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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ABB INDIA LIMITED | 1,54,136 | 51.6 | 16.50 | — | 23.0 | 10.2 | — | 15.2 |
| BHEL | 1,50,076 | 61.7 | 5.74 | 49.8 | 6.1 | 4.7 | 14.3 | 9.3 |
| CG POWER AND IND SOL LTD | 1,43,168 | 93.7 | 17.46 | 77.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,40,869 | 43.0 | 10.17 | 39.7 | 19.9 | 20.6 | 31.1 | 11.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · TARIL incorporates UK subsidiary Maxwell Grid Transformers | strategic transactions | medium | — | — |
| 1 Sept 2026 · TARIL: Newspaper publication of 32nd AGM notice, record date and e-voting details | compliance | minimal | — | — |
| 1 Sept 2026 · Postal Ballot Notice: Remote E-voting Open 30 Aug to 28 Sep 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · TARIL wins first nuclear sector order from NPCIL for Kaiga project | compliance | low | — | — |
| 29 Aug 2026 · TARIL wins first nuclear sector order from NPCIL for Kaiga project | compliance | low | — | — |
| 29 Aug 2026 · TARIL files BRSR for FY 2025-26 with 2030 ESG targets | compliance | minimal | — | — |
| 29 Aug 2026 · Record date fixed for FY26 dividend; AGM on 21 Sep 2026 | corporate actions | medium | — | — |
| 29 Aug 2026 · 32nd AGM on Sept 21, 2026; dividend of Rs 0.25 per share proposed | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Received Large Order from MEIL for transformer manufacturing, delivery in 35 months | business updates | high | — | — |
| 29 Aug 2026 · Postal ballot to reallocate Rs 500cr QIP proceeds and extend deadline | fund raising | medium | — | — |
| 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 |
| HITACHI ENERGY INDIA LTD |
| 1,40,200 |
| 121.8 |
| 27.09 |
| — |
| 19.1 |
| 24.7 |
| — |
| 16.9 |
| GE VERNOVA T&D INDIA LTD | 1,16,454 | 89.2 | 43.29 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,13,147 | 76.0 | 23.51 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 60,678 | 19.4 | 6.41 | 18.8 | 33.4 | 22.7 | 38.0 | 16.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.4 | 35.1 | 14 of 34 | 61% |
| P/B | 5.6 | 5.7 | 16 of 33 | 53% |
| ROCE | 22.2 | 16.6 | 12 of 36 | 69% |
| ROE | 17.6 | 14.6 | 15 of 35 | 59% |
| Debt / Equity | 0.3 | 0.1 | 24 of 35 | 32% |
| 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 | 8706 | 7198 | 17 of 35 | 53% |
| 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 |
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.
