Transformers & Rectifiers (India) Q1FY26 Consolidated Profit Soars 223% YoY to ₹67.41 Cr

Ahmedabad, August 1, 2025 – Transformers & Rectifiers India Ltd (NSE: TARIL | BSE: 532928) delivered a breakout Q1 FY26, with consolidated net profit soaring 223% year-on-year to ₹67.41 crore, underpinned by robust operational execution and significant margin expansion.

A sharp surge in revenue and profit fueled the remarkable earnings beat. While specific segment revenues weren’t disclosed in detail, the 127–223% YoY jump in net profit confirms successful cost discipline and accelerating order fulfillment.

Key Consolidated Financial Highlights (₹ Crore)

Transformers and Rectifiers (India) Ltd delivered a strong Q1FY26 performance, with revenue from operations rising 64% YoY to ₹529.33 crore, compared to ₹322 crore in Q1FY25.

EBITDA more than doubled to ₹108.50 crore (up 135% YoY), resulting in a sharp improvement in EBITDA margin to 19.74%, up 556 basis points.

Profit before tax surged 226% to ₹90.48 crore, while net profit (PAT) jumped 223% YoY to ₹67.41 crore, pushing PAT margin to 12.26%, up 586 bps. The results reflect robust execution, improved operating leverage, and strong cost control.

Standalone performance was equally strong, with revenue from operations at ₹510.53 crore, up 64% YoY. Standalone EBITDA more than doubled to ₹96.70 crore (up 127% YoY), while PAT jumped 227% to ₹60.20 crore.

Stock Performance

As of 2:27 PM IST on August 1, 2025, shares of Transformers and Rectifiers (India) Ltd (NSE: TARIL) were trading at ₹519.95, up ₹8.75 or 1.71% for the day. The stock opened at ₹515.05 and touched an intraday high of ₹536.00 and a low of ₹507.05. With a market capitalization of ₹15,610 crore, the company is currently trading at a price-to-earnings (P/E) ratio of 72.09.

Order Book and Business Momentum

As of June 30, 2025, Transformers and Rectifiers (India) Ltd (TARIL) reported a robust unexecuted order book of ₹5,246 crore, underlining strong revenue visibility for upcoming quarters. In addition, the company is actively engaged in negotiations for potential orders exceeding ₹18,000 crore, signalling a healthy project pipeline. During Q1FY26, TARIL secured fresh orders worth ₹665 crore, which included several strategic wins:

• ₹161 crore in export orders, reflecting growing global traction
• A maiden order for 193 MVA single-phase STATCOM transformers, marking a technical milestone
• Its largest-ever export order, valued at USD 16.65 million, from Jindal Energy Botswana Pty Ltd, reinforcing TARIL’s international expansion and engineering credentials.

These developments highlight the company’s growing dominance in both domestic and global power equipment markets, supported by innovation and scale.

Management Commentary

Chairman Jitendra Mamtora shared, “We’ve begun construction of a new 22,000 MVA capacity expansion at Moraiya and started CRGO processing unit expansion. These backward integration initiatives support our goal of reaching USD 1 billion revenue over the next three years.”

Managing Director Satyen Mamtora added, “Operational efficiency and process optimization have significantly boosted profitability. Strong demand from utilities, infrastructure, and industrial sectors is driving a robust order pipeline.”

Strategic Outlook

In Q4 FY25, the company booked major orders valued at ₹2,144 crore, including its largest-ever ₹740 crore contract from GETCO and another for a 420 kV three-phase reactor from Power Grid India. These strong inflows have helped build the highest-ever unexecuted order book—as of March 2025—setting up a strong execution runway for FY26.

The company is expanding capacity, with a ₹550 crore capex plan underway and backwards integration initiatives expected to add 22,000 MVA in EHV transformer capacity by early 2026. These investments support a long-term goal to scale revenue toward USD 1 billion over the next three financial years

About Transformers and Rectifiers

Transformers and Rectifiers (India) Ltd is one of India’s leading transformer manufacturers, with capabilities in power, distribution, furnace, and speciality transformers. Listed on NSE and BSE, TARIL operates from three manufacturing facilities near Ahmedabad and has a global footprint spanning 25+ countries. The company is the second-largest transformer manufacturer in India by capacity, with ~40,000 MVA installed capacity and a client base that includes Power Grid Corporation of India, NTPC, Adani, Tata Power, and JSW Energy.

REF:https://nsearchives.nseindia.com/corporate/TRIL_01082025135709_TARILInvestorPresentationQ1FY2630062025.pdf

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