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Transformers and Rectifiers (India) Limited
NSE: TARILIndustrialsElectrical Equipment & Parts
- Last close
- ₹303.90
- Day change
- −₹10.60 (−3.37%)vs
- Market cap
- ₹10,491 crIndian rupees
- Research updated
- 4 reports
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About Transformers and Rectifiers (India)
Transformers and Rectifiers (India) Limited is a leading Indian manufacturer specializing in a comprehensive range of transformers and reactors for power generation, transmission, distribution, and industrial applications. Established in 1981 and headquartered in Ahmedabad, the company produces various types of power transformers, including generator transformers, auxiliary transformers, and large-capacity units up to 500 MVA and 1200 kV class. Its portfolio also encompasses rectifier transformers, distribution transformers with energy-efficient designs, furnace transformers used in steel and related industries, specialty transformers such as earthing and testing types, and shunt and series reactors. The company caters to both domestic and international markets, having executed orders for prominent clients worldwide, and operates with ISO certifications ensuring quality and safety. Transformers and Rectifiers (India) Limited plays a vital role in supporting India's electric infrastructure and industrial power needs, contributing significantly to the electrical equipment sector.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: TARIL
- Chief executive
- Mr. Satyen Jitendra Mamtora
- Employees
- 629
- Headquarters
- Ahmedabad, India
- ISIN
- INE763I01026
- Website
- transformerindia.com
Public research · Report of
Business model & financial foundation
TARIL (NSE: TARIL), Electrical equipment - power and specialty transformers, reactors: revenue of ₹2,509 crore in FY26 (+24.2% on FY25), an EBITDA margin of 15.3%, net profit of ₹264.4 crore and net debt of ₹164.3 crore.
- Revenue, FY26 (₹ crore)
- 2,509
- consolidated
- Revenue growth, FY26
- +24.2%
- on FY25
- EBITDA margin, FY26
- 15.3%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 264.4
- to owners
- Return on equity, FY26
- 19.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 164.3
- Net debt (borrowings less cash and liquid investments)
- Market capitalisation (₹ crore)
- 9,125
- at the close of 15 Oct 2026
Company profile
Transformers and Rectifiers (India) Limited (TARIL), based in Ahmedabad, makes power transformers up to 1200kV class, shunt and series reactors, furnace, rectifier, distribution and specialty transformers for utilities (PGCIL, state transmission companies), renewables and industrial customers. It runs three plants in Gujarat (Moraiya, Changodar, Odhav) with about 75,000 MVA of rated capacity and is backward-integrating into CRGO, CTC conductors, pressboard, bushings and fabrication. It reports a single segment: manufacturing of transformers.
| Item | Value |
|---|---|
| Legal name | Transformers and Rectifiers (India) Limited |
| Exchange and ticker | NSE: TARIL; BSE: 532928 |
| ISIN | INE763I01026 |
| CIN | L33121GJ1994PLC022460 |
| Sector | Capital Goods |
| Industry | Electrical equipment - power and specialty transformers, reactors |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Manubhai & Shah LLP |
| Market capitalisation | ₹9,125 crore (15 Oct 2026) |
| Shares outstanding | 30.02 crore shares (FY26) |
| Price | ₹349.5 (close, 15 Oct 2026) |
| 52-week range | ₹224.1 - ₹489.9 (to 15 Oct 2026) |
| Website | https://www.transformerindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Transpares Limited | 51% | Transformer components and spares |
| Transweld Mechanical Engineering Works Limited | 100% | Fabrication of transformer tanks and structures |
| TARIL Infrastructure Limited | 100% | Infrastructure / EPC vehicle |
| Savas Engineering Company Private Limited | 100% | Transformer components (radiators and engineering) |
| TARIL Switchgear Private Limited | 100% | Switchgear |
| Triveni Transtech (India) Private Limited | 51% | CRGO electrical steel processing (formerly POSCO-Poggenamp Electrical Steel) |
Six subsidiaries at 31 Mar 2026 per FY26 annual report; a UK subsidiary is referenced in the Q2 FY27 press release for US/Europe customer engagement.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 64.36% | 64.36% | 64.36% | 64.36% |
| Promoter holding pledged | 21.84% | 21.84% | 21.84% | 21.84% |
| Foreign institutions | 7.01% | 8.33% | 7.80% | 6.98% |
| Domestic institutions | 4.18% | 1.77% | 1.54% | 1.19% |
| of which mutual funds | 3.93% | 1.72% | 1.28% | 1.12% |
| Retail | 24.43% | 25.54% | 26.32% | 27.46% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
TARIL manufactures power transformers, reactors and specialty transformers for utilities, renewable developers and industry. Revenue is governed by order-book conversion through its Gujarat plants. Q2 FY27 data shows INR7,237cr unexecuted order book and commercial start at Changodar expected around Diwali.
| Peer | Why the dossier compares them |
|---|---|
| Hitachi Energy India (POWERINDIA) | Largest listed power transformer and HVDC supplier in India; direct competitor in 400-765kV |
| GE Vernova T&D India (GVT&D) | Power transformers, reactors and grid equipment for utilities; direct competitor |
| Siemens Energy India (ENRIN) | Transmission equipment incl. transformers; listed after demerger from Siemens |
| Voltamp Transformers (VOLTAMP) | Gujarat-based transformer maker for industrial/utility; closest size and product comparator |
| Bharat Heavy Electricals (BHEL) | State-owned power equipment maker with large transformer business |
| Shilchar Technologies (SHILCHAR) | Small-cap Gujarat transformer maker; power and distribution transformers incl. exports |
| Indo Tech Transformers (INDOTECH) | Small-cap power and distribution transformer maker |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,145 | 1,373 | 1,295 | 2,019 | 2,509 |
| Cost of revenue (vendor classification) * | 939.8 | 1,095 | 954.1 | 1,407 | 1,708 |
| Other operating costs (vendor classification) * | 67.5 | 94.6 | 99.9 | 160.8 | 200.0 |
| EBITDA (vendor classification) * | 84.4 | 120.0 | 137.8 | 331.6 | 437.6 |
| EBIT * | 56.4 | 94.2 | 102.7 | 318.8 | 397.9 |
| Finance costs | 33.1 | 37.2 | 50.8 | 50.6 | 51.1 |
| Profit before tax | 23.3 | 57.1 | 64.4 | 284.8 | 363.0 |
| Total tax expense | 9.02 | 14.7 | 17.4 | 68.4 | 90.9 |
| Profit after tax including NCI | 14.3 | 42.4 | 47.0 | 216.4 | 272.2 |
| Diluted EPS (₹) | 1.06 | 3.07 | 1.64 | 7.21 | 9.07 |
| Other income | 5.82 | 31.7 | 60.9 | ||
| Materials, traded goods and inventory change | 926.8 | 1,385 | 1,695 | ||
| Employee benefits expenses | 47.7 | 60.1 | 105.7 | ||
| Other expenses | 186.0 | 247.4 | 325.0 | ||
| Operating EBITDA excluding other income | 134.1 | 327.5 | 383.2 | ||
| Depreciation and amortisation | 24.7 | 27.0 | 29.9 | ||
| Exceptional items (signed; positive gain) | 0.00 | 3.24 | 0.00 | ||
| PAT attributable to non-controlling interests | 2.51 | 2.16 | 7.78 | ||
| PAT attributable to owners | 44.5 | 214.3 | 264.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 363.3 | 400.9 | 554.4 | 1,252 | 1,515 |
| Total current and non-current borrowings | 324.5 | 330.3 | 255.8 | 282.8 | 456.6 |
| Cash and cash equivalents plus other bank balances | 12.1 | 4.75 | 27.2 | 171.6 | 141.0 |
| Trade receivables (current plus non-current) | 521.6 | 635.3 | 616.3 | 805.8 | 1,095 |
| Inventories | 261.9 | 271.4 | 274.8 | 444.9 | 615.5 |
| Trade payables (MSME plus other suppliers) | 326.6 | 346.4 | 240.9 | 411.9 | 289.6 |
| Net property, plant and equipment * | 11.6 | 12.0 | 11.3 | 11.7 | 12.3 |
| Capital work in progress * | 0.63 | 3.37 | 3.62 | 61.8 | 138.3 |
| Total assets * | 1,109 | 1,186 | 1,168 | 2,185 | 2,666 |
| Current liquid investments | 3.73 | 237.6 | 151.3 | ||
| Net debt (borrowings less cash and liquid investments) | 224.8 | -126.5 | 164.3 | ||
| Contract liabilities - advances from customers | 65.6 | 86.5 | 280.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -128.7 | -13.4 | 29.2 | 156.6 | -105.4 |
| Free cash flow (vendor definition) * | -6.63 | 18.1 | 13.3 | -78.2 | -214.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.33 | -1.99 | -1.99 | -2.85 | -6.00 |
| Capital expenditure cash outflow | -8.11 | -9.15 | -15.8 | -234.8 | -109.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (crore) (crore shares) | 13.26 | 13.26 | 14.26 | 30.02 | 30.02 |
| Weighted average shares for diluted EPS | 29.71 | 30.02 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 559.4 | 676.5 | 529.3 | 460.0 | 736.8 | 782.7 | 572.3 | 739.4 |
| Cost of revenue (vendor classification) * | 398.1 | 463.0 | 343.5 | 315.2 | 501.7 | 534.5 | 387.0 | |
| Other operating costs (vendor classification) * | 63.1 | -105.5 | 78.4 | 67.3 | 88.3 | 91.0 | 69.1 | |
| EBITDA (vendor classification) * | 93.8 | 124.8 | 108.5 | 65.4 | 129.2 | 140.9 | 109.7 | |
| EBIT * | 87.3 | 117.5 | 101.0 | 58.2 | 121.2 | 133.8 | 102.8 | |
| Finance costs | 13.5 | 14.9 | 10.5 | 12.9 | 13.4 | 14.4 | 14.8 | 14.3 |
| Profit before tax | 73.7 | 119.2 | 90.5 | 45.3 | 107.8 | 119.5 | 88.0 | 109.9 |
| Total tax expense | 18.3 | 25.0 | 23.0 | 7.95 | 31.8 | 28.1 | 23.7 | 28.6 |
| Profit after tax including NCI | 55.5 | 94.2 | 67.5 | 37.4 | 76.0 | 91.4 | 64.3 | 81.4 |
| Diluted EPS (₹) | 1.84 | 3.14 | 2.24 | 1.13 | 2.46 | 3.04 | 2.05 | 2.66 |
| Other income | 8.96 | 6.94 | 20.3 | 13.9 | 4.26 | 22.4 | 16.3 | 2.72 |
| Materials, traded goods and inventory change | 398.1 | 440.2 | 343.5 | 315.2 | 501.7 | 534.5 | 387.0 | 505.1 |
| Employee benefits expenses | 13.3 | 23.6 | 19.2 | 26.1 | 21.8 | 38.7 | 22.9 | 36.3 |
| Other expenses | 63.1 | 81.4 | 78.4 | 67.3 | 88.3 | 91.0 | 69.1 | 69.3 |
| Operating EBITDA excluding other income | 84.8 | 131.3 | 88.2 | 51.5 | 125.0 | 118.5 | 93.3 | 128.8 |
| Depreciation and amortisation | 6.49 | 7.28 | 7.55 | 7.27 | 8.08 | 7.01 | 6.82 | 7.22 |
| Exceptional items (signed; positive gain) | 0.00 | 3.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.74 | 0.03 | 0.11 | 3.44 | 2.12 | 2.11 | 2.77 | 1.58 |
| PAT attributable to owners | 54.7 | 94.2 | 67.4 | 33.9 | 73.9 | 89.3 | 61.5 | 79.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.3% | 19.9% | -5.7% | 56.0% | 24.2% |
| EBITDA margin | 10.4% | 16.2% | 15.3% | ||
| Net margin | 3.4% | 10.6% | 10.5% | ||
| Return on equity | 9.3% | 23.7% | 19.1% | ||
| Return on capital employed | 8.7% | 13.3% | 13.3% | 27.2% | 22.7% |
| Return on assets | 3.8% | 12.8% | 10.9% | ||
| Net debt (₹ crore) | 224.8 | -126.5 | 164.3 | ||
| Net debt / EBITDA | 1.68x | -0.39x | 0.43x | ||
| Interest cover | 1.70x | 2.54x | 2.02x | 6.30x | 7.79x |
| Asset turnover | 1.13x | 1.20x | 1.10x | 1.20x | 1.03x |
| Receivable days | 166 | 169 | 174 | 146 | 159 |
| Inventory days (on revenue) | 83 | 72 | 77 | 80 | 90 |
| Payable days (on revenue) | 104 | 92 | 68 | 74 | 42 |
| Cash conversion | 0.66x | 0.73x | -0.40x | ||
| Capex intensity | 0.7% | 0.7% | 1.2% | 11.6% | 4.4% |
| Free cash flow (₹ crore) | -136.8 | -22.6 | 13.3 | -78.2 | -214.8 |
| Dividend payout | 4.5% | 1.3% | 2.3% | ||
| EPS, diluted (₹) | 1.06 | 3.07 | 1.64 | 7.21 | 9.07 |
| Book value per share (₹) | 27,40,33,674 | 30,23,97,333 | 38,88,95,324 | 41,70,79,447 | 50,46,64,365 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and liquid investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Transformers and Rectifiers (India) includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Transformers and Rectifiers (India)
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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