Transformers & Rectifiers India Ltd
Transformers & Rectifiers India Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Company targets at least 25% revenue growth for FY26 over FY25, aiming around INR2,600 crores. The company targets at least 25% revenue growth for full FY '26 over FY '25, aiming for around INR 2,600 crore with an EBITDA margin of approximately 16%.
From Transformers & Rectifiers India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Company targets at least 25% revenue growth for FY26 over FY25, aiming around INR2,600 crores.
- Strong order inflow expected in H2 FY26 with a robust pipeline exceeding INR8,000 crores.
- Expansion of capacity at Moraiya plant (22,000 MVA) expected completion by Q4 FY26; revenue impact from Q1 FY27.
- Changodar facility capacity delayed by one quarter but expected to ramp up by end of current quarter.
- Backward integration projects, including CRGO processing and CTC/bushing plants, to improve margins and supply stability from FY27 onwards.
- Aim to achieve utilization levels around 70% by year-end.
- Optimistic about achieving INR5,000 crores revenue next year (FY27).
2 more points management made on revenue & sales performance
Profitability & Margins
See what Transformers & Rectifiers India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capacity expansion projects are progressing as planned, expected to contribute to cost efficiency and margin improvement.
- Moraiya facility is progressing well; Changodar expansion delayed by one quarter but expected to be operational next quarter.
- New plants under development with timelines:
- CTC plant: Expected operational by September next year, with 1,500 tons/month capacity.
- RIP bushing plant: Production starting June 1 next year.
- Tank manufacturing unit: To be operational by August next year.
2 more points management made on capital expenditure plans
Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Transformers & Rectifiers India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- As of September 30, 2025, the order book stands around INR5,500 crores.
- Order book target to end FY '26 is approximately INR8,000 crores.
- Management expects to secure about INR3,000+ crores in new orders in the second half of the year.
- The conscious strategy is to keep order book within 16-18 months of execution to maintain profitability.
- Ideal order book size targeted is around INR6,000 crores, corresponding to about 1.5 to 2 years of orders.
- Orders beyond 18 months booking are being curtailed to avoid low profitability.
2 more points management made on order book & pipeline
Transformers & Rectifiers India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹783 Cr, net profit ₹91 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Transformers & Rectifiers India Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Transformers & Rectifiers India Ltd Q2 FY26 results?
Company targets at least 25% revenue growth for FY26 over FY25, aiming around INR2,600 crores. The company targets at least 25% revenue growth for full FY '26 over FY '25, aiming for around INR 2,600 crore with an EBITDA margin of approximately 16%.
What is Transformers & Rectifiers India Ltd share price analysis?
Transformers & Rectifiers India Ltd currently shows a neutral. The stock trades at a P/E of 34.2 with a market cap of ₹8,846 Cr. Investors should review the full earnings analysis for detailed insights.
Is Transformers & Rectifiers India Ltd planning capital expenditure?
Capacity expansion projects are progressing as planned, expected to contribute to cost efficiency and margin improvement.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.