Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Oct
Source: Bse
Transformers And Rectifiers (India) Limited (TARIL)
Large CapIndustrials stocks · Large cap · NSE
Leading Indian manufacturer of Power, Distribution & Specialty Transformers and Reactors. Offers products from 5 kV-1,200 kV and 0.5 MVA-500 MVA, serving Utilities, EPC, Industrials, and Renewable Energy sectors. Operates 3 plants with 75,000 MVA capacity and has international presence in 40+ countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result13 Oct, 03:37 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
56NeutralMACD +
Stock trend: 63
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TARILD candles · FIT view-6.5%Latest close ₹320.35 on 2026-10-21
Bar
-2.9%
RSI
59
MACD hist
5.10
52W pos
36%
2026-10-21O ₹330.00H ₹333.00L ₹317.90C ₹320.35Vol 38.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TARILNifty India ManufacturingNifty 500
- TARIL
- +1.1%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +7.6 pp
Chart stats
21 Oct 2026- From 52W high
- -35.4%
- 52W range position
- 35%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹296 Cr
- 20D price channel
- ₹266.6 - ₹360.8
₹496
₹224.1 - ₹496
₹15.2
Latest completed session
20-session average
61.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +60.8% · PAT +120.0% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model+19.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 100/100Rev +61% YoY · PAT +120% YoY · margin expansion · +29% QoQ · operating leverage
Filed 13 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹739.4 Cr | +60.8% | +29.2% |
| EBITDA | ₹128.8 Cr | +147.6% | +38.0% |
| Operating margin | 17.4% | +641 bps | +110 bps |
| PAT | ₹81.4 Cr | +120.0% | +26.6% |
| PAT margin | 11.0% | +297 bps | -22 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.40
- P/B
- 5.97
- EV/EBITDA
- 21.13
- Market Cap
- 9878.00Cr
Profitability
- ROE
- 19.10%
- ROCE
- 23.30%
- ROA
- 10.37%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 28.00%
- EPS 5Y
- 106.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 87.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 8.18×
- Altman Z
- 6.74
- Book Value
- 55.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -105.00 Cr
- EPS TTM
- 10.14
Shareholding
- Promoter Hold
- 64.36%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 739+29.2% vs prev
Net Profit
₹ CrLatest: 81.4+26.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 59.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 35% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
36
RS percentile
Stage 1 Base / Transition
1M return
+15.1%
3M return
+1.1%
6M return
+0.1%
1Y return
-30.3%
RS 1D
-1
RS 20D
+32
Sector rank
#6
Industry rank
#1
Stage evidence
- Price is within 4.4% of the 30-week proxy.
- The 30-week proxy changed +0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
price above
Sector
weakening
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 68.2-0.84%
RS vs Nifty 50068
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth20/25
Quality15/20
Balance Sheet10/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 19.6%.
- Growth contributes 20/25 to the score.
- Quality contributes 15/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
32.4
PB
6.0
EV/EBITDA
21.1
ROE
19.1%
ROCE
23.3%
FCF Yield
—
Debt/Equity
0.3
MoS
+19.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+19.6%
Previous: +18.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
54
52
55
55
55
46
54
54
55
55
55
55
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹112.12
-185.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹398.5
+19.6% MoS
PEG
0.33
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VOLTAMP
Micro
Voltamp Transformers Limited
Electrical Equipment
match 87
53
33.9
17.4%
+15%
FAIR VALUE
INDOTECH
Small
Indo Tech Transformers Limited
Electrical Equipment
match 81
62
35.8
28.4%
+19%
UNDERVALUED
ATLANTAELE
Micro
Atlanta Electricals Limited
Electrical Equipment
match 81
57
59.4
31.7%
-52%
FAIR VALUE
MARSONS
Small
Marsons Limited
Electrical Equipment
match 75
62
44.5
26.2%
-23%
UNDERVALUED
TARAPUR
Small
Tarapur Transformers Limited
Electrical Equipment
match 75
17
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-21T03:11:40.068Z
Management commentary snapshot
TARIL reported mixed Q1FY27 results with consolidated revenue up 8% YoY and EBITDA up 1% YoY, but PAT declined 5% YoY. Standalone performance was weaker due to lower capacity utilization at Changodar. Strong order inflow of ₹2,114 crore boosted the un-executed order book by 26% YoY to ₹6,630 crore.
Q1FY27 profitability was impacted by lower capacity utilization at the Changodar plant due to ongoing expansion. While revenue grew, margins contracted. However, strong order inflow and a robust order book provide good revenue visibility. Management expects improved utilization post-August 2026 and maintains FY27 growth and margin targets, supported by ongoing capex. The key is execution and margin recovery.
Current business mix
Order Book by Product (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Power Transformers75.0%
Reactors11.0%
Specialty Transformers8.0%
Furnace Transformers3.0%
Distribution Transformers2.0%
Rectifier Transformers1.0%
Growth engines
Power & T&D Capex Cycle
Beneficiary of strong demand from renewables, grid expansion, electrification & infra spend.
Shift to High-Voltage & Niche Products
Increasing mix of EHV transformers driving higher margins & entry barriers.
Order Book Visibility
Healthy order book (~₹6,630 Cr) with strong inquiry pipeline ensures sustained growth.
Operating Leverage & Backward Integration
Improved capacity utilization & backward integration initiatives leading to faster EBITDA growth vs revenue.
Capacity and execution
Changodar Plant Expansion
Project Expansion likely to be over by August-26, anticipating improved utilization levels.
Backward Integration Capex
₹900–1,000 Cr capex progressing, commercial commissioning targeted by Q1 FY28 (after considering delay of up to one quarter).
Expanded Capacity Revenue Potential
Expanded transformer manufacturing capacity supports revenue potential of Rs. 5,000-Rs. 6,000 Crore.
Backward Integration Facilities (Phase I)
VPD CTC (8,000 MTPA, Q2FY27), RIP/OIP Bushings (3,000 No. PA, Q4FY27), Pressboard (5,000 MTPA, Q3FY27), Fabrication (25,000 MTPA, Q1FY28), CRGO (20,000 MTPA, Operational).
Tailwinds
Global Grid Modernization
Expansion of transmission infrastructure and replacement of aging grid assets.
Renewable Energy Integration
Strong demand from wind & solar projects driving transformer demand.
India's Energy Transition
Demand driven by rapid power consumption growth, T&D investments, and large-scale renewable integration.
Shift to High-Voltage Products
Increasing mix of EHV transformers driving higher margins and entry barriers.
Headwinds
Raw Material Cost Volatility
High raw material cost volatility remains a key challenge.
Supply Chain & Lead Time Issues
Global supply chain disruptions and lead time issues.
Geopolitical Disruptions
Unforeseen geopolitical disruptions remain a key monitorable.
Risk radar
Raw Material Price Volatility
High raw material cost volatility and geopolitical uncertainties could impact profitability.
Execution Risk during Capex
Ongoing expansion activities at Changodar plant impacted Q1FY27 operational throughput and utilization.
Supply Chain Disruptions
Global supply chain and lead time issues could affect project execution.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY is crucial for assessing overall business growth and market trends. QoQ is also relevant to understand sequential momentum, especially given the explicit mention of Q1FY27 revenue impact due to expansion activities affecting operational throughput.
Sector KPIs management disclosed
Order Inflow (Q1FY27)
₹2,114 crore
Un-executed Order Book (Q1FY27)
₹6,630 crore (26% YoY growth)
Bid Pipeline
₹23,000 crore Inquiries under Negotiation
Consolidated Revenue (Q1FY27)
₹572.34 crore (8% YoY growth)
Management forward view
FY27 Outlook
Targeting 25% revenue growth with EBITDA margin of 16% and PAT margin 9%-10%.
Changodar Plant Utilization
Anticipated to operate at improved utilization levels post-August 2026 after expansion.
Backward Integration Commissioning
Commercial commissioning of all facilities targeted by Q1 FY28 (after considering delay of up to one quarter).
Capex Funding
To be funded through QIP proceeds, leasing, internal accruals, and debt if required; ₹145 Cr QIP proceeds unutilized for backward integration.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Changodar Plant Utilization | Comparatively lower capacity utilization | Improved utilization levels post-August 2026. |
| Backward Integration Commissioning | Targeted by Q1 FY28 (after considering delay) | Timely commissioning of facilities. |
| FY27 Financial Targets | 25% revenue growth, 16% EBITDA margin, 9%-10% PAT margin | Achievement of stated FY27 targets. |
| Raw Material Stability | Well guarded against price volatility | Stable raw material prices and supply chain. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 79th percentile within Industrials. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
121 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Industrials: 79th pctile, median 68 · Large: 62nd pctile, median 73
Evidence depth
Financial-only
121 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 64.4%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸ROCE is 23.3%.
Trust risks
- ▸Operating cash flow is negative at ₹-105 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Transformers And Rectifiers (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Oct - Received domestic order from Damodar Valley Corporation for 500MVA and 200MVA auto transformers; delivery in 15-28 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Oct - TARIL wins GETCO order for 80 MVAR, 125 MVAR shunt reactors and 500MVA auto transformers, delivery in 24-30 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Intimation of Schedule of Investor Meeting as on 24.09.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised) 31 Aug - TARIL won NPCIL Kaiga Units 5&6 generator transformers order, its first nuclear sector deal.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 29 Aug - TARIL secured NPCIL order for Kaiga Units 5&6 generator transformers, marking its nuclear sector entry.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 14 Aug - TARIL received APTRANSCO LOI for transformer manufacturing, to be executed within 13 months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.