| Management target | Revenue 25.0% FY27 |
|---|
| Revenue growth | 10% YoY growth; moderated due to plant modernization activities. |
|---|---|
| Margins | Targeting 16% EBITDA standalone; consolidated margins benefited from subsidiaries. |
| Order book | Unexecuted order book at ₹6,630 crore, up 26% YoY. |
| Demand visibility | Strong sectoral tailwinds from grid modernization and renewable energy integration. |
| Management confidence | Balanced but ambitious, focusing on execution of a massive order book. |
Growth
Revenue grew 10% YoY, but EBITDA margins remained healthy at 15.6% standalone and 19.2% consolidated.
Outlook
Guided for 25% revenue growth in FY27 with 16% EBITDA and 9-10% PAT margins.
Risks
Execution delays in backward integration and rising working capital/inventory levels present significant liquidity and interest cost risks.
Last quarter's promises, checked
Delivered
- Guided ₹2,500-2,600cr Revenue → delivered ₹2,509cr (= BEAT)
- Guided 15-16% EBITDA margin → delivered 15.4% standalone (= BEAT)
- Guided 33,000 MVA production → delivered 33,763 MVA (= BEAT)
Partly delivered
- Guided Changodar capacity start Q1 → delayed to Q2 due to monsoons (= PARTIAL)
Missed
- Guided ₹8,000cr order book by FY26 → delivered ₹5,000cr (= MISS)
- Guided ₹2,600cr Revenue (Q3 call) → delivered ₹2,509cr (= MISS)
Earnings Call Transcript filed with NSE, NSE: TARIL. Summary written with AI assistance from the document.
Transformers & Rectifiers (India) Ltd: key numbers
- Share price
- ₹283.65
- Market cap
- ₹8,514 Cr
- Revenue (annual)
- ₹2,509 Cr
- Net profit (annual)
- ₹264.4 Cr
- P/E (TTM)
- 32.9×Sector 53.9×
- Promoter holding
- 64.36%+0.00% QoQ
- FII holding
- 7.80%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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