Transformers And Rectifiers (India) Ltd.TARIL: Revenue +66%, EBITDA +203%, order book ₹7,237 Cr

Transformers and Rectifiers (India) reported Q2 FY27 standalone revenue of ₹709 crore, up 66% year-on-year and 27% on the quarter, with EBITDA of ₹114 crore, up 203%, at a margin of 16.1% against 8.8% a year earlier.

For the half, revenue was ₹1,268 crore, up 35%, and EBITDA was ₹185 crore at a 14.6% margin. The unexecuted order book was ₹7,237 crore, up 32%, executable over 18 to 24 months, and Q2 order inflows were ₹1,169 crore, up 97%, including its first nuclear order from NPCIL. Debt to equity was about 0.35x, but net working capital days were about 154. The Changodar expansion to 35,000 MVA starts production around Diwali at a capex of about ₹150 crore, and a captive CTC plant is due before Diwali; backward integration should add 200 to 300 basis points of margin by FY29. Management kept its FY27 aim of about ₹3,200 crore of revenue, growth of 25% or more and a PAT margin of 9% to 10%.