Transformers & Rectifiers Q4 FY26: Revenue up 16%

Results signal steady margins, busy order pipeline

Transformers & Rectifiers (India) Ltd (TARIL) reported higher revenue in Q4 FY26 and FY26, alongside continued order wins from utilities. For Q4 FY26, revenue from operations rose 16% year-on-year, while EBITDA growth was modest and profit after tax dipped slightly. Over FY26, the company reported a sharp increase in revenue and EBITDA, with margins largely stable in the mid-teens. Alongside the numbers, the company highlighted a strong unexecuted order book as of March 31, 2026 and a large inquiry pipeline under negotiation. It also disclosed a landmark HVDC-related repair order from Power Grid Corporation of India (PGCIL), which the company described as a first for an Indian company in this category.

Q4 FY26: revenue rises, PAT slips

In Q4 FY26, revenue from operations stood at Rs 782.67 crore, compared with Rs 676.48 crore in Q4 FY25, a 16% increase. EBITDA was reported at Rs 140.85 crore versus Rs 138.19 crore a year ago, implying 2% growth. The company reported an EBITDA margin of 17.5% for Q4 FY26. Profit after tax (PAT) was Rs 91.10 crore, compared with Rs 94.17 crore in Q4 FY25, a decline of 3%. Separately, the provided data also references Q4 FY26 revenue of Rs 752 crore, indicating that multiple reported revenue figures are being cited across the disclosures and summaries shared.

FY26: 24% growth in revenue and EBITDA

For FY26, revenue from operations was reported at Rs 2,508.80 crore, up from Rs 2,019.38 crore in FY25, a 24% increase. EBITDA for FY26 came in at Rs 444.03 crore versus Rs 359.14 crore in FY25, also up 24%. EBITDA margin for FY26 was stated at 17.3%. Another revenue figure cited in the same set of notes was FY26 revenue of Rs 2,395 crore, which differs from the revenue from operations number and may relate to a different reporting line or basis within the materials shared. Still, the reported direction across the figures points to a stronger year in topline and operating profit.

Order inflows, order book and inquiry pipeline

TARIL highlighted new orders during the quarter of Rs 244 crore in the FY26 results summary. It also stated that inquiries under negotiation were around Rs 23,000 crore. As of March 31, 2026, it reported a “very healthy” unexecuted order book of around Rs 5,005 crore.

The shared operational highlights also include another snapshot showing an unexecuted order book of Rs 5,450 crore, new orders during the quarter of Rs 665 crore, and inquiries under negotiation of Rs 16,500 crore. These figures appear to come from different quarterly updates, but together they underline the company’s focus on building a strong pipeline and sustaining execution visibility.

HVDC milestone: repair order from Power Grid

A key development in the disclosures is the HVDC converter transformer-related order from PGCIL. TARIL said it secured an order worth Rs 53.33 crore from Power Grid Corporation of India for the repair, erection, testing, and commissioning of a 397 MVA HVDC converter transformer. The company indicated that delivery is scheduled for the next financial year.

Separately, the materials also mention that TARIL secured a landmark order from PGCIL for repairing an HVDC transformer, and that on successful completion its HVDC transformer manufacturing technology would get approval from PGCIL. The company described itself as the first Indian company to get such a repairing order in this category. The project is linked to refurbishment and modernization of a 1,000 MW back-to-back HVDC link at Chandrapur, as described in the shared references.

GETCO and other utility orders referenced

In the FY26 highlights, TARIL also mentioned receiving a prestigious order for power and EHV transformers of various ratings worth Rs 473 crore from GETCO. Another part of the shared operational notes refers to a Rs 740 crore order from GETCO, described as the company’s largest single order ever.

The material also references an order from Power Grid for a 420 kV three-phase reactor with synthetic organic ester insulating fluid. In addition, separate regulatory-note style text included in the data points to a Rs 565 crore Power Grid order for supply of transformers and reactors in the 420 kV to 765 kV class and 80 MVAr to 500 MVA range, with deliveries expected by FY 2025-26. Another earlier order referenced was Rs 114 crore from RRVPNL for power transformers with 50 MVA capacity and 132/33 kV voltage ratio, with execution scheduled for the next financial year.

Power Grid’s Rs 914 crore cold spare procurement: broader demand context

Alongside company-specific orders, the provided text includes Power Grid’s exchange disclosure dated January 20, 2026, where its Committee of Directors on Investment approved procurement of cold spare transformers and reactors worth Rs 914 crore. The disclosure stated the projects are planned for implementation within 30 months from the date of investment approval.

The Rs 914 crore approval was broken down across three regional proposals: Rs 401.88 crore linked to the Western Regional Power Committee meeting, Rs 166.33 crore linked to the North Eastern Regional Power Committee meeting, and Rs 345.78 crore linked to the Southern Regional Power Committee meeting. All three proposals were stated to involve cold spare transformers and reactors. For transformer and reactor makers supplying utilities, such procurement approvals form part of the broader order environment referenced in company communications.

Quarterly performance snapshots cited across updates

Beyond Q4 and annual numbers, the shared data contains other quarterly highlights. For Q3 FY26, revenue from operations was stated at Rs 736.76 crore versus Rs 559.36 crore in the comparator period cited, a 32% change. EBITDA was Rs 129.24 crore versus Rs 93.75 crore, up 38%, with an EBITDA margin of 17.54%. PBT stood at Rs 107.79 crore versus Rs 73.72 crore (46% change), and PAT was Rs 76.00 crore versus Rs 55.51 crore (37% change), with a PAT margin of 10.26%.

For Q1 FY26, revenue was cited at Rs 529.33 crore compared with Rs 322.00 crore in the comparator period, a 64% change. EBITDA was reported at Rs 108.50 crore compared with Rs 46.22 crore, a 135% change, with an EBITDA margin of 19.74%.

Key numbers at a glance

Orders and pipeline summary (as stated)

Market impact: what investors typically track from these disclosures

The reported numbers show a combination of strong revenue growth and stable operating margins in FY26, while Q4 FY26 saw PAT decline despite higher revenue. In utilities-focused heavy electricals, investors often track whether margins remain stable as execution scales, and whether order inflows keep pace with deliveries. The disclosures point to a sizeable unexecuted order book and a large inquiry pipeline, which together speak to future execution visibility, although the conversion from inquiries to orders depends on tender outcomes.

The HVDC-related repair order from Power Grid is notable because it introduces TARIL into a more advanced transformer segment, and the company linked successful execution to potential technology approval from PGCIL. Separately, Power Grid’s Rs 914 crore cold spare procurement approvals, scheduled over a 30-month implementation window, provide another data point on ongoing transformer and reactor demand in transmission networks.

Conclusion

TARIL’s FY26 update combined higher revenue and EBITDA with a strong order book and continued utility ordering activity. Q4 FY26 showed revenue growth but a small decline in PAT, while FY26 margins remained in the mid-teens. The company’s HVDC converter transformer repair order from Power Grid and other utility wins from GETCO and Power Grid were central highlights in the disclosures. The next set of milestones, based on the information provided, includes scheduled deliveries in the next financial year for certain orders and the 30-month implementation timeline cited by Power Grid for its cold spare procurement approvals.