Arthneeti

Transformers & Rectifiers India Q2 FY27 Share Price & Earnings Call Analysis

₹308.40+3.39% today
Market cap
₹9,257 Cr
P/E
30.41
ROE
19.12%
PEG
0.35
Price to sales
3.27
Debt to equity
0.35
52W high / low
₹445 / ₹230
Sales growth (5Y)
27.57%
EBITDA margin
16.44%
Net profit margin
10.86%
Promoter holding
64.36%
Sales (last year)
₹2,831 Cr

Guidance scorecard · Q2 FY27 call

What T R I L's management guided
and where it ranks in Electrical Equipment

#16of 56 in
Electrical Equipment
Revenue20–40%MarginsUp 0–2%CapexPlannedFundraisingNone plannedOrder bookRising

RevenueQ2 FY27 call

20–40%
  • The company targets revenue growth of 25% and beyond for FY27, maintaining focus on disciplined execution and profitable growth.
  • Expansion plans include increasing manufacturing capacities, with Changodar plant capacity reaching 35,000 MVA and Moraya facility adding 22,000 MVA for extra high voltage transformers.
  • Revenue potential post-expansion is estimated at ₹5,000 to ₹6,000 crore, aiming for $1 billion (₹8,000 crore approx.) revenue over the next 2-3 years, including sales from transformers, bushings, press boards, CRGO, and tanks manufacturing.
  • Capacity utilization expected to increase, with no additional capex required beyond ongoing backward integration projects.

2 more points from T R I L's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 0–2%

See what T R I L said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Ongoing capacity expansion projects at Changodar and Moraya plants; Changodar reaching 35,000 MVA capacity soon.
  • Backward integration initiatives progressing; CTC plant to be commissioned by Q3 FY27 with 3,000 MTPA capacity.
  • Expect ~30% increase in manufacturing capacity at Moraya post Presbord plant operationalization.
  • EHV transformer plant at Moraya expected to be ready for production by FY28.
  • Total capex related to capacity expansion around 150 crore INR for Changodar.
  • No additional capex planned beyond already funded projects for capacity expansion and backward integration.
  • Plans to develop local assembly and sales presence in UK and Europe, with potential manufacturing base in future.

2 more points from T R I L's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

None planned

See what T R I L said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • Current order book stands at approximately ₹21,000 crore.
  • Orders are executed based on a book not beyond 24 to 28 months to maintain manageable timelines.
  • ₹7,000 crore of orders expected to be executed/built in the next 18 to 24 months.

2 more points from T R I L's call on the order book

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Full Q2 FY27 analysis
Full Electrical Equipment ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Electrical Equipment
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does T R I L rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Electrical Equipment companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹66,283 Cr16.5
240%+Up 2%+₹464 Cr11.6
340%+Up 0–2%₹12,066 Cr47.0
440%+Up 0–2%₹500 Cr6.7
540%+Flat₹20,621 Cr111.2
640%+Flat₹15,855 Cr11.2

Sign up free to see every company in the sector ranking and track T R I L.

Pro shows every company guiding 40%+ revenue growth →Full Electrical Equipment ranking

Financials of T R I L

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of T R I L

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +438156257369513322462559676529460737783
Expenses +406151237331441280392475545441409612664
Operating Profit3342038724269851318852125118
OPM %7%3%8%10%14%13%15%15%19%17%11%17%15%
Other Income +111214129102014422
Interest12151213111210141510131314
Depreciation7666676678787
Profit before tax15-15321562864741199045108119
Tax %35%-20%37%24%26%25%28%25%21%25%18%30%24%
Net Profit +10-12216422146559467377691
EPS in Rs0.34-0.480.060.551.400.671.511.823.142.241.132.462.97

Financials of T R I L

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +5536578217168557017421,1581,3961,2912,0172,509
Expenses +5236187336507946496731,0841,2751,1571,6892,126
Operating Profit3138876561516974121134327383
OPM %6%6%11%9%7%7%9%6%9%10%16%15%
Other Income +34661216910963561
Interest323842444646464448515151
Depreciation131515161920191725252730
Profit before tax-11-1036119213235764285363
Tax %-34%-32%34%41%41%44%39%39%26%27%24%25%
Net Profit +-8-7246518144247216272
EPS in Rs-0.30-0.280.880.200.170.020.270.531.541.567.148.81
Dividend Payout %0%0%0%0%0%0%19%14%5%6%3%3%

Financials of T R I L

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131313131313131313143030
Reserves3213133123173223233303433815401,2221,485
Borrowings +157164209399263308263325330256283457
Other Liabilities +232299341358281289319428463359652694
Total Liabilities7237898761,0888809339251,1091,1871,1702,1872,666
Fixed Assets +192185187195201193181168153144251250
CWIP111161232033562138
Investments0000000114268184
Other Assets +5195926828816767387449361,0301,0171,6052,093
Total Assets7237898761,0888809339251,1091,1871,1702,1872,666

Financials of T R I L

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +933766-102179169622829157-105
Cash from Investing Activity +-30-5-24-31-8-15-7-89-22-625-7
Cash from Financing Activity +-50-31-61145-1822-9317-45-10472116
Net Cash Flow130-1812-113-411-7-343
Free Cash Flow612955-132163791-61914-75-215
CFO/OP310%100%78%-152%296%37%140%4%34%38%58%2%

Financials of T R I L

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days15817116625616121820516416617485129
Inventory Days14715512018210915314710493109118133
Days Payable1602091492031141611791291189510962
Cash Conversion Cycle14511713823515621017313914118894199
Working Capital Days76776357557394606811934102
ROCE %4%6%15%9%8%8%9%10%15%15%28%23%

Guidance history

How T R I L's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%Up 0–2%PlannedNone plannedRising
Q1 FY27 call →20–40%Up 2%+PlannedPlannedRising
Q4 FY26 call →40%+Up 0–2%Planned—Flat
Q3 FY26 call →40%+Up 0–2%Planned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

20out of 100

Momentum score · price trend

20 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−30.8%21%
Last 6 months−7.3%43%
Last 3 months+4.4%75%

The price is 50.3% below its all-time high of ₹620.23 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 41 became 20.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For T R I L: 0.4 × 21 + 0.4 × 43 + 0.2 × 75 = 41, halved to 20 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What T R I L's management said in earlier quarters

Others in Electrical Equipment this season

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    Q2 FY27 revenue: ₹1,032 crore, up 135% YoY (Page 2) . Key investor presentation takeaways from Diamond Power Infrastructure Ltd's Q2 FY27 investor presentation

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    294 Cr, up 34.1% YoY from Rs. Key investor presentation takeaways from Quality Power Electrical Equipments Ltd's Q2 FY27 investor presentation — and how it rank

  • Neueon Corporation (Q2 FY27)

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  • Mangal Electrica (Q2 FY27)

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