Transformers And Rectifiers (India) Ltd.

NSE: TARIL · Heavy Electrical Equipment

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52W Range₹224 – ₹422

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

REVENUE

₹2,831 Cr

TTM · consolidated

+27.2%YoY

NET PROFIT

₹313 Cr

TTM · consolidated

+23.0%YoY

EPS

₹10.21

TTM · consolidated

+0.0%YoY

RETURN ON EQUITY

20.9%

TTM · consolidated

+2.0 ppYoY

RETURN ON CAPITAL EMPLOYED

29.2%

TTM · consolidated

+3.0 ppYoY

P/E

30.2×

Q2 FY27 · consolidated

30.2 vs 135.3x5Y avg

EV/EBITDA

19.2x

Q2 FY27 · consolidated

19.2 vs 67.2x5Y avg

EBITDA MARGIN

18.1%

TTM · consolidated

-0.1 ppYoY

NET PROFIT MARGIN

11.0%

Q2 FY27 · consolidated

+2.9 ppYoY

DEBT TO EQUITY

0.3x

Q2 FY27 · consolidated

+0.08xYoY

Peers · Heavy Electrical Equipment

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Transformers And Rectifiers (India) Ltd.TARIL
₹9,257 Cr30.2×19.2027.2%18.1%20.9%29.2%-30.8%
Atlanta Electricals LimitedATLANTAELE
₹10,999 Cr30.0×28.01—19.0%25.1%33.4%+45.1%
Inox Wind Ltd.INOXWIND
₹10,331 Cr24.8×11.1417.1%24.0%7.3%12.0%-61.5%
Voltamp Transformers LimitedVOLTAMP
₹10,248 Cr31.7×23.2022.9%17.8%18.4%23.8%+36.8%
Elecon Engineering Co. Ltd.ELECON
₹9,834 Cr40.2×16.122.6%24.5%10.3%14.3%-21.9%
Kanohar Electricals LimitedKANOHAR
₹7,847 Cr———28.0%———

As of Q2 FY27

Financials