Financial Performance - Standalone (₹ Crore)

Q1FY27 Highlights:

  • Revenue from Operations: ₹559.28, up 10% YoY from ₹510.53 in Q1FY26
  • Other Income: ₹14.28, down from ₹16.38 in Q1FY26
  • Total Income: ₹573.56, up 9% YoY from ₹526.91
  • EBITDA: ₹87.37, down 10% YoY from ₹96.70
  • EBITDA Margin: 15.62% vs 18.94% in Q1FY26
  • Profit Before Tax: ₹68.03, down 16% YoY from ₹81.26
  • PAT after Comprehensive Income: ₹49.92, down 17% YoY from ₹60.20

Quarterly Comparison:

  • QoQ Revenue decline of 26% from ₹752.33 in Q4FY26
  • QoQ EBITDA decline of 25% from ₹116.90 in Q4FY26
  • QoQ PAT decline of 35% from ₹77.31 in Q4FY26

Full Year FY26 Performance:

  • Revenue from Operations: ₹2,395.49, up 23% from ₹1,950.14 in FY25
  • PAT: ₹225.47, up 20% from ₹187.71 in FY25
  • EBITDA: ₹369.96, up 17% from ₹316.87 in FY25

Financial Performance - Consolidated (₹ Crore)

Q1FY27 Highlights:

  • Revenue from Operations: ₹572.34, up 8% YoY from ₹529.33
  • Other Income: ₹16.31, down from ₹20.31 in Q1FY26
  • Total Income: ₹588.65, up 7% YoY from ₹549.64
  • EBITDA: ₹109.65, up 1% YoY from ₹108.50
  • EBITDA Margin: 19.16% vs 20.50% in Q1FY26
  • Profit Before Tax: ₹88.03, down 3% YoY from ₹90.48
  • PAT after Comprehensive Income: ₹64.34, down 5% YoY from ₹67.54

Includes financials of 6 subsidiaries.

Operational Metrics & Business Updates

Order Book Position:

  • New Order Inflow during Q1FY27: ₹2,114 crore
  • Un-executed Order Book as on Q1FY27: ₹6,630 crore, showing 26% growth from ₹5,246 crore in Q1FY26
  • Order Book executable over coming 18-24 months
  • Inquiries under Negotiation: ₹23,000 crore
  • Historical win ratio: 10%-15%

Major Orders Received:

  • Ultra Mega Order from PGCIL: Above ₹1,000 Crores for transformers of various ratings (within 30 Months)
  • Order from GETCO: ₹228 Crores for transformers and reactors (On or before August-2028)
  • Order from RRVPNL: ₹175 Crores for transformers and reactors (On or before March-2028)
  • Export Order from PDC AK LPIV, LLC USA: ₹150 Crores for transformers (On or before Mid-2027)

Technical Achievement:

  • Completed dynamic short-circuit testing on 4 units during Q1FY27
  • Testing conducted per IEC 60076-5 standards to assess ability to withstand mechanical forces and thermal stresses from sudden faults

Manufacturing Capacity & Expansion

Current Capacity:

  • Installed capacity: 75,000 MVA across 3 plants
  • Expanded transformer manufacturing capacity supports revenue potential of ₹5,000-₹6,000 Crore
  • Adequate capacity in place to execute current outstanding order book

Expansion Status:

  • Changodar plant expansion (₹150 Cr) affected operational throughput during Q1FY27
  • Project expansion likely to be over by August-2026
  • Plant anticipated to operate at improved utilization levels post-expansion

Backward Integration:

  • Capex of ₹900-1,000 Cr for backward integration initiatives
  • Commercial commissioning of all facilities targeted by Q1FY28 (after considering delay of up to one quarter)
  • Existing in-house manufacturing includes radiators (up to 765 kV, 6,000 MTPA), transformer tanks fabrication (6,000 MTPA), OIP bushings (up to 245 KV), and CTs (up to 765 KV)
  • These comprise 10%-15% of total raw material requirement

Management Commentary & Outlook

Q1 Performance Context:

  • QoQ revenue growth impacted due to lower capacity utilization at Changodar plant during ongoing expansion
  • Delivered 10% revenue growth, 218% order inflow growth, and 26% order book growth YoY

FY27 Outlook:

  • Targeting 25% revenue growth
  • EBITDA margin target: 16%
  • PAT margin target: 9%-10%

Raw Material Environment:

  • Company well positioned against price volatility by securing inputs at time of order receipt
  • Mitigating exposure to geopolitical uncertainties

Capital Allocation & Funding:

  • Capex to be funded through balanced mix of QIP proceeds, leasing arrangements, internal accruals, and debt if required
  • Approximately ₹145 Cr of unutilized proceeds from 2024 QIP remains earmarked for backward integration initiatives

Balance Sheet Position (Standalone)

As of FY26:

  • Total Assets: ₹2,500.29 Cr
  • Tangible Net Worth: ₹1,410.17 Cr
  • Equity Share Capital: ₹30.02 Cr
  • Long-term Borrowings: ₹53.15 Cr
  • Short-term Borrowings including current maturities: ₹370.97 Cr
  • Trade Payables: ₹299.59 Cr

Balance Sheet Position (Consolidated)

As of FY26:

  • Total Assets: ₹2,665.72 Cr
  • Tangible Net Worth: ₹1,542.99 Cr
  • Equity Share Capital: ₹30.02 Cr
  • Long-term Borrowings: ₹66.91 Cr
  • Short-term Borrowings including current maturities: ₹389.74 Cr
  • Trade Payables: ₹289.63 Cr

Business Overview

Company Profile:

  • Leading Indian manufacturer of Power, Distribution & Specialty Transformers and Reactors
  • Product capabilities: 5 kV-1,200 kV and 0.5 MVA-500 MVA
  • Serves Utilities, EPC players, Industrials, and Renewable Energy Sectors
  • International presence in 40+ countries
  • 4 decades of operations

Key Strengths:

  • NABL-accredited laboratories for impulse testing, temperature rise testing, oil analysis, and CRGO material testing
  • End-to-end in-house manufacturing from core cutting to final assembly
  • Backward integration through subsidiary companies for critical components

Investor Communication

Earnings Conference Call Details:

  • Date: Tuesday, July 21, 2026
  • Time: 16:00 HRS IST
  • Primary Dial-in: +91 22 6280 1107, +91 22 7115 8008
  • To be attended by senior management of TARIL