Ahmedabad: Transformers & Rectifiers (India) Limited (TARIL), one of India’s leading manufacturers of power and specialty transformers, today announced its financial results for the quarter ended June 30, 2026, reporting resilient operational performance backed by strong order inflows, healthy profitability and a record order book that strengthens its long-term growth outlook.
During the first quarter of FY27, the Company reported revenue from operations of ₹572.34 crore, registering an 8% year-on-year growth compared to ₹529 crore in the corresponding quarter of the previous financial year. EBITDA stood at ₹109.65 crore, translating into a healthy EBITDA margin of 19.16%, while Profit After Tax (PAT) stood at ₹64.34 crore, reflecting continued focus on operational efficiency, disciplined execution and margin improvement.
The Company’s performance during the quarter was supported by strong order execution despite temporary moderation in production at its Changodar manufacturing facility due to ongoing capacity expansion activities. The expansion project is expected to be completed by August 2026, enabling higher capacity utilization and supporting future revenue growth.
Record Order Book Supports Future Revenue Growth
TARIL continued to witness strong demand across the power transmission and energy infrastructure sectors during the quarter.
Order inflows increased sharply by 218% year-on-year to ₹2,114 crore, resulting in the Company’s highest-ever unexecuted order book of ₹6,630 crore, representing a 26% year-on-year increase. The record order backlog provides strong revenue visibility over the coming quarters and reinforces management’s confidence in sustaining growth momentum.
The Company also maintained a robust enquiry pipeline of nearly ₹23,000 crore, driven by increasing investments in transmission infrastructure, renewable energy integration, industrial expansion and export opportunities.
Strategic Capex to Enhance Long-Term Earnings
TARIL continues to execute its long-term expansion strategy through significant investments aimed at strengthening manufacturing capabilities and improving operational efficiencies.
Key strategic projects currently under implementation include:
- Expansion of the Changodar manufacturing facility with an investment of approximately ₹150 crore
- Backward integration projects involving investments of ₹900–1,000 crore
- Development of three greenfield manufacturing facilities at Chiyada
These investments are expected to improve production capacity, enhance supply chain integration, strengthen margins and position the Company to capitalize on the growing demand from India’s power infrastructure sector.
Management Commentary
Commenting on the quarterly performance, Mr. Satyen J. Mamtora, Managing Director & CEO, Transformers & Rectifiers (India) Limited, 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 trust our 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 significantly enhance 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.”
Positive Sector Outlook
India’s accelerating investments in transmission infrastructure, renewable energy integration and grid modernization continue to create significant opportunities for transformer manufacturers. Supported by a record order book, expanding manufacturing capacity and continued strategic investments, TARIL is well-positioned to benefit from the country’s long-term infrastructure development and energy transition.
Financial Highlights – Q1 FY27
| Particulars | Q1 FY27 |
|---|---|
| Revenue from Operations | ₹572.34 crore |
| Revenue Growth | 8% YoY |
| EBITDA | ₹109.65 crore |
| EBITDA Margin | 19.16% |
| Profit After Tax (PAT) | ₹64.34 crore |
| Order Inflows | ₹2,114 crore |
| Order Inflow Growth | 218% YoY |
| Order Book | ₹6,630 crore |
| Order Book Growth | 26% YoY |
| Enquiry Pipeline | ₹23,000 crore |