TRANS & RECTI. LTD

Manufactures power transformers and reactors for India's electricity grid and export markets. The Q1 FY27 unexecuted order book stood at ₹6,630 cr, up 26% YoY, with ₹2,114 cr of inflows during the quarter including a PGCIL Ultra Mega Order above ₹1,000 cr, a GETCO order of ₹228 cr, an RRVPNL order of ₹175 cr and a USA export order of about ₹150 cr. Production capacity is being expanded from 40,000 MVA to 75,000+ MVA, with FY26 record production of 33,763 MVA. Customers are state and central power transmission utilities such as PGCIL, GETCO and RRVPNL, with export business targeted at 10-15% of the mix. Raw materials are the largest cost at 70.6% of revenue, and a backward integration programme of ₹900-1,000 cr is underway to bring CTC, pressboard, RIP bushings, fabrication and CRGO in-house, targeting 80-85% of raw material needs and an expected 200-300 bps margin uplift from FY28. The Changodar plant is undergoing expansion that has temporarily pulled utilisation down to about 27%; management expects 60-65% utilisation in FY27 and 80-85% in FY28, with growth pickup from Q3 FY27.