Transformers & Rectifiers India Ltd

TARIL

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Market Cap

₹ 9,203 Cr

P/E

37.16

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Transformers & Rectifiers India Limited (TARIL) is a leading manufacturer of various transformers in India, serving sectors like power generation, transmission, and industrial clients. It operates on a B2B model with international reach in over 25 countries.

In fiscal year 2025, TARIL achieved significant revenue growth, reaching INR 1,950 crores, a substantial increase from previous years. EBITDA and PAT margins also improved notably.

TARIL has a robust negotiation pipeline of over INR 18,700 crores, and its current order book is at INR 5,472 crores, showcasing impressive order inflow and future revenue potential.

The company is executing capacity expansions, specifically at its Changodar and Moraiya plants, to support further growth and meet increasing demand despite temporary challenges.

Management is navigating recent operational hurdles such as raw material shortages and site readiness issues, maintaining a focus on financial strength, growth prospects, and stakeholder confidence.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - Transformers

Market Cap

9,203 Cr

Volatility

High Risk

P/E Ratio

37.2

Industry P/E

66.8

PEG Ratio

1.8

P/B Ratio

6.8

52W High

650.23

52W Low

230.00

Sales CAGR

55.98%

19.98%

23.34%

10Y

13.26%

Profit CAGR

360.41%

143.23%

221.95%

10Y

—

ROE

TTM

18.60%

13.39%

10.87%

10Y

7.48%

ROCE

TTM

22.01%

22.31%

20.28%

10Y

17.79%

Technicals

‌

Forecasts

No. of Analysts

9

1Y Price Target

489.60 ▲ 66.47%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TARIL	306.60	9,203 Cr	37.16	6.84	0.07	18.60	22.01	10.65
VOLTAMP	8081.30	8,159 Cr	24.83	4.96	1.24	19.98	26.85	17.29
ATLANTAELE	902.85	6,943 Cr	56.36	8.88	0.00	15.75	18.30	7.61
SHILCTECH	4001.95	4,582 Cr	25.81	10.91	0.21	42.29	56.90	34.71
MARSONS	149.85	2,579 Cr	79.29	18.46	0.00	23.29	22.93	19.45
INDOTECH	1635.00	1,735 Cr	20.60	5.34	0.00	25.94	33.83	16.49
DANISH	640.55	1,261 Cr	21.91	3.94	0.00	19.26	26.84	15.32

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	156	257	369	513	322	462	559	676	529	460
Expenses	151	237	331	441	280	392	475	545	441	409
Operating Profit	4.37	20	38	72	42	69	85	131	88	52
OPM %	2.81	7.66	10.41	13.97	13.10	14.99	15.16	19.40	16.66	11.20
Other Income	1.30	1.06	1.67	1.30	4.03	12	8.96	10	20	14
Interest	15	12	13	11	12	10	14	15	10	13
Depreciation	6.17	6.21	6.31	6.03	6.78	6.41	6.49	7.28	7.55	7.27
Profit Before Tax	-15	3.01	21	56	28	64	74	119	90	45
Tax %	19.83	37.21	23.62	25.73	25.02	28.36	24.75	21.00	25.44	17.55
Net Profit	-12	1.89	16	42	21	46	55	94	67	37
EPS in Rs	-0.42	0.05	0.52	1.33	0.70	1.52	1.84	3.17	2.24	1.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	890	724	855	701	742	1,162	1,396	1,295	2,019	2,227
Expenses	738	650	794	650	674	1,088	1,275	1,161	1,692	1,853
Operating Profit	152	74	61	51	68	74	121	134	327	373
OPM %	17.04	10.16	7.16	7.33	9.23	6.38	8.66	10.36	16.22	16.77
Other Income	6.32	5.62	12	16	9.58	9.81	8.69	5.82	35	51
Interest	38	44	46	46	46	44	48	51	51	49
Depreciation	15	16	19	20	19	17	25	25	27	28
Profit Before Tax	36	11	8.65	1.86	13	23	57	64	285	348
Tax %	33.88	40.98	41.01	43.58	39.00	38.71	25.80	27.00	24.02	24.31
Net Profit	24	6.24	5.10	1.05	7.63	14	42	47	216	263
EPS in Rs	—	—	0.15	0.01	0.23	0.47	1.36	1.49	7.23	8.38
Dividend Payout %	0.00	0.00	0.00	0.00	18.87	14.15	4.89	6.17	2.77	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	13	13	13	13	13	13	14	30
Reserves	313	312	317	322	323	330	343	381	540	1,222
Borrowings	147	194	386	241	291	263	325	330	256	283
Other Liabilities	317	356	372	303	305	319	428	461	358	650
Total Liabilities	791	876	1,088	879	932	925	1,109	1,186	1,168	2,185
Fixed Assets	185	187	195	201	193	181	168	153	144	251
CWIP	11	5.83	12	2.87	1.62	0.05	3.43	3.37	5.18	62
Investments	0.11	0.21	0.21	0.32	0.27	0.43	0.51	0.85	4.18	268
Other Assets	594	682	881	675	737	743	937	1,028	1,015	1,604
Total Assets	791	876	1,088	879	932	925	1,109	1,186	1,168	2,185

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	179	16	96	1.89	28	29	157
Cash from Investing Activity	-8.16	-15	-6.96	-8.01	9.16	-22	-625
Cash from Financing Activity	-182	1.57	-93	17	-45	-9.85	472
Net Cash Flow	-11	2.73	-3.62	11	-7.33	-3.14	3.66

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Oct 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Feb 2025	Mar 2025	Jun 2025	Sep 2025
Promoters	74.91%	74.91%	69.65%	69.65%	69.65%	66.16%	66.16%	64.36%	64.36%	64.36%	64.36%	64.36%
FIIs	0.03%	0.57%	0.38%	3.48%	4.45%	8.00%	9.34%	11.08%	11.22%	11.33%	10.94%	11.21%
DIIs	0.00%	0.01%	0.01%	0.01%	1.89%	6.33%	6.92%	7.67%	7.52%	7.22%	6.03%	5.95%
Public	25.06%	24.52%	29.97%	26.87%	24.01%	19.51%	17.57%	16.89%	16.89%	17.09%	18.67%	18.47%
Total Shareholders	51,342	54,118	54,878	61,972	64,977	86,041	90,218	99,687	1,20,855	1,45,463	1,81,103	1,79,367

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 15, 2025	Graviton research capital llp	Bulk	Buy	294.42	49.59 Cr	16,84,164	0.56
Dec 15, 2025	Hrti private limited	Bulk	Buy	300.75	64.71 Cr	21,51,681	0.71
Dec 15, 2025	Mathisys advisors llp	Bulk	Buy	302.51	55.92 Cr	18,48,618	0.61
Dec 15, 2025	Junomoneta finsol private lim...	Bulk	Buy	301.19	52.79 Cr	17,52,628	0.58
Dec 15, 2025	Hrti private limited	Bulk	Sell	300.59	65.38 Cr	21,75,009	0.72
Dec 15, 2025	Mathisys advisors llp	Bulk	Sell	302.21	55.99 Cr	18,52,733	0.61
Dec 15, 2025	Graviton research capital llp	Bulk	Sell	294.85	49.66 Cr	16,84,269	0.56
Dec 15, 2025	Junomoneta finsol private lim...	Bulk	Sell	301.37	52.80 Cr	17,51,923	0.58
Dec 12, 2025	Junomoneta finsol private lim...	Bulk	Buy	267.22	57.08 Cr	21,36,066	0.71
Dec 12, 2025	Hrti private limited	Bulk	Buy	264.58	56.76 Cr	21,45,465	0.71

Projection

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Overview

Detailed Summary

In fiscal year 2025, TARIL achieved significant revenue growth, reaching INR 1,950 crores, a substantial increase from previous years. EBITDA and PAT margins also improved notably.

TARIL has a robust negotiation pipeline of over INR 18,700 crores, and its current order book is at INR 5,472 crores, showcasing impressive order inflow and future revenue potential.

The company is executing capacity expansions, specifically at its Changodar and Moraiya plants, to support further growth and meet increasing demand despite temporary challenges.

Management is navigating recent operational hurdles such as raw material shortages and site readiness issues, maintaining a focus on financial strength, growth prospects, and stakeholder confidence.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - Transformers

Market Cap

9,203 Cr

Volatility

High Risk

P/E Ratio

37.2

Industry P/E

66.8

PEG Ratio

1.8

P/B Ratio

6.8

52W High

650.23

52W Low

230.00

Sales CAGR

55.98%

19.98%

23.34%

10Y

13.26%

Profit CAGR

360.41%

143.23%

221.95%

10Y

—

ROE

TTM

18.60%

13.39%

10.87%

10Y

7.48%

ROCE

TTM

22.01%

22.31%

20.28%

10Y

17.79%