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TARIL - T R I L

📊 NSE: TARIL 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 14:05

📢 Recent Corporate Announcements

TARIL to Meet Top Institutional Investors at Nuvama India Conference

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 10 Feb 2026, 04:06 PM

Transformers And Rectifiers (India) Limited (TARIL) has scheduled a series of high-profile investor meetings on February 11, 2026, at the Nuvama India Conference in Mumbai. The company will engage in one-on-one sessions with major global firms including Goldman Sachs Asset Management, Fidelity Management and Research, and William Blair. Additionally, two large group meetings are scheduled with over 40 institutional participants such as ICICI Prudential, Nippon Life, and Tata Asset Management. While the company stated no new price-sensitive information will be shared, the extensive list of participants indicates strong institutional interest in the stock.

Scheduled 1-on-1 meetings with 4 major global entities: William Blair, Goldman Sachs, Miras Investments, and Fidelity.
Participation in two large-scale group meetings involving over 40 domestic and international institutional investors.
Key domestic participants include ICICI Prudential AMC, Nippon Life Insurance, Invesco Mutual Fund, and Motilal Oswal AMC.
The conference is organized by Nuvama Institutional Equities and held at Grand Hyatt, Mumbai on February 11, 2026.
Company confirms that no unpublished price sensitive information (UPSI) or formal presentations will be shared.

💡 Investors should monitor for any subsequent analyst reports or rating changes that often follow such large-scale institutional interactions. The high level of interest from top-tier global and domestic funds suggests strong market confidence in TARIL's growth trajectory.

TARIL Clarifies Recent Trading Volume Spurt is Market-Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 10:37 AM

Transformers And Rectifiers (India) Limited (TARIL) responded to a query from the National Stock Exchange on February 10, 2026, regarding a significant increase in trading volume. The company stated that it has consistently disclosed all price-sensitive information as required under Regulation 30 of SEBI (LODR) Regulations, 2015. Management clarified that there is no undisclosed information or event that would impact trading activity. Consequently, the company attributes the volume spurt purely to market conditions and considers it market-driven.

NSE sought clarification on February 9, 2026, regarding a significant increase in trading volume (Ref: NSE/CM/Surveillance/16451).
TARIL confirmed full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company stated it has not withheld any material information that could impact the stock's trading volume.
Management maintains that the volume increase is purely market-driven with no underlying internal reasons known to the company.

💡 Investors should view this as a routine regulatory clarification; as no new material information was disclosed, the focus should remain on the company's fundamental earnings and order book.

TARIL Resubmits Q2 FY26 Consolidated Limited Review Report After Exchange Clarification

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 22 Jan 2026, 05:06 PM

Transformers And Rectifiers (India) Limited (TARIL) has resubmitted its Consolidated Limited Review Report for the quarter ended September 30, 2025, following a clarification request from stock exchanges regarding a missing signing page. The company clarified that the omission was inadvertent and has now provided the full report in the prescribed SEBI format. While the auditor's conclusion is unmodified, it includes an 'Emphasis of Matter' regarding the going concern status of its subsidiary, Triveni Transtech (India) Private Limited. The financial data for five subsidiaries reflects a combined revenue of ₹69.79 crore and a net profit of ₹11.70 crore for the quarter.

Resubmission of the Consolidated Limited Review Report for Q2 FY26 to rectify a missing signing page in the original filing.
Five subsidiaries reported total assets of ₹147.58 crore and revenue of ₹69.79 crore for the quarter ended September 30, 2025.
Net profit for the five subsidiaries stood at ₹11.70 crore for the quarter.
Auditors highlighted an 'Emphasis of Matter' concerning the going concern basis for subsidiary Triveni Transtech (India) Private Limited.
The filing ensures compliance with Regulation 33 of SEBI (LODR) Regulations, 2015.

💡 This is a procedural regulatory correction and does not impact the previously reported financial figures. Investors should monitor future updates regarding the 'Emphasis of Matter' for the Triveni Transtech subsidiary.

TARIL Q3 FY26: Revenue hits ₹737 Cr, EBITDA margin at 16.2% with ₹8,000 Cr order book target

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Jan 2026, 05:16 PM

Transformers And Rectifiers (India) Limited reported a strong Q3 FY26 with consolidated revenue reaching ₹737 crores and a robust EBITDA margin of 16.19%. The company maintained its full-year FY26 guidance of ₹2,600 crores in revenue with margins between 16-17%, supported by a current order book of ₹5,500 crores. A significant strategic milestone was achieved as TARIL became the first Indian origin company to receive an HVDC repair order from PowerGrid, enhancing its technological profile.

Consolidated revenue for Q3 FY26 stood at ₹737 crores with a PAT of ₹76 crores.
EBITDA margins expanded to 16.19% due to better operating leverage and execution of high-margin projects.
Order book currently stands at ₹5,500 crores, with management targeting ₹8,000 crores by the end of the fiscal year.
Six backward integration facilities are under development, with the CTC plant and Press Board facility slated for FY27 commissioning.
The company is targeting a long-term revenue goal of $1 billion (₹8,000 crores) by FY28-29.

💡 Investors should view the margin expansion and the entry into the high-tech HVDC segment as strong positive indicators of long-term value creation. Monitor the timely commissioning of backward integration plants in FY27 as they are critical for maintaining the 16%+ EBITDA margin trajectory.

TARIL Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 08 Jan 2026, 05:51 PM

Transformers And Rectifiers (India) Limited (TARIL) has made the audio recording of its Earnings Conference Call available to the public. The call, held on January 8, 2026, discussed the company's unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure follows standard regulatory requirements under SEBI LODR Regulations. Investors can access the recording via the company's website to understand management's perspective on recent performance.

Audio recording of the Q3 FY26 earnings call is now accessible via a public link.
The call covered financial performance for the quarter and nine months ended December 31, 2025.
Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Management discussed both standalone and consolidated financial outcomes during the session.

💡 Investors should listen to the recording to gain insights into the company's order book execution and future growth guidance. Pay close attention to management commentary regarding raw material costs and margin sustainability.

TARIL CEO Mukul Srivastava Resigns Effective January 7, 2026

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 08 Jan 2026, 04:47 PM

Transformers And Rectifiers (India) Limited (TARIL) has announced the resignation of Mr. Mukul Srivastava from the position of Chief Executive Officer (CEO). The resignation, cited due to personal circumstances, became effective at the close of business hours on January 7, 2026. Mr. Srivastava had submitted his resignation letter earlier on November 18, 2025, allowing for a transition period. Investors should now look for the company's announcement regarding a successor to lead the executive team.

Mr. Mukul Srivastava resigned as CEO effective from the close of business hours on January 7, 2026.
The resignation letter was originally dated November 18, 2025, indicating a planned exit.
The reason provided for the departure is personal circumstances.
The company officially notified the stock exchanges on January 8, 2026, following the effective date.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new CEO to ensure leadership continuity. Evaluate if the change in top management impacts the company's ongoing expansion plans or operational efficiency.

TARIL Q3 FY26 Results: PAT Up 37% YoY to ₹76 Cr; Order Book Reaches ₹5,450 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 08 Jan 2026, 02:57 PM

Transformers And Rectifiers (India) Limited (TARIL) reported a strong Q3 FY26 performance with consolidated revenue growing 32% YoY to ₹736.76 crore. Profit After Tax (PAT) increased by 37% to ₹76 crore, driven by improved operational efficiencies and a higher EBITDA margin of 17.54%. The company's unexecuted order book remains robust at ₹5,450 crore, supported by a massive inquiry pipeline exceeding ₹16,500 crore. Management has reiterated a confident revenue target of ₹2,600 crore for the full financial year 2025-26.

Consolidated Revenue increased 32% YoY to ₹736.76 Cr, while PAT rose 37% YoY to ₹76 Cr.
EBITDA margins expanded to 17.54% from 16.76% in the previous year's quarter.
Unexecuted Order Book stands at ₹5,450 Cr with new order inflows of ₹665 Cr during Q3.
Massive inquiry pipeline of ₹16,500+ Cr indicates strong future demand in power and industrial sectors.
Successfully entered the HVDC transformer landscape and exported a record-breaking 220/253 MVA EAF transformer.

💡 Investors should take note of the significant margin expansion and the massive inquiry pipeline which provides high revenue visibility. The company's successful entry into high-value HVDC and export markets suggests a transition toward higher-margin specialized products.

TARIL Q3 Net Profit Jumps 40% YoY to ₹71 Cr; MD Satyen Mamtora Appointed as CEO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 08 Jan 2026, 02:51 PM

Transformers And Rectifiers (India) Ltd (TARIL) reported a strong financial performance for the quarter ended December 31, 2025, with standalone revenue rising 29% YoY to ₹704.21 crore. Net profit surged 40.6% YoY to ₹71.03 crore, while sequential growth was even more impressive, with profits rising over 300% from ₹16.80 crore in Q2 FY26. The company also announced that Managing Director Satyen J. Mamtora will take on the additional role of CEO following the resignation of Mukul Srivastava. Despite higher employee costs due to ESOPs and new labor code adjustments, the company maintained robust profitability.

Standalone Revenue from Operations grew 29% YoY to ₹704.21 crore in Q3 FY26.
Net Profit increased by 40.6% YoY to ₹71.03 crore from ₹50.51 crore in Q3 FY25.
Sequential Net Profit saw a massive jump of 322% compared to ₹16.80 crore in Q2 FY26.
CEO Mukul Srivastava resigned effective Jan 7, 2026; MD Satyen J. Mamtora appointed as MD & CEO.
Recognized ₹2.79 crore as ESOP expense and accounted for gratuity liability under New Labour Codes.

💡 The strong sequential and year-on-year growth reflects high execution momentum in the power equipment sector. Investors should view the leadership transition as stable since the MD is taking over, but should monitor the impact of rising raw material costs and labor code changes on future margins.

TARIL Q3 FY26 Net Profit Rises 40% YoY to ₹71 Cr; MD Satyen Mamtora Appointed as CEO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 08 Jan 2026, 02:46 PM

Transformers And Rectifiers (India) Ltd (TARIL) reported a strong financial performance for Q3 FY26, with standalone net profit rising 40.6% YoY to ₹71.03 crore. Revenue from operations grew 29% YoY to ₹704.21 crore, showing a significant recovery from the previous quarter's ₹428.42 crore. Alongside the results, the company announced that Managing Director Satyen J. Mamtora will take on the additional role of CEO following the resignation of Mukul Srivastava. For the nine-month period ending December 2025, the company has already surpassed previous year profits, reaching ₹147.98 crore.

Standalone Revenue from Operations increased 29% YoY to ₹704.21 crore in Q3 FY26.
Net Profit surged 40.6% YoY to ₹71.03 crore, with a massive sequential jump from ₹16.80 crore in Q2 FY26.
Profit Before Tax (PBT) for the quarter stood at ₹95.97 crore compared to ₹67.74 crore in Q3 FY25.
Managing Director Satyen J. Mamtora appointed as CEO effective January 8, 2026, following the resignation of Mukul Srivastava.
9M FY26 Net Profit reached ₹147.98 crore, up from ₹110.99 crore in the same period last year.

💡 The strong sequential and year-on-year growth indicates robust execution and demand in the power equipment sector; investors should view the leadership consolidation under the MD as a move toward streamlined management.

TARIL Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 04:14 PM

Transformers And Rectifiers (India) Limited (TARIL) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar MUFG Intime India Private Limited, confirms that all securities received for dematerialization between October 1, 2025, and December 31, 2025, were processed correctly. It verifies that physical certificates were mutilated and cancelled, and the names of depositories were updated in the register of members. This is a standard administrative filing ensuring the company meets its regulatory obligations regarding shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Registrar MUFG Intime India confirms processing of dematerialization requests within prescribed timelines.
Confirms that securities in the certificates are listed on the stock exchanges where earlier securities were listed.
Verification and cancellation of physical share certificates completed as per SEBI norms.

💡 This is a routine regulatory filing with no impact on the company's financial health or stock performance; no action is required from investors.

TARIL to Host Q3FY26 Earnings Conference Call on January 8, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 05 Jan 2026, 10:56 PM

Transformers And Rectifiers (India) Limited (TARIL) has scheduled its earnings conference call for January 8, 2026, at 4:00 PM IST. The call will focus on the unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. Senior management, including Managing Director Satyen Mamtora and Finance Director C.S.S Rajora, will be present to discuss performance and outlook. The call is being hosted by Nuvama Wealth Management and includes international dial-in options for global investors.

Earnings conference call scheduled for January 8, 2026, at 4:00 PM IST
Discussion to cover Q3FY26 and nine-month results ending December 31, 2025
Management representation by MD Satyen Mamtora and Finance Director C.S.S Rajora
Hosted by Nuvama Wealth Management with global access via Diamond Pass

💡 Investors should attend the call to gain insights into the company's order book execution and margin sustainability. No immediate action is required as this is a routine scheduling announcement.

TARIL Schedules Q3FY26 Earnings Conference Call for January 8, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Jan 2026, 05:01 PM

Transformers and Rectifiers (India) Limited (TARIL) has scheduled an earnings conference call on January 8, 2026, at 4:00 PM IST. The call aims to discuss the company's unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025. Key management personnel, including Managing Director Satyen Mamtora and Finance Director C.S.S Rajora, will represent the company. The session is hosted by Nuvama Wealth Management and provides a platform for analysts and investors to discuss performance metrics.

Earnings call scheduled for Thursday, January 8, 2026, at 4:00 PM IST.
Focus on Unaudited Standalone and Consolidated results for Q3 and 9M FY26.
Management representation by MD Satyen Mamtora and Finance Director C.S.S Rajora.
Hosted by Nuvama Wealth Management with international dial-in options for US, UK, Singapore, and HK.

💡 Investors should attend or review the transcript of the call to understand management's outlook on the transformer industry and order book execution. No immediate trading action is required based on this scheduling announcement.

TARIL Reports Zero Physical Share Transfer Requests for December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jan 2026, 03:30 PM

Transformers And Rectifiers (India) Limited (TARIL) has submitted its monthly report regarding the special window for re-lodgement of physical share transfer requests for December 2025. The filing follows the SEBI circular dated July 2, 2025, which mandates reporting on such requests. For the period ending December 31, 2025, the company received zero requests from shareholders. As no requests were received, there were no approvals or rejections to report for the month.

Zero requests were received for the re-lodgement of physical share transfers in December 2025.
No requests were processed, approved, or rejected during the reporting period.
The report is in compliance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
Average time taken for processing requests was not applicable due to nil activity.

💡 No action is required from investors as this is a routine regulatory disclosure with no impact on the company's financial health or operations.

TARIL Announces Trading Window Closure from January 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Dec 2025, 02:17 PM

Transformers And Rectifiers (India) Limited (TARIL) has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ending December 31, 2025. The window will remain closed for all designated persons and insiders until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated in due course.

Trading window closure begins on January 1, 2026, for all designated insiders and their relatives.
Closure relates to the financial results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the financial results are declared to the exchanges.
TARIL is the second largest transformer manufacturing company in India by capacity with 1,200+ employees.

💡 This is a routine regulatory filing and requires no immediate action from investors. Monitor the company's upcoming announcements for the specific date of the Q3 earnings release.

TARIL Clarifies Recent Share Price Movement to NSE

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Dec 2025, 04:19 PM

Transformers And Rectifiers (India) Limited (TARIL) has responded to a surveillance query from the National Stock Exchange regarding significant movement in its share price. The company clarified that it has disclosed all price-sensitive information and material events in compliance with SEBI Regulation 30. Management stated that the recent price volatility is purely market-driven and not due to any undisclosed internal developments. TARIL continues to operate as India's second-largest transformer manufacturer by capacity with three plants and approximately 1,200 employees.

Responded to NSE surveillance query Ref. No. NSE/CM/Surveillance/16178 dated December 16, 2025
Confirmed full compliance with SEBI Listing Obligations and Disclosure Requirements
Attributed recent stock price movement to external market conditions rather than internal events
Maintained status as the 2nd largest transformer manufacturer in India by capacity
Operates three specialized manufacturing plants near Ahmedabad with a workforce of 1,200

💡 Investors should view this as a routine regulatory clarification and focus on the company's fundamental performance rather than short-term price fluctuations. No new material information was disclosed that would alter the investment thesis.

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.