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Transformers & Rectifiers (India) Ltd.

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transformerindia.comBSE: 532928NSE: TARIL
Market Cap₹ 8,648 Cr.
Current Price
High / Low₹ 552 / 224
Stock P/E33.4
Book Value₹ 52
Price to Book5.08
Dividend Yield0.09 %
ROCE23.6 %
ROE19.7 %
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 104.4% CAGR over last 5 years
  • Company has a healthy return on capital (ROCE) of 22.4%
  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 27.6% CAGR over last 5 years
  • Operating margins have improved to 15.3% from 9.3%

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 16.8% versus prior year
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.15x)
  • Total debt has risen sharply - up 61.5% year on year
  • Stock is trading at 5.1x its book value

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

Peer comparison

Capital GoodsCapital GoodsElectric Equipment
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4545.00623.18116373.150.22362.9924.651836.1438.0475.5125.10
6.ENRIN3178.7576.08113201.810.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.0012.44-69.84651.364.7831.015.23
12.TARIL288.1033.458647.780.0964.29-4.70572.348.1323.6216.31
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1562573695133224625596765294607377835,723
1512373314412803924755454414096126645,006
Operating Profit42038724269851318852125118717
OPM %2.81%7.66%10.41%13.97%13.10%14.99%15.16%19.40%16.66%11.20%16.96%15.14%12.53%
21214129102014422163
Interest151213111210141510131314148
Depreciation66667667878768
Profit before Tax-15321562864741199045108119880
Tax %19.83%37.21%23.62%25.73%25.02%28.36%24.75%21.00%25.44%17.55%29.52%23.50%26.97%
Net Profit00002146559467377691643
-0.950.121.101.461.401.521.843.142.241.132.463.042.05

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8217168557017421,1581,3961,2912,0172,5072,552
7336507946506731,0841,2751,1571,6892,1242,185
Operating Profit876561516874121134327383367
OPM %10.61%9.15%7.16%7.33%9.23%6.39%8.66%10.39%16.24%15.29%14.37%
661216101096356157
Interest4244464646444851515155
Depreciation1516192019172525273029
Profit before Tax36119213235764285363361
Tax %33.88%40.98%41.01%43.58%39.00%38.71%25.80%27.00%24.02%25.03%25.40%
Net Profit246518144247216272269
EPS1.740.410.340.030.531.063.073.127.148.81—
Dividend Payout %0.00%0.00%0.00%0.00%18.78%14.22%4.88%6.41%2.80%2.84%—

COMPOUNDED SALES GROWTH

10 Years:
15%
5 Years:
28%
3 Years:
22%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
106%
3 Years:
87%

STOCK PRICE CAGR

10 Years:
34%
5 Years:
83%
3 Years:
60%
1 Year:
-43%

RETURN ON EQUITY

10 Years:
8%
5 Years:
14%
3 Years:
18%
Last Year:
20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Feb 14

1:1

Quarterly Results & Preferential Issue of shares & Bonus Issue Inter alia, to consider and approve:- 1.To consider the proposal for Issue of Bonus Equity Shares to the Shareholders of the Company 3.To consider and approve increase in Authorised Share Capital of the Company inter alia to accommodate Issue of Bonus Equity Shares, if any; 4.To obtain enabling approvals, from the shareholders for issuance of equity shares, and/or equity linked securities and/or securities convertible into equity shares through Qualified Institutional Placement (QIP) or preferential allotment, subject to approval of the Members 5.To considered and approve the amendment of the Articles of Association of the Company. 6. Any other matter with the permission of the Chairman

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital13131313131313143030
Minority Interest677777792028
3123173223233303433815401,2221,474
194386245297261316324251277465
Trade Payables249296205225266327346241412290
9769866748102114110212359
Total Liabilities8711,0888799329251,1081,1861,1652,1732,647
187195201193181168153144251250
Capital Work in Progress61232013462138
00000114268184
201265195213218262271275445616
0000000614469887
Cash & Bank2441273727462327172141
45357545348749863073497506430
Total Assets8711,0888799329251,1081,1861,1652,1732,647

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
68-100182199634129157-105
Cash from Investing-24-31-8-15-7-89-22-625-7
Cash from Financing-61145-1822-9317-45-10472116
-1912-113-411-7-343

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.1666.1664.3664.3664.3664.3664.3664.3664.36
8.009.3411.0811.3310.9411.217.018.337.80
6.336.937.687.226.045.954.181.771.53
Government0.000.000.000.000.000.000.000.000.00
19.5117.5716.8917.0918.6718.4724.4325.5426.32

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

News

Recent coverage and analyst commentary for TARIL

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