Transformers And Rectifiers (India) Ltd.

NSE: TARIL · Heavy Electrical Equipment

52W Range₹224 ₹552

Snapshot

Unlock Transformers And Rectifiers (India) Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Transformers and Rectifiers (India) Limited manufactures a comprehensive range of power, distribution, furnace, and specialty transformers, alongside shunt and series reactors. The company serves diverse sectors including power generation, railways, and industrial manufacturing.

Business Model

The company generates revenue through the design, manufacture, and sale of electrical transformers and reactors for both domestic and international markets. It operates as an original equipment manufacturer, providing customised solutions for utility and industrial applications.

Growth Outlook

Growth is driven by increasing demand for power infrastructure upgrades and the expansion of railway electrification projects in India. The company also leverages its export capabilities to tap into global demand for specialised electrical equipment.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of copper, aluminium, and electrical steel can significantly impact manufacturing margins.
  • Cyclicality of Power Sector. The company's performance is heavily dependent on capital expenditure cycles within the power and industrial infrastructure sectors.
  • Competitive Intensity. The heavy electrical equipment market is highly competitive, with pressure from both domestic players and international manufacturers.
  • Execution Risk. Delays in large-scale infrastructure projects or supply chain disruptions could adversely affect project timelines and revenue recognition.

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Key Metrics

P/E

34.7x

Q1 FY27 · consolidated

34.7 vs 161.0x5Y avg

EV/EBITDA

21.3x

Q1 FY27 · consolidated

21.3 vs 76.5x5Y avg

NET PROFIT MARGIN

11.2%

Q1 FY27 · consolidated

-1.5 ppYoY

Peers · Heavy Electrical Equipment

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Transformers And Rectifiers (India) Ltd.TARIL
₹9,033 Cr34.6721.3017.4%17.8%25.5%-39.9%
Quality Power Electrical Equipments LtdQPOWER
₹11,580 Cr86.8945.2625.2%40.4%33.0%+73.6%
Voltamp Transformers LimitedVOLTAMP
₹11,552 Cr36.4326.3617.8%19.1%18.8%24.5%+43.7%
Elecon Engineering Co. Ltd.ELECON
₹9,733 Cr41.1916.533.0%24.1%11.0%15.4%-21.6%
Skipper LimitedSKIPPER
₹6,674 Cr29.7011.7517.2%11.5%16.7%27.2%+7.5%
Powerica LimitedPOWERICA
₹6,645 Cr12.0%

As of Q1 FY27

Financials