Earnings call · Jul–Sep 2026
Transformers and Rectifiers (India) Limited
TARIL delivered Jul–Sep 2026 revenue of ₹709 crore (66% growth) & EBITDA (operating profit before depreciation, interest & tax) of ₹114 crore (203% from a year earlier), with order book (orders won but not yet delivered) at ₹7,237 crore. The company expanded manufacturing capacity & expects ₹3,200 crore revenue for FY27 with 25% growth & 9-10% PAT (profit after tax: the final profit) margin.
The full notes: numbers & KPIs, strategy, outlook, risks, what analysts asked.
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From the company
- Mehul ShahChief Financial Officer
- Harshit Sachdeva
- Jainam
Questions came from
- Harshit SachdevaColumbus Capital
- Vignesh IyerSequent Investments
- Mihir Vyas9 Rays EquiResearch
- Yash GuptaAsit Koticha Family Office
- Anubhav MukherjeePrescient Capital
- Deepak PoddarSapphire Capital
- Vinil ShahDalal & Broacha
- Dilip PandeyICICI Securities
- JainamSaltoro Investments
- Abhijeet SinghSystematix Group
- Divyam Sandeep SurekaNuvama
- Vijay BhasinInCred Equities
- Shrinarayan MishraBaroda BNP Paribas AMC
- Sanjeev ZarbadeAntique Stock Broking
Topics in this call
Opening remarks
Mehul ShahChief Financial Officer
Thank you, sir. Good evening, everyone. I will take you through the financial performance of Transformers and Rectifiers Limited for the second quarter and the first half of financial year '27. Let me begin with our standalone performance for the quarter. During Q2FY27, revenue from operations stood at INR709 crores, 66% year-on-year growth and 27% quarter-on-quarter growth.
Revenue growth during the quarter supported by improved capacity utilization and execution. EBITDA for the quarter stood at INR114 crores, 203% Y-o-Y and 53% quarter-on-quarter growth. EBITDA margin improved to 16.1% compared to 8.8% in Q2FY26 and 13.3% in Q1 FY27. This reflects the benefit of higher operating leverage and improved utilization level during the quarter.
Read the whole call: 205 paragraphs, 15 analysts' questions with every answer, 9 marked passages.
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