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34 announcements match the current filters (relevance ≥ 5).
Q2FY27 PAT surges 338% YoY to ₹75 Cr; Order book expands to ₹7,237 Cr
Transformers And Rectifiers (India) reported strong standalone financial results for Q2FY27, with revenue growing 66% YoY to ₹709.04 crore and net profit jumping 338% YoY to ₹75.06 crore. Operating profitability improved significantly as EBITDA margin expanded 736 bps YoY to 16.1% due to operating leverage and improved capacity utilisation. Order intake for the quarter rose 97% YoY to ₹1,169 crore, pushing the unexecuted order book to ₹7,237 crore, which represents approximately 2.8x TTM revenue. Additionally, ongoing capacity expansion at Changodar is nearing completion, with commercial production slated around Diwali.
Confidence: HIGH
What changedTARIL delivered a sharp operating turnaround in Q2FY27 with PAT growing 338% YoY and operating margins recovering to 16.1%.
Why it mattersThe unexecuted order backlog of ₹7,237 crore (~2.8x TTM revenue) and a ₹21,000 crore inquiry pipeline offer strong multi-year revenue visibility, while expanding capacity supports future volume growth.
Q2FY27 Revenue: ₹709.04 croreQ2FY27 PAT: ₹75.06 croreEBITDA Margin: 16.1%Unexecuted Order Book: ₹7,237 croreOrder Book vs TTM Revenue: ~283.6%
📅 Short termStrong operational beat and margin recovery to 16%+ are likely to be viewed favorably in upcoming trading sessions.
📈 Long termSubstantial order backlog executable over 18-24 months combined with upcoming plant capacity expansion supports structural revenue visibility in India's power transmission upcycle.
⚠ Risk flags
- Execution delays or dispatch holdups due to PSU customer site readiness
- Dependence on raw material volatility for fixed-margin commitments
Key Highlights
Standalone Revenue from Operations rose 66% YoY to ₹709.04 crore in Q2FY27
Standalone PAT increased 338% YoY to ₹75.06 crore, with EBITDA margin expanding by 736 bps to 16.1%
Order inflow reached ₹1,169 crore during Q2FY27, up 97% YoY
Unexecuted order book stood at ₹7,237 crore as on 30 September 2026, executable over 18–24 months
Bidding inquiry pipeline under negotiation stands at approximately ₹21,000 crore (historical win ratio 10%-15%)
👀 What to Watch
Track the commissioning and commercial ramp-up of the Changodar manufacturing facility around Diwali, alongside the execution conversion pace of the ₹7,237 crore order backlog in H2FY27.
TARIL Standalone Q2 Revenue Jumps 65% YoY to ₹709 Cr, Net Profit Surges to ₹75 Cr
Transformers And Rectifiers (India) reported strong standalone financial results for Q2 FY27 (quarter ended September 30, 2026), with revenue from operations surging 65.5% YoY to ₹709.04 Cr from ₹428.42 Cr in Q2 FY26. Standalone profit before tax rose sharply to ₹98.68 Cr from ₹25.61 Cr in the prior-year quarter, while net profit grew over 340% YoY to ₹75.01 Cr. For H1 FY27, revenue reached ₹1,268.32 Cr with net profit standing at ₹124.88 Cr, reflecting strong execution momentum against its order pipeline.
Confidence: HIGH
What changedSubmission of the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026.
Why it mattersDemonstrates robust revenue acceleration and expanding margins driven by higher execution volumes and operating leverage in the transformer sector.
Q2 Standalone Revenue: ₹709.04 CrQ2 Standalone Net Profit: ₹75.01 CrH1 Standalone Revenue: ₹1268.32 CrCapital Work-in-Progress: ₹266.23 CrQ2 Revenue vs TTM Revenue: ~27.8%
📅 Short termStrong sequential and YoY earnings growth is likely to be viewed favourably by the market in the near term.
📈 Long termStructural tailwinds in the power transmission and grid equipment space remain supportive as the company ramps up ongoing capex and executes high-value orders.
⚠ Risk flags
- High working capital intensity with trade receivables at ₹825.43 Cr and inventories at ₹651.24 Cr
- Customer site readiness delays typically associated with large PSU clients
Key Highlights
Standalone revenue from operations for Q2 FY27 stood at ₹709.04 Cr, up 65.5% YoY compared to ₹428.42 Cr in Q2 FY26
Standalone net profit for the quarter rose to ₹75.01 Cr, compared to ₹16.80 Cr in Q2 FY26 and ₹49.87 Cr in Q1 FY27
H1 FY27 net cash generated from operating activities was ₹48.06 Cr versus ₹89.77 Cr in H1 FY26
Capital work-in-progress increased significantly to ₹266.23 Cr as of September 30, 2026, up from ₹137.80 Cr as of March 31, 2026
👀 What to Watch
Monitor working capital requirements and delivery timelines on PSU orders, as well as the progress of the ongoing plant capacity expansion reflected in the elevated capital work-in-progress.
TARIL Reports Q2 Consolidated PAT Up 117% YoY to ₹81 Cr; Order Book Reaches ₹7,237 Cr
Transformers And Rectifiers (India) Limited released its Q2FY27 investor presentation, reporting consolidated revenue growth of 61% YoY to ₹739 crore and a 117% YoY increase in consolidated net profit to ₹81 crore. EBITDA margin expanded to 17.4% from 12.8% in Q2FY26, driven by higher capacity utilization and operating leverage. The company secured ₹3,283 crore in new orders during the period, expanding its unexecuted order book to ₹7,237 crore (approx. 2.8x TTM revenue of ₹2,552 crore). Additionally, management highlighted an active inquiry pipeline under negotiation of ₹21,000 crore.
Confidence: HIGH
What changedTARIL published its Q2 and H1 FY27 earnings presentation detailing robust operational and financial performance, significant order book additions, and entry into the nuclear sector via NPCIL.
Why it mattersThe order book of ₹7,237 crore provides nearly 3 years of revenue visibility relative to TTM revenue, while expanding operating margins show operating leverage from its 75,000 MVA capacity.
Consolidated Q2 Revenue: ₹739 crConsolidated Q2 PAT: ₹81 crUnexecuted Order Book: ₹7,237 crOrder Book vs TTM Revenue: ~283.6%Inquiry Pipeline: ₹21,000 cr
📅 Short termEarnings results demonstrate sharp operational acceleration and margin expansion, which should support sentiment ahead of the post-earnings conference call.
📈 Long termSubstantial order visibility, entry into nuclear transformers, and a large bidding pipeline position TARIL well to capitalize on power grid capex and renewable integration.
⚠ Risk flags
- Raw material price volatility and availability
- Execution delays driven by customer site unreadiness (especially PSU contracts)
Key Highlights
Consolidated revenue from operations grew 61% YoY to ₹739 crore in Q2FY27
Consolidated PAT rose 117% YoY to ₹81 crore with margins improving to 11.0%
Consolidated EBITDA surged 119% YoY to ₹129 crore (17.4% margin vs 12.8% in Q2FY26)
Unexecuted order book stood at ₹7,237 crore as of September 30, 2026, up 32% YoY
Inflows of ₹3,283 crore secured in H1FY27, alongside an inquiry pipeline of ₹21,000 crore
👀 What to Watch
Track the execution pace of the ₹7,237 crore order book over the next 18-24 months and monitor customer site clearances, particularly with PSU utilities.
TARIL Standalone Q2 FY27 PAT Jumps 346% YoY to Rs 75.01 Cr; Revenue Up 65.5% to Rs 709 Cr
Transformers And Rectifiers (India) reported strong standalone financial results for Q2 ended September 30, 2026, with revenue from operations growing 65.5% YoY to Rs 709.04 Cr compared to Rs 428.42 Cr in Q2 FY26. Standalone net profit for the quarter rose sharply by 346.5% YoY to Rs 75.01 Cr from Rs 16.80 Cr in the year-ago period. For H1 FY27, revenue reached Rs 1,268.32 Cr (up 35.1% YoY) and net profit rose to Rs 124.88 Cr against Rs 76.95 Cr. Capital work-in-progress significantly expanded to Rs 266.23 Cr as of September 30, 2026, compared to Rs 137.80 Cr as of March 31, 2026, reflecting ongoing capacity expansion.
Confidence: HIGH
What changedTARIL announced its Q2 and H1 FY27 financial results showing strong operational scale-up, and incorporated a UK subsidiary (Maxwell Grid Transformers Private Limited).
Why it mattersDemonstrates robust revenue execution and significant margin expansion, validating strong demand and execution capabilities in the power transmission sector.
Q2 Standalone Revenue: Rs 709.04 CrQ2 Standalone PAT: Rs 75.01 CrH1 Standalone Revenue: Rs 1,268.32 CrH1 Standalone PAT: Rs 124.88 CrCWIP as of Sep 30, 2026: Rs 266.23 CrQ2 Revenue vs TTM Revenue: ~27.8%
📅 Short termMarket sentiment should react positively to the strong operational beat with quarterly revenue crossing Rs 700 Cr and net profit surging over fourfold YoY.
📈 Long termHigher execution volume along with the ongoing doubling of CWIP indicates ongoing capacity additions that support long-term revenue growth goals.
⚠ Risk flags
- Higher working capital requirements, with inventories rising to Rs 651.24 Cr
- Net operating cash flow moderated to Rs 48.06 Cr in H1 FY27 vs Rs 89.77 Cr in H1 FY26 due to working capital changes
Key Highlights
Standalone Q2 FY27 revenue from operations jumped 65.5% YoY to Rs 709.04 Cr
Standalone Net Profit for Q2 FY27 grew 346.5% YoY to Rs 75.01 Cr vs Rs 16.80 Cr in Q2 FY26
Basic EPS for Q2 FY27 rose to Rs 2.50 compared to Rs 0.56 in Q2 FY26
H1 FY27 standalone revenue reached Rs 1,268.32 Cr with net profit at Rs 124.88 Cr
Capital work-in-progress increased to Rs 266.23 Cr from Rs 137.80 Cr as of March 31, 2026
👀 What to Watch
Track capacity expansion progress at the Moraiya plant (reflected in CWIP rising to Rs 266.23 Cr) and monitor H2 execution against management's stated target run-rate.
TARIL Wins 'Large Order' (₹100-500 Cr) from GETCO for Shunt Reactors & Transformers
Transformers And Rectifiers (India) Limited (TARIL) has secured a domestic contract from Gujarat Energy Transmission Corporation Limited (GETCO). The project entails manufacturing and supply of 80 MVAR and 125 MVAR Shunt Reactors as well as 500 MVA Auto Transformers. As per TARIL's disclosure classification, the contract is classified as a 'Large Order', which corresponds to an order value between ₹100 Cr and ₹500 Cr (representing ~3.9% to 19.6% of TTM revenue of ₹2,552 Cr). The order is scheduled for delivery over a period of 24 to 30 months.
Confidence: HIGH
What changedTARIL bagged a new domestic manufacturing and supply contract classified between ₹100 Cr and ₹500 Cr from GETCO.
Why it mattersAdds ₹100-500 Cr to TARIL's unexecuted order book, supporting growth visibility in high-margin shunt reactors and auto transformers.
Contract classification: Large Orders (Rs. 100 Cr to Rs. 500 Cr)Estimated order vs TTM revenue: ~3.9% to 19.6%Execution timeline: 24 to 30 MonthsShunt Reactor ratings: 80 MVAR, 125 MVARAuto Transformer rating: 500MVA
📅 Short termPositive sentiment driver for the stock as order inflows reinforce the company's bid-pipeline conversion, though actual revenue recognition will be spread over up to 30 months.
📈 Long termAligns with the company's targeted focus on high-voltage equipment and Shunt Reactors, aiding revenue targets and operating margin stability.
⚠ Risk flags
- Extended delivery schedule of 24-30 months exposes execution to raw material cost inflation
- Customer site readiness risks inherent to PSU/state utility contracts
Key Highlights
Received domestic order from Gujarat Energy Transmission Corporation Limited (GETCO)
Contract classified as 'Large Order', indicating a value between ₹100 Cr and ₹500 Cr
Scope covers manufacturing and supply of 80 MVAR, 125 MVAR Shunt Reactors and 500MVA Auto Transformers
Delivery timeline scheduled within 24 to 30 months
👀 What to Watch
Track execution progress and dispatch schedules over the 24-30 month delivery window, particularly monitoring customer site readiness which has historically deferred PSU order deliveries.
TARIL Wins Domestic Order Ranging Rs 100-500 Cr from Damodar Valley Corporation
Transformers And Rectifiers (India) Limited (TARIL) has received an order from Damodar Valley Corporation for the manufacturing and supply of 500 MVA and 200 MVA Auto Transformers. The contract is classified under the company's 'Large Orders' bracket, placing its value between Rs 100 Cr and Rs 500 Cr (representing ~4% to 20% of TTM revenue of Rs 2,552 Cr). Execution is scheduled over a timeline of 15 to 28 months, adding to the company's existing unexecuted order book.
Confidence: HIGH
What changedTARIL secured a new domestic transformer supply contract from Damodar Valley Corporation within the Rs 100 Cr to Rs 500 Cr bracket.
Why it mattersProvides revenue visibility for the next 15 to 28 months, accounting for roughly 4% to 20% of TARIL's TTM revenue and strengthening its PSU client portfolio.
Order Size Category: Rs. 100 Cr to Rs. 500 CrExecution Period: 15 to 28 MonthsEquipment Ratings: 500MVA and 200 MVA Auto TransformersEstimated Order vs TTM Revenue: ~3.9% to ~19.6%
📅 Short termLikely to support market sentiment positively as an order inflow continuation, though the exact contract value within the band was not specified.
📈 Long termReinforces TARIL's market position as a key supplier of high-capacity auto transformers in India's transmission infrastructure expansion over the 15-28 month execution cycle.
⚠ Risk flags
- Execution risks related to PSU site readiness, which historically caused deferrals
- Exact contract value is given only as a range (Rs 100 Cr to Rs 500 Cr)
Key Highlights
Order awarded by domestic entity Damodar Valley Corporation
Scope includes manufacturing and supply of 500MVA and 200 MVA Auto Transformers
Order size categorized as 'Large Orders', indicating a value between Rs 100 Cr and Rs 500 Cr
Execution timeline spans within 15 to 28 months
👀 What to Watch
Track execution progress and dispatch schedules over the next 15 to 28 months, alongside quarterly disclosures to confirm whether delivery timelines remain free of customer site-readiness delays.
TARIL Enters Nuclear Sector with MEIL Order for NPCIL's 1,400 MW Kaiga Units 5 & 6
Transformers And Rectifiers (India) Limited (TARIL) has secured a landmark order from Megha Engineering and Infrastructures Limited (MEIL) for the supply of Generator Transformers for NPCIL's Kaiga Units 5 & 6 in Karnataka. This order marks TARIL's strategic entry into India's nuclear power equipment segment. The Kaiga project comprises two indigenous 700 MWe Pressurised Heavy Water Reactors adding 1,400 MW generation capacity. While the exact contract value was not disclosed, this win validates the company's high-voltage engineering credentials in a sector with strict qualification barriers.
Confidence: HIGH
What changedTARIL has expanded into the nuclear power sector by winning an order to supply generator transformers for NPCIL's 1,400 MW Kaiga expansion.
Why it mattersQualifying for and winning nuclear power projects establishes critical technical credentials, opening access to high-margin, high-entry-barrier power equipment opportunities.
Project Generation Capacity: 1,400 MW (2 x 700 MWe)Order Value: not disclosedTTM Revenue (Context): ₹2,552 Cr
📅 Short termPositive sentiment driver as the order confirms technical pre-qualification for critical national nuclear infrastructure.
📈 Long termPositions TARIL favorably for upcoming tenders in India's indigenous 700 MWe PHWR fleet expansion, potentially lifting product mix towards higher-margin specialized transformers.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Order value not disclosed in the release
- Nuclear projects carry stringent quality checks and execution schedules subject to site readiness
Key Highlights
Secured first-ever nuclear power sector order from MEIL for NPCIL's Kaiga Units 5 & 6 project
Project covers electrical evacuation infrastructure for two 700 MWe PHWR units totaling 1,400 MW capacity
Scope includes the manufacturing and supply of critical Generator Transformers and Reactors
Exact contract value not disclosed in the press release
👀 What to Watch
Track execution timelines and monitor future quarterly order intake disclosures to gauge the financial sizing and margin profile of nuclear sector contracts.
TARIL Secures First Nuclear Sector Order for NPCIL's 1,400 MW Kaiga Units 5 & 6 Project
Transformers And Rectifiers (India) Limited (TARIL) has marked its strategic entry into India's nuclear power sector by securing an order for Generator Transformers for NPCIL's Kaiga Units 5 & 6 in Karnataka. The order was received via EPC contractor Megha Engineering and Infrastructures Limited (MEIL) for two 700 MWe Pressurised Heavy Water Reactors (total 1,400 MW capacity). While the exact commercial value was not disclosed, this win validates TARIL's high-voltage engineering credentials in critical national infrastructure.
Confidence: HIGH
What changedTARIL expanded its operational addressable market by securing its first equipment supply contract in the domestic nuclear power sector.
Why it mattersEntering the nuclear sector qualifies TARIL for high-barrier, critical infrastructure tenders, expanding its pipeline beyond conventional thermal, hydro, and renewable power projects.
Project Generation Capacity: 1,400 MW (2 x 700 MWe)Order Value: not disclosedTTM Revenue (Context): Rs 2552 Cr
📅 Short termPositive sentiment driver as the order establishes pre-qualification credentials in nuclear infrastructure.
📈 Long termEnhances TARIL's competitive positioning to bid for equipment in India's expanding 700 MWe indigenous PHWR fleet.
⚠ Risk flags
- Order value not quantified in the disclosure
- Customer/project site readiness delays common in large PSU nuclear infrastructure
Key Highlights
Marks TARIL's first-ever order in India's nuclear power generation segment
Scope includes Generator Transformers for two indigenous 700 MWe PHWR units (total 1,400 MW capacity)
Contract received via Megha Engineering and Infrastructures Limited (MEIL) for NPCIL's Kaiga site in Karnataka
Commercial order value was not disclosed in the press release
👀 What to Watch
Track subsequent disclosures on the order execution timeline, margin profile, and total order intake additions in the upcoming quarterly updates.
TARIL Secures Large Transformer Order Worth Rs 100-500 Cr from MEIL
Transformers And Rectifiers (India) Limited (TARIL) has received a domestic purchase order from Megha Engineering and Infrastructures Limited (MEIL) for manufacturing transformers and related work. Under the company's internal disclosure policy, the contract is classified as a 'Large Order', indicating an order value between Rs 100 Cr and Rs 500 Cr (approximately 3.9% to 19.6% of TTM revenue of Rs 2,552 Cr). The order is scheduled for delivery over the next 35 months, adding steady long-term visibility to TARIL's order book.
Confidence: HIGH
What changedTARIL received a domestic purchase order for transformers from MEIL falling in the Rs 100-500 Cr band.
Why it mattersProvides multi-year revenue visibility and adds to TARIL's existing order book of Rs 5,472 Cr, supporting its 25% target growth trajectory.
Order value classification: Rs 100 Cr to Rs 500 CrExecution schedule: within next 35 MonthsOrder vs TTM revenue: 3.9% to 19.6%Counterparty: Megha Engineering and Infrastructures Limited (MEIL)
📅 Short termPositive for sentiment as it demonstrates sustained order inflow momentum in high-voltage power equipment.
📈 Long termSolidifies order book execution pipeline across the next 3 fiscal years alongside ongoing capacity expansion.
⚠ Risk flags
- Exact contract value not specified within the broad Rs 100-500 Cr bracket
- Long execution tenure (35 months) may carry raw material price or margin risk if cost-escalation terms are limited
Key Highlights
Order size categorized as 'Large Order', corresponding to Rs 100 Cr to Rs 500 Cr
Awarded by domestic infrastructure client Megha Engineering and Infrastructures Limited (MEIL)
Execution timeline scheduled within the next 35 months
Contract value represents between ~3.9% and ~19.6% of TARIL's TTM revenue of Rs 2,552 Cr
👀 What to Watch
Track execution progress and margin delivery across upcoming quarterly results, particularly given the 35-month execution cycle relative to the company's stated policy of keeping order windows within 18 months to protect margins.
TARIL seeks shareholder nod to reallocate Rs 500 Cr QIP proceeds and extend deployment timeline
Transformers And Rectifiers (India) Limited (TARIL) has issued a Postal Ballot notice seeking shareholder approval to reallocate proceeds from its Rs 5,000.00 million (Rs 500 Cr) Qualified Institutions Placement (QIP) raised in June 2024. As of June 30, 2026, the company has deployed Rs 3,547.49 million and has Rs 1,452.51 million unutilised. The proposed revision raises the allocation for capex and backward integration from Rs 1,450.00 million to Rs 1,616.32 million, while extending the overall utilisation timeline to March 31, 2027. The resolution also addresses a deviation flagged by the Monitoring Agency regarding general corporate purpose spending exceeding 25% of gross proceeds.
Confidence: HIGH
What changedTARIL is revising object-wise limits for its Rs 500 Cr QIP to reallocate more funds into capex and extend the final deployment deadline to March 31, 2027.
Why it mattersThe reallocation directs Rs 166.32 million more towards capex and backward integration while regularising procedural deviations flagged by the monitoring agency.
Total QIP proceeds: Rs 5,000.00 millionUnutilised QIP proceeds: Rs 1,452.51 millionRevised Capex allocation: Rs 1,616.32 millionRevised completion timeline: 31st March, 2027QIP size vs Net Worth: ~34.7%
📅 Short termShareholders will vote on the special resolution via remote e-voting closing September 28, 2026; procedural approval is typically routine.
📈 Long termEnsures deployment of remaining QIP funds towards manufacturing expansion and backward integration, aiding targeted capacity increases by FY27.
⚠ Risk flags
- Monitoring Agency reported deviation on general corporate purpose spending exceeding 25% of gross proceeds
- Capex execution delays leading to extended timeline up to March 2027
Key Highlights
Total QIP proceeds of Rs 5,000.00 million: Rs 3,547.49 million utilised and Rs 1,452.51 million unutilised as of June 30, 2026
Capex allocation increased from Rs 1,450.00 million to Rs 1,616.32 million for backward integration and expansion projects
Deployment timeline for remaining unutilised funds extended to March 31, 2027
Monitoring Agency reported a deviation as utilisation towards General Corporate Purposes exceeded 25% of gross proceeds
Remote e-voting open from August 30, 2026 to September 28, 2026, with results by September 30, 2026
👀 What to Watch
Track shareholder voting results on September 30, 2026, and monitor execution of the Rs 1,616.32 million capex (including the Moraiya plant expansion) towards meeting the March 31, 2027 completion target.
TARIL to Invest GBP 10M in 51% UK Subsidiary; Reallocates Unutilised QIP Proceeds
Transformers and Rectifiers (India) Limited's board has approved the incorporation of a 51%-owned subsidiary in the United Kingdom, named Maxwell Grid Transformers (UK) Private Limited. TARIL plans to invest up to GBP 10 million in one or more tranches via equity, debt, or guarantees into the UK entity to engage in transformer manufacturing, repairs, distribution, and component trading. Additionally, the board approved a variation/re-allocation in the utilisation of unutilised proceeds from its June 2024 QIP, subject to shareholder approval via postal ballot.
Confidence: HIGH
What changedTARIL approved entering the UK market via a new 51%-held subsidiary with a GBP 10M investment commitment and initiated postal ballot approval to adjust unspent QIP funds.
Why it mattersEstablishes a direct European footprint for transformer repairs, distribution, and manufacturing, expanding TARIL's international reach while re-aligning past capital raise proceeds toward growth initiatives.
UK Subsidiary Investment: GBP 10 millionTARIL Stake in UK Subsidiary: 51%Original QIP Placement Date: June 13, 2024
📅 Short termMarket will watch for the postal ballot notice detailing the specific unspent QIP amount and its revised deployment plans.
📈 Long termA UK base provides servicing and distribution capabilities to capture higher-margin replacement and repair demand in international markets.
⚠ Risk flags
- Execution and compliance risks associated with establishing operations in the UK
- Currency exchange rate fluctuations on the GBP 10 million investment commitment
Key Highlights
Approved incorporation of 51%-controlled UK subsidiary Maxwell Grid Transformers (UK) Private Limited.
Proposed investment of equivalent to GBP 10 million in one or more tranches via equity, debt, guarantees, or other instruments.
UK entity to engage in manufacturing, repairing, selling/distributing TARIL transformers, and component trading.
Approved re-allocation of unutilised June 13, 2024 QIP proceeds, subject to postal ballot approval.
👀 What to Watch
Track upcoming postal ballot notices to review the quantum and specific new allocation of unutilised QIP proceeds, as well as timeline milestones for UK operationalization.
Rs 100-500 Cr Order Win from APTRANSCO for Transformers; 13-Month Execution
Transformers And Rectifiers (India) Limited (TARIL) has secured a 'Large Order' from the Transmission Corporation of Andhra Pradesh Limited (APTRANSCO). The order, valued between Rs 100 Cr and Rs 500 Cr, involves the manufacturing of transformers and related works. This contract represents approximately 3.9% to 19.6% of the company's TTM revenue of Rs 2,552 Cr. The project is slated for completion within a 13-month timeframe, aligning with the company's aggressive growth targets for FY26.
Confidence: HIGH
What changedTARIL has converted a portion of its inquiry pipeline into a firm 'Large' category order from a domestic state utility.
Why it mattersThis win reinforces TARIL's position as India's second-largest transformer manufacturer and provides revenue visibility for the next four to five quarters.
Order Value Range: Rs 100 Cr to Rs 500 CrExecution Timeline: 13 MonthsTTM Revenue: Rs 2552 CrOrder vs TTM Revenue (Upper): 19.6%Current Order Book: Rs 5472 Cr
📅 Short termThe announcement is likely to be viewed positively by the market as it demonstrates continued order momentum and domestic demand.
📈 Long termConsistent wins in the 'Large' and 'Mega' categories are essential for TARIL to utilize its upcoming 22,000 MVA capacity expansion at the Moraiya plant.
⚠ Risk flags
- Dependency on PSU site readiness for timely dispatch
- Execution risk within the 13-month window
- Raw material price volatility affecting fixed-price contracts
Key Highlights
Order value is classified as 'Large', ranging from Rs 100 Cr to Rs 500 Cr excluding GST.
The contract must be executed within a 13-month delivery schedule.
Awarded by a domestic state utility, Transmission Corporation of Andhra Pradesh Limited (APTRANSCO).
The order supports the company's target to reach an Rs 8,000 Cr order book by the end of FY26.
Represents a significant portion of annual revenue, potentially up to 19.6% of TTM figures.
👀 What to Watch
Investors should monitor the company's quarterly execution rates to ensure the 13-month timeline is met, particularly given past risks associated with PSU site readiness.
Rs 6,630 Cr Order Book: TARIL Targets 25% Growth and Rs 1,000 Cr Backward Integration
Transformers And Rectifiers (India) Limited (TARIL) reported a robust unexecuted order book of Rs 6,630 crore as of June 30, 2026, representing 26% YoY growth and providing 2.6x revenue visibility against TTM sales. The company secured a massive Rs 2,114 crore in new orders during Q1 FY27, including a major Rs 1,000+ crore contract from PGCIL. Management has guided for 25% revenue growth in FY27 with EBITDA margins of 16%, supported by a Rs 900-1,000 crore backward integration plan to bring 80-85% of raw material requirements in-house by FY28.
Confidence: HIGH
What changedThe company has provided a concrete roadmap for backward integration and updated its long-term revenue target to Rs 8,000 crore by FY29, while disclosing a significantly expanded order book.
Why it mattersThe shift toward in-house manufacturing of components (backward integration) is designed to de-risk the supply chain and capture higher margins, while the large order book ensures high revenue visibility for the next 18-24 months.
Unexecuted Order Book: Rs 6,630 crOrder Book vs TTM Revenue: 2.64xQ1 FY27 Order Inflow: Rs 2,114 crBackward Integration Capex: Rs 900-1,000 crInquiry Pipeline: Rs 23,000 crFY27 Revenue Growth Guidance: 25%
📅 Short termThe strong order inflow and clear FY27 guidance are likely to be viewed positively by the market, although temporary utilization dips at the Changodar and Moraiya plants may moderate immediate gains.
📈 Long termThe company is structurally positioning itself to triple its revenue by FY29 through capacity utilization and backward integration, which could lead to significant margin re-rating if execution remains on track.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays at Changodar plant due to monsoon and labor availability
- Geopolitical issues impacting raw material supply for Moraiya plant
- Dependency on PSU site readiness for dispatches
Key Highlights
Unexecuted order book reached Rs 6,630 crore as of June 30, 2026, up 26% year-on-year.
Q1 FY27 order inflow stood at Rs 2,114 crore, a 218% increase over the previous year's low base.
Management is investing Rs 900-1,000 crore in backward integration for CTC, bushings, and fabrication to improve margins.
Targeting FY27 revenue growth of 25% with EBITDA margins of 16% and PAT margins of 9-10%.
Long-term revenue target of Rs 8,000 crore by FY29, supported by existing capacity of 75,000+ MVA.
👀 What to Watch
Investors should monitor the commissioning timelines of the CTC facility (Q2 FY27) and Pressboard facility (Q3 FY27) as these are critical for the guided margin expansion. Additionally, track the utilization ramp-up at the Moraiya plant, which was constrained at 57% in Q1 due to supply issues.
TARIL Q1FY27: Order Book Hits Rs 6,630 Cr; Rs 2,114 Cr New Orders in Quarter
TARIL reported a consolidated revenue growth of 8% YoY to Rs 572 Cr for Q1FY27, although consolidated PAT dipped 5% to Rs 64 Cr due to lower capacity utilization during plant expansion. The company secured a massive order inflow of Rs 2,114 Cr during the quarter, including a landmark PGCIL order exceeding Rs 1,000 Cr. The unexecuted order book now stands at Rs 6,630 Cr, representing approximately 2.6x the TTM revenue, providing strong visibility. Management expects operational throughput to improve significantly following the completion of the Changodar plant expansion in August 2026.
Confidence: HIGH
What changedThe company has significantly scaled its order book to Rs 6,630 Cr and is nearing the completion of a major capacity expansion phase that will double its revenue potential.
Why it mattersThe massive order book (2.6x TTM revenue) and the shift toward high-margin products like Shunt Reactors and specialty transformers are structural positives for long-term profitability, despite temporary Q1 margin pressure from expansion activities.
Unexecuted Order Book: Rs 6,630 CrOrder Book vs TTM Revenue: 264%Q1 Order Inflow: Rs 2,114 CrBid Pipeline: Rs 23,000 CrConsolidated Revenue (Q1): Rs 572 CrConsolidated PAT (Q1): Rs 64 Cr
📅 Short termThe stock may react positively to the strong order inflow and massive bid pipeline, though the slight YoY dip in Q1 PAT due to expansion-related disruptions is a minor headwind.
📈 Long termThe company is positioned for significant growth with a target revenue potential of Rs 5,000-6,000 Cr from expanded capacities and a robust 5-year PAT CAGR of 101% (FY21-FY26).
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material availability
- Geopolitical disruptions
- Customer site readiness (PSU delays)
Key Highlights
Unexecuted order book grew 26% YoY to Rs 6,630 Cr as of June 30, 2026
Secured new order inflows worth Rs 2,114 Cr in Q1FY27 alone
Major order win from PGCIL valued at over Rs 1,000 Cr to be executed within 30 months
Massive inquiry pipeline of Rs 23,000 Cr currently under negotiation
Changodar plant expansion to be completed by August 2026, targeting a revenue potential of Rs 5,000-6,000 Cr
👀 What to Watch
Watch for the successful completion and ramp-up of the Changodar plant in August 2026 to see if margins recover as utilization improves. Monitor the execution pace of the Rs 1,000 Cr PGCIL order as a key driver for FY27-28 revenue.
Rs 6,630 Cr Order Book: TARIL Q1 FY27 Revenue Up 8%, Order Inflows Surge 218% YoY
TARIL reported a steady Q1 FY27 with revenue growing 8% YoY to Rs 572.34 crore, despite temporary moderation due to expansion activities at the Changodar facility. The company achieved record quarterly order inflows of Rs 2,114 crore, a 218% YoY increase, taking the total unexecuted order book to a record Rs 6,630 crore. EBITDA margins showed significant strength at 19.16%, well above the TTM average of 15.3%. Management expects improved capacity utilization following the completion of the Rs 150 crore Changodar expansion in August 2026.
Confidence: HIGH
What changedThe company has reached its highest-ever order book level and seen a massive surge in quarterly order inflows while significantly improving its operating margins.
Why it mattersThe record order book provides revenue visibility for over two years, and the margin expansion indicates successful pricing discipline and a shift toward higher-value products like Shunt Reactors.
Revenue (Q1 FY27): Rs 572.34 crOrder Book: Rs 6,630 crOrder Book vs TTM Revenue: 264.2%EBITDA Margin: 19.16%Order Inflow Growth: 218% YoYPAT (Q1 FY27): Rs 64.34 cr
📅 Short termThe stock may react positively to the record order inflows and margin expansion, although the 8% revenue growth was slightly lower than historical targets due to expansion-related downtime.
📈 Long termThe company is structurally well-positioned with a massive order backlog and ongoing capacity expansions that align with India's power infrastructure and renewable energy goals.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Temporary revenue moderation due to facility expansion downtime
- Dependency on PSU site readiness for dispatches
- World Bank debarment affecting specific international project bidding
Key Highlights
Order inflows surged 218% YoY to Rs 2,114 crore during Q1 FY27
Record unexecuted order book of Rs 6,630 crore, representing ~264% of TTM revenue
EBITDA margin expanded to 19.16% from 15.3% TTM, reflecting a shift to high-margin orders
Robust enquiry pipeline of approximately Rs 23,000 crore currently being tracked
Changodar facility expansion (Rs 150 crore investment) on track for completion by August 2026
👀 What to Watch
Watch for the successful commissioning and ramp-up of the Changodar facility in August 2026, which is expected to resolve current capacity constraints. Investors should also monitor if the company can maintain the ~19% EBITDA margin level as it executes its record order book.
TARIL Q1 FY27: Standalone Revenue up 9.5% YoY to Rs 559 Cr; PAT drops 17% on high input costs
Transformers And Rectifiers (India) Limited (TARIL) reported a standalone revenue of Rs 559.28 Cr for Q1 FY27, a 9.5% increase from Rs 510.53 Cr in the same quarter last year. However, standalone net profit declined by 17.1% YoY to Rs 49.87 Cr, primarily driven by a sharp rise in raw material costs which surged to 80.7% of revenue compared to 65.8% YoY. Sequentially, the performance saw a significant drop from Q4 FY26, where revenue was Rs 752.33 Cr and PAT was Rs 77.47 Cr. Consolidated performance was slightly better, with subsidiaries contributing approximately Rs 10.93 Cr to the bottom line.
Confidence: HIGH
What changedThe company has started FY27 with moderate top-line growth but significant margin compression due to higher input costs and a sequential slowdown in execution compared to the preceding quarter.
Why it mattersThe results highlight the sensitivity of TARIL's margins to raw material prices despite a robust order book. Sustaining profitability is crucial as the company trades at a high P/E of 37.6 and is in the midst of a major capacity expansion.
Standalone Revenue (Q1 FY27): Rs 559.28 CrStandalone PAT (Q1 FY27): Rs 49.87 CrMaterial Cost as % of Revenue: 80.7%YoY Revenue Growth: 9.5%YoY PAT Growth: -17.1%Q1 Revenue vs TTM Revenue: 22.3%
📅 Short termThe stock may face pressure in the short term due to the year-on-year profit decline and the sharp sequential drop in both revenue and earnings.
📈 Long termThe long-term outlook depends on the successful commissioning of the 22,000 MVA expansion and the conversion of the Rs 18,700+ Cr inquiry pipeline into high-margin orders.
⚠ Risk flags
- Significant margin compression from raw material costs
- Sequential decline in execution
- High dependency on PSU site readiness for dispatches
Key Highlights
Standalone revenue grew 9.5% YoY to Rs 559.28 Cr, but fell 25.6% sequentially from Q4 FY26.
Standalone Net Profit declined 17.1% YoY to Rs 49.87 Cr from Rs 60.15 Cr.
Cost of materials consumed spiked to Rs 451.19 Cr, representing 80.7% of revenue vs 65.8% in Q1 FY26.
Standalone EPS for the quarter decreased to Rs 1.66 from Rs 2.00 in the year-ago period.
Consolidated net profit is estimated at Rs 60.8 Cr, aided by Rs 11.53 Cr profit from five subsidiaries.
👀 What to Watch
Investors should monitor the company's ability to pass on rising raw material costs and the execution timeline of its Rs 5,472 Cr order book. The completion of the Moraiya plant expansion by Q4 FY26 remains a key trigger for future volume growth.
IND A+ Rating Affirmed; New Rs 500 Cr Bank Facility Assigned for TARIL
India Ratings and Research (Ind-Ra) has affirmed TARIL's credit rating at 'IND A+' with a Stable outlook. The agency also assigned the same rating to a new bank loan facility of Rs 500 Cr, bringing the total rated bank facilities to Rs 1,550 Cr. This total facility size represents approximately 61.8% of the company's TTM revenue of Rs 2,509 Cr. The affirmation reflects the company's stable credit profile as it manages a robust order book of Rs 5,472 Cr.
Confidence: HIGH
What changedIndia Ratings affirmed the company's existing credit ratings and assigned ratings to an additional Rs 500 Cr of bank facilities.
Why it mattersThe affirmation and new limits provide TARIL with the necessary banking headroom to execute its large Rs 5,472 Cr order book and support its target of reaching an Rs 8,000 Cr order book by FY26.
New Facility Assigned: Rs 500 CrExisting Facility Affirmed: Rs 1,050 CrTotal Rated Facilities: Rs 1,550 CrTotal Facilities vs TTM Revenue: ~61.8%Current Debt: Rs 424 Cr
📅 Short termNeutral impact expected as the rating is an affirmation of the status quo, though it confirms financial stability to lenders.
📈 Long termThe additional bank limits are structurally important for the company to scale its manufacturing capacity and handle larger PSU contracts as planned through FY26.
⚠ Risk flags
- Potential for increased interest burden if fund-based limits are heavily utilized.
Key Highlights
Long-term rating affirmed at 'IND A+' with a Stable outlook by India Ratings and Research.
New bank loan facilities of INR 5,000 million (Rs 500 Cr) assigned 'IND A+/Stable/IND A1+' ratings.
Existing bank loan facilities of INR 10,500 million (Rs 1,050 Cr) successfully affirmed.
Total rated bank facilities now stand at INR 15,500 million (Rs 1,550 Cr) to support business operations.
👀 What to Watch
Monitor the utilization of the new Rs 500 Cr facility in upcoming quarterly reports to see if it leads to increased interest costs or is primarily used for non-fund based limits (guarantees) for new orders.
Rs 1000+ Cr Ultra Mega Order Win from PGCIL for Transformers And Rectifiers (India) Limited
Transformers And Rectifiers (India) Limited (TARIL) has secured a Notification of Award for an 'Ultra Mega Order' from Power Grid Corporation of India Limited (PGCIL). The order is valued at Rs 1,000 Cr or above, representing approximately 40% of the company's TTM revenue of Rs 2,509 Cr. The contract involves manufacturing transformers of various ratings with an execution timeline of 30 months. This significant win bolsters the company's existing order book of Rs 5,472 Cr and supports its target to reach an Rs 8,000 Cr order book by FY26.
Confidence: HIGH
What changedTARIL has transitioned from receiving 'Large' or 'Mega' orders to securing an 'Ultra Mega' category order from a major PSU, PGCIL.
Why it mattersThis order significantly increases revenue visibility for the next 2.5 years and validates TARIL's position as a leading domestic manufacturer capable of handling large-scale utility contracts.
Order Value (Minimum): Rs 1000 CrOrder vs TTM Revenue: ~40%Execution Period: 30 MonthsTTM Revenue: Rs 2509 CrTarget Order Book FY26: Rs 8000 Cr
📅 Short termThe stock is likely to react positively to the scale of the order, which is massive relative to its current annual turnover.
📈 Long termThis win reinforces the company's 25% growth guidance and its strategic shift toward high-margin niche transformers and reactors.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk over 30 months
- Dependency on PSU site readiness for dispatches
- Raw material price volatility affecting fixed-price contracts
Key Highlights
Secured an 'Ultra Mega Order' from PGCIL, defined as a contract value of Rs 1,000 Cr and above.
The order value represents at least 39.8% of the company's TTM revenue of Rs 2,509 Cr.
Execution timeline is set for 30 months, providing revenue visibility through late 2028.
The contract involves manufacturing transformers of various ratings and associated works for the domestic market.
👀 What to Watch
Monitor the company's quarterly execution rate and EBITDA margins, as management aims to return to 16% margins by focusing on high-value orders like this one. Watch for the completion of the Moraiya plant expansion by Q4 FY26, which is critical for handling the growing order book.
TARIL Secures Order Worth Rs. 228.26 Crore from GETCO
Transformers and Rectifiers (India) Limited (TARIL) has bagged a significant domestic order valued at Rs. 228.26 Crore from Gujarat Energy Transmission Corporation Limited (GETCO). The contract involves the manufacturing and supply of 6 transformers and 2 reactors, including related works. The project is scheduled for completion by August 2028, providing long-term revenue visibility for the company. This win reinforces TARIL's position as a key player in the domestic power equipment manufacturing sector and strengthens its order book.
Key Highlights
Total order value of Rs. 228.26 Crore from Gujarat Energy Transmission Corporation Limited (GETCO).
Scope includes the manufacturing of 6 transformers and 2 reactors plus related works.
Execution and delivery are scheduled to be completed on or before August 2028.
The contract is a domestic order and does not involve any related party transactions.
👀 What to Watch
Investors should view this as a positive development that bolsters the company's revenue pipeline through 2028. Monitor the company's execution efficiency and future order inflows from the power infrastructure segment.
TARIL Bags Domestic Order Worth Rs. 175 Crore for Transformers and Reactors
Transformers and Rectifiers (India) Limited (TARIL) has secured a domestic contract worth Rs. 175 Crore from Bhanwariya Infra Projects Private Limited. The order involves the manufacturing and supply of 4 Transformers and 5 Reactors for power substations in Rajasthan (Kumher and Amber). This contract is expected to be executed by March 2028, providing long-term revenue visibility for the company. The win reinforces TARIL's position as a leading manufacturer in the high-voltage power equipment segment.
Key Highlights
Total order value of Rs. 175 Crore awarded by Bhanwariya Infra Projects Private Limited.
Scope includes the manufacturing of 4 Transformers and 5 Reactors for RRVPNL projects.
Execution and delivery are scheduled to be completed on or before March 2028.
The contract is a domestic order and does not involve any related party transactions.
👀 What to Watch
Investors should view this as a positive development that strengthens the company's order book and future revenue pipeline. Monitor the company's execution efficiency and margin maintenance in upcoming quarterly reports.
