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Transformers and Rectifiers (India) Limited

Transformers and Rectifiers (India) Limited

TARIL.NS
Transformers and Rectifiers (India) LimitedIN flagNational Stock Exchange of India
321.20
INR
+9.45
- -
96.41BMarket Cap
Transformers and Rectifiers (India) Limited
TARIL.NS
(National Stock Exchange of India)

Recent

price

321.20

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
18.9
18.08
19.32
27.59
20.88
22.44
30.65
26.38
31.77
26.06
27.64
43.19
51.78
46.18
67.28
83.58
83.55
Revenue per Share
1.45
0.34
0.18
0.2
-0.3
-0.28
0.88
0.2
0.17
0.01
0.27
0.53
1.54
1.62
7.14
8.81
8.8
Basic EPS, GAAP
-1.74
2.09
-3.24
-1.97
2.3
1.08
2.05
-4.99
6.13
0.25
3.41
-0.25
0.68
0.49
-2.61
-7.16
- -
Free Cash Flow per Basic Share
0.27
0.27
0.02
0.05
0.05
- -
- -
- -
- -
- -
- -
0.01
0.07
0.07
0.09
0.2
- -
Dividend per Share
5.86
6.19
6.84
6.99
6.64
5.43
6.31
6.51
6.69
6.7
6.97
7.49
8.9
10.21
16.91
1
1
Book Value per Share
11.44
11.79
12.93
13.09
12.48
11.33
11.9
12.15
12.46
12.56
12.95
13.39
14.93
20.21
41.75
50.74
50.72
Tangible Book Value per Share
287
287
265
265
265
265
265
265
265
265
265
265
265
274
300
300
300
Basic Weighted Avg Shares
5,429
5,191
5,124
7,316
5,537
5,949
8,125
6,994
8,423
6,910
7,328
11,451
13,729
12,673
20,194
25,088
25,088
Sales/Revenue/Turnover
11.11
3.37
2.66
4.02
2.84
3.97
9
7.2
6.31
8.29
8.17
6.17
7.47
9.67
14.88
14.08
14.08
Operating Margin (%)
62
66
76
100
132
147
147
161
185
196
193
170
246
247
270
299
299
Depreciation Expense
415
98
49
52
-80
-75
234
54
45
4
71
140
407
445
2,143
2,644
2,644
Net Income, GAAP
32.12
31.37
24.97
35.4
- -
- -
33.88
40.98
41.01
43.58
39
38.71
25.8
27
24.02
25.03
25.03
Effective Tax Rate (%)
7.65
1.89
0.96
0.71
-1.45
-1.26
2.88
0.77
0.54
0.06
0.96
1.22
2.97
3.51
10.61
10.54
10.54
Profit Margin (%)
2,093
2,003
2,008
2,017
1,494
1,401
1,660
1,534
1,537
1,771
2,177
2,372
2,820
4,492
5,968
8,426
8,426
Working Capital
6
2
53
212
186
446
381
325
271
424
688
562
639
531
810
669
669
LT Debt
3,300
3,400
3,440
3,480
3,389
3,075
3,312
3,375
3,428
3,431
3,501
3,633
4,018
5,629
12,723
15,430
15,430
Total Equity
10.69
3.07
2.46
3.96
- -
- -
9.35
4.83
4.85
5.32
5.95
6.85
10.87
11.58
18.65
14.41
14.41
Return on Invested Capital (%)
14.55
6.77
1.75
6.26
- -
- -
12.09
5.39
4.85
4.1
5.97
6.9
12.09
12.51
36.97
44.49
44.49
Return on Capital (%)
18.03
5.67
2.73
2.83
-4.44
-4.69
15.01
3.18
2.58
0.22
3.89
7.3
18.75
17.24
54.4
98.37
98.37
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
3,073
- -
3,897
LT Borrowings
585
- -
669
LT Finance Leases
1
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
300
- -
300
Market Capitalization
145,752
85,655
76,377

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
17,518
- -
18,739
Cash, Cash Equivalents & STI
4,018
- -
3,050
Accounts Receivable, Net
5,270
- -
8,873
Inventories
6,324
- -
6,155
Total Current Liabilities
9,372
- -
10,313
Payables & Accruals
- -
- -
- -
ST Debt
3,073
- -
3,897
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
21.51%
40.35%
21.27%
Free Cash Flow
-31.82%
-203.83%
174.64%
Net Income, GAAP
179%
140.71%
23.39%
Sales/Revenue/Turnover
18.32%
30.41%
24.24%
Total Cash Common Dividend
- -
- -
110.43%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,556
2,571
3,694
4,853
12,673
2025
3,220
4,615
5,594
6,765
20,194
2026
5,293
4,600
7,368
7,827
25,088

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.48
0.06
0.55
- -
1.62
2025
0.67
1.52
1.84
3.14
7.14
2026
2.24
1.13
2.46
2.97
8.81

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.07
2025
- -
- -
- -
- -
0.09
2026
- -
- -
- -
- -
0.2
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Business
Transformers and Rectifiers (India) Limited (TARIL) is a leading Indian manufacturer specializing in electrical transformers and reactors. The company manufactures an extensive range of products including single-phase power transformers up to 500 MVA and 1200 kV class; furnace transformers; rectifier and distribution transformers; specialty transformers; series and shunt reactors; mobile substations; earthing transformers; instrument transformers; condenser bushings; auto transformers; and gas-insulated switchgear and hybrid gas-insulated switchgear. It also offers related services such as upgrade, repair and refurbishment, supply of spares and consumables, technical training, and oil sample analysis and diagnosis. TARIL caters primarily to the power generation, transmission, distribution, industrial, and infrastructure sectors across India and maintains an international presence in over 25 countries. Founded in 1963, the company is headquartered in Ahmedabad, Gujarat, India. Recent major developments include significant order wins such as a ₹53.33 crore order from Power Grid Corporation of India Limited for HVDC converter transformers and securing orders exceeding ₹114 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL). The company has embarked on a major capacity expansion at its Moraiya facility with a new 22,000 MVA capacity under construction, alongside capacity upgrades in its Cold Rolled Grain Oriented (CRGO) processing unit and backward integration units to reinforce self-reliance and quality control. TARIL’s latest quarterly results show robust revenue growth and improved profitability, fueled by operational efficiencies and a strong order pipeline from utilities, infrastructure, and industrial sectors. The company is strategically focused on increasing production capacity and aims to reach USD 1 billion in revenue within the next three years. TARIL continues to enhance its market penetration and technological capabilities, positioning itself as a key player in India's electrical transformer industry and related segments. This comprehensive product portfolio, along with recent strategic expansion, order inflows, and technological advancements, consolidates Transformers and Rectifiers (India) Limited’s status as a critical supplier in the power equipment sector with growing domestic and global footprints.