Transformers and Rectifiers (India) Limited (TARIL) reported a milestone fiscal year 2025-26, achieving record-breaking production of 33,763 MVA and strong revenue growth. The company maintains an unexecuted order book exceeding INR 5,000 crores, providing 18 months of revenue visibility. Despite deliberate moderation in order intake to prioritize profitability and delivery timelines, management remains optimistic, targeting INR 3,250 crores in revenue for FY27, supported by ongoing capacity expansions and backward integration initiatives.
Fiscal Year 2026 Financial Highlights
TARIL delivered a robust performance for the financial year ending March 31, 2026. On a consolidated basis, the company reported revenue of INR 2,509 crores, a significant increase from INR 2,019 crores in the previous year. Profit after tax (PAT) for the full year reached INR 272 crores. The company’s focus on operational efficiency and selective order intake has resulted in consistent EBITDA margins, currently tracking between 15% and 17%.
Strategic Capacity Expansion and Backward Integration
To support its long-term vision of becoming a 1 billion USD revenue company, TARIL is aggressively scaling operations. The company is currently expanding facilities at Changodar and Moraiya, with total manufacturing capacity projected to reach 75,000 MVA. These expansion projects are complemented by a strategic backward integration plan—including in-house production of key components—which management expects will drive an additional 200 to 300 basis points in margin improvement over the next 2 to 3 years.
Future Outlook and HVDC Foray
Looking ahead to FY27, management anticipates a revenue growth of 35% to 40%. A key driver for future growth is the company’s entry into the High Voltage Direct Current (HVDC) sector. Having secured an HVDC transformer repair order from PGCIL, TARIL is positioning itself as a first-mover among Indian manufacturers in this high-tech segment. The company remains committed to maintaining strict quality standards and delivery schedules, ensuring that new order intake remains aligned with its 24-month delivery window policy.
Source: BSE
