T R I LQ1 FY27
T R I L Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹307P/E: 34.7Market Cap: ₹9.0K CrSector: Electrical Equipment
Management growth scorecard
Revenue
Category 2
Margin
Category 1
Fundraise
Yes
Order
Yes
Capex
Yes
4 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 2- →Targeting $1 billion revenue by FY28-FY29, approx. INR8,000 crores considering current rupee levels.
- →Expect 25% revenue growth for FY27, building on INR3,136 crores estimated revenue for FY27.
- →Plan to add INR5,000+ crores revenue over FY28 and FY29 via expansion at Changodar and Moraiya plants.
- →Backward integration to contribute additional INR800 crores to INR1,000 crores revenue by FY29.
- →Capacity utilization to ramp up from 60%-65% in FY26 to 80%-85% in FY28-'29 improving volume execution.
- →Domestic and export markets expected to grow around 30%; export business to maintain 10%-15% revenue share.
- →Ongoing expansions (Moraiya by Q3 2027, Changodar from Aug 2026) will support volume growth and margin protection.
- →Projected EBITDA margin guidance of 16%-20% indicating profitable growth.
Margin guidance
Category 1- →Targeting revenue growth of ~25% for FY27, with standalone revenue guidance around INR8,000 crores by FY29 (approx. $1 billion).
- →EBITDA margin guidance of 16% for standalone operations in FY27; consolidated margins expected higher at 20-21%.
- →PAT margin targeted at around 10% in FY27, improving on FY26 levels.
- →Expect consistent EBITDA margins (~16%) maintained over near future with improvements attributed to higher margin orders and operational efficiencies.
- →Expansion at Changodar and Moraiya plants will increase capacity utilization to 80-85% by FY28-29, supporting growth.
- →Backward integration projects to add INR800-1,000 crores revenue, improving margin and supply resilience.
- →Consolidated earnings expected to benefit from subsidiaries contributing 100 basis points additional margin.
- →EPS likely to grow significantly alongside revenue and margin expansion, backed by scaling operations and improved capital deployment.
3 more insights locked — sign up free to unlock
Fundraise plans
Yes- →The company does not intend to significantly increase debt for upcoming capex; current debt stands around INR400+ crores.
- →Capex funding for expansions and backward integration will primarily come from existing cash, QIP proceeds (around INR150 crores remaining), and finance leasing (approx. INR500 crores).
- →The capex will be partly financed through leasing arrangements, reducing upfront cash outflow.
- →Working capital improvements and internal accruals are expected to cover additional funding needs.
- →Any small incremental debt may be raised if required, but the focus remains on maintaining a disciplined capital structure without substantial new borrowings.
- →No explicit mention of fresh equity fundraising beyond existing QIP proceeds earmarked for backward integration.
Order book
Yes- →As of June 30, 2026, Transformers and Rectifiers (India) Limited's Unexecuted Order Book stood at INR 6,630 crores, a 26% YoY growth.
- →The order book is executable over the next 18 to 24 months.
- →During Q1 FY27, the company received healthy order inflow of INR 2,114 crores (218% YoY growth).
- →Major orders in Q1 include:
- → - Ultra Mega Order from PGCIL worth above INR 1,000 crores (30 months timeline)
- → - Order from GETCO around INR 228 crores
- → - Order from RRVPNL INR 175 crores
- → - Export order from PDC AK LPIV, LLC (USA) INR 150 crores
- →There are INR 23,000 crores worth of inquiries under negotiation.
- →Historic win ratio is about 10% to 15%.
- →Bidding split: 80% domestic, 20% export; customer mix: government, private utilities, industrial customers.
Capex plans
Yes- →**Changodar Expansion:** Ongoing capacity expansion with capex of around INR150 crores; expected completion by August 2026.
- →**Moraiya Expansion:** Scheduled for Q3 2027, on track, aiming to enhance manufacturing capabilities.
- →**Backward Integration Program:** Planned investment of approximately INR900-1,000 crores for facilities including CTC conductor, pressboard insulation, bushing, fabrication, and CRGO plants.
- →**Funding Strategy:** Capex funded via QIP proceeds (~INR145 crores unutilized), leasing arrangements (finance leasing reduces cash outflow by ~50%, e.g., for INR1,000 crores capex on backward integration, only INR500 crores cash outflow), internal accruals, and minimal debt if required.
- →**Objective of Backward Integration:** Reduce external supplier dependency, improve raw material availability, cost efficiency, and margin expansion (200-300 bps expected from FY28).
- →**R&D:** No additional R&D capex currently planned for new product designs like hybrid HVDC systems.
How does T R I L rank vs peers in Electrical Equipment?
Pro feature1T R I L
Rev 2Mar 1
See full Electrical Equipment sector rankings
How does T R I L rank in Electrical Equipment?
Compare T R I L against every Electrical Equipment company (Q1 FY27) on revenue, margins and earnings-call signals.