Transformers And Rectifiers (India) Limited has informed the Exchange about Transcript
TARIL · price
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TARIL reported FY26 consolidated revenue of INR 2,509 crores (up 24% YoY) with EBITDA of INR 444 crores and PAT of INR 272 crores. Q4 standalone revenue grew to INR 752 crores (vs INR 647 crores YoY) with EBITDA margin of 15.5%. The company achieved record production of 33,763 MVA. Order book stands at INR 5,000+ crores, providing 18 months revenue visibility, with FY27 revenue guided at INR 3,250 crores (35-40% growth). Management flagged first-ever HVDC transformer repair order from PGCIL, positioning TARIL as the first Indian player in this space. Backward integration (CRGO, CTC, pressboard) is expected to add 150-300 bps to margins. Capacity to expand from 40,000 MVA to 75,000 MVA; current utilization at 75%, targeting 95% this year. Changodar plant delayed to Q2 FY27 due to extended monsoons; Moraiya expected post-monsoon.
Strong execution and record order book visibility are positives, but management's cautious tone on selective order intake, capacity delays, and FY27 guidance falling below earlier expectations may temper near-term excitement. Backward integration and HVDC entry are key medium-term margin drivers worth watching.