Transformers & Rectifiers (India) Ltd.

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transformerindia.comBSE: 532928NSE: TARIL

Market Cap₹ 8,919 Cr.

Current Price

High / Low₹ 552 / 224

Stock P/E41.5

Book Value₹ 49

Price to Book5.34

Dividend Yield0.08 %

ROCE20.8 %

ROE17.1 %

Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 100.6% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 20.4%
Company has delivered good sales growth of 26.9% CAGR over last 5 years
Operating margins have improved to 13.1% from 8.6%
Stock looks reasonably valued - P/E of 41.5 is below its historical median
Company comfortably covers its interest (7.7x coverage)

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 26.1% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.11x)
Total debt has risen sharply - up 63.1% year on year
Stock is trading at 5.3x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	ABB	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TARIL	297.15	34.50	8919.43	0.08	64.29	-4.70	572.34	8.13	23.62	16.31

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	153	254	365	500	312	446	545	647	511	428	704	752	5,593
	150	235	331	438	273	382	467	544	430	398	596	658	5,055
Operating Profit	4	19	34	63	39	64	78	104	80	30	108	94	538
OPM %	2.48%	7.53%	9.38%	12.53%	12.36%	14.32%	14.29%	16.03%	15.73%	7.00%	15.38%	12.56%	9.61%
	2	2	2	2	4	12	9	11	16	12	6	22	143
Interest	14	11	13	11	11	10	13	13	9	11	12	13	143
Depreciation	6	6	6	6	6	6	6	6	6	6	6	5	51
Profit before Tax	-14	4	18	48	25	60	68	95	81	26	96	99	680
Tax %	23.38%	26.39%	25.47%	26.21%	25.87%	29.30%	25.44%	19.69%	25.98%	34.40%	25.99%	21.76%	26.69%
Net Profit	-11	3	13	36	18	42	51	77	60	17	71	77	499
	-0.83	0.23	0.95	1.30	1.28	1.41	1.71	2.58	2.00	0.56	2.37	2.58	1.66

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	802	685	833	683	727	1,126	1,375	1,270	1,948	2,395	2,444
	722	627	775	637	663	1,059	1,269	1,150	1,664	2,082	2,158
Operating Profit	80	58	57	46	64	66	106	120	284	313	287
OPM %	9.97%	8.47%	6.88%	6.76%	8.74%	5.87%	7.69%	9.44%	14.58%	13.07%	11.72%
	8	7	12	17	10	12	12	9	36	57	55
Interest	41	43	45	44	45	42	47	50	48	45	50
Depreciation	13	15	17	18	18	15	23	23	24	23	22
Profit before Tax	33	7	8	1	11	21	48	56	247	302	289
Tax %	33.83%	36.52%	37.48%	23.73%	35.32%	37.82%	23.41%	26.71%	24.20%	25.31%	25.45%
Net Profit	22	4	5	1	7	13	37	41	188	225	215
EPS	1.64	0.33	0.37	0.04	0.52	0.98	2.80	2.88	6.25	7.51	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	19.08%	15.25%	5.36%	6.94%	3.20%	3.33%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 27%
3 Years:: 20%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 101%
3 Years:: 83%

STOCK PRICE CAGR

10 Years:: 34%
5 Years:: 84%
3 Years:: 55%
1 Year:: -44%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 12%
3 Years:: 16%
Last Year:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	14	30	30
	304	308	314	314	321	334	369	525	1,180	1,400
	188	383	238	290	259	309	317	238	252	440
Trade Payables	238	283	207	220	262	319	339	233	398	300
	95	67	68	64	40	99	110	114	174	313
Total Liabilities	838	1,056	840	901	895	1,074	1,148	1,125	2,035	2,483
	169	176	181	172	162	150	136	127	144	143
Capital Work in Progress	5	11	3	2	0	1	3	3	62	138
	6	6	7	6	6	7	6	8	284	199
	184	247	176	195	196	242	245	245	399	561
	0	0	0	0	0	0	0	317	443	853
Cash & Bank	23	40	25	36	26	45	18	25	167	139
	450	574	448	490	506	630	740	400	536	450
Total Assets	838	1,056	840	901	895	1,074	1,148	1,125	2,035	2,483

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	55	-108	182	12	94	-6	37	41	-34	-59
Cash from Investing	-12	-29	-5	-11	-6	-4	6	-35	-409	-49
Cash from Financing	-60	149	-186	4	-93	20	-42	-6	443	113
	-19	12	-11	3	-4	10	-10	-0	0	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.16	66.16	64.36	64.36	64.36	64.36	64.36	64.36	64.36
	8.00	9.34	11.08	11.33	10.94	11.21	7.01	8.33	7.80
	6.33	6.93	7.68	7.22	6.04	5.95	4.18	1.77	1.53
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.51	17.57	16.89	17.09	18.67	18.47	24.43	25.54	26.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

General Updates

2026-09-10 - Transformers And Rectifiers (India) Limited has informed the Exchange about Updates on Incorporation of Subsidiary Company in the United Kingdom

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Transformers And Rectifiers (India) Limited has informed the Exchange about Copy of Newspaper Publication - 32nd AGM

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Transformers And Rectifiers (India) Limited has informed the Exchange about Copy of Newspaper Publication - Postal Ballot Notice and Remote E-voting Information

2026-08-31

Press Release (Revised)

2026-08-31 - Transformers And Rectifiers (India) Limited has informed the Exchange regarding a revised press release dated August 31, 2026, titled "Revised Press Release - TARIL Marks Strategic Entry into India s Nuclear Power Sector with Landmark NPCIL Order for Transformers and Reactors".

2026-08-29

Press Release

2026-08-29 - Transformers And Rectifiers (India) Limited has informed the Exchange regarding a press release dated August 29, 2026, titled "Press Release -Landmark Order".

2026-08-29

Updates

2026-08-29 - Transformers And Rectifiers (India) Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report (BRSR) for the Financial Year 2025-26'.

2026-08-29

Record Date

2026-08-29 - Transformers And Rectifiers (India) Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-08-29

Shareholders meeting

2026-08-29 - Transformers And Rectifiers (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026

2026-08-29

Bagging/Receiving of orders/contracts

2026-08-29 - Transformers And Rectifiers (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts

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