Transformers & Rectifiers logo

Transformers & Rectifiers

TARIL NSE

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods
Market Cap
₹8,615 Cr
Volatility
Moderate
P/E Ratio
33.51
EBITDA
₹444 Cr
Return on Equity
17.64%
Debt to Equity
0.3
Book Value
₹50.47
52W High
₹552
52W Low
₹224.05

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 106% CAGR over last 5 years

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -10.6%

Growth Rate

Revenue Growth
25.28% higher than 3Y
Net Income Growth
25.79% lower than 3Y
Cash Flow Change
-167% higher than 3Y
ROE
3.7% lower than 3Y
ROCE
4.58% lower than 3Y
EBITDA Margin (Avg.)
-1.31% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Transformers & Rectifiers India Ltd (TARIL) is a mid-cap transformer manufacturer with a market cap of ~₹9,052 crore, trading at a PE of 32.7x. The company delivered record FY25 revenue of ₹2,051 crore (up 56% YoY) and PAT of ₹216 crore (up 357% YoY), with an unexecuted order book of ₹5,132 crore as of March 2025. However, the stock has corrected 43% over the past year amid slowing order inflow guidance and near-term margin pressure from ongoing capacity expansion.

Bull Case 8
  • Exceptional 5-year profit CAGR of 106%, with FY25 PAT surging 357% YoY to ₹216 crore on revenue of ₹2,051 crore
  • Record unexecuted order book of ₹5,132 crore as of March 2025 (further rising to ₹6,630 crore by Q1 FY27), providing 15-18 months of revenue visibility
  • Massive capacity expansion underway from ~29,118 MVA manufactured in FY25 (80% YoY growth) to a target of 75,000+ MVA, funded by ₹500 crore QIP
  • EBITDA margins expanded significantly to 17.51% in FY25, reflecting operational efficiencies and improved product mix
  • Strong secular tailwind from India's planned ₹9 lakh crore transmission infrastructure investment by 2032, with 8-11x transformer capacity needed per GW of new generation
  • Management targeting $1 billion revenue within three years and guiding 25% revenue growth in FY27
  • 3-year ROE of 19% and 10-year stock CAGR of 34% demonstrate consistent long-term value creation
  • Backward integration via CRGO processing unit acquisition reduces raw material dependency and should support margins long-term
Bear Case 8
  • Stock has corrected 43% in the past 1 year despite strong fundamentals, indicating elevated valuation risk at prior peaks
  • Promoter holding has decreased by 10.6% over the last 3 years, signaling potential dilution concerns
  • Order inflow guidance for FY26 slowed sharply to under ₹3,000 crore versus ₹4,504 crore achieved in FY25 — a potential 33%+ decline
  • Q1 FY27 standalone PAT declined 17% YoY to ₹50 crore with PAT margin compressing to 8.9%, due to capacity constraints during expansion
  • PE ratio of 32.7x is elevated for a cyclical industrials company, leaving limited margin of safety if growth slows
  • TTM profit growth has decelerated to 0% after the 87% CAGR over 3 years, suggesting base-effect normalization
  • Ongoing Changodar facility expansion (expected completion August 2026) is temporarily constraining production utilization and margins
  • Dividend yield of just 0.07% offers negligible income return to shareholders at current valuation

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Headwinds 1
  • Changodar plant capacity constraints Jul 25

    TARIL faced temporary capacity constraints at its Changodar plant during Q1FY27, which limited stronger top-line performance despite 8.1% revenue growth.

Positives 2
  • Order book surges 26% YoY Jul 25

    Order book grew 26% YoY to ₹6,630 crore in Q1FY27, boosted by a mega-deal from PGCIL, with the company targeting 25% revenue growth in FY27 and $1 billion revenue by FY28-29.

  • Strong order inflows confirmed Jul 6

    TARIL has booked order inflows of ₹2,300–2,400 crore so far in FY27 and reaffirmed its full-year guidance, signaling stable execution and demand visibility.

Neutral 1
  • Q1FY27 revenue up 8.1% Jul 25

    Q1FY27 revenue grew 8.1% YoY, a resilient but modest pace given capacity headwinds, with robust financial health and backward integration projects underway.

TL;DR: TARIL is executing well on order wins, with a 26% YoY surge in its order book to ₹6,630 crore and reaffirmed FY27 guidance. The key risk is near-term capacity constraints at Changodar that capped Q1 revenue growth at 8.1%. The trend is improving as backward integration and capacity expansion should unlock the path toward the company's $1 billion revenue target by FY28-29.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
156
257
369
513
322
462
559
676
529
460
737
783
572
Expenses
151
237
331
441
280
392
475
545
441
409
612
664
479
Operating Profit
4
20
38
72
42
69
85
131
88
52
125
118
93
OPM %
2.8%
8%
10%
14%
13%
15%
15%
19%
17%
11%
17%
15%
16%
Other Income
1
1
2
1
4
12
9
10
20
14
4
22
16
Interest
15
12
13
11
12
10
14
15
10
13
13
14
15
Depreciation
6
6
6
6
7
6
6
7
8
7
8
7
7
PBT
-15
3
21
56
28
64
74
119
90
45
108
119
88
Tax %
-20%
37%
24%
26%
25%
28%
25%
21%
25%
18%
30%
24%
27%
Net Profit
-12
2
16
42
21
46
55
94
67
37
76
91
64
EPS in Rs
-0.48
0.06
0.55
1.4
0.67
1.51
1.82
3.14
2.24
1.13
2.46
2.97
2.05
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
553
657
821
716
855
701
742
1,158
1,396
1,291
2,017
2,507
2,552
Expenses
523
618
733
650
794
649
673
1,084
1,275
1,157
1,689
2,124
2,163
Operating Profit
31
38
87
65
61
51
69
74
121
134
327
383
388
OPM %
6%
6%
11%
9%
7%
7%
9%
6%
9%
10%
16%
15%
15%
Other Income
3
4
6
6
12
16
9
10
9
6
35
61
57
Interest
32
38
42
44
46
46
46
44
48
51
51
51
55
Depreciation
13
15
15
16
19
20
19
17
25
25
27
30
29
PBT
-11
-10
36
11
9
2
13
23
57
64
285
363
361
Tax %
-34%
-32%
34%
41%
41%
44%
39%
39%
26%
27%
24%
25%
—
Net Profit
-8
-7
24
6
5
1
8
14
42
47
216
272
269
EPS in Rs
-0.3
-0.28
0.88
0.2
0.17
0.02
0.27
0.53
1.54
1.56
7.14
8.81
8.61
Div. Payout %
0%
0%
0%
0%
0%
0%
19%
14%
5%
6%
3%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
13
13
13
13
13
13
13
13
13
14
30
30
Reserves
321
313
312
317
322
323
330
343
381
540
1,222
1,485
Borrowings
157
164
209
399
263
308
263
325
330
256
283
457
Other Liabilities
232
299
341
358
281
289
319
428
463
359
652
696
Total Liabilities
723
789
876
1,088
880
933
925
1,109
1,187
1,170
2,187
2,667
Fixed Assets
192
185
187
195
201
193
181
168
153
144
251
250
CWIP
11
11
6
12
3
2
0
3
3
5
62
138
Investments
0
0
0
0
0
0
0
1
1
4
268
184
Other Assets
519
592
682
881
676
738
744
936
1,030
1,017
1,605
2,094
Total Assets
723
789
876
1,088
880
933
925
1,109
1,187
1,170
2,187
2,667
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
93
37
66
-102
179
16
96
2
28
29
157
-105
Investing
-30
-5
-24
-31
-8
-15
-7
-8
9
-22
-621
-7
Financing
-50
-31
-61
145
-182
2
-93
17
-45
-10
468
116
Net Cash Flow
13
0
-18
12
-11
3
-4
11
-7
-3
4
3
Free Cash Flow
61
29
55
-132
163
7
91
-6
19
14
-78
-215
CFO/OP
310
100
78
-152
296
37
140
4
34
38
58
2
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
158
171
166
256
161
218
205
164
166
174
85
129
Inventory Days
147
155
120
182
109
153
147
104
93
109
118
133
Days Payable
160
209
149
203
114
161
179
129
118
95
109
62
Cash Conversion Cycle
145
117
138
235
156
210
173
139
141
188
94
200
Working Capital Days
76
77
63
57
55
73
94
60
68
119
34
80
ROCE %
4%
6%
15%
9%
8%
8%
9%
10%
15%
15%
28%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

DIIs1.53%Promot.64.36%Others3.43%FIIs7.80%Public22.87%As ofJun 2026
21.84% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Transformers & Rectifiers

What does Transformers & Rectifiers India Ltd do?
Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]
Where is Transformers & Rectifiers India Ltd (TARIL) listed?
Transformers & Rectifiers India Ltd trades as TARIL on the NSE and under code 532928 on the BSE.
Which sector does Transformers & Rectifiers India Ltd belong to?
Transformers & Rectifiers India Ltd is classified under the Industrials sector, in the Electrical Equipment industry.
What is the market capitalisation of Transformers & Rectifiers India Ltd?
Transformers & Rectifiers India Ltd has a market capitalisation of ₹8,615 Cr, which places it in the Mid Cap band.
What is the PE ratio of Transformers & Rectifiers India Ltd?
Transformers & Rectifiers India Ltd trades at a PE ratio of 33.51, against a book value of ₹50.47 per share.
What is the 52-week high and low of Transformers & Rectifiers India Ltd?
Over the last 52 weeks Transformers & Rectifiers India Ltd has traded between ₹224.05 and ₹552.
Does Transformers & Rectifiers India Ltd pay dividends?
Transformers & Rectifiers India Ltd has a dividend yield of 0.09%.
What is the Return on Equity (ROE) of Transformers & Rectifiers India Ltd?
Transformers & Rectifiers India Ltd reported a return on equity of 17.64%. Its debt-to-equity ratio is 0.30.

Company Information

Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]

Website transformerindia.com
CEO Dr. Chanchal Singh Satyendra Rajora C.A.
Employees 553
Listed 2007-12-28
Face Value ₹ 1
Issued Size 30,01,65,834

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