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Transformers And Rectifiers (India) Limited (TARIL)

₹329.10 -1.30% last close, 16 Oct

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

Q2 FY27 results

Transformers And Rectifiers (India) Limited reported Q2 FY27 results on 13 Oct 2026: revenue ₹739 Cr (+60.7% year on year, +29.2% on the previous quarter), and net profit ₹81.4 Cr (+119.9% year on year); the operating margin was 17.4%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹739	+60.7%	+29.2%
Operating profit	₹129	+147.6%	+38.0%
Net profit	₹81.4	+119.9%	+26.6%
EPS (₹)	2.66	+135.4%	+29.8%
Operating margin	17.4%	—	—

Profit +129% above its own trend
Operating margin expanded 611 bps YoY
Core business grew faster than reported profit (core profit +235%)
Operating cash flow was negative in FY26 despite a profit
Borrowings up 27% since Mar 2026

Quality of profit: of pre-tax profit of ₹110 Cr, ₹107 Cr (98%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +235.0% year on year.

Against its own trend: net profit of ₹81.4 Cr was +128.7% against the ₹35.6 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: +8.3% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

TARIL delivery percentage and bulk deals

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

On Fri, 16 Oct 2026, 23.17% of the TARIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.52%. That is lower than usual for this stock. 18 bulk or block deals were reported in TARIL in the last 60 days: ₹587 Cr bought and ₹560 Cr sold.

23.17%Delivery, 16 Oct

39.52%Own 20-session average

0.8×Volume vs its average

₹329.10NSE close · -1.30%

Delivery in the last 5 sessions: 39.2% · 26.4% · 16.0% · 21.3% · 23.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
14 Oct	Buy	Jump Trading Financial India Private Limited	₹84.85 Cr	₹349.96	2,424,671	Bulk
14 Oct	Sell	Jump Trading Financial India Private Limited	₹84.69 Cr	₹349.30	2,424,671	Bulk
14 Oct	Sell	Microcurves Trading Private Limited	₹75.57 Cr	₹351.49	2,149,979	Bulk
14 Oct	Buy	Microcurves Trading Private Limited	₹75.53 Cr	₹351.30	2,149,979	Bulk
14 Oct	Buy	Hrti Private Limited	₹71.27 Cr	₹350.88	2,031,137	Bulk

Delivery across the market →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

Q2FY27 PAT surges 338% YoY to ₹75 Cr; Order book expands to ₹7,237 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Oct 2026, 04:13 PM

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.

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%)

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Oct 2026, 04:00 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Oct 2026, 03:48 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Oct 2026, 03:37 PM

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.

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

💡 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 Submits Q2 FY27 Dematerialisation Compliance Certificate

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 10:14 AM

Transformers And Rectifiers (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, for the period covering 1 July 2026 to 30 September 2026. The RTA confirmed that securities received for dematerialisation during the quarter were duly processed, listed, and mutilated per regulatory timelines. This is a regular administrative disclosure with no financial impact.

Regulation 74(5) compliance certificate filed for the quarter ended 30 September 2026
Covers depository activity from 1 July 2026 to 30 September 2026
Confirmation issued by RTA MUFG Intime India Private Limited on 7 October 2026

💡 No action is needed as this is a standard statutory filing; investors should track upcoming Q2 FY27 financial results and order inflow updates.

TARIL Wins 'Large Order' (₹100-500 Cr) from GETCO for Shunt Reactors & Transformers

🟢 POSITIVE ⭐ 7/10

OTHER 📅 02 Oct 2026, 04:31 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

OTHER 📅 02 Oct 2026, 10:54 AM

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.

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

💡 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 Shareholders Approve Reallocation and Timeline Revision of QIP Proceeds with 99.99% Majority

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 29 Sep 2026, 09:44 AM

Transformers And Rectifiers (India) Limited (TARIL) announced the results of its Postal Ballot concluded on September 28, 2026. Shareholders approved a special resolution to vary/reallocate the utilisation of Qualified Institutions Placement (QIP) proceeds and revise the utilisation timeline. The resolution was passed with an overwhelming 99.99% majority of votes polled (215.60 million votes in favour out of 215.61 million polled). Total voter turnout was 71.83% across 229,464 total shareholders as of the August 21, 2026 record date.

Special resolution passed with 99.9917% votes in favour (215,595,615 votes) and 0.0083% against (17,793 votes)
Turnout of 71.83% of total voting capital (215,613,408 votes polled on 300,165,834 outstanding shares)
Institutions supported the resolution unanimously with 100% of polled institutional votes in favour (21,971,356 votes)
Resolution covers variation/reallocation of QIP proceeds and revision in the utilisation timeline

💡 Track the upcoming quarterly monitoring agency reports and disclosures to understand specific shifts in capex or debt prepayment allocations from the QIP proceeds.

TARIL AGM Voting Results: All 4 Resolutions Passed, 71.79% Votes Polled

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 05:19 PM

Transformers And Rectifiers (India) Limited announced the voting results and scrutinizer's report for its 32nd Annual General Meeting held on September 21, 2026. A total of 21,54,97,866 votes were polled across four ordinary resolutions, representing 71.79% of total outstanding shares. Key ordinary business approved included the adoption of FY26 financial statements, declaration of dividend, reappointment of director Mr. Satyen J. Mamtora, and remuneration for the Cost Auditor. While three resolutions passed near-unanimously, 18.60% of institutional votes were cast against the director reappointment.

Overall voter turnout stood at 71.79% (21,54,97,866 votes polled out of 30,01,65,834 shares)
Adoption of FY26 financials passed with 99.9992% votes in favour
Dividend declaration for FY26 approved with 99.9996% votes in favour
Reappointment of director Satyen J. Mamtora passed with 98.08% overall approval, though 18.60% of institutional votes were against
Total shareholders as of the record date (September 14, 2026) stood at 2,29,839

💡 Track the upcoming Q2 FY27 earnings release and observe the progress of the 22,000 MVA Moraiya plant expansion scheduled for Q4 FY26.

TARIL Concludes 32nd AGM; Considers FY26 Accounts and Re. 0.25 Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 03:00 PM

Transformers And Rectifiers (India) Limited held its 32nd Annual General Meeting on September 21, 2026, via Video Conferencing with 79 members attending. Key ordinary resolutions placed before shareholders included the adoption of FY26 audited financial statements and declaration of a 25% dividend (Rs 0.25 per share). Other business items included the re-appointment of retiring director Mr. Satyen J. Mamtora and ratification of Cost Auditor remuneration for FY27. Consolidated scrutinizer voting results will be submitted to exchanges within two working days.

32nd AGM conducted on September 21, 2026, starting at 11:00 a.m. and concluding at 11:22 a.m.
Proposed declaration of dividend at 25% (Rs 0.25 per fully paid equity share of Re 1 face value)
Total of 79 members attended the AGM via Video Conferencing out of 2,29,839 members as of the September 14, 2026 record date
Resolutions voted upon included adoption of FY26 financials and ratification of FY27 cost auditor remuneration

💡 Track the formal disclosure of scrutinizer e-voting results due within two working days to confirm the formal adoption of all ordinary resolutions.

Transformers & Rectifiers to Meet Investors via JP Morgan Industrials Tour in Ahmedabad

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 05:14 PM

Transformers And Rectifiers (India) Limited (TARIL) has scheduled an in-person management interaction with a group of investors in Ahmedabad. The meeting is being organized as part of JP Morgan’s India Conference Industrials Tour. The company clarified that only publicly available information will be referenced, with no unpublished price sensitive information (UPSI) shared. This is a standard institutional investor engagement and carries no immediate financial impact.

Intimation filed on September 15, 2026 under Regulation 30(6) of SEBI Listing Regulations
In-person management interaction scheduled with a group of investors in Ahmedabad
Meeting organized as part of the JP Morgan’s India Conference Industrials Tour
Company confirmed that no unpublished price sensitive information (UPSI) will be discussed

💡 Track subsequent exchange disclosures or investor presentations for any operational updates regarding the ongoing Moraiya plant expansion or order inflows.

Transformers & Rectifiers to Meet Investors in Ahmedabad Hosted by Goldman Sachs

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Sep 2026, 06:51 PM

Transformers And Rectifiers (India) Limited (TARIL) has announced an in-person management interaction with a group of investors in Ahmedabad, hosted by Goldman Sachs. The filing indicates the schedule is subject to unforeseen changes, and discussions will strictly involve publicly available information with no UPSI. The company currently holds an unexecuted order book of ₹5,472 Cr and had TTM revenue of ₹2,552 Cr as of recent quarters. As an investor meeting intimation, this filing represents a routine disclosure under SEBI Regulation 30.

Meeting intimation submitted under Regulation 30(6) of SEBI Listing Regulations on 14th September 2026
In-person interaction with a group of investors scheduled in Ahmedabad
Interaction hosted by institutional broker Goldman Sachs
Company clarified that only publicly available documents will be referred to and no UPSI will be shared

💡 Monitor post-meet disclosures or presentation filings for any operational updates regarding the 22,000 MVA Moraiya plant expansion.

TARIL Incorporates UK Subsidiary 'Maxwell Grid Transformers (UK) Private Limited'

🟡 NEUTRAL ⭐ 3/10

EXPANSION 📅 10 Sep 2026, 04:21 PM

Transformers And Rectifiers (India) Limited (TARIL) has announced the formal incorporation of its subsidiary in the United Kingdom, named Maxwell Grid Transformers (UK) Private Limited. This follows the prior board approval intimation dated August 27, 2026. Specific capital commitment, shareholding split, and immediate operational capex details were not disclosed in the filing. While opening an international corporate presence, TARIL's immediate financials continue to be driven by its domestic TTM revenue of ₹2,552 Cr and ₹5,472 Cr order book.

Subsidiary Maxwell Grid Transformers (UK) Private Limited officially incorporated in the UK as of September 10, 2026
Follows earlier approval intimation dated August 27, 2026 (Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/037)
Capital outlay and investment size were not disclosed in the filing

💡 Track subsequent disclosures for details on capital allocation, shareholding structure, and strategic business mandates for the UK entity.

TARIL Enters Nuclear Sector with MEIL Order for NPCIL's 1,400 MW Kaiga Units 5 & 6

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 31 Aug 2026, 12:26 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

OTHER 📅 29 Aug 2026, 09:28 PM

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.

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

💡 Track subsequent disclosures on the order execution timeline, margin profile, and total order intake additions in the upcoming quarterly updates.

View All TARIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 was INR 428 Cr, representing a 4% decline compared to INR 446 Cr in Q2 FY25. However, H1 FY26 standalone revenue grew 24% YoY to INR 938.95 Cr from INR 757.52 Cr. Consolidated revenue for H1 FY26 grew 26% YoY to INR 989.36 Cr from INR 783.54 Cr, driven by a strong order book despite temporary Q2 execution delays.

Geographic Revenue Split

Not disclosed in available documents, though the company mentions significant business with Indian PSUs and a global manufacturing presence.

Profitability Margins

Standalone PAT margin for Q2 FY26 dropped to 3.83% from 9.22% in Q2 FY25. Consolidated PAT margin for H1 FY26 stood at 10.26% compared to 8.37% in H1 FY25. The Q2 decline was attributed to the execution of lower-margin legacy orders and a one-time ESOP charge of INR 3.74 Cr.

EBITDA Margin

Standalone EBITDA margin for Q2 FY26 was 9.61%, a significant decrease from 16.53% in Q2 FY25 (down 692 bps). This was caused by lower capacity utilization and execution of old, low-margin orders. The company targets a normalized EBITDA margin of approximately 16% for the full year FY26.

Capital Expenditure

The company is progressing with capacity expansion at its Moraiya plant, adding 22,000 MVA capacity. This project is expected to be completed by Q4 FY26, with revenue contributions starting in Q1 FY27. Specific INR Cr investment for this phase was not disclosed in the provided text.

Credit Rating & Borrowing

Standalone finance costs for Q2 FY26 were INR 10.75 Cr, up 2% from INR 10.27 Cr in Q2 FY25. The company has a stated strategic goal to become net debt-free within the next 18 to 24 months.

⚙️ Operational Drivers

Raw Materials

Specific raw materials like copper, CRGO steel, and transformer oil are implied for transformer manufacturing, but their specific percentage of total cost was not disclosed in the documents.

Capacity Expansion

TARIL is the second-largest transformer manufacturer in India. It is expanding the Moraiya plant by 22,000 MVA, scheduled for completion by Q4 FY26. Current capacity is distributed across three plants near Ahmedabad.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but management noted that legacy orders booked 18-30 months ago had lower margins due to different cost structures compared to current high-margin bookings.

Manufacturing Efficiency

Q2 FY26 saw lower capacity utilization due to deferred project deliveries and site unreadiness at the customer end. Management expects utilization to normalize in H2 FY26 to meet the INR 1,600-1,700 Cr execution target.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

The company plans to achieve its 25% growth target through the execution of a robust INR 5,472 Cr unexecuted order book and a massive inquiry pipeline of INR 18,700+ Cr. Strategy includes clearing legacy low-margin orders, completing the 22,000 MVA Moraiya expansion by Q4 FY26, and focusing on high-margin products like Shunt Reactors and niche transformers.

Products & Services

Power transformers, distribution transformers, furnace transformers, specialty transformers, and Shunt Reactors used for enhancing energy efficiency in high-voltage transmission systems.

Brand Portfolio

TARIL (Transformers and Rectifiers India Limited).

New Products/Services

The company is focusing on Shunt Reactors and niche transformers. While specific revenue contribution % for new launches wasn't given, the shift to high-margin orders is expected to bring EBITDA margins back to 16%.

Market Expansion

The company is targeting a significant increase in order book to INR 8,000 Cr by the end of FY26, up from the current INR 5,472 Cr.

Market Share & Ranking

TARIL is ranked as the second-largest transformer manufacturing company in India based on capacity.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward high-voltage transmission and a need for energy efficiency (Shunt Reactors). TARIL is positioning itself as a high-capacity player (2nd largest in India) to capture this growth, targeting INR 5,000 Cr revenue in the near future.

Competitive Landscape

The company operates in a competitive landscape for power equipment but maintains a top-tier position in India due to its 22,000 MVA expansion and existing infrastructure at three plants.

Competitive Moat

The moat is built on being the 2nd largest manufacturer by capacity in India and having the technical capability to manufacture a wide range of specialty transformers (furnace, reactors). This scale and technical breadth provide a competitive edge in large-scale utility tenders.

Macro Economic Sensitivity

The business is sensitive to government infrastructure spending and the readiness of power transmission sites, as evidenced by the Q2 revenue deferment due to site unreadiness.

Consumer Behavior

Not applicable as the company is B2B/B2G; however, customer behavior (PSU site readiness) is a critical factor for revenue timing.

Geopolitical Risks

The World Bank debarment represents a regulatory/geopolitical risk that may limit participation in certain multi-lateral funded projects.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with manufacturing standards for high-voltage equipment. A significant regulatory event is the World Bank debarment announced in November 2025, which prevents participation in new World Bank-funded tenders for an unspecified period.

Taxation Policy Impact

Standalone tax expense for Q2 FY26 was INR 8.81 Cr, representing an effective tax rate of approximately 34% on Profit Before Tax of INR 25.61 Cr.

Legal Contingencies

The World Bank debarment is the primary legal/regulatory contingency. Management notes the debarment relates to an order concluded in 2022 and claims they are addressing the issue to clear the company's image.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the long-term impact of the World Bank debarment on the company's reputation and future order inflow (potential impact on the INR 18,700 Cr inquiry pipeline). Another uncertainty is the timing of PSU site readiness which can cause 15-20% quarterly revenue volatility.