Transformers And Rectifiers (India) LimitedQ2 FY27 Results & Financial Update
Transformers And Rectifiers (India) Limited: Q2 FY27 consolidated results and company financials – revenue ₹9.41 Cr, PAT ₹0.12 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) Q2 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 delivered strong operating momentum in Q2 FY27, backed by robust order execution and improved capacity utilization across its Changodar and Moraiya manufacturing plants.
On a standalone basis, the company reported Q2 FY27 revenue from operations of ₹709.04 crore, representing a 66% year-on-year increase compared to ₹428.42 crore in Q2 FY26. Standalone revenue grew 27% sequentially over ₹559.28 crore in Q1 FY27.
Standalone EBITDA for Q2 FY27 surged 205% year-on-year to ₹113.90 crore, with the EBITDA margin expanding to 16.1% from 8.7% in Q2 FY26, driven by operating leverage and better execution efficiencies.
Standalone Profit After Tax (PAT) for the quarter rose 338% year-on-year to ₹75.06 crore, up from ₹17.13 crore in the corresponding period of the previous year, lifting the PAT margin to 10.6%.
The company secured ₹3,283 crore of new order inflows during H1 FY27, taking the unexecuted order book to ₹7,237 crore as of September 30, 2026, which represents a 32% year-on-year expansion.
Management reaffirmed its full-year FY27 guidance, targeting 25% revenue growth, a 16% EBITDA margin, and a PAT margin between 9% and 10%.
01 · Business model
What does Transformers And Rectifiers (India) do?
Transformers And Rectifiers (India) Limited designs and manufactures a comprehensive range of power, distribution, furnace, rectifier, and specialty transformers, alongside shunt and series reactors.
The company operates manufacturing facilities in Gujarat across three key locations—Moraiya, Changodar, and Odhav—possessing a combined installed capacity of 75,000 MVA.
Products span voltage classes from 5 kV up to 1,200 kV and capacity ratings from 0.5 MVA to 500 MVA, serving power utilities, EPC contractors, industrial entities, and renewable energy developers across domestic and international markets.
The business model leverages backward integration into critical component manufacturing—such as transformer tanks, radiators, bushings, and conductor systems—to secure raw material availability and quality control.
02 · Historical context
What shaped the business before this quarter
Promoted by first-generation entrepreneur Mr. Jitendra Mamtora, TARIL has built four decades of operations since inception, growing from repair works into high-voltage transformer manufacturing.
Over recent years leading up to FY26, the company successfully scaled its manufacturing capacity from 40,000 MVA to 75,000 MVA across its Gujarat facilities.
The company successfully raised ₹500 crore through a Qualified Institutional Placement (QIP) during the 2024-2026 period to fund expansion and backward integration initiatives.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹9.41 Cr | ₹572.34 Cr |
| Profit after tax | ₹0.12 Cr | ₹64.29 Cr |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was primarily driven by improved capacity utilization levels across the Changodar and Moraiya manufacturing plants.
Strong demand from renewable energy integration, grid modernization, and transmission infrastructure investments fueled higher order execution and billing.
What drove margins
Higher production volumes and better facility utilization allowed fixed overheads to spread over a larger revenue base, expanding EBITDA margin to 16.1% on a standalone basis.
An increasing share of high-voltage (EHV) power transformers and specialized industrial units contributed positively to profitability metrics.
05 · Demand, customers & order book
Where demand is coming from
The unexecuted order book stood at ₹7,237 crore as of September 30, 2026, marking a 32% year-on-year increase compared to ₹5,472 crore in H1 FY26.
H1 FY27 order inflows reached ₹3,283 crore, reflecting a 161% year-on-year growth.
Key orders received include TARIL's first-ever nuclear power sector order for NPCIL's Kaiga Units 5 & 6 generator transformers, alongside large orders from Megha Engineering, APTRANSCO, Damodar Valley Corporation, and GETCO.
Inquiries under negotiation stood at approximately ₹21,000 crore, supported by a historical win ratio in the range of 10% to 15%.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Power transformers represented 83% of the unexecuted order book as of H1 FY27, followed by reactors at 9%, specialty transformers at 4%, distribution transformers at 2%, furnace transformers at 2%, and rectifier transformers at 1%.
Geography and market mix
The company maintains an international footprint spanning over 40 countries, with ongoing shipments and installations across Asia, Africa, Europe, and the Americas.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
TARIL operates three factories in Gujarat—Moraiya (40,000 MVA p.a. capacity, 100% utilized), Changodar (35,000 MVA p.a. capacity, 33% utilized), and Odhav (1,200 MVA p.a. capacity, 100% utilized)—bringing total installed capacity to over 75,000 MVA.
During Q2 FY27, the company completed dynamic short-circuit testing on 3 units (and 7 units total in H1 FY27) in accordance with IEC 60076-5 standards.
Projects, capex and execution
Transformer manufacturing expansion is nearing completion, with commercial production expected to commence around Diwali, enabling further scaling in H2 FY27.
Phased backward integration projects are underway: CTC Phase I (8,000 MTPA) and Phase II (24,000 MTPA) targeted for Q3 FY27; Pressboard/Insulation Phase I (5,000 MTPA) and Phase II (10,000 MTPA) for Q4 FY27; RIP/OIP Bushings Phase I (3,000 No. PA) and Phase II (6,000 No. PA) for Q4 FY27; and Fabrication Phase I (25,000 MTPA) and Phase II (50,000 MTPA) for Q1 FY28.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company is expanding in-house production for critical components such as CTC conductors, pressboard insulation, bushings, and fabrication to cover 80%-85% of total raw material requirements, aiming to secure supply chains and generate cost advantages.
09 · Pressure points & risks
What is not going smoothly
Commercial commissioning of backward integration facilities is now targeted by Q1 FY28, reflecting a delay of up to one quarter.
Timely availability of critical raw materials and unforeseen geopolitical disruptions remain key monitorables for management.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Approximately ₹121 crore of unutilized proceeds from the 2024 QIP remains earmarked for backward integration initiatives.
Capex is planned to be funded through a balanced mix of QIP proceeds, leasing arrangements, internal accruals, and debt if required.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Short-Circuit Testing Expertise
The company highlighted successful testing capabilities at international facilities such as KEMA in the Netherlands for 315 MVA, 400/220 kV auto transformers.
12 · Previous-quarter changes
What changed since the previous quarter
Standalone revenue grew from ₹559.28 crore in Q1 FY27 to ₹709.04 crore in Q2 FY27, while PAT increased from ₹49.92 crore to ₹75.06 crore.
13 · Key Q&A
The quarter, answered directly
What does Transformers And Rectifiers (India) do?
Transformers And Rectifiers (India) Limited designs and manufactures a comprehensive range of power, distribution, furnace, rectifier, and specialty transformers, alongside shunt and series reactors.
What is the clearest takeaway from Q2 FY27?
Transformers And Rectifiers (India) Limited delivered strong operating momentum in Q2 FY27, backed by robust order execution and improved capacity utilization across its Changodar and Moraiya manufacturing plants.
What drove revenue or demand?
Revenue growth was primarily driven by improved capacity utilization levels across the Changodar and Moraiya manufacturing plants.
What mattered most for margins or profitability?
Higher production volumes and better facility utilization allowed fixed overheads to spread over a larger revenue base, expanding EBITDA margin to 16.1% on a standalone basis.
What changed operationally beyond the headline numbers?
TARIL operates three factories in Gujarat—Moraiya (40,000 MVA p.a. capacity, 100% utilized), Changodar (35,000 MVA p.a. capacity, 33% utilized), and Odhav (1,200 MVA p.a. capacity, 100% utilized)—bringing total installed capacity to over 75,000 MVA.
What are the main pressure points disclosed for the quarter?
Commercial commissioning of backward integration facilities is now targeted by Q1 FY28, reflecting a delay of up to one quarter.
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
Diwali Expansion Launch: Monitor the commercial commencement of transformer manufacturing expansion around Diwali.
- 02
Backward Integration Timeline: Track the commissioning progress of CTC and pressboard facilities slated for Q3 and Q4 FY27, and fabrication facilities targeted for Q1 FY28.
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