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- Q2 FY27 results
Transformers and Rectifiers Q2 FY27 results: net profit up 117.9% to ₹81.38 crore, revenue up 60.7%
Transformers and Rectifiers (India) Limited reported consolidated Q2 FY27 revenue of ₹739.44 crore, up 60.7% from Q2 FY26. EBITDA rose to ₹128.77 crore with a 17.4% margin, while profit after tax increased to ₹81.38 crore and basic EPS was ₹2.66.
Key points
- Consolidated Q2 FY27 revenue was ₹739.44 crore, up 60.7% from ₹460.03 crore in Q2 FY26.
- EBITDA was ₹128.77 crore, up 149.9%, with the margin rising to 17.4% from 11.2%.
- Profit after tax was ₹81.38 crore, up 117.9%, and basic EPS increased to ₹2.66 from ₹1.13.
- H1 FY27 revenue was ₹1,311.78 crore, up 32.6%, and profit after tax was ₹145.67 crore, up 39.0%.
How did Transformers and Rectifiers perform in Q2 FY27?
Transformers and Rectifiers reported consolidated revenue of ₹739.44 crore for Q2 FY27, up ₹279.41 crore or 60.7% from ₹460.03 crore in Q2 FY26. Against Q1 FY27, revenue rose ₹167.10 crore or 29.2% from ₹572.34 crore. The company also reported standalone revenue of ₹709.04 crore, up 65.5% from the year-ago quarter.
Consolidated EBITDA was ₹128.77 crore, up ₹77.25 crore or 149.9% from Q2 FY26, while the EBITDA margin increased 6.2 percentage points to 17.4%. Against Q1 FY27, EBITDA rose ₹35.43 crore or 38.0%, and margin increased 1.1 percentage points to 17.4%.
Consolidated profit before tax was ₹109.93 crore, up ₹64.63 crore or 142.7% from Q2 FY26, and profit after tax was ₹81.38 crore, up ₹44.03 crore or 117.9%. Basic EPS was ₹2.66, against ₹1.13 in Q2 FY26 and ₹2.05 in Q1 FY27. Standalone profit after tax was ₹75.01 crore, against ₹16.80 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 739.44 | 572.34 | 460.03 | +60.7% | +29.2% |
| Other income | 2.72 | 16.31 | 13.92 | −80.5% | −83.3% |
| Total expenses | 632.23 | 500.62 | 428.65 | +47.5% | +26.3% |
| EBITDA | 128.77 | 93.34 | 51.52 | +149.9% | +38.0% |
| EBITDA margin | 17.4% | 16.3% | 11.2% | +6.2 pp | +1.1 pp |
| Profit before tax | 109.93 | 88.03 | 45.30 | +142.7% | +24.9% |
| Tax | 28.55 | 23.74 | 7.95 | +259.1% | +20.3% |
| Net profit | 81.38 | 64.29 | 37.35 | +117.9% | +26.6% |
| EPS (₹) | 2.66 | 2.05 | 1.13 | +135.4% | +29.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Transformers and Rectifiers' costs and profit?
Consolidated total expenses rose ₹203.58 crore or 47.5% from Q2 FY26 to ₹632.23 crore. Cost of materials increased ₹16.54 crore or 3.5% to ₹484.17 crore, employee cost rose ₹10.23 crore or 39.3% to ₹36.28 crore, and finance costs increased ₹1.47 crore or 11.4% to ₹14.34 crore. Depreciation fell ₹0.05 crore to ₹7.22 crore, while other expenses increased ₹2.03 crore to ₹69.29 crore.
Other income fell ₹11.20 crore or 80.5% from Q2 FY26 to ₹2.72 crore. There was no exceptional item in either quarter. Tax expense increased ₹20.60 crore or 259.1% to ₹28.55 crore. Despite the higher tax expense, consolidated profit before tax rose ₹64.63 crore and profit after tax rose ₹44.03 crore.
Against Q1 FY27, total expenses increased ₹131.61 crore to ₹632.23 crore. Employee cost rose ₹13.34 crore, cost of materials increased ₹28.60 crore and finance costs fell ₹0.46 crore. Other income declined ₹13.59 crore to ₹2.72 crore, while tax expense increased ₹4.81 crore to ₹28.55 crore. Profit after tax nevertheless rose ₹17.09 crore to ₹81.38 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 484.17 | 467.63 | +16.54 | +3.5% |
| Employee cost | 36.28 | 26.05 | +10.23 | +39.3% |
| Finance costs | 14.34 | 12.87 | +1.47 | +11.4% |
| Depreciation | 7.22 | 7.27 | −0.05 | −0.7% |
| Other expenses | 69.29 | 67.26 | +2.03 | +3.0% |
| Total expenses | 632.23 | 428.65 | +203.58 | +47.5% |
| Other income | 2.72 | 13.92 | −11.20 | −80.5% |
| Tax | 28.55 | 7.95 | +20.60 | +259.1% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹1,311.78 crore, up ₹322.42 crore or 32.6% from ₹989.36 crore in H1 FY26. Total income rose ₹307.22 crore or 30.0% to ₹1,330.81 crore.
H1 FY27 profit before tax was ₹197.96 crore, up ₹62.18 crore or 45.8% from ₹135.78 crore. Profit after tax increased ₹40.86 crore or 39.0% to ₹145.67 crore, while basic EPS rose ₹1.34 or 39.8% to ₹4.71.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,312 | 989.36 | +32.6% |
| Profit before tax | 197.96 | 135.78 | +45.8% |
| Net profit | 145.67 | 104.81 | +39.0% |
| EPS (₹) | 4.71 | 3.37 | +39.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, consolidated total assets were ₹3,017.04 crore, against ₹2,665.72 crore at 31 March 2026. Total equity increased to ₹1,685.22 crore from ₹1,542.99 crore, while borrowings rose to ₹573.68 crore from ₹456.61 crore. Cash and cash equivalents were ₹14.43 crore, compared with ₹8.1 crore at the earlier balance-sheet date.
For H1 FY27, consolidated operating cash flow was ₹48.06 crore, against an outflow of ₹28.67 crore in H1 FY26. Investing cash flow was an outflow of ₹132.08 crore, compared with an inflow of ₹6.34 crore, while financing cash flow was ₹90.35 crore, against ₹63.09 crore. Capital expenditure was ₹153.33 crore, compared with ₹62.88 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,017 | 2,666 |
| Total equity | 1,685 | 1,543 |
| Borrowings | 573.68 | 456.61 |
| Cash and equivalents | 14.43 | 8.10 |
| Inventories | 723.26 | 615.52 |
| Trade receivables | 837.24 | 887.34 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 48.06 | −28.67 |
| Cash from investing | −132.08 | 6.34 |
| Cash from financing | 90.35 | 63.09 |
| Capital expenditure | 153.33 | 62.88 |
Source: Company's results filing (XBRL).
How has Transformers and Rectifiers done over the last 8 quarters?
Revenue rose year-on-year in each of the last four quarters. It fell to ₹460.03 crore in Q2 FY26 before reaching a period high of ₹782.67 crore in Q4 FY26. Revenue then declined to ₹572.34 crore in Q1 FY27 before rising to ₹739.44 crore in Q2 FY27.
Profit after tax followed a similar pattern, moving from a low of ₹37.35 crore in Q2 FY26 to ₹91.39 crore in Q4 FY26, then falling to ₹64.29 crore in Q1 FY27 before rising to ₹81.38 crore in Q2 FY27. The EBITDA margin bottomed at 11.2% in Q2 FY26, peaked at 19.4% in Q4 FY25 and reached 17.4% in the latest quarter.
What did Transformers and Rectifiers' management say?
Management said commercial production from the expanded 35,000 MVA Changodar facility was expected around Diwali 2026. It also said backward integration was expected to add 200-300 bps of margin gradually through FY28-FY29, while the working-capital cycle of 154 days was targeted below 120 days, with an operating objective of 110-120 days by FY27-end.
Management identified delivery execution, the elevated working-capital cycle, Middle East disruption affecting the availability of certain critical raw materials, and transformer oil and CRGO prices as risks. It said most, but not all, orders had price-variation protection. Management also reaffirmed a USD1 billion revenue ambition for late FY29 or early 2030 without additional capex beyond already planned programmes.
How did Transformers and Rectifiers shares react?
After the filing appeared after market hours, the stock was up 3.0% after five minutes, 5.9% after 30 minutes and 14.4% by the close of the first session that could trade on the results. From the pre-results close, it was up 9.6% by the next day’s close and 3.5% by the fifth-session close. The Heavy Electrical Equipment median moved 0.5%, fell 1.7% and fell 5.6% over the corresponding closes.
The reaction-day move exceeded the industry median by 13.8 percentage points, while the excess returns were 11.3 percentage points by the next day’s close and 9.1 percentage points by the fifth-session close. Earlier results-day moves were negative on 20 July 2026, 21 April 2026, 8 January 2026 and 8 November 2025.
| After the filing | Stock | Heavy Electrical Equipment median |
|---|---|---|
| 5 minutes | +3.0% | |
| 15 minutes | +3.0% | |
| 30 minutes | +5.9% | |
| Reaction day | +14.4% | +0.5% |
| Next day | +9.6% | −1.7% |
| 5 days | +3.5% | −5.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | −4.9% |
| 21 April 2026 | −7.4% |
| 8 January 2026 | −8.9% |
| 8 November 2025 | −20.9% |
| 1 August 2025 | +0.8% |
| 8 April 2025 | +5.0% |
| 8 January 2025 | +0.4% |
| 8 October 2024 | +5.0% |
Source: MarketPing price-reaction measurement.
How did other Heavy Electrical Equipment companies do?
Thirteen other Heavy Electrical Equipment companies filed results for the quarter. Their median revenue growth was 23.8%, while Transformers and Rectifiers’ revenue grew 60.7%. Twelve peers grew slower than the company and one peer grew faster than the company.
Eight of the 13 peers reported higher profit. The peer comparison was based on the companies that had filed by 4 November 2026.
| Transformers and Rectifiers revenue growth (YoY) | +60.7% |
|---|---|
| Median of 13 other Heavy Electrical Equipment companies | +23.8% |
| Companies with slower revenue growth than Transformers and Rectifiers | 12 of 13 |
| Companies with faster revenue growth than Transformers and Rectifiers | 1 of 13 |
| Companies whose net profit rose | 8 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Transformers and Rectifiers' revenue in Q2 FY27?
Revenue from operations was ₹739.44 crore, up 60.7% from ₹460.03 crore in Q2 FY26 (consolidated).
Did Transformers and Rectifiers make a profit in Q2 FY27?
Yes. Net profit was ₹81.38 crore, against a net profit of ₹37.35 crore in Q2 FY26.
What was Transformers and Rectifiers' EPS in Q2 FY27?
Basic earnings per share were ₹2.66, against ₹1.13 in Q2 FY26.
How did Transformers and Rectifiers shares react to the Q2 FY27 results?
On the reaction day the stock moved +14.4% from the previous close; the median Heavy Electrical Equipment stock moved +0.5%.
When did Transformers and Rectifiers announce its Q2 FY27 results?
On 13 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 And And Opening Of Trading Window (BSE, 6 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting - 13.10.2026 (BSE, 13 October 2026) · PDF
- Unaudited Financial Result - 30.09.2026 (BSE, 13 October 2026) · PDF
- UFR 30.09.2026 (BSE, 13 October 2026) · PDF
- The earnings call (21 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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