Tarapur Transformers LimitedQ1 FY27 Results & Financial Update
Tarapur Transformers Limited: Q1 FY27 standalone results and company financials – total income ₹0.18 Cr, PAT ₹-0.44 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Tarapur Transformers Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Tarapur Transformers Limited reported its standalone financial results for the first quarter of fiscal year 2027, covering the period ended June 30, 2026.
Total income for Q1 FY27 was reported at INR 0.18 crore (INR 18.29 lakh), showing an increase compared to INR 0.12 crore in the preceding quarter and INR 0.12 crore in the corresponding period of the previous year.
The company recorded a net loss after tax of INR 0.44 crore (INR 44.46 lakh) for the quarter, compared to a net loss of INR 1.89 crore in Q4 FY26 and a net loss of INR 0.09 crore in Q1 FY26.
Loss before tax for the current quarter stood at INR 0.46 crore, reflecting ongoing operational overheads and finance costs amidst minimal revenue generation.
Finance costs for the quarter were recorded at INR 0.20 crore, while depreciation and amortization expenses stood at INR 0.09 crore.
The statutory auditors have issued a qualified conclusion on the financial results, drawing attention to material uncertainties regarding the company's ability to continue as a going concern due to negative net worth and non-provision of interest on certain borrowings.
01 · Business model
What does Tarapur Transformers do?
Tarapur Transformers Limited is primarily engaged in the business of manufacturing, repairing, and maintaining power and distribution transformers.
The company operates out of its registered facilities in Mumbai and manufacturing premises located in Maharashtra, serving various state electricity boards and utility clients.
The business model focuses on fulfilling utility requirements for electrical equipment, though operations have been severely constrained by working capital shortages and liquidity pressures.
02 · Historical context
What shaped the business before this quarter
The company previously borrowed funds from lenders such as Gaganbase Vincom and faced legal recovery suits and money claims from entities like Karnataka Power Transmission Corporation Ltd.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Total income | ₹0.18 Cr | ₹0.56 Cr | ₹0.26 Cr |
| Profit before tax | ₹-0.46 Cr | ₹0.10 Cr | ₹-0.16 Cr |
| Profit after tax | ₹-0.44 Cr | ₹0.10 Cr | ₹-1.89 Cr |
| EPS | ₹-0.23 | ₹0.05 | ₹-0.97 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
With core revenue from operations remaining zero during the quarter, total income of INR 0.18 crore was entirely driven by other income items such as interest and rent.
What drove margins
Finance costs of INR 0.20 crore and other operational expenses of INR 0.22 crore continued to outweigh the nominal income generated during the quarter, driving net losses.
Auditors noted that the company omitted provisions for interest amounting to INR 13.46 lakh for the quarter on borrowings from Gaganbase Vincom, indicating understated liabilities.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company primarily deals in the business of manufacturing and repairs of transformers as a single segment, rendering Ind AS 108 segment reporting inapplicable.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Management stated intentions to revive the manufacturing facility and restart operations at Pali, Wada, though constrained by a very thin workforce and lack of skilled personnel.
07 · Reported developments
What changed operationally
Net loss narrowed to INR 0.44 crore in Q1 FY27 from INR 1.89 crore in Q4 FY26.
08 · Pressure points & risks
What is not going smoothly
The review report included multiple qualifications regarding non-receipt of balance confirmations, non-compliance with Ind AS 116 for leases, unverified loans and advances documentation, and breach of Section 186 limits under the Companies Act, 2013.
09 · Items worth noticing
The line items that can distort a quick read
Created a provision for bad and doubtful advances amounting to INR 8.23 crore against Choudhary Global Limited.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company has not received written balance confirmations for various trade receivables, advances, and security deposits aggregating significant amounts.
Capital allocation & funding
The company failed to accrue and service interest on borrowings from Gaganbase Vincom, leading to qualified remarks by statutory auditors regarding understated current liabilities.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
NCLT Petition against Choudhary Global
The company filed an application under Section 7 of the IBC, 2016 with the NCLT Mumbai Bench to initiate Corporate Insolvency Resolution Process against Choudhary Global Limited for an outstanding amount of INR 8.23 crore, and created a corresponding provision for bad and doubtful advances.
Reported update
SEBI Show Cause Notice
The company received a Show Cause Notice from SEBI dated June 20, 2025, and is in the process of providing an appropriate reply.
12 · Previous-quarter changes
What changed since the previous quarter
Total income increased sequentially from INR 0.12 crore in Q4 FY26 to INR 0.18 crore in Q1 FY27.
13 · Key Q&A
The quarter, answered directly
What does Tarapur Transformers do?
Tarapur Transformers Limited is primarily engaged in the business of manufacturing, repairing, and maintaining power and distribution transformers.
What is the clearest takeaway from Q1 FY27?
Tarapur Transformers Limited reported its standalone financial results for the first quarter of fiscal year 2027, covering the period ended June 30, 2026.
What drove revenue or demand?
With core revenue from operations remaining zero during the quarter, total income of INR 0.18 crore was entirely driven by other income items such as interest and rent.
What mattered most for margins or profitability?
Finance costs of INR 0.20 crore and other operational expenses of INR 0.22 crore continued to outweigh the nominal income generated during the quarter, driving net losses.
What changed operationally beyond the headline numbers?
Management stated intentions to revive the manufacturing facility and restart operations at Pali, Wada, though constrained by a very thin workforce and lack of skilled personnel.
What are the main pressure points disclosed for the quarter?
The review report included multiple qualifications regarding non-receipt of balance confirmations, non-compliance with Ind AS 116 for leases, unverified loans and advances documentation, and breach of Section 186 limits under the Companies Act, 2013.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Resolution of NCLT Proceedings: Monitor the progress of the insolvency petition filed against Choudhary Global Limited for the recovery of INR 8.23 crore.
- 02
Going Concern and Debt Restructuring: Track management's efforts to address negative net worth, unprovided interest liabilities, and lender settlements.
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