TARIL posts Rs 572 crore Q1 revenue, order inflows jump 218%

Transformers and Rectifiers (India) Limited (TARIL) reported consolidated revenue from operations of Rs 572.34 crore for the quarter ended June 30, 2026, registering an increase of 8% over the corresponding period last year. The company also reported its highest-ever unexecuted order book of Rs 6,630 crore, according to its quarterly investor presentation and press release.

Profit after tax (PAT) on a consolidated basis stood at Rs 64.34 crore during the quarter, while EBITDA was reported at Rs 109.65 crore, resulting in an EBITDA margin of 19.16%. On a standalone basis, revenue from operations rose 10% year-on-year to Rs 559.28 crore, while PAT stood at Rs 49.92 crore.

The company said revenue growth during the quarter was impacted by lower capacity utilisation at its Changodar manufacturing facility in Gujarat, where expansion activities are currently underway.

Quarterly performance

TARIL stated that the ongoing expansion at Changodar, involving an investment of approximately Rs 150 crore, temporarily affected production levels during the quarter. The project is expected to be completed by August 2026, after which the company expects utilisation levels at the facility to improve.

Despite the moderation in topline growth, profitability remained strong during the quarter, with EBITDA margins remaining above 19%.

Order inflows

Fresh order inflows increased significantly during the quarter, rising 218% year-on-year to Rs 2,114 crore.

The largest order secured during the period was an ultra-mega contract from Power Grid Corporation of India Limited (PGCIL) valued at more than Rs 1,000 crore for the manufacture of transformers across multiple ratings. The order is scheduled to be executed over a period of 30 months.

The company also secured an order worth approximately Rs 228 crore from Gujarat Energy Transmission Corporation Limited (GETCO) for transformers and reactors, an order of approximately Rs 175 crore from Rajasthan Vidyut Prasaran Nigam Limited (RVPNL), and an export order worth approximately Rs 150 crore from PDC AK LPIV, LLC in the United States.

As of June 30, 2026, TARIL’s unexecuted order book stood at Rs 6,630 crore, up 26% compared with the previous year. The company indicated that the existing order book is executable over the next 18 to 24 months, providing visibility for future revenues.

Expansion plans

Alongside order growth, TARIL is undertaking a series of manufacturing expansion and backward integration initiatives.

The Changodar expansion project is progressing in parallel with backward integration investments estimated at Rs 900-1,000 crore and the development of three greenfield manufacturing facilities at Chiyada. Commercial commissioning of the backward integration facilities is targeted for the first quarter of FY28.

According to the company, the ongoing investments are expected to increase annual revenue potential to between Rs 5,000 crore and Rs 6,000 crore.

TARIL currently operates three manufacturing facilities in Gujarat with a combined installed capacity of 75,000 MVA. Its product portfolio spans transformers across voltage classes ranging from 5 kV to 1,200 kV and ratings from 0.5 MVA to 500 MVA.

The company manufactures power, distribution, furnace, specialty and rectifier transformers, along with shunt reactors, solar application transformers and earthing transformers. It serves utilities, EPC companies, industrial customers and renewable energy developers, with an equal mix of government and private sector clients. TARIL also exports to more than 40 countries.

Outlook

TARIL reported an enquiry pipeline of approximately Rs 23,000 crore, supported by investments in transmission infrastructure, renewable energy integration, industrial expansion and export markets. Historically, the company’s win ratio has been in the range of 10-15%.

Management has reiterated its FY27 guidance of 25% revenue growth, an EBITDA margin of 16%, and a PAT margin of 9-10%, supported by the anticipated completion of ongoing expansion projects and the current order position.

The company added that it continues to monitor the availability of critical raw materials and geopolitical developments. It stated that it mitigates exposure to price volatility by securing key inputs at the time of order receipt.

Funding for the ongoing capital expenditure programme is expected to be sourced through a combination of Qualified Institutional Placement (QIP) proceeds, leasing arrangements, internal accruals and debt, if required. Approximately Rs 145 crore of unutilised proceeds from the company’s 2024 QIP remain earmarked for backward integration initiatives.

Commenting on the performance, Mr. Satyen J. Mamtora, Managing Director & CEO, said. “We have begun FY27 on a steady footing, supported by healthy project execution and sustained demand across the power sector. Our record order book and strong order inflows reflect the trustour customers continue to place in TARIL and provide us with strong visibility for the coming quarters. While the ongoing expansion at our Changodar facility temporarily moderated revenue growth during the quarter, it is a strategic investment that will significantlyenhance our manufacturing capabilities and support future demand. With capacity expansion progressing as planned, a healthy enquiry pipeline and favourable industry fundamentals, we remain confident of sustaining our growth momentum. As India advances towardsits Viksit Bharat 2047 vision, continued investments in transmission infrastructure will create significant opportunities, and TARIL remains committed to supporting this transformation through technology, manufacturing excellence and disciplined execution.”