Transformers and Rectifiers (India)
- Market cap
- ₹ 9,142 Cr.
- P/E
- 30x
- P/B
- 6.23x
- 52-week range
- 224.05 – 478.9
- ROE
- 19%
- ROCE
- 23%
- Dividend yield
- 0.1%
- Debt / equity
- 0.3
- Sector
- Electrical Equipment
- Industry
- Heavy Electrical Equipment
- Listed on
- NSE, BSE
About
Transformers and Rectifiers (India) Limited is an India-based company engaged in the manufacturing of power, furnace, and rectifier transformers. The Company manufactures a range of transformers, supplying both the domestic and international markets. It produces transformers and reactors with capacities ranging from approximately 0.5 Megavolt-Amperes (MVA) to 500 MVA capacity and voltage classes from five Kilovolt (kV) to 1200 kV. The Company primarily operates in the Manufacturing of Transformers segment. Its product categories include Power Transformers, Distribution Transformers, Furnace Transformers, Rectifier Transformers, Specialty Transformers, and Reactors. It offers services such as Upgrade, Repair & Refurbishment, Spares & Consumables, Technical Training, and Oil Sample Analysis & Diagnosis. The Company's subsidiaries include Transweld Mechanical Engineering Works Limited, Transpares Limited, TARIL Infrastructure Limited, Savas Engineering Company Private Limited, and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Heavy Electrical Equipment: 51 companies →Transformers and Rectifiers (India) against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)30 against a typical 30.4: cheaper than most peers (1st = cheapest).24th of 50
- Sales growth+60.7% against a typical +23.8% from a year earlier.10th of 41
- Profit growth+118.9% against a typical +24.6% from a year earlier.9th of 40
- Share price, 3 months+5.7% against a typical −8.5%.9th of 45
- Size₹ 9,141.8 Cr. market value against a typical ₹ 5,357.9 Cr. (1st = largest).20th of 47
Latest announcements
Exchange filings and their impact on the company.
- Q2 revenue up 61% and profit more than doubled, putting FY27 on track for 30%+ growth with margin expansion.
Transformers and Rectifiers reported strong Q2 FY27 results with consolidated revenue of Rs 739.44 crore, up 61% from Rs 460.03 crore last year, and net profit of Rs 81.38 crore, more than double Rs 37.35 crore. For the first half, revenue was Rs 1311.78 crore and profit Rs 145.67 crore, up 33% and 39%. The growth with better margins and a jump in capital work-in-progress to Rs 267 crore points to continued strong demand and capacity expansion over the next year.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Adequate safety
Rated A+ by India Ratings- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| India Ratings | IND A+; IND A1+ | Stable | 13 Jul 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 13 Jul 2026 | Reaffirmed | IND A+ | — | India Ratings | ₹ 1,550 Cr. |
Research by Minerva Capital Research Solutions
Our research team's work on Transformers and Rectifiers (India)Also covered in
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 13 Oct 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2026 and other business matters |
| 20 Jul 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2026 and other business matters |
| 21 Apr 2026 | Financial Results/Dividend/Other business matters | To consider and approve the financial results for the period ended March 31, 2026, dividend and other business matters |
| 8 Jan 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended December 31, 2025 and other business matters |
| 8 Nov 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended September 30, 2025 and other business matters |
| 1 Aug 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2025 and other business matters |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 369 | 513 | 322 | 462 | 559 | 676 | 529 | 460 | 737 | 783 | 572 | 739 |
| Expenses | 331 | 441 | 280 | 392 | 475 | 545 | 441 | 409 | 612 | 664 | 479 | 611 |
| Operating Profit | 38 | 72 | 42 | 69 | 85 | 131 | 88 | 52 | 125 | 118 | 93 | 129 |
| OPM % | 10% | 14% | 13% | 15% | 15% | 19% | 17% | 11% | 17% | 15% | 16% | 17% |
| Other Income | 2 | 1 | 4 | 12 | 9 | 10 | 20 | 14 | 4 | 22 | 16 | 3 |
| Interest | 13 | 11 | 12 | 10 | 14 | 15 | 10 | 13 | 13 | 14 | 15 | 14 |
| Depreciation | 6 | 6 | 7 | 6 | 6 | 7 | 8 | 7 | 8 | 7 | 7 | 7 |
| Profit before tax | 21 | 56 | 28 | 64 | 74 | 119 | 90 | 45 | 108 | 119 | 88 | 110 |
| Tax % | 24% | 26% | 25% | 28% | 25% | 21% | 25% | 18% | 30% | 24% | 27% | 26% |
| Net Profit | 16 | 42 | 21 | 46 | 55 | 94 | 67 | 37 | 76 | 91 | 64 | 81 |
| EPS in Rs | 0.55 | 1.4 | 0.67 | 1.51 | 1.82 | 3.14 | 2.24 | 1.13 | 2.46 | 2.97 | 2.05 | 2.66 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 14%
- 5 Years
- 28%
- 3 Years
- 22%
- TTM
- 27%
- 10 Years
- 44%
- 5 Years
- 106%
- 3 Years
- 87%
- TTM
- 23%
- 10 Years
- 34%
- 5 Years
- 87%
- 3 Years
- 60%
- TTM
- —
- 10 Years
- 12%
- 5 Years
- 16%
- 3 Years
- 19%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Transformers and Rectifiers (India) | ₹ 314.00 | ₹ 9,142 Cr. | 30x | 6.2x | 19% | — |
| ABB India | ₹ 6,140.00 | ₹ 1,29,936 Cr. | 95.2x | 20.3x | — | 11.6% |
| Hitachi Energy India | ₹ 26,250.00 | ₹ 1,17,002 Cr. | 139x | 27.6x | 21% | 12.1% |
| CG Power and Industrial Solutions | ₹ 814.95 | ₹ 1,24,592 Cr. | 114.8x | 17.9x | 20.4% | 9.6% |
| Polycab India | ₹ 7,415.00 | ₹ 1,11,738 Cr. | 50x | 11.1x | 25.4% | 9.3% |
| Siemens | ₹ 3,250.00 | ₹ 1,15,739 Cr. | — | 9.4x | 11.7% | 8.5% |
Management
- Jitendra Ujamsi Mamtora
- Whole-time Non-Independent Chairman of the Board
- Rakesh Kiri
- Chief Compliance Officer, Company Secretary
- Satyen Jitendra Mamtora
- Managing Director, Executive Non-Independent Director
- Karunaben Jitendra Mamtora
- Executive Non-Independent Director
Prices are delayed and for information only. Nothing on this page is investment advice.