NSE: TARIL · BSE: 532928
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power transformers and reactors, Third-party sales of backward-integrated raw materials. Cyclical, capacity-driven transformer and reactor manufacturing with a major backward-integration capex programme
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,158 | 1,381 | 1,295 | 2,019 | 2,509 |
| EBITDA (ex other income) | 71 | 121 | 134 | 331 | 383 |
| margin % | 6.1 | 8.8 | 10.4 | 16.4 | 15.3 |
| Owners' profit | 14 | 41 | 45 | 0 | 0 |
| EPS, as reported (₹) | 1.06 | 3.07 | 3.24 | 7.21 | 9.07 |
| ROE % · ROCE % | 3.9 · 15.3 | 10.6 · 22.0 | 8.4 · 18.3 | 17.0 · 24.2 | 17.6 · 25.4 |
| Debt / equity (x) | 0.89 | 0.82 | 0.45 | 0.22 | 0.30 |
| Cash from operations | 2 | 28 | 29 | 157 | (105) |
| Capex | (9) | (10) | (1) | (235) | (109) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 462 | 559 | 676 | 529 | 460 | 737 | 783 | 572 |
| Profit before tax | 64 | 74 | 119 | 90 | 45 | 108 | 119 | 88 |
| Net profit | 46 | 55 | 94 | 67 | 37 | 76 | 91 | 64 |
| EPS (₹) | 3.04 | 3.67 | 3.17 | 2.24 | 1.13 | 2.46 | 3.04 | 2.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.3 | 36.5 | 17 of 34 | 52% |
| P/B | 6.1 | 5.4 | 19 of 33 | 44% |
| ROCE | 22.2 | 16.6 | 12 of 36 | 69% |
| ROE | 17.6 | 14.7 | 15 of 34 | 58% |
| Debt / Equity | 0.3 | 0.1 | 23 of 34 | 33% |
| EBITDA margin | 19.2 | 16.4 | 15 of 35 | 59% |
| Revenue growth | 8.1 | 17.7 | 20 of 33 | 41% |
| Profit growth | (4.7) | 6.7 | 18 of 32 | 45% |
| Market cap | 9450 | 6267 | 17 of 35 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · TARIL to invest Rs 1,250 crore in three Chiyada manufacturing plants | compliance | low | — | — |
| 21 Oct 2026 · Q2 FY27 earnings: revenue up 66% YoY, order book at INR7,237 crores | investor communications | medium | — | — |
| 14 Oct 2026 · TARIL Q2 FY27 Results: Revenue 712 Cr, PAT jumps to 75 Cr standalone | compliance | minimal | — | — |
| 13 Oct 2026 · Q2 FY26-27 earnings call audio recording shared with exchanges | investor communications | low | — | — |
| 13 Oct 2026 · TARIL Q2 FY27: Revenue up 66%, PAT up 338% YoY on strong order book | compliance | low | — | — |
| 13 Oct 2026 · Q2 FY27 results: Revenue up 65 percent, PAT jumps over 4 times YoY | results | high | — | — |
| 13 Oct 2026 · TARIL Q2 FY27 Results: Revenue up 65%, PAT jumps to Rs 75 cr | results | high | — | — |
| 13 Oct 2026 · Q2 FY26 results: Revenue up 65% YoY, PAT jumps 4x, margins improve | results | high | — | — |
| 8 Oct 2026 · RTA Compliance Certificate Filed for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · TARIL Q2 FY27 earnings call scheduled for 13 October 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.