Financial Results Summary (Standalone)

Q2 FY2027 Performance:

  • Revenue from Operations: ₹709.04 crore, up 66% YoY (Q2FY26: ₹428.42 crore)
  • EBITDA: ₹113.90 crore, up 205% YoY (Q2FY26: ₹37.30 crore)
  • EBITDA Margin: 16.1%, improved by 736 basis points YoY (Q2FY26: 8.7%)
  • Profit Before Tax: ₹98.68 crore, up 281% YoY (Q2FY26: ₹25.89 crore)
  • PAT: ₹75.06 crore, up 338% YoY (Q2FY26: ₹17.13 crore)
  • PAT Margin: 10.6%, improved by 659 basis points YoY (Q2FY26: 4.0%)
  • EPS: ₹2.50 (Q2FY26: ₹0.57)

H1 FY2027 Performance:

  • Revenue from Operations: ₹1,268.32 crore, up 35% YoY (H1FY26: ₹938.95 crore)
  • EBITDA: ₹185.14 crore, up 47% YoY (H1FY26: ₹125.99 crore)
  • EBITDA Margin: 14.6%, improved by 118 basis points YoY (H1FY26: 13.4%)
  • Profit Before Tax: ₹166.71 crore, up 56% YoY (H1FY26: ₹107.15 crore)
  • PAT: ₹124.98 crore, up 62% YoY (H1FY26: ₹77.33 crore)
  • PAT Margin: 9.9%, improved by 162 basis points YoY (H1FY26: 8.2%)
  • EPS: ₹4.16 (H1FY26: ₹2.58)

Note: EBITDA margin includes other operative income.

Business Updates & Operational Highlights

Order Book & Pipeline:

  • Order inflow in Q2FY27: ₹1,169 crore, representing 97% YoY growth
  • Unexecuted order book as of 30 September 2026: ₹7,237 crore, up 32% YoY
  • Order book executable over the next 18–24 months
  • Inquiry pipeline under negotiation: Approximately ₹21,000 crore
  • Historical win ratio: 10%–15%
  • Current bidding pipeline composition: 80% domestic opportunities, 20% export opportunities
  • Customer mix: Balanced mix of government and private customers across utilities and industrial segments

Technical & Manufacturing Milestones:

  • Successfully completed dynamic short-circuit testing on 3 transformer units during the quarter
  • Testing validates products' ability to withstand extreme electrical and mechanical stresses under fault conditions
  • Compliance with stringent international standards

Expansion Projects:

  • Transformer manufacturing expansion at Changodar nearing completion
  • Commercial production expected to commence around Diwali
  • Additional capacity will strengthen ability to execute growing order book
  • Supports next phase of revenue growth

Strategic Initiatives:

  • Strengthening global customer engagement through UK subsidiary, particularly across US and European markets
  • Entry into nuclear power sector through NPCIL Kaiga Units 5 & 6 project
  • Recent orders from Damodar Valley Corporation and Gujarat Energy Transmission Corporation Limited
  • Investing in capacity, technology and backward integration

Management Commentary

Mr. Satyen Mamtora, Managing Director & CEO, stated that Q2FY27 performance reinforces confidence in the company's growth trajectory, supported by:

  • Strong order inflows
  • Improving capacity utilization
  • Continued progress on expansion initiatives
  • Current order book provides comfortable revenue visibility
  • Changodar expansion positions company to service larger opportunity pipeline
  • Company remains on track to achieve FY27 guidance

The commentary emphasized India's advancement towards Viksit Bharat 2047, noting that resilient power grid, greater energy security and strong domestic manufacturing will be essential.

Company Background

Transformers and Rectifiers (India) Limited is one of India's leading transformer manufacturers with over four decades of operating legacy. Key details:

  • Headquarters: Ahmedabad, Gujarat
  • Product range: Power, distribution, furnace, specialty, rectifier transformers and shunt reactors, solar application transformers, earthing transformers
  • Product capabilities: 5 kV to 1,200 kV and 0.5 MVA to 500 MVA
  • Customer segments: Utilities, EPC players, industrial customers, renewable energy sectors
  • Installed capacity: 75,000 MVA across three plants
  • Manufacturing: Backward integrated manufacturing facilities
  • International presence: 40+ countries with 18,000+ transformer installations worldwide