Transformers & Rectifiers India Ltd(TARIL)

NSE: TARILBSE: 532928

₹ 299.65-1.40%refreshed 26 Oct, 03:58 pm ISTMarket cap: ₹ 8,994 crWebsite: www.transformerindia.comUpdated: 24 Oct 2026

About

Transformers and Rectifiers India Ltd (TARIL) designs and manufactures power and special-duty transformers, including furnace, rectifier and auto transformers, from three plants in Gujarat. It supplies utilities, EPC contractors and industrial customers in India and export markets. The company calls itself India's second largest transformer manufacturer by capacity, and it reported FY26 revenue of Rs 2508.8 Cr. It is expanding transformer capacity to 75,000 MVA and building backward integration in components such as CTC wire, pressboard, RIP bushings and CRGO processing.^[1][2]

Order book and pipeline

The unexecuted order book was ₹7,237 Cr in H1 FY27, up 32% YoY, and is executed over 18-24 months.^[3]
Order inflow was ₹3,283 Cr in Q2 FY27, up 97% YoY. H1 FY27 inflow rose 161% YoY.^[3]
Power transformers made up 83% of the order book in Q2 FY27, up from 75% at FY26.^[3]
Inquiries under negotiation were ₹21,000 Cr in H1 FY27, down from ₹23,000 Cr in Q1 FY27. The historical win ratio is 10-15%. Bidding is split 80% domestic and 20% export.^[3][4]
As of FY26, the order book was about 55% utilities, 20% EPC contractors and 25% private customers.^[1]

Products and capabilities

Makes power transformers up to 500MVA and 1200kV class, furnace, rectifier and distribution transformers, and specialty units such as traction transformers, reactors, mobile substations, and transformers for solar and green hydrogen uses (FY25 annual report).^[5]
For furnace and rectifier transformers, TARIL is one of only two qualified vendors worldwide; the other is an Italian competitor.^[6]
Transformers above 220 kV made up 66% of manufacturing in FY24, up from 25% in FY19.^[5]
Holds a technology licence from Fuji Electric for generator step-up transformers of 420 kV and up to 1000 MVA bank capacity, and for shunt reactors.^[5]
TARIL was the first Indian-origin company to receive an HVDC converter transformer repair order from PGCIL. Completing it would qualify the company for indigenous HVDC manufacturing tenders.^[1]
The company says it is the only Indian transformer company with an NABL-accredited lab for electrical steel testing.^[5]
The company has installed more than 16,000 transformers worldwide and says it was one of the first makers of Scott-connected and V-connected railway transformers.^[5]

Manufacturing capacity and utilisation

Transformer capacity across the three plants (Changodar, Moraiya, Odhav) is 75,000 MVA+. The company says the expanded capacity supports revenue potential of ₹5,000-6,000 Cr.^[4][3]
Changodar utilisation was 33% in H1 FY27, up from 27% in Q1 FY27. In Q1 FY27, Odhav ran at 100% and Moraiya at 57%.^[3][4]
Production in FY26 was a record 33,763 MVA, up from 29,118 MVA the year before.^[1]
The company had about 1200 employees, according to the FY25 annual report.^[5]

Customers and exports

Key domestic customers include PGCIL, GETCO, Damodar Valley Corporation, APTRANSCO and MEIL. All of them except PGCIL placed large orders in Q2 FY27.^[1][3]
In Q1 FY27, it received an export order of about ₹150 Cr from PDC AK LPIV, LLC (USA). Management aims to keep exports at 10-15% of revenue, with that range as the cap.^[4]
Export efforts focus on North America, South America and Australia.^[4]

Expansion and backward integration

The Changodar transformer expansion was nearing completion in Q2 FY27, with commercial production expected around Diwali 2026. The earlier target had been August 2026.^[3][4]
The CRGO processing facility was commissioned and running as of Q1 FY27.^[4]
CTC facility, Phase I (8,000 MTPA): commissioning moved to Q3 FY27 from the earlier Q2 FY27 target. Phase II is 24,000 MTPA.^[3][4]
Pressboard Phase I (5,000 MTPA) and RIP bushings Phase I (3,000 units): both now set for commissioning in Q4 FY27.^[3]
Fabrication Phase I (25,000 MTPA) is targeted for Q1 FY28, when all backward-integration facilities should be commercially commissioned. Together they are meant to meet 80-85% of raw material needs.^[3][4]
Backward integration capex is about ₹900-1,000 Cr, of which about ₹500 Cr is to be funded through leasing. About ₹121 Cr of 2024 QIP proceeds was still unused and earmarked for it in Q2 FY27.^[4][3]
Standalone capital work in progress rose to ₹266 Cr in Q2 FY27 from ₹138 Cr at FY26.^[3]
Management expects Phase II third-party sales from backward integration to add ₹800-1,000 Cr of annual revenue.^[4]

Recent developments

Q2 FY27: won its first nuclear power order, for generator transformers for NPCIL's Kaiga Units 5 & 6.^[3]
October 2026: received a GETCO order for 80 MVAR and 125 MVAR shunt reactors and 500 MVA auto transformers, for delivery within 24-30 months.^[7]
October 2026: won a ₹500 Cr-₹1,000 Cr order from Damodar Valley Corporation for 500 MVA and 200 MVA auto transformers, for delivery within 15-28 months.^[8]
Q1 FY27: received its largest-ever single order, over ₹1,000 Cr from PGCIL, to be executed within 30 months.^[4]
In Q1 FY27, it completed dynamic short-circuit testing on 4 transformer units to IEC 60076-5.^[4]

Market Cap

₹8,994 Cr

High / Low

₹488 / 224

Stock P/E

29.1

Price / Book

5.5

Book Value

₹50

EPS

₹9.1

No. of Shares

30.02 Cr

ROCE

23.3%

ROE

19.7%

OPM

16.1%

Debt / Equity

0.30

Sales

₹2,509 Cr

Net Profit

₹272 Cr

Promoter holding

64.4%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials