TARIL Q2 Revenue Surges 66% with ₹7,237 Crore Order Book

New Order Inflow during Q2FY27: ₹3,283 crore
Un-executed Order Book as of H1FY27: ₹7,237 crore (32% growth from ₹5,472 crore in H1FY26)
Completed dynamic short-circuit testing on 7 units during the period
Manufacturing capacity supports revenue potential of ₹5,000-₹6,000 Crore
Inquiries under negotiation: ₹21,000 crore with historical win ratio of 10%-15%
Order mix: 80% domestic bids, 20% export bids
Customer mix: Equal between government and private customers with Utilities and Industrial customers

Key drivers of operational performance: Improved capacity utilisation across manufacturing facilities, better execution, and operating leverage.

Standalone Performance (₹ crore):

Q2FY27 Revenue from Operations: ₹709.04 (66% YoY growth from ₹428.42 in Q2FY26)
Q2FY27 EBITDA: ₹113.90 (205% YoY growth from ₹37.30 in Q2FY26)
Q2FY27 EBITDA Margin: 16.1% (vs 8.7% in Q2FY26)
Q2FY27 PAT: ₹75.06 (338% YoY growth from ₹17.13 in Q2FY26)
H1FY27 Revenue from Operations: ₹1,268.32 (35% YoY growth from ₹938.95 in H1FY26)
H1FY27 EBITDA: ₹185.14 (47% YoY growth from ₹125.99 in H1FY26)
H1FY27 PAT: ₹124.98 (62% YoY growth from ₹77.33 in H1FY26)

Consolidated Performance (₹ crore):

Drivers of financial performance: Improved utilization levels at Changodar & Moraiya plants, operating leverage, and better execution.

Secured first-ever order in nuclear power sector supplying Generator Transformers for NPCIL's Kaiga Units 5 & 6 project
Large transformer order from Megha Engineering & Infrastructures Ltd. (August 2026) with execution over 35 months
LOI from APTRANSCO (August 2026) for transformer manufacturing with deliveries within 13 months
Large order from Damodar Valley Corporation (October 2026) for 500 MVA and 200 MVA Auto Transformers to be executed within 15-28 months
Large order from GETCO (October 2026) for 80 MVAR & 125 MVAR Shunt Reactors and 500 MVA Auto Transformers with delivery over 24-30 months

Standalone (H1FY27):

Consolidated (H1FY27):

Transformer manufacturing expansion nearing completion with commercial production expected around Diwali
Backward integration: Commercial commissioning targeted by Q1 FY28 (with possible delay of up to one quarter)
Capital Allocation: Capex funded through QIP proceeds (₹121 crore unutilized), leasing arrangements, internal accruals, and debt if required

Investments in backward integration for critical components (bushings, transformer tanks, radiators, CRGO)
Expanded transformer manufacturing capacity supports revenue potential of ₹5,000-₹6,000 Crore
Advanced in-house testing capabilities including NABL-accredited laboratories for impulse testing, temperature rise testing, oil analysis

Global transformer market growth driven by grid modernization, renewable integration, aging infrastructure replacement
Regional growth hotspots: US (7-8% CAGR), India (8.3% CAGR), Europe (6-7% CAGR)
Industry challenges: Supply chain & lead time issues, high raw material cost volatility, limited component suppliers
Transformer demand structurally tied to global electrification, renewable integration, and grid resilience investments

FY27 Guidance: 25% revenue growth, EBITDA margin of 16%, PAT margin of 9% to 10%

Manufacturing Capacity: Existing and expanded capacities adequately positioned to support growth objectives with no additional constraints

Key Monitorables: Timely availability of critical raw materials and unforeseen geo-political disruptions