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Tarapur Transformers Limited (TARAPUR)

₹14.72 -4.91% last close, 16 Oct

📊 NSE: TARAPUR 🏢 Electric Equipment 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Tarapur Transformers' revenue was ₹0.0 Cr, and net profit ₹-0.4 Cr (against a profit a year earlier).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹0.0	—	—
Operating profit	₹-0.3	loss widened	loss widened
Net profit	₹-0.4	to loss	loss narrowed
EPS (₹)	-0.23	to loss	loss narrowed

Full quarterly financials → Results calendar →

TARAPUR bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

It closed at its lower price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions. 1 bulk or block deal was reported in TARAPUR in the last 60 days: ₹0.23 Cr bought, none sold.

₹14.72NSE close · -4.91%

Delivery in the last 5 sessions: 72.7% · 57.5% · 44.2% · 65.6% · 39.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
9 Oct	Buy	Amit Kumar Jain	₹0.23 Cr	₹16.58	139,602	Bulk

Circuit stocks →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Tarapur Transformers Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 13 Oct 2026, 12:39 PM

Tarapur Transformers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter and half-year ended September 30, 2026. The certificate was issued by Bigshare Services Private Limited, the Registrar and Share Transfer Agent (RTA). The RTA confirmed that no dematerialization or rematerialization requests were received for processing during the quarter. This filing is entirely routine and has no operational or financial impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter and half-year ended September 30, 2026
RTA Bigshare Services confirmed zero Demat and Remat requests received during the quarter
Filing dated October 13, 2026

💡 No action is required. Investors should track upcoming quarterly financial results for operational updates.

Tarapur Transformers Concludes 38th AGM; Votes on Loans and Investments Under Section 185 and 186

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 01:59 PM

Tarapur Transformers Limited held its 38th Annual General Meeting (AGM) on September 29, 2026. Key items placed before shareholders included the adoption of FY26 financial statements and special resolutions seeking approvals for loans, guarantees, and securities under Sections 185 and 186 of the Companies Act, 2013. The meeting concluded within 30 minutes, and the consolidated scrutinizer report on voting will be submitted within two working days. The company reported zero revenue and a net loss of Rs 1.84 Cr in FY26.

38th Annual General Meeting held on September 29, 2026, commencing at 12:00 PM and concluding at 12:30 PM
Remote e-voting conducted between September 26, 2026 (9:00 AM) and September 28, 2026 (5:00 PM)
Special resolutions presented to approve loans, investments, guarantees, or security under Sections 185 and 186
Consolidated voting results to be disclosed within 2 working days

💡 Track the upcoming voting results filing to confirm whether the special resolutions under Sections 185 and 186 receive requisite shareholder approval.

Tarapur Transformers Dispatches Notice for 38th AGM on September 29, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:52 PM

Tarapur Transformers Limited has informed exchanges regarding the dispatch of intimation letters to shareholders whose email addresses are not registered, providing web links to the FY26 Integrated Annual Report under Regulation 36(1)(b) of SEBI LODR. The 38th Annual General Meeting is scheduled to be held on Tuesday, September 29, 2026, at 12:00 PM IST at its registered office in Mumbai. Remote e-voting opens on September 26, 2026, and concludes on September 28, 2026, with the cut-off date set as September 22, 2026.

38th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 12:00 PM IST
Cut-off date for e-voting determined as Tuesday, September 22, 2026
Remote e-voting window runs from September 26, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
Filing issued pursuant to Regulation 36(1)(b) of SEBI LODR regarding FY 2025-26 Annual Report access

💡 Shareholders should note the voting cut-off date of September 22, 2026, and review the Annual Report disclosures for operational recovery updates given the company's nil revenue in recent quarters.

Tarapur Transformers Schedules 38th AGM for Sept 29, 2026; Sets Sept 22 Cut-Off Date

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 02:03 PM

Tarapur Transformers Limited has announced that its 38th Annual General Meeting (AGM) will take place physically on Tuesday, September 29, 2026, at 12:00 PM in Kandivali (West), Mumbai. The share transfer books and register of members will be closed from September 23 to September 29, 2026. The cut-off date to determine shareholder voting eligibility is Tuesday, September 22, 2026. Remote e-voting is scheduled to run from September 26, 2026 (09:00 AM IST) to September 28, 2026 (05:00 PM IST).

38th Annual General Meeting to be held in physical mode on 29th September 2026 at 12:00 PM
Share transfer books closed from 23rd September 2026 to 29th September 2026
Cut-off date for shareholder voting eligibility set for 22nd September 2026
Remote e-voting window open from 26th September 2026 (09:00 AM) to 28th September 2026 (05:00 PM)

💡 Shareholders holding shares on the cut-off date of September 22, 2026, may participate in e-voting from September 26 to September 28, 2026, or attend the AGM on September 29, 2026.

Tarapur Transformers Convenes 38th AGM on Sep 29; Seeks Approval for Rs 100 Cr Loan/Investment Limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 01:59 PM

Tarapur Transformers Limited has issued the notice for its 38th Annual General Meeting scheduled for September 29, 2026. Key special resolutions include approval under Section 185 for loans, guarantees, or security up to INR 25 Crores to group entities (and ratification of prior transactions) and under Section 186 for investments and loans up to INR 100 Crores. The company is also proposing the re-appointment of Director Ms. Tabassum Azim Shaikh, who retires by rotation.

38th AGM scheduled for September 29, 2026, at 12:00 PM at Kandivali (West), Mumbai
Special resolution seeking approval under Section 185 for loans/guarantees up to INR 25 Crores
Special resolution seeking approval under Section 186 for loans/investments up to INR 100 Crores
Proposal to re-appoint Ms. Tabassum Azim Shaikh as Non-Executive Non-Independent Director

💡 Track voting results post-AGM on September 29, 2026, and monitor subsequent disclosures on actual capital deployment or related-party loan transactions.

SEBI Debars Tarapur Transformers from Securities Market for 3 Years

🔴 NEGATIVE ⭐ 9/10

REGULATORY 📅 02 Sep 2026, 07:29 PM

SEBI has issued an order dated August 31, 2026, restraining Tarapur Transformers Limited from accessing the securities market for a period of 3 years. The order prohibits the company from buying, selling, or dealing in securities, or being associated with the securities market. Findings cite historical violations concerning fund transfers, trade receivables, related-party transactions, corporate governance failures, and non-compliance with SEBI summons under SEBI PFUTP and LODR regulations. While no monetary penalty was imposed, the 3-year market ban creates severe operational and capital-raising constraints for a company already reporting nil TTM revenue.

Restrained from accessing the securities market for a period of 3 years from August 31, 2026
Prohibited from buying, selling, or otherwise dealing in securities directly or indirectly
Violations established under SEBI Act 1992, SEBI PFUTP Regulations 2003, and SEBI LODR Regulations 2015
Zero monetary penalty imposed as part of the order

💡 Track whether the company appeals the SEBI order before the Securities Appellate Tribunal (SAT) and monitor exchange-level trading restrictions.

Tarapur Transformers Reports Q1 Net Loss of ₹4.14 Lacs; Revenue Drops 67% YoY

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 07:27 PM

Tarapur Transformers reported a weak Q1 FY27 with total income falling to ₹18.29 Lacs from ₹55.57 Lacs in the year-ago period. The company posted a net loss of ₹4.14 Lacs, reversing a profit of ₹7.43 Lacs in Q1 FY26. Financial stability remains a major concern as the company has a negative net worth of ₹2 Cr and is embroiled in multiple legal recovery suits totaling over ₹8.6 Cr. Additionally, a significant provision of ₹8.23 Cr has been made for doubtful advances under the IBC process.

Total income for Q1 FY27 declined 67% YoY to ₹18.29 Lacs.
Net loss of ₹4.14 Lacs recorded for the quarter ended June 30, 2026.
Provision of ₹8.23 Cr created for bad and doubtful advances against Choudhary Global Limited.
Legal recovery suits pending for ₹2.97 Cr (KPTCL) and ₹5.66 Cr (Bengaluru based court).
38th Annual General Meeting (AGM) scheduled for September 29, 2026.

💡 Investors should closely monitor the NCLT proceedings regarding the ₹8.23 Cr recovery and the company's ability to resolve the mortgage on its Wada factory to improve liquidity. The SEBI show-cause notice dated June 20, 2025, also remains a key regulatory risk to track.

Tarapur Transformers Reports ₹0 Revenue and ₹5.71 Lakh Net Loss in Q1 FY27

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 07:19 PM

Tarapur Transformers continues to report zero operational revenue for the quarter ended June 30, 2026, with total income of ₹18.29 lakhs derived entirely from 'Other Income'. The company posted a net loss of ₹5.71 lakhs, a decline from the ₹5.52 lakhs profit recorded in the same quarter last year. The company remains under severe financial and legal stress, with a negative net worth of ₹2 crore and multiple recovery suits totaling over ₹8.6 crore. Management noted that the ability to sell its mortgaged Wada factory is currently restricted, limiting liquidity options.

Revenue from operations stood at ₹0 for the quarter ended June 30, 2026.
Net loss of ₹5.71 lakhs reported against a profit of ₹5.52 lakhs in the year-ago period.
Legal claims include a ₹5.66 crore recovery order from a Bengaluru court and a ₹2.97 crore suit from Karnataka Power Transmission Corp.
Provision of ₹8.23 crore maintained for doubtful advances related to IBC proceedings against Choudhary Global Limited.
Other income of ₹18.29 lakhs was the sole source of inflow, covering total expenses of ₹23.91 lakhs.

💡 Watch for any regulatory updates regarding the SEBI show-cause notice dated June 20, 2025, and the status of the IBC application for the ₹8.23 crore recovery. The company's operational viability is highly questionable given the prolonged zero-revenue status.

Tarapur Transformers Reports Zero Demat Requests for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jul 2026, 01:18 PM

Tarapur Transformers Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, confirms that no dematerialization requests were received for the company's equity shares during the period from April 1, 2026, to June 30, 2026. This is a standard procedural filing required for all listed companies to maintain shareholding records.

Reporting period covers the full quarter from April 1, 2026, to June 30, 2026
Confirmed that 0 dematerialization requests were received during the quarter
Certificate issued by Registrar and Share Transfer Agent (RTA) Bigshare Services Pvt. Ltd.
Filing submitted to exchanges on July 13, 2026, in compliance with SEBI timelines

💡 This is a routine administrative filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance indicators.

Tarapur Transformers Responds to NSE Query on Unsigned Audit Qualification Statement

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Jul 2026, 06:14 PM

Tarapur Transformers Limited has responded to an NSE query regarding its March 31, 2026, financial results filing. The exchange noted that the Statement of Impact of Audit Qualifications was not in the prescribed SEBI format and lacked the CFO's signature. The company clarified that the CFO was absent during the May 27, 2026, board meeting due to a family emergency and connectivity issues. The omission has now been rectified with a fresh, signed submission, though the company's underlying financials remain distressed with zero TTM revenue and a negative net worth of Rs -2 Cr.

NSE issued a deficiency query on June 22, 2026, regarding the March 2026 quarter results.
The CFO, Ms. Vaishali Pawar, was unable to sign the original May 27, 2026, filing due to an unforeseen family emergency.
Company reported TTM revenue of Rs 0 Cr and a net loss of Rs 2 Cr for the period ending March 2026.
The company has now submitted the rectified Statement of Impact of Audit Qualifications in the prescribed SEBI format.
Promoter holding remains stagnant at 21.95% as of March 2026.

💡 Investors should focus on the content of the 'Audit Qualifications' themselves rather than this procedural correction, as the company is currently operating with zero revenue and a 'Default' credit rating.

Tarapur Transformers to Close Trading Window from July 1 for Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Jun 2026, 06:47 PM

Tarapur Transformers Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the first quarter ending June 30, 2026. The restriction applies to all designated persons and their immediate relatives, preventing them from trading in company securities. The window will remain closed until 48 hours after the financial results are officially announced to the exchanges.

Trading window closure begins effective Wednesday, July 1, 2026.
Closure is related to the review of unaudited financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the board meeting results are declared.
The specific date for the Board Meeting to approve Q1 results will be notified separately.

💡 This is a standard regulatory procedure and does not impact the company's fundamentals. Investors should wait for the announcement of the board meeting date to assess the upcoming quarterly performance.

Tarapur Transformers FY26 Net Loss at ₹2.50 Cr; Audit Report Qualified with Legal Risks

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 10:30 PM

Tarapur Transformers reported a net loss of ₹249.82 Lacs for FY26, a sharp decline from the ₹1595.78 Lacs profit in FY25 which was aided by one-time items. Revenue from operations stood at ₹139.75 Lacs, showing marginal growth from ₹121.47 Lacs YoY. The company is facing severe legal headwinds, including recovery suits totaling over ₹8.6 Cr from Karnataka Power Transmission Corp and contingent liabilities of ₹959.71 Lacs. Crucially, the auditors have issued a modified opinion, and the company has provided ₹8.66 Cr for doubtful advances currently under NCLT proceedings.

FY26 Revenue from operations rose to ₹139.75 Lacs compared to ₹121.47 Lacs in FY25.
Net loss for the year reached ₹249.82 Lacs, with Q4 alone contributing a loss of ₹185.64 Lacs.
Provision of ₹8.66 Cr made for doubtful advances against Choudhary Global Limited under IBC Section 7.
Auditors issued a modified opinion (qualified report) for the financial year ended March 31, 2026.
Ongoing legal suits for recovery of ₹2.97 Cr and ₹5.66 Cr filed by Karnataka Power Transmission Corp.

💡 The combination of a qualified audit report, significant legal liabilities, and poor operational performance makes this a high-risk stock. Investors should exercise extreme caution and wait for clarity on legal settlements and the resolution of audit qualifications.

Tarapur Transformers Reports FY26 Net Loss of ₹2.5 Cr; Auditors Issue Modified Opinion

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 May 2026, 06:40 PM

Tarapur Transformers Limited reported a net loss of ₹249.82 Lacs for FY26, a sharp decline from the ₹1595.78 Lacs profit recorded in FY25. The financial results are heavily impacted by a modified audit opinion and a ₹8.67 Crore provision for doubtful advances against Choudhary Global Limited. Furthermore, the company faces significant legal pressure with recovery suits totaling over ₹8.6 Crores and contingent liabilities of ₹9.60 Crores that remain unprovided for.

FY26 total comprehensive loss reached ₹249.82 Lacs compared to a profit of ₹1595.78 Lacs in FY25.
Auditors issued a modified opinion with qualifications regarding financial results and contingent liabilities.
A provision of ₹8.67 Crores was created for bad and doubtful advances under IBC proceedings.
Legal recovery suits amounting to ₹8.63 Crores have been filed against the company by Karnataka Power Transmission Corporation.
The company is unable to sell its Pali, Wada factory land as it remains mortgaged despite shareholder approval for sale.

💡 Investors should exercise extreme caution or consider exiting positions due to the audit qualifications and mounting legal and financial liabilities. The company's transition to a loss and significant doubtful advances indicate high risk to its going concern status.

Tarapur Transformers Submits SEBI Reg 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 06:04 PM

Tarapur Transformers Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing, issued by Registrar Bigshare Services Pvt. Ltd., pertains to the quarter and financial year ended March 31, 2026. The registrar confirmed that no requests for dematerialization of equity shares were received during the period from January 1, 2026, to March 31, 2026. This is a standard procedural requirement for all listed entities in India to ensure proper share accounting.

Compliance certificate submitted for the quarter and year ended March 31, 2026.
Registrar Bigshare Services Pvt. Ltd. confirmed zero dematerialization requests during Q4 FY26.
The specific reporting period covered is from January 1, 2026, to March 31, 2026.

💡 This is a routine administrative update with no impact on stock valuation. Investors should monitor the company's upcoming full-year financial results for actual performance insights.

Tarapur Transformers Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 06:09 PM

Tarapur Transformers Limited has notified the exchanges that its trading window will be closed for insiders and designated persons starting April 1, 2026. This closure is a mandatory regulatory requirement ahead of the declaration of the audited financial results for the fourth quarter and the full fiscal year ending March 31, 2026. The window will remain shut until 48 hours after the financial results are made public. This is a standard procedure under SEBI (Prohibition of Insider Trading) Regulations to prevent any unfair trading activity.

Trading window closure effective from Wednesday, April 1, 2026.
Closure is in preparation for the Q4 and FY 2025-26 audited financial results.
Restriction applies to all Insiders, Designated Persons, and their immediate relatives.
Trading window will reopen 48 hours after the official announcement of results.
Board meeting date for result approval to be announced in due course.

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the board meeting date to evaluate the company's year-end financial performance.

View All TARAPUR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue fell from INR 3.4 Cr in FY23 to INR 0.2 Cr in FY24, representing a 94.1% decline. For Q2 FY26, total income from operations was INR 0.0752 Cr, a 93.8% decline from INR 1.21 Cr in Q1 FY26. The company operates in a single segment: manufacturing and repairs of Transformers.

Geographic Revenue Split

Not disclosed in available documents. Operations are primarily centered in Maharashtra with units in Boisar and Wada.

Profitability Margins

Net Profit Margin surged to 1313.82% in FY25 from -124.33% in FY24, a variance of -1156.72%. This surge is largely attributable to exceptional items and provision reversals rather than core operations. PAT margins were -781.1% in FY24 compared to -657.6% in FY23.

EBITDA Margin

Not explicitly disclosed, but the company reported a profit of INR 16.15 Cr for FY25 compared to a net loss of INR 1.25 Cr in FY24. ROCE improved to 161.03% in FY25 from -4.49% in FY24.

Capital Expenditure

The company previously developed manufacturing facilities at Wada with an outlay of INR 43 Cr (INR 430 million) to produce transformers ranging from 1 kVA to 5000 kVA.

Credit Rating & Borrowing

The company is rated 'CRISIL D/CRISIL D Issuer Not Cooperating', indicating default status. Adjusted debt/adjusted networth was -2.3 times in FY24, and the interest coverage ratio was -0.15 times.

⚙️ Operational Drivers

Raw Materials

Power and distribution transformer components including CRGO steel, copper, and transformer oil. Specific cost percentages are not disclosed.

Capacity Expansion

Current facilities at Wada are designed to manufacture transformers ranging from 1 kVA to 5000 kVA. No specific expansion timeline is provided.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but management identifies input availability and prices as critical factors influencing operations.

Manufacturing Efficiency

Manufacturing efficiency is currently low as evidenced by the significant drop in revenue from INR 3.4 Cr to INR 0.2 Cr and a current ratio of only 0.52.

📈 Strategic Growth

Growth Strategy

The company aims to leverage its long-term presence (since 1988) and strong brand name to target the growing infrastructure and renewable energy sectors. Strategy includes resolving legal contingencies to recover bad debts, such as the INR 8.665 Cr claim against Choudhary Global Limited.

Products & Services

Manufacturing and repair of power and distribution transformers ranging from 1 kVA to 5000 kVA.

Brand Portfolio

Tarapur

Market Expansion

Targeting utilities, industrial, commercial, and renewable energy sectors driven by the growing Indian economy.

Strategic Alliances

Bilpower Ltd holds a controlling stake of 41.46% in the company.

🌍 External Factors

Industry Trends

The industry is evolving with a focus on renewable energy and infrastructure growth. The company is positioned as a long-term player but faces high volatility and credit adequacy risks.

Competitive Landscape

The company faces a volatile market with competition in the transformer manufacturing and repair segment.

Competitive Moat

The company's moat is based on its brand name and presence since 1988. However, sustainability is threatened by its 'Default' credit rating and lack of management stability.

Macro Economic Sensitivity

Highly sensitive to global and domestic demand/supply conditions and government regulations affecting the power sector.

Consumer Behavior

Demand is driven by utility and industrial sector requirements for power distribution infrastructure.

Geopolitical Risks

Global demand conditions are cited as a factor that could influence operations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by government regulations and changes in laws affecting the power and manufacturing sectors.

Taxation Policy Impact

Subject to changes in government tax laws and regulations.

Legal Contingencies

The company has filed an application under Section 7 of IBC, 2016 with NCLT Mumbai against Choudhary Global Limited for an outstanding amount of INR 8.665 Cr. In FY25, INR 0.4315 Cr was recovered.

⚠️ Risk Analysis

Key Uncertainties

Management volatility and frequent director changes pose a high risk to operational stability. Credit risk is critical given the CRISIL D rating.

Geographic Concentration Risk

Manufacturing and repair units are concentrated in Maharashtra (Boisar and Wada).

Third Party Dependencies

High dependency on Bilpower Ltd, which maintains a controlling 41.46% stake.

Technology Obsolescence Risk

The company manufactures transformers up to 5000 kVA; failure to upgrade technology for higher capacity or more efficient units could lead to obsolescence.