Transformers And Rectifiers (India) LimitedQ1 FY27 Results & Financial Update
Transformers And Rectifiers (India) Limited: Q1 FY27 consolidated results and company financials – revenue ₹572.34 Cr, PAT ₹64.29 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Transformers And Rectifiers (India) 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
Transformers And Rectifiers (India) Limited reported consolidated revenue from operations of INR 572.34 crore for the quarter ended June 30, 2026 (Q1 FY27), accompanied by total consolidated income of INR 588.65 crore.
Profit before tax (PBT) for the quarter stood at INR 88.03 crore, while total consolidated profit after tax (PAT) was recorded at INR 64.29 crore, translating to a basic and diluted earnings per share (EPS) of INR 2.05.
The company's investor presentation notes a consolidated revenue growth of 8% year-on-year against the comparable quarter of the previous fiscal year, while consolidated EBITDA reached INR 109.65 crore with an EBITDA margin of 19.16%.
Sequentially, operations experienced a temporary moderation in throughput compared to the preceding quarter (Q4 FY26), primarily due to lower capacity utilization at the Changodar manufacturing plant as ongoing facility expansion activities restricted operational flow.
Management indicated that the expansion work at Changodar is expected to conclude by August 2026, which should normalize plant utilization levels and support subsequent manufacturing output.
Order inflow during the quarter remained exceptionally strong at INR 2,114 crore, driven by major wins such as an ultra-mega order exceeding INR 1,000 crore from PGCIL, lifting the un-executed order book to INR 6,630 crore.
Finance costs for the quarter were reported at INR 14.80 crore, and depreciation and amortization expenses stood at INR 6.82 crore under the consolidated reporting scope.
01 · Business model
What does Transformers And Rectifiers (India) do?
Transformers And Rectifiers (India) Limited (TARIL) is a premier Indian manufacturer specialising in the design and production of power, distribution, furnace, specialty, and rectifier transformers, alongside shunt and series reactors.
The company's product capabilities span voltage classes from 5 kV up to 1,200 kV and capacity ratings from 0.5 MVA up to 500 MVA, serving key sectors including electrical utilities, large engineering procurement construction (EPC) contractors, industrial manufacturers, and renewable energy developers.
TARIL operates through an integrated manufacturing setup across three primary factories located in Gujarat—Moraiya, Changodar, and Odhav—with a total aggregate installed manufacturing capacity exceeding 75,000 MVA per annum.
The business model leverages a blend of domestic orders and an established international presence spanning more than 40 countries, supported by backward-integrated facilities for critical components like transformer tanks, radiators, and bushings.
02 · Historical context
What shaped the business before this quarter
Founded by first-generation entrepreneur Mr. Jitendra Mamtora, TARIL has built a four-decade operational history in the Indian power apparatus manufacturing sector.
The company commissioned its greenfield manufacturing facility at Moraiya in 2010 following its initial public offering on Indian stock exchanges.
Historically, TARIL strengthened its high-voltage technical capabilities through strategic alliances and licensing agreements with entities such as ZTR Ukraine and Fuji Electric for 765 kV class reactors and transformers.
Over the period from FY24 to FY26, the company successfully expanded its total manufacturing capacity from 40,000 MVA to 75,000 MVA and raised capital via a qualified institutional placement (QIP).
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹572.34 Cr |
| Total income | ₹588.65 Cr |
| Profit before tax | ₹88.03 Cr |
| Profit after tax | ₹64.29 Cr |
| EPS | ₹2.05 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Demand is heavily underpinned by national transmission investments, grid modernization initiatives, and heavy utility spending on extra-high voltage (EHV) equipment.
Large-scale solar and wind energy integration across domestic and international markets continues to drive dedicated orders for specialized renewable application transformers.
International dispatches, including orders secured from the USA and other geographies across the Americas, Africa, and Europe, provide supplementary revenue streams.
What drove margins
Management noted that the company is insulated from raw material price volatility by securing input prices concurrently with customer order receipts.
An increasing revenue contribution from ultra-high voltage (400 kV to 765 kV and 1,200 kV) power transformers and specialized industrial units supports realization levels.
Ongoing investments in in-house production of components such as conductors, insulation pressboard, and bushings are intended to generate structural cost advantages over time.
05 · Demand, customers & order book
Where demand is coming from
The un-executed order book stood at INR 6,630 crore as of June 30, 2026, marking a 26% increase compared to Q1 FY26 and providing revenue visibility for the next 18 to 24 months.
During Q1 FY27, TARIL secured major contracts including an ultra-mega order above INR 1,000 crore from PGCIL (to be executed within 30 months), an INR 228 crore order from GETCO, an INR 175 crore order from RRVPNL, and an export order of about INR 150 crore from PDC AK LPIV, LLC (USA).
The company reported an active bid pipeline of inquiries under negotiation totaling approximately INR 23,000 crore, maintaining a historical win ratio of 10% to 15%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Power transformers continue to dominate the order book and revenue base, accounting for approximately 80% of un-executed orders, followed by reactors at 10%, specialty transformers at 5%, and smaller shares for distribution, furnace, and rectifier transformers.
Geography and market mix
TARIL maintains an active commercial presence across more than 40 countries, with over 18,000 transformer installations worldwide spanning the Americas, Europe, Africa, Asia, and Oceania.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
As of Q1 FY27, plant-wise utilization stood at 57% for the Moraiya facility, 27% for the Changodar facility (impacted by ongoing expansion work), and 100% for the Odhav facility.
During the quarter, TARIL successfully completed dynamic short-circuit testing on four units in accordance with standards such as IEC 0076-5 to verify mechanical and thermal resilience under fault currents.
Projects, capex and execution
The ongoing capacity expansion at the Changodar plant involves an outlay of approximately INR 150 crore and is scheduled for completion by August 2026.
Backward integration capital expenditure totaling INR 900 crore to INR 1,000 crore is progressing, with commercial commissioning of all related facilities targeted by Q1 FY28 following minor timeline adjustments.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company is systematically establishing in-house production lines for continuous transposed conductors (CTC), insulation pressboard, bushings, and additional fabrication capacity to reduce external vendor dependence.
09 · Reported developments
What changed operationally
Order inflows surged 218% year-on-year during Q1 FY27 to reach INR 2,114 crore, substantially expanding the firm's medium-term revenue visibility.
10 · Pressure points & risks
What is not going smoothly
Sequential revenue and profit contraction in Q1 FY27 relative to Q4 FY26 was driven by lower operational throughput at the Changodar facility during active expansion work.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Management stated that capital expenditures are funded via a balanced mix of unutilized proceeds from the 2024 QIP (with roughly INR 145 crore earmarked for backward integration), leasing arrangements, internal accruals, and debt if necessary.
Capital allocation & funding
Consolidated borrowings comprise long-term borrowings of INR 66.91 crore and short-term borrowings including current maturities of INR 389.74 crore as reported at the close of FY26.
12 · Management guidance & targets
What management is targeting from here
Management has publicly targeted a revenue growth rate of 25% for FY27, accompanied by an EBITDA margin of 16% and a PAT margin in the range of 9% to 10%.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Technocrat Leadership
The company is led by founder Chairman Mr. Jitendra Mamtora and Managing Director & CEO Mr. Satyen Mamtora, both active members of industry bodies such as IEEMA.
14 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations declined from INR 782.67 crore in Q4 FY26 to INR 572.34 crore in Q1 FY27, reflecting lower utilization at Changodar.
15 · Key Q&A
The quarter, answered directly
What does Transformers And Rectifiers (India) do?
Transformers And Rectifiers (India) Limited (TARIL) is a premier Indian manufacturer specialising in the design and production of power, distribution, furnace, specialty, and rectifier transformers, alongside shunt and series reactors.
What is the clearest takeaway from Q1 FY27?
Transformers And Rectifiers (India) Limited reported consolidated revenue from operations of INR 572.34 crore for the quarter ended June 30, 2026 (Q1 FY27), accompanied by total consolidated income of INR 588.65 crore.
What drove revenue or demand?
Demand is heavily underpinned by national transmission investments, grid modernization initiatives, and heavy utility spending on extra-high voltage (EHV) equipment.
What mattered most for margins or profitability?
Management noted that the company is insulated from raw material price volatility by securing input prices concurrently with customer order receipts.
What changed operationally beyond the headline numbers?
As of Q1 FY27, plant-wise utilization stood at 57% for the Moraiya facility, 27% for the Changodar facility (impacted by ongoing expansion work), and 100% for the Odhav facility.
What is management guiding or targeting from here?
Management has publicly targeted a revenue growth rate of 25% for FY27, accompanied by an EBITDA margin of 16% and a PAT margin in the range of 9% to 10%.
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Backward Integration Milestones: Progress on the scheduled commercial commissioning of backward integration facilities toward the target of Q1 FY28.
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