
Electrical Equipment
Valuation | |
|---|---|
| Market Cap | 7.11 kCr |
| Price/Earnings (Trailing) | 28.29 |
| Price/Sales (Trailing) | 3.13 |
| EV/EBITDA | 18.16 |
| Price/Free Cashflow | -186.06 |
| MarketCap/EBT | 21.63 |
| Enterprise Value | 7.43 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -12.6% |
| Price Change 1M | -43.4% |
| Price Change 6M | -54.1% |
| Price Change 1Y | -53.9% |
| 3Y Cumulative Return | 102.1% |
| 5Y Cumulative Return | 91.6% |
| 7Y Cumulative Return | 67.7% |
| 10Y Cumulative Return | 34.9% |
| Revenue (TTM) |
| 2.28 kCr |
| Rev. Growth (Yr) | 0.10% |
| Earnings (TTM) | 254.48 Cr |
| Earnings Growth (Yr) | -18.6% |
Profitability | |
|---|---|
| Operating Margin | 14% |
| EBT Margin | 14% |
| Return on Equity | 18.59% |
| Return on Assets | 10.65% |
| Free Cashflow Yield | -0.54% |
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 | 5.35 |
| Interest/Cashflow Ops | 4.17 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 0.2 |
| Dividend Yield | 0.07% |
Smart Money: Smart money has been increasing their position in the stock.
Growth: Awesome revenue growth! Revenue grew 35.1% over last year and 78.3% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Outperforming stock! In past three years, the stock has provided 102.1% return compared to 12.1% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Momentum: Stock is suffering a negative price momentum. Stock is down -43.4% in last 30 days.
Smart Money: Smart money has been increasing their position in the stock.
Growth: Awesome revenue growth! Revenue grew 35.1% over last year and 78.3% in last three years on TTM basis.
Technicals: Bullish SharesGuru indicator.
Profitability: Recent profitability of 11% is a good sign.
Past Returns: Outperforming stock! In past three years, the stock has provided 102.1% return compared to 12.1% by NIFTY 50.
Balance Sheet: Strong Balance Sheet.
Size: Market Cap wise it is among the top 20% companies of india.
Momentum: Stock is suffering a negative price momentum. Stock is down -43.4% in last 30 days.
Investor Care | |
|---|---|
| Dividend Yield | 0.07% |
| Dividend/Share (TTM) | 0.2 |
| Earnings/Share (TTM) | 8.38 |
Financial Health | |
|---|---|
| Current Ratio | 1.87 |
| Debt/Equity | 0.27 |
Technical Indicators | |
|---|---|
| RSI (14d) | 15.24 |
| RSI (5d) | 0.00 |
| RSI (21d) | 24.37 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Buy |
| SharesGuru Signal | Buy |
| RSI Signal | Buy |
| RSI5 Signal | Buy |
| RSI21 Signal | Buy |
| 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 Q1 FY '26 earnings call held on August 1, 2025, Management provided a positive outlook for Transformers and Rectifiers (India) Limited (TARIL). Key highlights included a total order inflow of INR 665 crores for the quarter and an unexecuted order book of INR 5,246 crores as of June 30, 2025, demonstrating strong revenue visibility for the next 15 to 18 months. A milestone was reached with the securing of the company's largest export order ever, valued at USD 16.6 million from Botswana.
Management emphasized ongoing capacity expansion and backward integration efforts, with the new 22,000 MVA manufacturing capacity at the Moraiya facility already under construction. The aim is to achieve USD 1 billion in revenue over the next three financial years.
Financially, standalone revenue increased significantly by 64% year-on-year to INR 510 crores, with EBITDA of INR 97 crores reflecting a 127% growth. Net profit for the quarter was INR 60 crores, a year-on-year increase of 227%, with EBITDA and PAT margins both expanding.
Management expressed confidence in sustainable margin growth, with targets for EBITDA margins around 17% to 18%. This was attributed to operational excellence and enhanced capital efficiency. Key points for the future include maintaining a trajectory towards becoming a net debt-free company within 18 to 24 months and continuing to focus on high-margin orders as they finalize their order book, targeting around INR 5,000 to 5,500 crores over the next financial year.
1. Question from Manish Ostwal:
"Can you explain why the trade receivable in non-current assets is sitting at INR336 crores versus INR2 crores last year?"
Answer:
"The non-current receivables include retention money expected from utilities in 1 to 1.5 years, as well as revenue debtors not immediately due. This classification was done per our auditors' advice to better illustrate our trade receivable cycle."
2. Question from Samarth Khandelwal:
"What would be the size of specialty transformers for the company as opportunities?"
Answer:
"Specialty transformers constitute about 35% of our turnover. This segment presents significant growth opportunities given the rising demand for specialized power solutions."
3. Question from Raj Sarraf:
"Is the margin increase sustainable, and what PAT margin can we expect going forward?"
Answer:
"Yes, the margins are sustainable. Backward integration will enhance profit protection. We anticipate maintaining PAT margins around 17%-18% moving forward."
4. Question from Ashish Soni:
"How much of the INR18,000 crore order book is expected to convert in the next 2 to 3 quarters?"
Answer:
"We expect to finish the year with about INR5,000 crore in order book, targeting high-margin revenue and being selective with orders for better profitability."
5. Question from Anupam Goswami:
"What is the country's capacity expansion and how do we stand regarding exports?"
Answer:
"The country aims to double its power generation capacity, and while we are keen to grow our exports, our current focus is on fulfilling our extensive domestic order book. Exports currently account for 10% of our business."
6. Question from Ankur Goyal:
"How much revenue is expected from each plant after expansions are complete?"
Answer:
"Our goal is to achieve $1 billion in revenue, encompassing ongoing expansions. Each plant will contribute significantly to meet this target over the next three years."
7. Question from Priyesh Babariya:
"Are we facing a decline in order inflows compared to peers?"
Answer:
"We approach orders selectively, targeting favorable profit margins. While peers might show higher inflows, we prioritize quality orders, backed by a robust inquiry pipeline totaling INR18,000 crores."
8. Question from Rucheeta:
"What has led to the recent bump in gross margins, and is this a new norm?"
Answer:
"This increase is due to a combination of pricing power, enhanced operational efficiencies, and better raw material management. We believe this margin level could be the new norm as we keep improving."
9. Question from Sourav Khara:
"What gives you confidence in maintaining the current growth trend?"
Answer:
"Our strong order book and growing inquiries assure us of sustained growth. We are targeting a capacity utilization increase to around 85%-90% this year."
10. Question from Abhijit Singh:
"What is the progress on the green hydrogen transformers?"
Answer:
"Our green hydrogen transformers are still in R&D. The market viability needs further evaluation before we can estimate sales or targets related to this product category."
These summaries encapsulate the main queries and responses from the Q&A section of the earnings conference call held by Transformers and Rectifiers (India) Limited, reflecting the company's strategic outlook and operational updates.
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 Midcap Fund | 3.65% |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio |
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.
Comprehensive comparison against sector averages
TARIL metrics compared to Electrical
| Category | TARIL | Electrical |
|---|---|---|
| PE | 28.29 | 58.93 |
| PS | 3.13 | 5.58 |
| Growth | 35.1 % | 13.7 % |
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 (2025 - 2025)
| 1.51% |
| Aakanksha Satyen Mamtora | 0.01% |
| Bipin Ujamashi Mamtora | 0% |
| Dilip Ujamashi Mamtora | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -6.6% |
| 429 |
| 459 |
| 567 |
| 495 |
| 409 |
| 298 |
| Profit Before exceptional items and Tax | -50.6% | 45 | 90 | 116 | 74 | 64 | 28 |
| Exceptional items before tax | - | 0 | 0 | 3.24 | 0 | 0 | 0 |
| Total profit before tax | -50.6% | 45 | 90 | 119 | 74 | 64 | 28 |
| Current tax | -50% | 10 | 19 | 33 | 19 | 17 | 8.73 |
| Deferred tax | -203.9% | -2.5 | 4.37 | -7.95 | -0.41 | 1.61 | -1.78 |
| Total tax | -68.4% | 7.95 | 23 | 25 | 18 | 18 | 6.95 |
| Total profit (loss) for period | -45.5% | 37 | 67 | 94 | 55 | 46 | 21 |
| Other comp. income net of taxes | 1078.3% | 10 | 0.08 | -0.02 | 0.04 | 0.11 | 0.04 |
| Total Comprehensive Income | -31.3% | 47 | 68 | 94 | 56 | 46 | 21 |
| Earnings Per Share, Basic | -89.5% | 1.13 | 2.24 | 3.17 | 1.835 | 1.52 | 0.7 |
| Earnings Per Share, Diluted | -89.5% | 1.13 | 2.24 | 3.17 | 1.835 | 1.52 | 0.7 |
| 15.9% |
| 52 |
| 45 |
| 38 |
| 30 |
| 26 |
| 30 |
| Finance costs | -4.1% | 48 | 50 | 47 | 42 | 45 | 44 |
| Depreciation and Amortization | 4.5% | 24 | 23 | 23 | 15 | 18 | 18 |
| Other expenses | 46.8% | 230 | 157 | 126 | 113 | 90 | 92 |
| Total Expenses | 41.9% | 1,739 | 1,226 | 1,323 | 1,120 | 726 | 699 |
| Profit Before exceptional items and Tax | 341.8% | 244 | 56 | 48 | 21 | 11 | 0.71 |
| Exceptional items before tax | - | 3.24 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | 347.3% | 247 | 56 | 48 | 21 | 11 | 0.71 |
| Current tax | 252.6% | 68 | 20 | 17 | 5.59 | 1.47 | 0 |
| Deferred tax | -43.3% | -8.13 | -5.37 | -5.5 | 2.34 | 2.32 | 0.17 |
| Total tax | 321.4% | 60 | 15 | 11 | 7.93 | 3.79 | 0.17 |
| Total profit (loss) for period | 367.5% | 188 | 41 | 37 | 13 | 6.95 | 0.54 |
| Other comp. income net of taxes | -44.1% | 0.15 | 0.41 | 0.14 | -0.03 | 0.06 | 0.17 |
| Total Comprehensive Income | 356.1% | 188 | 42 | 37 | 13 | 7.01 | 0.71 |
| Earnings Per Share, Basic | 962% | 6.31 | 1.5 | 1.4 | 0.49 | 0.26 | 0.02 |
| Earnings Per Share, Diluted | 962% | 6.31 | 1.5 | 1.4 | 0.49 | 0.26 | 0.02 |
| -3.9% |
| 123 |
| 128 |
| 119 |
| 121 |
| 124 |
| 130 |
| Capital work-in-progress | 49.2% | 92 | 62 | 21 | 3.38 | 5.66 | 3.36 |
| Non-current investments | 0% | 47 | 47 | 4.27 | 3.83 | 5.63 | 5.63 |
| Loans, non-current | 71.4% | 25 | 15 | 1.64 | 1.15 | 5.01 | 4.96 |
| Total non-current financial assets | 183.1% | 236 | 84 | 23 | 21 | 21 | 28 |
| Total non-current assets | 56.4% | 578 | 370 | 225 | 182 | 167 | 183 |
| Total assets | 9.5% | 2,241 | 2,047 | 1,688 | 1,129 | 1,233 | 1,148 |
| Borrowings, non-current | -27.3% | 57 | 78 | 16 | 52 | 58 | 63 |
| Total non-current financial liabilities | -27.3% | 57 | 78 | 16 | 52 | 58 | 63 |
| Provisions, non-current | 10.7% | 6.27 | 5.76 | 6.04 | 5.49 | 4.57 | 4.12 |
| Total non-current liabilities | -14.8% | 76 | 89 | 28 | 65 | 67 | 76 |
| Borrowings, current | 60.2% | 291 | 182 | 220 | 198 | 317 | 259 |
| Total current financial liabilities | 7.2% | 625 | 583 | 489 | 435 | 648 | 601 |
| Provisions, current | 0.9% | 2.11 | 2.1 | 2.08 | 2.08 | 1 | 0.8 |
| Current tax liabilities | -58.8% | 22 | 52 | 21 | 11 | 0 | 11 |
| Total current liabilities | 17.8% | 880 | 747 | 576 | 525 | 793 | 690 |
| Total liabilities | 14.1% | 955 | 837 | 605 | 590 | 861 | 766 |
| Equity share capital | 0% | 30 | 30 | 15 | 14 | 13 | 13 |
| Total equity | 6.2% | 1,285 | 1,210 | 1,083 | 539 | 373 | 382 |
| Total equity and liabilities | 9.5% | 2,241 | 2,047 | 1,688 | 1,129 | 1,233 | 1,148 |
| 42.1% |
| 28 |
| 20 |
| 10 |
| -0.12 |
| - |
| - |
| Net Cashflows From Operating Activities | 263% | 99 | 28 | 27 | -5.88 | - | - |
| Proceeds from sales of PPE | -9.8% | 0.44 | 0.49 | 0.74 | 0.15 | - | - |
| Purchase of property, plant and equipment | - | 141 | 0 | 11 | 6.93 | - | - |
| Proceeds from sales of investment property | 94.8% | 0 | -18.34 | 0 | 0 | - | - |
| Purchase of other long-term assets | - | 263 | 0 | 0 | 0 | - | - |
| Dividends received | 95.7% | 0.99 | 0.77 | 0.77 | 0.77 | - | - |
| Interest received | 74.3% | 7.24 | 4.58 | 5.53 | 4.14 | - | - |
| Other inflows (outflows) of cash | -1251.8% | -147.97 | -10.02 | 9.09 | -2.01 | - | - |
| Net Cashflows From Investing Activities | -2212.2% | -542.83 | -22.52 | 5.51 | -3.89 | - | - |
| Proceeds from issuing shares | 318.1% | 486 | 117 | 0 | 0 | - | - |
| Proceeds from borrowings | -41825% | -15.77 | 0.96 | 51 | 0.6 | - | - |
| Repayments of borrowings | -137.1% | -25.33 | 72 | 44 | -60.32 | - | - |
| Payments of lease liabilities | -136.8% | 0.1 | 0.62 | 0.58 | 0.66 | - | - |
| Dividends paid | 86.9% | 2.85 | 1.99 | 1.99 | 0.33 | - | - |
| Interest paid | -2.1% | 48 | 49 | 46 | 0 | - | - |
| Other inflows (outflows) of cash | 10.4% | 0.05 | -0.06 | 0.08 | 0.76 | - | - |
| Net Cashflows from Financing Activities | 6605.1% | 444 | -5.81 | -42.25 | 20 | - | - |
| Net change in cash and cash eq. | 40.9% | 0.25 | -0.27 | -10 | 10 | - | - |