+ crores as of March 31, 2026, ensuring strong visibility.
Achieved record production of 33,763 MVA in FY26 compared to 29,118 MVA in the previous year.
Consolidated PAT stood at ₹272 crores with a healthy EBITDA margin of 15.4% for the full year.
Secured first-of-its-kind HVDC transformer repair order from PGCIL, paving the way for entry into the HVDC sector.
💼 Action for Investors
Investors should maintain a positive outlook given the record order book and the company's strategic entry into the high-margin HVDC segment. Monitor the progress of backward integration projects as they are expected to be the primary drivers for margin expansion in FY27.
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TARIL FY26 Revenue Up 23% to ₹2,395 Cr; Order Book Hits ₹5,005 Cr
Transformers and Rectifiers (India) Limited (TARIL) reported a strong financial performance for FY26, with annual revenue growing 23% YoY to ₹2,395 crore and PAT increasing 20% to ₹225 crore. The company's unexecuted order book has reached a record ₹5,005 crore, providing high revenue visibility for the next two years. Q4 FY26 also showed steady growth with revenue of ₹752 crore and PAT of ₹77 crore. To support future demand, TARIL has announced a significant ₹600 crore capex plan to be executed over the next 15 months.
Key Highlights
FY26 Revenue from operations grew 23% YoY to ₹2,395 crore
Full-year PAT increased 20% YoY to ₹225 crore with EBITDA at ₹370 crore
Unexecuted order book stands at ₹5,005 crore as of March 31, 2026
Planned capex of ₹600 crore over the next 15 months for capacity expansion
Strong inquiry pipeline exceeding ₹23,000 crore across domestic and international markets
💼 Action for Investors
Investors should consider the massive order book and the ₹600 crore capex as strong indicators of future growth in the power transmission space. Monitor the company's ability to maintain margins while scaling up capacity over the next 15 months.
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TARIL FY26 Revenue Grows 23% to ₹2,395 Cr; Order Book Reaches Record ₹5,005 Cr
Transformers And Rectifiers (India) Limited (TARIL) reported a strong performance for FY26, with standalone revenue growing 22.8% YoY to ₹2,395 crore and PAT increasing 20.1% to ₹225 crore. The company maintains a robust unexecuted order book of ₹5,005 crore and is currently negotiating inquiries worth over ₹23,000 crore. Management has set an ambitious target of reaching US$ 1 billion in revenue over the next three financial years, supported by a ₹600 crore capex plan for capacity expansion and backward integration. The company successfully increased its capacity to 75,000 MVA and secured a landmark HVDC repair order from PGCIL.
Key Highlights
Standalone FY26 revenue rose to ₹2,395 crore from ₹1,950 crore in FY25, a growth of 22.8%.
Unexecuted order book stands at ₹5,005 crore as of March 31, 2026, with FY26 order inflows of ₹2,374 crore.
Management plans ₹600 crore capex over the next 15 months to achieve 100% backward integration by Q1 FY28.
Total manufacturing capacity reached 75,000 MVA across three plants following recent expansions.
Secured a prestigious ₹473 crore order from GETCO and a first-of-its-kind HVDC repair order from PGCIL.
💼 Action for Investors
Investors should focus on the company's ability to execute its massive ₹5,005 crore order book and the margin benefits expected from the upcoming 100% backward integration. The ambitious US$ 1 billion revenue target and entry into high-tech HVDC repairs suggest significant long-term growth potential in the power infrastructure space.
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TARIL FY26 Net Profit Rises 20% to ₹225.4 Cr; Recommends ₹0.25 Final Dividend
Transformers And Rectifiers (India) Limited (TARIL) reported a strong financial performance for FY26, with annual revenue from operations growing 22.8% year-on-year to ₹2,395.49 crore. Net profit for the full year increased by 20.2% to ₹225.43 crore, up from ₹187.57 crore in FY25. On the back of these results, the board has recommended a final dividend of ₹0.25 per equity share. Additionally, the company has re-appointed Rajendra S. Shah as an Independent Director for a five-year term starting May 2026.
Key Highlights
Annual Revenue from Operations increased to ₹2,395.49 crore in FY26 from ₹1,950.14 crore in FY25.
Net Profit for the full year grew 20.2% YoY to reach ₹225.43 crore.
Board recommended a final dividend of ₹0.25 per equity share (25% of face value).
Full-year Basic and Diluted EPS improved to ₹7.51 from ₹6.31 in the previous fiscal.
Q4 FY26 revenue stood at ₹752.33 crore, representing a 16.2% growth over the same quarter last year.
💼 Action for Investors
The consistent growth in both top-line and bottom-line figures, coupled with a dividend payout, indicates healthy operational momentum. Investors should maintain a positive outlook on the stock, focusing on the company's ability to scale in the power infrastructure segment.
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TARIL to Meet Top Institutional Investors at Nuvama India Conference
Transformers And Rectifiers (India) Limited (TARIL) has scheduled a series of high-profile investor meetings on February 11, 2026, at the Nuvama India Conference in Mumbai. The company will engage in one-on-one sessions with major global firms including Goldman Sachs Asset Management, Fidelity Management and Research, and William Blair. Additionally, two large group meetings are scheduled with over 40 institutional participants such as ICICI Prudential, Nippon Life, and Tata Asset Management. While the company stated no new price-sensitive information will be shared, the extensive list of participants indicates strong institutional interest in the stock.
Key Highlights
Scheduled 1-on-1 meetings with 4 major global entities: William Blair, Goldman Sachs, Miras Investments, and Fidelity.
Participation in two large-scale group meetings involving over 40 domestic and international institutional investors.
Key domestic participants include ICICI Prudential AMC, Nippon Life Insurance, Invesco Mutual Fund, and Motilal Oswal AMC.
The conference is organized by Nuvama Institutional Equities and held at Grand Hyatt, Mumbai on February 11, 2026.
Company confirms that no unpublished price sensitive information (UPSI) or formal presentations will be shared.
💼 Action for Investors
Investors should monitor for any subsequent analyst reports or rating changes that often follow such large-scale institutional interactions. The high level of interest from top-tier global and domestic funds suggests strong market confidence in TARIL's growth trajectory.
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TARIL Q3 FY26: Revenue hits ₹737 Cr, EBITDA margin at 16.2% with ₹8,000 Cr order book target
Transformers And Rectifiers (India) Limited reported a strong Q3 FY26 with consolidated revenue reaching ₹737 crores and a robust EBITDA margin of 16.19%. The company maintained its full-year FY26 guidance of ₹2,600 crores in revenue with margins between 16-17%, supported by a current order book of ₹5,500 crores. A significant strategic milestone was achieved as TARIL became the first Indian origin company to receive an HVDC repair order from PowerGrid, enhancing its technological profile.
Key Highlights
Consolidated revenue for Q3 FY26 stood at ₹737 crores with a PAT of ₹76 crores.
EBITDA margins expanded to 16.19% due to better operating leverage and execution of high-margin projects.
Order book currently stands at ₹5,500 crores, with management targeting ₹8,000 crores by the end of the fiscal year.
Six backward integration facilities are under development, with the CTC plant and Press Board facility slated for FY27 commissioning.
The company is targeting a long-term revenue goal of $1 billion (₹8,000 crores) by FY28-29.
💼 Action for Investors
Investors should view the margin expansion and the entry into the high-tech HVDC segment as strong positive indicators of long-term value creation. Monitor the timely commissioning of backward integration plants in FY27 as they are critical for maintaining the 16%+ EBITDA margin trajectory.
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TARIL CEO Mukul Srivastava Resigns Effective January 7, 2026
Transformers And Rectifiers (India) Limited (TARIL) has announced the resignation of Mr. Mukul Srivastava from the position of Chief Executive Officer (CEO). The resignation, cited due to personal circumstances, became effective at the close of business hours on January 7, 2026. Mr. Srivastava had submitted his resignation letter earlier on November 18, 2025, allowing for a transition period. Investors should now look for the company's announcement regarding a successor to lead the executive team.
Key Highlights
Mr. Mukul Srivastava resigned as CEO effective from the close of business hours on January 7, 2026.
The resignation letter was originally dated November 18, 2025, indicating a planned exit.
The reason provided for the departure is personal circumstances.
The company officially notified the stock exchanges on January 8, 2026, following the effective date.
💼 Action for Investors
Investors should monitor the company's upcoming announcements for the appointment of a new CEO to ensure leadership continuity. Evaluate if the change in top management impacts the company's ongoing expansion plans or operational efficiency.
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TARIL Q3 FY26 Results: PAT Up 37% YoY to ₹76 Cr; Order Book Reaches ₹5,450 Cr
Transformers And Rectifiers (India) Limited (TARIL) reported a strong Q3 FY26 performance with consolidated revenue growing 32% YoY to ₹736.76 crore. Profit After Tax (PAT) increased by 37% to ₹76 crore, driven by improved operational efficiencies and a higher EBITDA margin of 17.54%. The company's unexecuted order book remains robust at ₹5,450 crore, supported by a massive inquiry pipeline exceeding ₹16,500 crore. Management has reiterated a confident revenue target of ₹2,600 crore for the full financial year 2025-26.
Key Highlights
Consolidated Revenue increased 32% YoY to ₹736.76 Cr, while PAT rose 37% YoY to ₹76 Cr.
EBITDA margins expanded to 17.54% from 16.76% in the previous year's quarter.
Unexecuted Order Book stands at ₹5,450 Cr with new order inflows of ₹665 Cr during Q3.
Massive inquiry pipeline of ₹16,500+ Cr indicates strong future demand in power and industrial sectors.
Successfully entered the HVDC transformer landscape and exported a record-breaking 220/253 MVA EAF transformer.
💼 Action for Investors
Investors should take note of the significant margin expansion and the massive inquiry pipeline which provides high revenue visibility. The company's successful entry into high-value HVDC and export markets suggests a transition toward higher-margin specialized products.
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TARIL Q3 Net Profit Jumps 40% YoY to ₹71 Cr; MD Satyen Mamtora Appointed as CEO
Transformers And Rectifiers (India) Ltd (TARIL) reported a strong financial performance for the quarter ended December 31, 2025, with standalone revenue rising 29% YoY to ₹704.21 crore. Net profit surged 40.6% YoY to ₹71.03 crore, while sequential growth was even more impressive, with profits rising over 300% from ₹16.80 crore in Q2 FY26. The company also announced that Managing Director Satyen J. Mamtora will take on the additional role of CEO following the resignation of Mukul Srivastava. Despite higher employee costs due to ESOPs and new labor code adjustments, the company maintained robust profitability.
Key Highlights
Standalone Revenue from Operations grew 29% YoY to ₹704.21 crore in Q3 FY26.
Net Profit increased by 40.6% YoY to ₹71.03 crore from ₹50.51 crore in Q3 FY25.
Sequential Net Profit saw a massive jump of 322% compared to ₹16.80 crore in Q2 FY26.
CEO Mukul Srivastava resigned effective Jan 7, 2026; MD Satyen J. Mamtora appointed as MD & CEO.
Recognized ₹2.79 crore as ESOP expense and accounted for gratuity liability under New Labour Codes.
💼 Action for Investors
The strong sequential and year-on-year growth reflects high execution momentum in the power equipment sector. Investors should view the leadership transition as stable since the MD is taking over, but should monitor the impact of rising raw material costs and labor code changes on future margins.
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TARIL Q3 FY26 Net Profit Rises 40% YoY to ₹71 Cr; MD Satyen Mamtora Appointed as CEO
Transformers And Rectifiers (India) Ltd (TARIL) reported a strong financial performance for Q3 FY26, with standalone net profit rising 40.6% YoY to ₹71.03 crore. Revenue from operations grew 29% YoY to ₹704.21 crore, showing a significant recovery from the previous quarter's ₹428.42 crore. Alongside the results, the company announced that Managing Director Satyen J. Mamtora will take on the additional role of CEO following the resignation of Mukul Srivastava. For the nine-month period ending December 2025, the company has already surpassed previous year profits, reaching ₹147.98 crore.
Key Highlights
Standalone Revenue from Operations increased 29% YoY to ₹704.21 crore in Q3 FY26.
Net Profit surged 40.6% YoY to ₹71.03 crore, with a massive sequential jump from ₹16.80 crore in Q2 FY26.
Profit Before Tax (PBT) for the quarter stood at ₹95.97 crore compared to ₹67.74 crore in Q3 FY25.
Managing Director Satyen J. Mamtora appointed as CEO effective January 8, 2026, following the resignation of Mukul Srivastava.
9M FY26 Net Profit reached ₹147.98 crore, up from ₹110.99 crore in the same period last year.
💼 Action for Investors
The strong sequential and year-on-year growth indicates robust execution and demand in the power equipment sector; investors should view the leadership consolidation under the MD as a move toward streamlined management.
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TARIL secures order of ₹53.33 Cr from Power Grid Corporation
Transformers and Rectifiers (India) Limited (TARIL) has secured an order worth ₹53.33 Cr from Power Grid Corporation of India Limited. The order involves repair, erection, testing, and commissioning of a 397 MVA HVDC Converter Transformer. This order positions TARIL as the first Indian origin private sector company to receive such an order, entering a unique club of HVDC transformer manufacturers. The delivery of the transformers is expected by the next financial year.
Key Highlights
Order value: ₹53.33 Cr
Order from: Power Grid Corporation of India Limited
Involves: 397 MVA HVDC Converter Transformer
Delivery by: Next financial year
💼 Action for Investors
This order signifies TARIL's entry into the HVDC transformer market, a rapidly growing segment in India. Investors should monitor the company's execution of this order and its ability to secure further HVDC contracts.