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TARIL - T R I L

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

📢 Recent Corporate Announcements

TARIL Reports Record FY26 Revenue of ₹2,509 Cr and Robust Order Book of ₹5,000+ Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Apr 2026, 09:12 AM

Transformers and Rectifiers (India) Limited (TARIL) delivered a strong FY26 performance with consolidated revenue growing 24% YoY to ₹2,509 crores and PAT reaching ₹272 crores. The company achieved its highest-ever production of 33,763 MVA and maintains a massive order book exceeding ₹5,000 crores, providing 18 months of revenue visibility. A key strategic milestone was securing an HVDC repair order from PGCIL, positioning TARIL as the first Indian player in this high-margin, technically demanding segment. Management expects backward integration initiatives to further boost margins by 150-200 basis points in the near future.

Consolidated revenue for FY26 reached ₹2,509 crores, up from ₹2,019 crores in FY25.
Unexecuted order book stands at ₹5,000+ crores as of March 31, 2026, ensuring strong visibility.
Achieved record production of 33,763 MVA in FY26 compared to 29,118 MVA in the previous year.
Consolidated PAT stood at ₹272 crores with a healthy EBITDA margin of 15.4% for the full year.
Secured first-of-its-kind HVDC transformer repair order from PGCIL, paving the way for entry into the HVDC sector.

💡 Investors should maintain a positive outlook given the record order book and the company's strategic entry into the high-margin HVDC segment. Monitor the progress of backward integration projects as they are expected to be the primary drivers for margin expansion in FY27.

TARIL Seeks Shareholder Approval for Re-appointment of Independent Director Rajendra S. Shah

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Apr 2026, 04:15 PM

Transformers And Rectifiers (India) Limited (TARIL) has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Rajendra S. Shah as an Independent Director. The proposed second term is for 5 years, effective from May 25, 2026, to May 24, 2031. As Mr. Shah has already attained the age of 75, the re-appointment requires a special resolution from the members. The e-voting period is scheduled from April 23, 2026, to May 22, 2026, with results to be announced by May 23, 2026.

Re-appointment of Mr. Rajendra S. Shah as Independent Director for a second 5-year term starting May 2026.
Special resolution required due to the director being over 75 years of age.
E-voting period set from April 23, 2026, to May 22, 2026.
Cut-off date for voting eligibility is April 17, 2026.
Results of the postal ballot to be declared on or before May 23, 2026.

💡 This is a routine corporate governance matter regarding board continuity. Shareholders should review the director's credentials in the explanatory statement and cast their votes during the e-voting window.

TARIL Seeks Shareholder Approval for Re-appointment of Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Apr 2026, 12:37 PM

Transformers And Rectifiers (India) Limited (TARIL) has initiated a postal ballot process to seek shareholder approval for the re-appointment of Mr. Rajendra S. Shah as an Independent Director. The proposed second term spans five years, starting from May 25, 2026, until May 24, 2031. The e-voting period for shareholders is scheduled from April 23, 2026, to May 22, 2026, with results expected on May 23, 2026. This move is a standard governance procedure to ensure continuity in the company's independent board oversight.

Proposed re-appointment of Mr. Rajendra S. Shah as Independent Director for a second 5-year term.
The new term is scheduled to run from May 25, 2026, to May 24, 2031.
E-voting for shareholders commences on April 23, 2026, and concludes on May 22, 2026.
The relevant cut-off date for determining shareholder eligibility for voting was April 17, 2026.
Mr. Tapan Shah has been appointed as the Scrutinizer to ensure a fair and transparent voting process.

💡 Investors should review the director's profile and past contributions to the board before casting their votes during the e-voting period. This is a routine governance matter and is unlikely to have a direct impact on the stock price.

TARIL FY26 Revenue Up 23% to ₹2,395 Cr; Order Book Hits ₹5,005 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Apr 2026, 10:30 AM

Transformers and Rectifiers (India) Limited (TARIL) reported a strong financial performance for FY26, with annual revenue growing 23% YoY to ₹2,395 crore and PAT increasing 20% to ₹225 crore. The company's unexecuted order book has reached a record ₹5,005 crore, providing high revenue visibility for the next two years. Q4 FY26 also showed steady growth with revenue of ₹752 crore and PAT of ₹77 crore. To support future demand, TARIL has announced a significant ₹600 crore capex plan to be executed over the next 15 months.

FY26 Revenue from operations grew 23% YoY to ₹2,395 crore
Full-year PAT increased 20% YoY to ₹225 crore with EBITDA at ₹370 crore
Unexecuted order book stands at ₹5,005 crore as of March 31, 2026
Planned capex of ₹600 crore over the next 15 months for capacity expansion
Strong inquiry pipeline exceeding ₹23,000 crore across domestic and international markets

💡 Investors should consider the massive order book and the ₹600 crore capex as strong indicators of future growth in the power transmission space. Monitor the company's ability to maintain margins while scaling up capacity over the next 15 months.

TARIL Releases Q4 FY26 Earnings Conference Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Apr 2026, 05:48 PM

Transformers And Rectifiers (India) Limited (TARIL) has officially released the audio recording of its earnings conference call held on April 21, 2026. The call focused on the audited standalone and consolidated financial results for the fourth quarter and the full fiscal year ended March 31, 2026. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all stakeholders. Investors can access the recording via the company's website to understand management's perspective on the year's performance.

Audio recording of the Q4 FY26 earnings call held on April 21, 2026, is now available.
The call discussed audited financial results for the quarter and full year ended March 31, 2026.
Compliance with SEBI Regulation 30(6) and Regulation 46 regarding investor disclosures.
The recording link is hosted on the company's official web portal for public access.

💡 Investors should listen to the recording to gain insights into management's guidance on the order book and capacity expansion plans for FY27.

TARIL FY26 Revenue Grows 23% to ₹2,395 Cr; Order Book Reaches Record ₹5,005 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Apr 2026, 04:04 PM

Transformers And Rectifiers (India) Limited (TARIL) reported a strong performance for FY26, with standalone revenue growing 22.8% YoY to ₹2,395 crore and PAT increasing 20.1% to ₹225 crore. The company maintains a robust unexecuted order book of ₹5,005 crore and is currently negotiating inquiries worth over ₹23,000 crore. Management has set an ambitious target of reaching US$ 1 billion in revenue over the next three financial years, supported by a ₹600 crore capex plan for capacity expansion and backward integration. The company successfully increased its capacity to 75,000 MVA and secured a landmark HVDC repair order from PGCIL.

Standalone FY26 revenue rose to ₹2,395 crore from ₹1,950 crore in FY25, a growth of 22.8%.
Unexecuted order book stands at ₹5,005 crore as of March 31, 2026, with FY26 order inflows of ₹2,374 crore.
Management plans ₹600 crore capex over the next 15 months to achieve 100% backward integration by Q1 FY28.
Total manufacturing capacity reached 75,000 MVA across three plants following recent expansions.
Secured a prestigious ₹473 crore order from GETCO and a first-of-its-kind HVDC repair order from PGCIL.

💡 Investors should focus on the company's ability to execute its massive ₹5,005 crore order book and the margin benefits expected from the upcoming 100% backward integration. The ambitious US$ 1 billion revenue target and entry into high-tech HVDC repairs suggest significant long-term growth potential in the power infrastructure space.

TARIL FY26 Net Profit Rises 20% to ₹225.4 Cr; Recommends ₹0.25 Final Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Apr 2026, 03:58 PM

Transformers And Rectifiers (India) Limited (TARIL) reported a strong financial performance for FY26, with annual revenue from operations growing 22.8% year-on-year to ₹2,395.49 crore. Net profit for the full year increased by 20.2% to ₹225.43 crore, up from ₹187.57 crore in FY25. On the back of these results, the board has recommended a final dividend of ₹0.25 per equity share. Additionally, the company has re-appointed Rajendra S. Shah as an Independent Director for a five-year term starting May 2026.

Annual Revenue from Operations increased to ₹2,395.49 crore in FY26 from ₹1,950.14 crore in FY25.
Net Profit for the full year grew 20.2% YoY to reach ₹225.43 crore.
Board recommended a final dividend of ₹0.25 per equity share (25% of face value).
Full-year Basic and Diluted EPS improved to ₹7.51 from ₹6.31 in the previous fiscal.
Q4 FY26 revenue stood at ₹752.33 crore, representing a 16.2% growth over the same quarter last year.

💡 The consistent growth in both top-line and bottom-line figures, coupled with a dividend payout, indicates healthy operational momentum. Investors should maintain a positive outlook on the stock, focusing on the company's ability to scale in the power infrastructure segment.

TARIL to Host Q4 & FY26 Earnings Conference Call on April 21, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 18 Apr 2026, 11:15 PM

Transformers And Rectifiers (India) Limited (TARIL) has scheduled an earnings conference call for Tuesday, April 21, 2026, at 4:00 PM IST. The call is intended to discuss the audited standalone and consolidated financial results for the fourth quarter and the full financial year ending March 31, 2026. Senior management, including the Chairman, Managing Director, and CFO, will be present to interact with analysts and institutional investors. The session is being hosted by Nuvama Wealth Management.

Earnings conference call scheduled for April 21, 2026, at 16:00 IST.
Discussion will focus on audited financial results for Q4 FY26 and FY 2025-26.
Top management including Chairman Jitendra Mamtora and MD Satyen Mamtora to attend.
International dial-in facilities provided for investors in the US, UK, Singapore, and Hong Kong.
The call is organized in coordination with Nuvama Wealth Management.

💡 Investors should attend or review the transcript of the call to understand the company's order book execution and guidance for the next fiscal year. Focus on management's commentary regarding raw material price volatility and demand in the power equipment sector.

TARIL Announces Trading Window Closure from April 1, 2026, for Q4 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Mar 2026, 03:09 PM

Transformers And Rectifiers (India) Limited (TARIL) has notified the exchanges regarding the closure of its trading window starting April 1, 2026. This move is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the announcement of financial results. The closure pertains to the audited standalone and consolidated financial results for the quarter and financial year ending March 31, 2026. The window will remain closed for all designated persons and insiders until 48 hours after the results are officially declared.

Trading window for dealing in TARIL securities to close effective April 1, 2026.
Closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Applies to Audited Standalone and Consolidated Financial Results for Q4 and FY ending March 31, 2026.
The window will reopen 48 hours after the board meeting results are made public.
The specific date for the Board Meeting to approve results will be announced in due course.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should monitor for the upcoming Q4 earnings date.

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.

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.