Transformers and Rectifiers (India) Limited announced exceptional Q3 FY26 results, with revenues of INR704.21 crores and an EBITDA of INR114 crores. The performance marks a clear inflection point driven by improved execution and capacity utilization. The company secured a strategically important HVDC repair order from PowerGrid, and expects strong order inflow in the second half. The order pipeline remains robust, holding a diversified UEOB close to INR8,000 crores.
Financial Highlights
Transformers and Rectifiers (India) Limited reported strong financial results for Q3 FY26, demonstrating significant improvements across key parameters:
- Revenue: Increased to INR704 crores (Standalone) and INR737 crores (Consolidated).
- EBITDA: Reached INR114 crores with margins expanding to 16.19%.
- Profit After Tax (PAT): Stood at INR71 crores.
The improved performance was attributed to better operating leverage, a higher share of execution from healthy margin orders, and early benefits from cost optimization. The company anticipates continued margin sustainability driven by backward integration.
Strategic Developments
A significant milestone was the HVDC repair order from PowerGrid, making TARIL the first Indian company to receive such an order. This underscores the company’s engineering credibility and opens new opportunities in the HVDC ecosystem.
The company is making steady progress on its backward integration plans, with six facilities planned and execution progressing as per schedule. The CTC plant commissioning is targeted for FY26-27.
Future Outlook
The company expects strong order inflow during the second half of the year, supported by a robust and diversified order book. They remain confident in delivering at least 25% revenue growth over FY25, targeting revenues of approximately INR2,600 crores with an EBITDA margin of around 16%.
Capacity expansions at Changodar (completion in Q1 FY26-27) and Moraiya (operational in Q2 FY26-27) will support higher volumes and improve execution flexibility.
Order Book and Pipeline
The company currently has an Executive Order Book of around INR5,500 crores, expecting to close the year with approximately INR8,000 crores. The order pipeline remains strong, though the company is deliberately pacing order inflow to align with extended delivery schedules.
Source: BSE
