
Electrical Equipment
Profitability: Recent profitability of 11% is a good sign.
Size: Market Cap wise it is among the top 20% companies of india.
Growth: Awesome revenue growth! Revenue grew 30.1% over last year and 93% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 82.7% return compared to 11.4% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Insider Trading: Significant insider selling noticed recently.
Technicals: SharesGuru indicator is Bearish.
Momentum: Stock is suffering a negative price momentum. Stock is down -21.5% in last 30 days.
Smart Money: Smart money is losing interest in the stock.
Valuation | |
|---|---|
| Market Cap | 6.98 kCr |
| Price/Earnings (Trailing) | 25.83 |
| Price/Sales (Trailing) | 2.85 |
| EV/EBITDA | 16.42 |
| Price/Free Cashflow | -186.06 |
| MarketCap/EBT | 19.24 |
| Enterprise Value | 7.3 kCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 2.45 kCr |
| Rev. Growth (Yr) | 30.4% |
| Earnings (TTM) | 274.97 Cr |
| Earnings Growth (Yr) | 36.9% |
Profitability | |
|---|---|
| Operating Margin | 15% |
| EBT Margin | 15% |
| Return on Equity | 20.08% |
| Return on Assets | 11.51% |
| Free Cashflow Yield | -0.54% |
Growth & Returns | |
|---|---|
| Price Change 1W | -10.7% |
| Price Change 1M | -21.5% |
| Price Change 6M | -52.7% |
| Price Change 1Y | -53.3% |
| 3Y Cumulative Return | 82.7% |
| 5Y Cumulative Return | 91.9% |
| 7Y Cumulative Return | 67.5% |
| 10Y Cumulative Return | 33.4% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -625.11 Cr |
| Cash Flow from Operations (TTM) | 156.58 Cr |
| Cash Flow from Financing (TTM) | 472.19 Cr |
| Cash & Equivalents | 46.03 Cr |
| Free Cash Flow (TTM) | -78.22 Cr |
| Free Cash Flow/Share (TTM) | -2.61 |
Balance Sheet | |
|---|---|
| Total Assets | 2.39 kCr |
| Total Liabilities | 1.02 kCr |
| Shareholder Equity | 1.37 kCr |
| Current Assets | 1.75 kCr |
| Current Liabilities | 937.18 Cr |
| Net PPE | 227.84 Cr |
| Inventory | 632.4 Cr |
| Goodwill | 3 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.15 |
| Debt/Equity | 0.27 |
| Interest Coverage | 6.03 |
| Interest/Cashflow Ops | 4.17 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 0.2 |
| Dividend Yield | 0.07% |
Profitability: Recent profitability of 11% is a good sign.
Size: Market Cap wise it is among the top 20% companies of india.
Growth: Awesome revenue growth! Revenue grew 30.1% over last year and 93% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 82.7% return compared to 11.4% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Insider Trading: Significant insider selling noticed recently.
Technicals: SharesGuru indicator is Bearish.
Momentum: Stock is suffering a negative price momentum. Stock is down -21.5% in last 30 days.
Smart Money: Smart money is losing interest in the stock.
Investor Care | |
|---|---|
| Dividend Yield | 0.07% |
| Dividend/Share (TTM) | 0.2 |
| Earnings/Share (TTM) | 9 |
Financial Health | |
|---|---|
| Current Ratio | 1.87 |
| Debt/Equity | 0.27 |
Technical Indicators | |
|---|---|
| RSI (14d) | 8.57 |
| RSI (5d) | 3.97 |
| RSI (21d) | 32.42 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Buy |
| SharesGuru Signal | Sell |
| RSI Signal | Buy |
| RSI5 Signal | Buy |
| RSI21 Signal | Hold |
| SMA 5 Signal | Sell |
| SMA 10 Signal | Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
Summary of Transformers and Rectifiers (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
In the earnings conference call held on January 8, 2026, management provided an optimistic outlook for Transformers and Rectifiers (India) Limited (TARIL). Key highlights included:
Financial Performance: For Q3 FY '26, revenues reached INR 704.21 crores with an EBITDA of INR 114 crores, marking a significant recovery. The EBITDA margin expanded to 16.19%.
Growth Projections: Management anticipates delivering at least 25% revenue growth over FY '25, targeting total revenues of approximately INR 2,600 crores and an EBITDA margin between 16% and 17% for FY '26.
Order Book Strength: A robust and diversified Unexecuted Order Book (UEOB) of around INR 8,000 crores is expected to support order inflow in the second half. Management anticipates a strong order inflow during Q4 FY '26, reflecting optimism stemming from high tender inquiries.
Strategic Developments: TARIL has commenced civil work for six backward integration facilities, with milestones aimed at improving in-house value addition and cost efficiency. The commissioning targets include a CTC plant in FY '26-27 and various other facilities throughout the same period.
Capacity Expansion: The company plans to enhance its manufacturing capacity, expecting to add 15,000 MVA in Q1 FY '26-27 and 22,000 MVA in Q2 FY '26-27. This expansion aims to support increased volumes and flexibility in execution.
Long-term Goals: Management set a target of achieving $1 billion (around INR 8,000 crores) in revenue by FY '28-29, driven by growth in the transformer business and the upcoming capabilities from backward integration.
Marginal Improvement: There are expectations of an increase in margins due to operational efficiencies from backward integration efforts, potentially achieving and sustaining 15% to 16% margins over the coming years.
Overall, management expressed confidence in TARIL's ability to navigate the future, leverage substantial order book strength, and realize growth through strategic initiatives and capacity enhancements.
Question 1: "Last quarter, I remember you telling that we had about a deferment of INR100 crores in revenue because of the monsoon. Is this the normalization we are looking at going forward?"
Answer: "It was not INR100 crores; it was INR70 crores to INR72 crores. We benefitted from this adjustment, but we also faced about INR40 crores in revenue deferment for this quarter as well."
Question 2: "If we are targeting a $1 billion revenue by FY '28-'29, what will drive the growth from here?"
Answer: "We're guiding towards $1 billion or INR8,000 crores revenue by FY '28-'29. This will stem from growth in our transformer business and the expansion of our backward integration facilities, supporting our order book, which we expect to close this year at around INR8,000 crores."
Question 3: "Currently, the Order Book pipeline was INR22,000 crores, now it's INR16,500 crores. How do you see the visibility and where will we be ending the order books?"
Answer: "We're pacing our order intake deliberately to avoid an order book beyond 18 months. We expect an order book of INR8,000 crores by year-end based on this strategy."
Question 4: "What technology of HVDC would we be bidding for after completing the order?"
Answer: "We will be using our indigenously made HVDC technology. Once we successfully repair and commission this existing transformer, we'll qualify for future tenders."
Question 5: "What is our cash flow position for the first 9 months?"
Answer: "We are cash flow positive, around INR30-35 crores, along with approximately INR275 crores in cash deposits with banks."
Question 6: "What will drive margin visibility in the next 1 to 2 years?"
Answer: "We expect margins to remain stable between 15% to 16%, with potential for a 1% to 2% improvement through operational excellence."
Question 7: "How should we think about ramp-up and customer approvals regarding new facilities?"
Answer: "We anticipate 60% to 70% capacity utilization by the second operational year, contingent upon passing necessary type tests for our new bushings."
Question 8: "There are reports about the government considering allowing Chinese imports. How well are we prepared?"
Answer: "Chinese manufacturers will have to make transformers in India. Currently, their operations are fully booked, so short-term, I don't foresee a significant impact on us."
Question 9: "When will the backward integration plant become operational, and what is its expected capacity?"
Answer: "The CTC plant is set for Q1 FY '26-27; the initial capacity will be up to 245 KV in the first year and increase thereafter."
Question 10: "How do you anticipate achieving the INR8,000 crores revenue target?"
Answer: "With our inquiries in the pipeline, we expect significant order wins; quarter 4 traditionally has high demand, hence we anticipate achieving our target based on past performance data."
Understand Transformers and Rectifiers (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Jitendra Ujamsi Mamtora | 31.3% |
| Janki Aasish Kiri | 9.5% |
| Karunaben Jitendra Mamtora | 9.5% |
| Satyen Jitendra Mamtora | 9.5% |
| Jitendra Ujamsi Mamtora HUF | 4.55% |
| Hsbc Mutual Fund - Hsbc Midcap Fund | 2.03% |
| Invesco India Manufacturing Fund | 1.05% |
| Aakanksha Satyen Mamtora | 0.01% |
| Bipin Ujamashi Mamtora | 0% |
| Dilip Ujamashi Mamtora | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
Detailed comparison of Transformers and Rectifiers (India) against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|
Comprehensive comparison against sector averages
TARIL metrics compared to Electrical
| Category | TARIL | Electrical |
|---|---|---|
| PE | 25.83 | 50.79 |
| PS | 2.85 | 4.87 |
| Growth | 30.1 % | 10 % |
Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures and sells transformers in India. The company provides power transformers, such as generator transformers, unit and station auxiliary transformers, small and medium power transformers, and trackside transformers for railways; and rectifier transformers, including 6 and 12/24 pulse transformers with IPT, as well as transformers for bridge construction. It offers distribution transformers, including energy efficient transformers, transformers with packaged substations, copper and aluminium wounds, hermitically sealed type transformers, and transformers with corrugated cooling fins. In addition, the company provides furnace transformers consisting of electric arc furnace and submerged arc furnace transformers, ladle refining furnace transformers, induction furnace transformers, and DC arc furnace transformers; specialty transformers, including testing and earthing transformers and transformers having multiple secondaries; and shunt and series reactors. Further, it offers switch gears. It exports its products. The company was formerly known as Triveni Electric Company Limited and changed its name to Transformers and Rectifiers (India) Limited in March 1995. Transformers and Rectifiers (India) Limited was founded in 1981 and is headquartered in Ahmedabad, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
TARIL vs Electrical (2021 - 2026)