Thank you, Ekra, and good evening, everyone. A warm welcome to all participants joining the Q2 FY '27 and H1 FY '27 Earnings Conference Call of Transformers and Rectifiers India Limited.

Joining us today from the management team are Mr. Satyen Mamtora, the Managing Director and CEO; and Mr.

Mehul Shah, the Chief Financial Officer, who will discuss the company's operational and financial performance for the quarter and half year and address your questions thereafter. Before we begin, I would like to remind you that certain statements made during this call may constitute forward-looking statements.

These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ from those expressed or implied. With that, I would like to hand over the call to Mr.

Satyen Mamtora, the Managing Director and CEO, for his opening remarks. Over to you, sir.

Thank you, Krishna. Good evening, everyone, and thank you for joining us today to discuss the performance of Transformers and Rectifiers India Limited for the second quarter, first half, FY '27.

TRIL's Q2 FY '27 performance reflects better execution, improved capacity utilization, and operating leverage across manufacturing facilities. As 30- as of 30th September 2026, our unexecuted order book stood at ₹7,237 crores, up by 20- 32% year-on-year, providing strong revenue visibility over the medium term.

The order book is executable over the next 18 to 24 months. During Q2 FY '27, we received order inflow of ₹1,169 crores, 97% year-on-year growth over low base of last year, this time.

Major orders received during this quarter were: first-ever order of nuclear power sector, supplying generator transformers for NPCIL Kaiga Units 5 and 6, marking a strategic entry into high-level infrastructure and high-value infrastructure segment. Received large transformer order from Megha Engineering and Infrastructures Limited in August 2026, with execution schedule over next 35 months.

Received LOI from APTransco in August 2026 for power transformers manufacturing, with deliveries planned within next 13 months. Won a large order from Damodar Valley Corporation in October 2026 for manufacturing and supplying 500 MVA and 200 MVA transformers, to be executed in next 15 to 28 months.

Secured a large order from GETCO in October 2026 for 80 MVAr reactors and 125 MVAr reactors, and 500 MVA auto transformers, with the delivery schedule of next 24 to 36 months. This list demonstrates the breadth of our capabilities across large power transformers, auto transformers, and shunt reactors.

We currently have ₹21,000 crores of inquiries under negotiation, of which bidding for 18- 80% is domestic orders and 20% export orders, with equal mix between the government and private customers, with utilities and industrial customers. Other quarter updates: During the quarter, we successfully completed dynamic short-circuit on three transformers, a significant technical milestone that validates our products, our ability to withstand extreme electrical and mechanical stresses under fault conditions, in accordance with the stringent international standards.

Our ongoing transformer manufacturing expansion at Changodar is near completion, with the commercial production expected to commence around Diwali. The additional capacity will further strengthen our capability to execute our growing order book and support the next phase of our revenue growth.

Backward integration projects are progressing as per timeline. In September 2026, we established a subsidiary in UK to strengthen our customer support and expand our presence in the UK and European markets.

Over time, we plan to develop a local assembly and sales capabilities, with the potential to evolve this operation into manufacturing base serving the region. Following our Q2 performance, we remain confident of achieving FY '27 guidance and continue to remain on track with our growth plans for the full year.

Our focus for the remainder of the year of FY '27 will be on clear priorities, accelerating execution of our existing order book and ramping up expanded manufacturing capacities, progressing our backward integration initiatives, while maintaining discipline and sustainable profitable growth. From an industry perspective, the underlying demand environment continues to remain supportive.

India is witnessing a significant investments across power generation, transmission infrastructure. Renewable energy integration and grid modernization, emerging areas such as data centers, railway electrification, EV and EV infrastructure, and energy transition projects are creating additional sources of electricity demand and, consequently, opportunities for the transformers industry.

With our broad product portfolio, manufacturing capabilities, established customer relationship, and presence across more than 40 countries, TRIL is well-positioned to participate in the multi-year opportunity across domestic as well as international market. With this, I hand over Mehul Shah, our CFO, for our past financial performance.

Best with regards. Happy Diwali greetings.

Thank you, sir. Good evening, everyone.

I will take you through the financial performance of Transformers and Rectifiers Limited for the second quarter and first half of financial year 2027. Let me begin with our standalone performance for the quarter.

During Q2 FY '27, revenue from operations stood at ₹709 crores, 66% year-on-year growth and 27% quarter-on-quarter growth. Revenue growth during the quarter supported by improved capacity utilization and execution.

EBITDA for the quarter stood at ₹114 crores, two- 203% Y-o-Y and 53% quarter-on-quarter growth. EBITDA margin improved to 16.1%, compared to 8.8% in Q2 FY '26 and 13.3% in Q1 FY '27.

This reflects the benefit of higher operating leverage and improved utilization level during the quarter. Moving on our performance for the first half of the year, for H1 FY '27, revenue from operations stood at ₹1,268 crores, a growth of 35% year-on-year.

EBITDA stood at ₹185 crores, 47% year-on-year growth, with the EBITDA margin improving to 14.6% from 13.4% in H1 FY '26. Coming to the balance sheet, our leverage profile remains comfortable as of 30th September 20- '26.

On a standalone basis, total debt stood at approximately ₹575 crores, comprising long-term borrowings of around ₹125 crores and short-term borrowings of around ₹449 crores. The debt-to-equity ratio stood at approximately 0.35x, reflecting a manageable leverage position as we scale operation and invest in future growth.

Standalone cash and cash equivalents stood at approximately ₹77 crores as of 30th September 2026. In addition, the company continues to have access to other bank balances and unutilized QIP proceeds earmarked for its backward integration initiatives, providing funding flexibility for the planned capital expenditure program.

Working capital remains a key area of focus. As of 30th September 2026, standalone inventories stood at approximately ₹654 crores, while trade receivables stood at around 1,053 crores, out of which 825 is current and rest is the non-current debtor.

Net working capital days stood at around 154 days, comprising inventory days of approximately 93 days, receivable days of around 117 days, and payable days of approximately 56 days. The working capital cycle reflects the nature of the transformer business, which involves long manufacturing cycle, milestone-based billing, testing requirements, and projects-linked customer approvals.

We continue to focus on collection, inventory planning, and milestone execution to improve capital efficiency as the scale of operation increases. To sum up, TRIL continues to operate from the position of financial strength.

The growth in revenue and profitability during Q2 FY '27 and H1 FY '27, together with manageable leverage profile, provides a sound foundation. Our financial priorities remain discipline capital allocation, tighter working capital management, and timely funding of capacity expansion and backward integration initiatives.

Thank you. I now hand it over back to the moderator for the Q&A session.

Hi, am I audible?

Hi, sir. Good evening.

Congratulations on the great set of numbers, sir. Really impressive.

Sir, could you just elaborate a bit more on the Kaiga orders and the Megha Engineering order that you received? That's part one.

Size and what are we supplying and who did we compete against, or did they directly come to you? Second, sir, a new company, Kanohar, just got listed.

Do we compete with them in any segment? That's two questions, sir.

Thank you.

Yeah. Sorry.

It got disconnected in between. Please.

Hello?

Hello. Yes, sir, am I audible?

Yeah. Your name, please?

I'm sorry, I've...

Sir, my name is Harshit Sachdeva. I work at Columbus.

Hi. Hi, Harshit.

Yes,

hi, Harshit. The NPCIL order for Kaiga project, we were competing with Crompton and other large transformer manufacturers.

These are basically generator transformers for the nuclear power project. As far as Kanohar is concerned, yes, we do compete with them in the segment of 132 and 220 kV.

Okay. Sir, on the Kaiga order, any MVA or any order numbers that you could give, and is it repetitive in the nature that now that you're qualified, Yes,

yes. This is repetitive in nature.

These are generator transformers. The NPCIL is putting up few more projects of nuclear power in India.

Yes, it will be repetitive in nature. The rating of the transformer is 400 kV plus.

Okay. Sir, just last clarification.

If let's say a 100 crore nuclear plant, I'm just putting a random number there. What would be the value of the transformer components or the goods that we supply on any new greenfield nuclear project?

Greenfield nuclear new projects would be close to about 10 15% to 18%.

Okay.

The cost of the transformer. The cost of the transformer.

Okay.

Okay. Thank you, sir.

Thank you for the clarification and best wishes for Diwali. Thank you, sir.

Thank you. Thank you, Harshit.

Sir, congratulations on a great set of numbers. Just one question from my side.

If you could share the mix of orders in terms of how many, how much percentage of the total outstanding order book would be 400 kV plus and how to be less than 400? Uh If you could share the same.

Yes.

Mehulbhai Roughly Mehulbhai,

please go on with the number.

Yeah.

Sir, roughly we have around 55% of order, which is having a high-voltage class. 55% to 60% is a high-voltage class, 400 kV and above.

Okay. What was that number be for quarter two FY '27, out of the total executed number?

Roughly we have executed around 56% of the power transformer in this quarter. So

Right. Right, sir.

That's all from my side. Thank you.

Thank you.

Thank you.

Hello. Am I audible?

Yeah.

Hi. Thank you for the opportunity.

I just wanted a quick clarification on our cash flow. Can you give some guidance from when can we expect positive free cash flow?

Mehulbhai, please. See.

Yeah. See, currently since we are into the stage of the capacity expansion as well as the backward integration, and we are targeting of end of this financial year to start reducing our working capital cycle days, and that will give us a positive cash flows.

What is the internal target of working capital cycle days if you could share?

It would be roughly 100 to 130 days.

It should be below 120 days. We are trying to reach at 120.

Once we reach there, we would like to see close to about 100 between 110 and 120 days this year.

Okay. Thank you.

Thank you.

Good evening, everyone. Sir, just wanted to understand on the inventory, how the inventory is moving?

Now earlier in last two quarters, we have purchased lot of inventories due to the pricing disruption due to wars going on. How the things looking right now?

See,

things are looking sort of similar right now. As you are aware that we're putting up our backward integration plants, and also we have enough inventory for until the this year quarter three this year.

We are pretty much safely placed in terms of manufacturing and expansion of capacity utilization.

Is that the copper wires and all those things, what we have purchased at a higher rate has been utilized and the billings and everything has been done, or do you thinks maybe the some impact will be there on margin in next FY '28, '29?

No, I don't think there should be any impact on the margins because FY '28, '29, we should have our own backward integration plant fully functional. We will see a slight advantage there.

Fair. How is the competition right

Sorry?

My next question is on the competition. How's the competition intensity right now?

Earlier, we have seen a lot of competition intensity was there. How's the things going on right now?

See,

like we say that we have close to about ₹21,000 crores order in hand, or not, inquiries that we have that are being pending to be finalized. We are pretty much sure, and the competition per se, I don't see there is a huge price war or lowering of margin in by competitors.

Everybody has enough orders in hand.

Okay. This ₹21,000 crores, which you are talking about, on which we have bid has been placed?

On which the bids have been placed or inquiries are on. This should be finalized in some time.

Okay. This ₹1,100 crores of order inflow in this quarter, it's anything, any exceptional thing, or do we think this will continue to flow in next two quarters also for this year?

Yes, it will continue to flow. Like we have been saying before, we are trying to limit ourselves to unexecuted order book for not beyond 24 months to 28 months.

We are trying to keep that in check.

Okay. This ₹7,000 crores will be will be booked the next 18 to 24 months.

Is this correct?

7,000 will be built, yeah, will be built in next 18 to 24 months.

Sure. Thank you, sir.

Thank you.

Sir, just one question. There was a flare-up in prices of some of the key raw materials like transformer oil and [unclear] in the past quarter.

How is the situation now, sequentially?

There is a lot of echo in your voice. Can you please, it's not very clear.

Hello. Sir, is this better?

This is better.

Sir, just one question. Sir, in the past quarter, there was a flare-up in prices of some of the key raw material like transformer oil, CRGO and all.

How is the situation now, sequentially?

Mehul, please answer.

Yeah. Sir, prices, etc., are still on the higher side.

What we have, we have a majority of order, which is having a, say, a price variation clause. Mainly, it does not affect our margin in a big way.

Okay. Sir, do we have some retention money for any orders we have, is that part of our balance sheet?

Okay.

Can you quantify that, sir?

It is the retention money. Roughly, yeah, it is retention money is always there in the order.

Roughly, it is 5% to 10%. It ranges from different customer, but it can be from 5%

to 10%. Currently, what is the total amount?

I need to check, but roughly around, it would be around 200 cr.

Thanks, I'll get back in the queue.

Yeah.

Am I audible, sir?

Deepak, you are audible.

Thank you very much, sir, for this opportunity. Sir, just first I wanted to understand, now, this Changodar expansion is expected to come next month.

Just wanted to know what's the capacity there and what's the capex involved in this expansion?

The capacity is close to about 35,000 35,000 MVA. Capex, Mehul, what was the capex?

Capex is around ₹150-odd crores.

₹150-odd crore. This will take our total capacity to 75,000?

Yeah.

More than that, more than that, yes.

Okay. What's the per MVA realization generally on an average?

I understand it will be different for different type of transformers, but some average MVA per realization?

Mehul.

It is see it is different from power transformer, distribution transformer, but on an average, we will be realizing around ₹7 lakhs per MVA.

₹7 lakhs per MVA. That's very clear.

Sir, just wanted to understand now your all backward integration plan is expected to get completed by first quarter, right? That would effectively mean on this expanded capacity, 80%, 85% backward integration, would that be a right understanding?

Yes,

yes. Understood.

What sort of value addition we can have in terms of cost benefit or a percentage to revenue, what sort of benefit we expect once all this backward integration plant come on stream?

We are looking at around 200 basis point to 300 basis point margin expansion through this backward integration.

This will likely come by what second half of FY '28 or FY '29, this improvement?

You will see entire firstly, it will cater the entire need of the TRIL and then to the third parties. FY '28 and then the FY '29, it will gradually increase.

The full effect will seen by FY '29?

Yes.

No, no. Okay.

Yeah. Understood.

Understood. On your this year, we are talking about 25% kind of a growth with a PAT margin of 9% to 10%, right?

Given the growth that we have done, are we being conservative here? Because we are already at PAT margin, I think last two quarters 11% plus, right?

Still talking about 9% to 10% PAT margin for the entire year. How should one look at?

We

our target is to reach a growth of 25% and beyond. We are keeping our, the it is the same.

Come again, sir? I didn't get you.

Our forecast is the same.

You kind of maintain the forecast that you have been saying, 9% to 10% PAT margin

Yes.

and 25% growth?

Yes.

Okay. All right.

I got it. Yeah.

I think that would be from my side. Would like to wish you all the very best.

Thank you so much. Thank you.

Thank you.

Thank you. Happy Diwali.

Hello, am I audible?

Yes. Yeah.

Sir, thank you for the opportunity and congratulations on a great set of numbers, sir. I have two questions.

First was if I could just get the proportion of exports in our order inflows and the revenues for Q2 FY '27. Second was if you could just give us some color about how much price rise have we taken in Q2 FY '27?

Mehul, please.

Yeah. In Q2 FY '27, our export is around 8% of the total revenue.

In the order book also, we have roughly around 15-odd percentage is the export. Mainly this quarter, this margin expansion as well as revenue, which is come from the higher capacity utilization of the Moraiya plant.

Margins, etc., is on the similar lines what we have guided, around 16-odd percent of EBITDA.

Sir, any price rise we have taken in this Q2 FY '27?

No.

What do you mean by price rise?

Since the raw material costs have risen in the recent past, if we have passed on any cost to our customers?

See, price variation is always every quarter, it is a phenomenon. Every quarter, whatever we do the billing to the customer, we pass on the price variation also.

This is not a one-time thing or anything. It is every quarter, whichever billing we do, we also do the price variation billing also.

Sir. I just wanted to understand that how much of the revenue growth can be attributed to the price rise?

It

is 7% to 8%, yeah.

Okay. Thank you very much, sir.

All the best, and happy Diwali.

Thank you. Same to you.

Happy Diwali.

Hello, sir. Thank you for the opportunity.

Just one question, just want the production number for this quarter in MVA, total production in MVA.

Your voice is not very clear. You're not really audible.

Yeah. Sir, I want the production number for this quarter.

What is the production in MVA for the transformer, sir?

It is roughly 9,500 MVA.

For this quarter, Q2?

Yes.

Yes.

Okay. Thank you so much, sir.

Thank you.

Congratulations on a great set of numbers. My question was on the the capex that we are doing.

Could you just help me understand Changodar plant's existing capacity was 12,000 MVA and we added another 15,000 MVA, taking it to 27,000 MVA or was it in Moraiya, because I'm getting a little confused, and was it for medium-voltage and renewable energy transformers, this capacity expansion?

Changodar, the manufacturing capacity was up to 12,000 MVA.

The

manufacturing capacity at Changodar will be 35,000 MVA. Changodar will be producing distribution transformers, IDT transformers, start transformers for renewable energy.

Changodar will be producing small power transformers up to 132 kV. Changodar shall be manufacturing a large power transformers up to 220 kV.

Apart from

Sorry to interrupt, sir. Incrementally, 23,000 MVA is being added to the 12,000 MVA that we had, taking it to 35,000 total capacity, is that correct?

Yes. That is correct.

Okay. The extra high-voltage transformer, 22,000 MVA that we were adding, that will be in the Moraiya facility.

That would be large power transformers, and when will that come under production?

That will be EHV transformer. That will be that will be EHV transformers.

We should

once we finish this Changodar project, we start working on the Moraiya plant.

When can we expect this to, just to get an idea?

Plus, what will happen with our insulation and pressboard plant coming live, the manufacturing place for insulation, which was at Moraiya, will now be added to transform manufacturing unit. We will be adding about 30 30% plus manufacturing capacity at Moraiya.

Okay.

When This 30 this 30 this 30% should be immediately once our pressboard plant is functional. Apart from that, what factory is going to happen, it is going to happen once Changodar plant is completely finished.

Diwali, Changodar plant would be completely ready. Post that, we would look at Moraiya facility.

FY '28 onwards, is it safe to say that the EHV transformer plant would be ready for production?

Yes.

Am I audible?

Yeah.

Yes.

Yes.

Understood. That's my first question.

My second question is on the ₹1,000 crore big order that we received from PGCIL. Congratulations on that big order.

What is the execution timeline and what are the milestones for that, given that it's one of the largest single spot orders?

The execution timeline is about 24 months, 24 to 28 months. We should start commencing manufacturing, I think, December next year.

December next year, okay, understood. I just wanted to get an idea of what sort of capacity utilization that we're looking at this year and the next year, FY '27 and FY '28, particularly FY '28, once both the plants are live?

Ideally, I would want a capacity utilization of above 90%, and we are constantly progressing towards that. Ideally, 90% capacity utilization is very good for a plant.

Will we achieve that in FY '29 or are we confident of achieving that in FY '28 itself?

We are working towards it. Maybe this year, maybe next year.

We're constantly working towards it. Once our

backward

plants will be ready, we should be better placed to understand how it is going.

Got it. One last question on data centers.

How is the opportunity, what are the orders that you are seeing, and particularly in the US export markets, are we in discussions with companies or utilities out there to provide our transformers? That would be very helpful if you could provide some color, both India and abroad.

Yeah.

Out of that 20% of the ₹21,000 crore inquiries, 20% is export. Yes, we are looking at providing transformer centers within India and outside India.

We have registered manufacturers for a lot of large data center facilities, we have a preference there.

Got it. Congratulations and all the very best.

Thank you.

Thank you. Happy Diwali to you.

Thank you for the opportunity. Sir, my first question is what is the impact of the disruption in the Middle East on our business in terms of imports or exports or raw material or any other impact that we are facing?

Mehul, please.

Yeah. See, due to this disturbance in Middle East, mainly our raw materials are not coming up from that route, etc.

There is no as such major impact. Yes, the timely availability of certain critical raw materials is still an issue.

That we are trying to figure out by keeping a large inventory as we spoke, we already have a high number of inventory till our backward integration plants are in place.

Right. One thing I can observe is that we are guiding for 25% revenue growth for FY '27, which means our H2 run rate of revenue growth is 20%, which seems to be conservative given the order book, the plant coming online by Diwali.

I just wanted to understand is there any other factor which could be impacting our execution going forward? Because after the plant is commissioned, I think you should be able to execute because you have a large order book, a substantial part of the order book was there even by Q4 of last year.

See,

all the orders that we are getting currently are for, beyond 12 months. Not beyond 12 months, also they are beyond 18 months.

All those will be executable in FY '29,

'30, right?

Right.

Right. So, Sir, earlier order book that

I'm

Sorry, I am traveling. Mehulbhai, please answer.

Yeah. See, basically can you just brief how you calculated the 20%?

Because even if we go by our guidance, etc., we are still need to execute around ₹900-odd crores every quarter going forward.

That's right. Same calculation.

So, ₹1,800-odd crore you would require for H2. Then, last year, H2 was about ₹1,500-odd crore.

So, 20% Yeah. on that, gives ₹1,800.

₹1,300 to ₹1,800.

₹1,500 to ₹1,800,

right.

Yeah. I think we are maintaining our ₹3,200 crores, I think we are good at that guidance.

Understood, sir. Second question is on the HVDC repair order that we had.

We were undergoing some repairs for PGCIL in one one transformer. Then, we were about to enter into HVDC manufacturing.

Could you update on the progress of that, how is it coming along?

We have already started the processes of that.

Of both

of repairing and

Yeah. We are currently repairing the transformer.

With that will be another 4 to 5 months' time. Then, the successful running of that transformer will take another 6 to 7 months.

Then, we will qualify for the manufacturing. Then, we would start participating into the tender.

Yeah. At least one and 1.5 months 1.5 year is away from when we are speaking.

Understood. So, 5 months of operation at our end, then we will give them.

Then, they will test it for 6, 7 months. Then, we are qualified for commercial orders.

Yes.

Okay. Sir, lastly, on data centers, are we supplying into data centers already or is there a plan or is there no plan?

If you heard previously, we are already a regular supplier to a lot of large data centers in India and abroad. We are constantly manufacturing transformers for data centers.

Understood, sir. Thank you for answering the questions.

I'll come back.

Thank you.

Mehulbhai, can we take last two questions, please?

Good evening, team, and thank you for the opportunity. Am I audible?

Yes, you are audible.

Yes. Sir, I had just one question.

My question was on the short-circuit test. You completed dynamic short-circuit testing for three transformers.

Can you please help us with the type of these transformers and their kV rating?

Can you speak a little bit slow? I could not understand what your question was.

Sure, sir. No problem.

We completed dynamic short-circuit testing for three transformers. Can you please help me with the type of these transformers, whether they are power transformers, auto transformers, and their kV rating in terms of 220 kV, 400 kV?

These are 400 kV auto transformers and power transformers, yes. 400 kV and 220 kV.

Got it, sir. Sir, was there any specific customer in mind that we need to target with these short-circuit test certifications or they are general certifications that we need?

These were specific for specific customers or electricity boards, mostly.

Sir. Got it.

Thank you.

Hi, thank you for the opportunity. I just have one quick question.

If I look at your presentation slide nine, what is mentioned is the revenue potential of about ₹5,000 to ₹6,000 crores post the expansion. To one of the previous participant, what you mentioned is about seven lakh per MVA of realization.

What also understand from the industry dynamics is power transformer being at 5 lakh per MVA, distribution at about 10 lakh per MVA. Within high voltage, we are seeing pricing power being created by the limited supply dynamics.

Just wanted to double-check if you're still maintaining the $1 billion of revenue guidance that you have been targeting over the past three to four quarters over the next two to three years. Second, a follow-up on that is whether you can see any spillover to not FY '29, but let's say '30, '31 and whether that would be requiring further capex either via QIP or OFS or debt raise that you would be funding?

Because if I do the maths, at about 90% capacity utilization of 75,000 MVA and if we are timing at 7 lakh per MVA, your top line sort of is getting peaked at ₹5,000 crores in one single year. I'm not able to understand that.

That's my only question.

You are only taking transformer sales. We are also looking at bushing sales, pressboard sales, CRGO sales.

We are also looking at CTC sales. Our tank manufacturing unit, which is going to be one of the largest in Asia.

With all these sales adding up, we are pretty much sure we will reach $1 billion.

The timeline for this would be?

Mehul, please Yeah.

It would be see, late part of FY '29, early 20 2030.

Fair. Would you also be requiring It could be

a quarter here or there, but we are very much well placed and we are very much aggressive in reaching that target.

Sure. Would you also be requiring further funding for this?

No. Mehul?

No. Because see, we are already doing this capacity expansion, backward integration projects.

Funding, etc., is already well-planned. No additional capex.

Okay. The reason to ask that was given your stretched working capital days, your PAT to OCF conversion is slightly subdued to whether if I compare with the high-voltage peer group.

That's fair. Thank you so much.

Thank you.

Hi, thanks for the opportunity. Sir, just wanted to understand if we are executing any BESS transformer orders currently, and if so, how is the pipeline for BESS transformers looking like?

No, we are not currently executing any BESS pipeline. Yes, there are inquiries that are currently ongoing, and we are sure that in this quarter, we should get some orders for BESS transformers.

How big that market is, sir, any assessment if you have done?

It is pretty much new market for us, but we are trying to assess the market.

Okay. Then second question is, sir, on the CTC backward integration plant that was expected to be operational by Q2 end.

Is that running now, and will we see some cost savings from Q3?

Mehulbhai, please go on.

Yeah. Plant will be operational from next quarter onwards, and it will take some time to stabilize, etc.

From next financial year, we will start seeing some margin expansion coming from the backward integration project. Sir,

I think CTC, last quarter, you guided for 2Q FY '27 commencement. Now, you are delaying it by 6 months.

No, we are not delaying.

We

are saying it's Q3. See,

in Q3, before Diwali, the plant will be commissioned commissioned. Currently, the plant and machinery is being installed.

By Diwali, the plant will be commissioned. In month in November and then December, we will do the first trial runs.

By quarter four this year, we should be full commercially manufacturing CTC, but this CTC would be will be only for TRIL transformers currently. From Q Q1 next year, you will see sales in the market also from CTC plant of TRIL.

So,

3,000 MTPA is the capacity, how much would be consumed captively?

Around 60% is captive.

Okay. Got it.

Great. Thanks for answering.

Thank you.

Sir. Thanks for taking my question and congratulations on

Hello.

Sir, can you share the capacities of the various backward integration initiatives we have embarked on? You said about CTC, but about bushings, tanks, and radiator, what could be the capacity?

It is already available on the investor presentation that we have uploaded on slide number. I'll just give you the slide number also.

Right, sir. Our other expenditure despite

Sure. Sir, our other expenditure has been largely static on a year-on-year basis, despite the significant increase in the revenue.

What is the nature regarding the other expenditure and would it be in the same range as a percentage of

sales? It would be in the same range, because it is a multiple ledgers that is there into the other items mainly like freight and the traveling, rent, etc.

Then, the foreign exchange gain, loss, etc., that is there into other expense. It will be mainly remain in that range.

Sir, regarding the HVDC transformers, normally we have seen that the HVDC equipment package have gone to Hitachi and GE Vernova. Apart from the converter transformers, they are a lot of power electronics that is involved.

What would be our strategy? Because if say a GE gets the HVDC package, the converter transformer will also come from them only.

Where do we stand so far as the HVDC converter transformers is concerned?

We are also in the process of getting the converter transformers approved, also. I think within next 18 months, we will be fully able to do the HVDC converter transformers.

Okay. Sir.

That is it from my side and all the best. Thank you.

Thank you.

Yeah. Thank you all for joining us today and for your active participation in the earnings conference call.

We sincerely appreciate the continued trust, confidence, and support of our shareholders, investors, analysts, and other stakeholders. We hope we have been able to address your key questions and provide a clear perspective on TRIL's performance, growth plan, and outlook for FY '27.

Our focus remains on disciplined execution, timely delivery of commitments, and creating long-term value for all stakeholders. Should you have any further queries, please feel free to reach out to our investor relation advisor, Ernst & Young, who will be happy to coordinate with us and assist you offline.

Thank you all and happy Diwali to all.

Thank you, everybody. Happy Diwali to all, and see you at a better quarter next year next quarter.

Thank you.