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India
As of 18 Sept 2026, 03:30 pm
Transformers And Rectifiers (India) Limited announced the incorporation of a new subsidiary, Maxwell Grid Transformers (UK) Private Limited, in the United Kingdom on September 10, 2026. The company also published a Postal Ballot Notice and remote e-voting information in newspapers on August 30 and 31, 2026, regarding a postal ballot process that concluded on September 28, 2026. Additionally, the company informed the exchange about upcoming Analysts/Institutional Investor Meets/Con. Calls on September 14 and 15, 2026.
As of September 17, 2026, the stock's daily trend shows a closing price of ₹276.0, with the SuperTrend indicator in a bearish direction at 301.29. The Exponential Moving Average (EMA) 20 is at 293.32 and the EMA 50 is at 301.49, both above the current price. On a weekly basis, the SuperTrend is bullish at 245.76, while the EMA 20 is 305.67 and EMA 50 is 331.19. Monthly indicators show a bearish SuperTrend at 537.0, with EMA 20 at 347.3 and EMA 50 at 380.5. The stock has experienced a -48% return over the past year and a -10% year-to-date return as of September 17, 2026.
As of September 17, 2026, the nearest identified support level is at ₹275.32, which is approximately 0.25% below the current price. Other support levels are noted at ₹272.85, ₹271.33, and ₹268.15. The nearest resistance level is at ₹281.08, about 1.84% above the current price, with further resistance levels at ₹285.07, ₹290.38, and ₹290.83.
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹572.34 crore | PEAK₹782.67 crore | ₹736.76 crore | ₹460.03 crore | ₹529.33 crore |
| Profit Before Tax | ₹88.03 crore | PEAK₹119.47 crore | ₹107.79 crore | ₹45.30 crore | ₹90.48 crore |
| Finance Costs | PEAK₹14.80 crore | ₹14.37 crore | ₹13.37 crore | ₹12.87 crore | ₹10.47 crore |
| Tax Expense | ₹23.74 crore | ₹28.08 crore | PEAK₹31.82 crore | ₹7.95 crore | ₹23.02 crore |
| Profit Loss For Period | ₹64.29 crore | PEAK₹91.39 crore | ₹75.97 crore | ₹37.35 crore | ₹67.46 crore |
| Other Comprehensive Income | ₹5 lakh | -₹29 lakh | ₹3 lakh | PEAK₹10 crore | ₹8 lakh |
Finance costs have increased steadily over the five-quarter period: ₹10.47 crore, ₹12.87 crore, ₹13.37 crore, ₹14.37 crore, and ₹14.80 crore. The sequential increase was modest at 2.99%, but the year-over-year rise of 41.36% is material. Interest coverage (EBIT divided by finance costs) stood at 6.95 times, down from 9.64 times in Q1 FY2025-26. The decline reflects the combined effect of higher finance costs and a slight drop in EBIT.
Tax expense for the quarter was ₹23.74 crore on profit before tax of ₹88.03 crore, yielding an effective tax rate of 26.97%. This is higher than the 25.44% rate in Q1 FY2025-26 and the 23.50% rate in Q4 FY2025-26. The higher tax rate contributed to the year-over-year decline in net profit, as profit before tax fell only 2.71% but net profit fell 4.7%.
Basic and diluted earnings per share were both ₹2.05, down from ₹3.04 in the previous quarter and from ₹2.24 in Q1 last year. The decline mirrors the drop in net profit. Other comprehensive income was negligible at ₹5 lakh, so comprehensive income of ₹64.34 crore essentially equals net profit.
Exchange disclosures and regulatory announcements for Transformers And Rectifiers (India).
Transformers And Rectifiers (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
Transformers And Rectifiers (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
Transformers and Rectifiers (India) Limited incorporated a new subsidiary, Maxwell Grid Transformers (UK) Private Limited, in the United Kingdom on September 10, 2026, following board approval intimated on August 27, 2026.
Transformers and Rectifiers (India) Limited announced the publication of its Postal Ballot Notice and remote e-voting information in Financial Express on August 30 and 31, 2026. The company appointed Mr. Tapan Shah as Scrutinizer to oversee the voting process, which commenced at 9:00 a.m. on August 30, 2026, and concluded at 5:00 p.m. on September 28, 2026. The results of the postal ballot are scheduled to be declared by Tuesday, September 29, 2026.
Transformers and Rectifiers (India) Limited announced its 32nd Annual General Meeting will be held on September 21, 2026, via video conference to consider four resolutions. The agenda includes adopting audited financial statements for the fiscal year ended March 31, 2026, declaring a dividend for that period, appointing Mr. Satyen J. Mamtora as a director retiring by rotation, and ratifying remuneration for the Cost Auditor for the fiscal year ending March 31, 2027.
Transformers and Rectifiers (India) Limited (TARIL) secured a large order for Generator Transformers from Megha Engineering and Infrastructures Limited (MEIL) for the Nuclear Power Corporation of India Limited's (NPCIL) Kaiga Units 5 & 6 nuclear power project in Karnataka. This is TARIL's first order in the nuclear power sector. The Kaiga Units 5 & 6 are two indigenous 700 MWe Pressurised Heavy Water Reactors (PHWRs) that will add 1,400 MW of nuclear generation capacity. The order was disclosed via a revised press release on 31st August 2026.
On August 27, 2026, the Board of Transformers and Rectifiers (India) Limited approved the incorporation of a new subsidiary, Maxwell Grid Transformers (UK) Private Limited, in the United Kingdom. The listed entity plans to invest GBP 10 million via cash subscription to acquire a 51% controlling stake in the subsidiary, which will engage in manufacturing, repairing, and trading transformers. Additionally, the Board considered variations in the utilization of unutilized Qualified Institutional Placement proceeds from June 13, 2024, and sought member approval for these changes through a postal ballot.
Recent market and company developments associated with Transformers And Rectifiers (India).
The ₹1,055.7-crore initial public offering (IPO) of Kanohar Electricals was subscribed 90.59 times on the final day of bidding. The issue received bids for 1,05,92,88,437 shares against 1,16,93,326 shares on offer.
Kanohar Electricals IPO will list today at 10:00 IST on BSE and NSE. The IPO was heavily subscribed, with a 90.59 times overall subscription and a grey market premium of +192, indicating a successful listing expected at ₹824 per share.
Kanohar Electricals IPO opened for subscription from September 8 to September 10, with a price band of ₹601–632. The IPO's grey market premium stands at +225, indicating an optimistic listing price of ₹857, a 35.60% increase from the upper price band.
A record ₹6,630 crore order book and a new nuclear deal haven't stopped TARIL's stock from falling 45% as plant expansion delays squeeze profits.
Transformers and Rectifiers India, TARIL, TARIL shares, Transformers and Rectifiers stock, NPCIL, Nuclear Power Corporation of India, Kaiga Units 5 and 6, nuclear power, nuclear energy, generator transformers, Megha Engineering and Infrastructures, MEIL, 700 MW PHWR, Pressurised Heavy Water Reactors, nuclear power sector, power infrastructure, high-voltage transformers, India nuclear power, nuclear stocks, power stocks
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Transformer Stocks Rise: CG Power, GE Vernova, Hitachi Energy India Gain After Trump Restricts China-Linked Grid Equipment
Transformers & Rectifiers India has received a Letter of Intent worth ₹100-500 crore from APTRANSCO for manufacturing transformers and related works, with delivery scheduled over the next 13 months.
Comprehensive Section Breakdown for Transformers And Rectifiers (India)
Strategic Vision: Indian manufacturer of high-voltage, specialty, and environment-friendly transformers.
• Technologically advanced facilities
• Backward integration in manufacturing
• Global installation experience
• Comprehensive after-sales services
Transformers And Rectifiers (India) Limited reported revenue from operations of ₹572.34 crore in Q1 FY2026-27, a 26.87% decline from the preceding quarter’s ₹782.67 crore. Compared to the same quarter last year, revenue grew 8.13% from ₹529.33 crore. Profit before tax fell 26.32% sequentially to ₹88.03 crore and was 2.71% below the year-ago figure of ₹90.48 crore. Net profit for the period was ₹64.29 crore, down 29.65% from the previous quarter and 4.7% from Q1 last year. The quarter shows a sequential dip after a strong Q4, but year-over-year revenue growth did not translate into higher profits, as rising finance costs and a higher effective tax rate weighed on the bottom line.
Revenue over the past five quarters has been uneven: ₹529.33 crore (Q1 FY2025-26), ₹460.03 crore (Q2), ₹736.76 crore (Q3), ₹782.67 crore (Q4), and ₹572.34 crore (Q1 FY2026-27). The pattern is consistent with a project-based business where revenue recognition is lumpy, with Q3 and Q4 typically stronger. The current quarter’s revenue is 8.13% above the year-ago level, indicating underlying growth, but the sequential drop of 26.87% is the largest quarter-on-quarter decline in the series. This volatility does not by itself signal a trend reversal.
Despite higher year-over-year revenue, net profit declined 4.7% from ₹67.46 crore to ₹64.29 crore. Net profit margin for the quarter was 11.23%, down from 12.75% in Q1 FY2025-26. EBIT margin (calculated as profit before tax plus finance costs, divided by revenue) was 17.97% in the current quarter.
The decline in net profit margin indicates that costs grew faster than revenue on a year-over-year basis. Finance costs rose 41.36% year-over-year from ₹10.47 crore to ₹14.80 crore, a much faster pace than revenue growth. Other expenses declined 11.91% year-over-year to ₹69.06 crore, which helped partially offset the increase in finance costs. Material cost consumed ₹455.57 crore, representing 79.6% of revenue, a high ratio typical for transformer manufacturing. Employee benefit expense was ₹22.94 crore and depreciation ₹6.82 crore.
TARIL’s Q1 FY2026-27 shows a sequential revenue dip after a strong Q4, with year-over-year revenue growth of 8.13%. However, net profit declined year-over-year due to a combination of rising finance costs (up 41% from last year) and a higher effective tax rate. The material cost intensity remains high, and interest coverage has weakened. The quarter underscores that revenue growth alone did not improve the bottom line, as cost pressures, particularly from financing, squeezed margins.
Category: Manufacturing
TARIL designs, manufactures, and sells diverse types of transformers, including special, furnace, power, reactors, rectifier, and distribution transformers.
Category: B2B Services
The company provides comprehensive lifecycle services for transformers, including repair, refurbishment, diagnostics, oil analysis, and asset health monitoring.
Core Thesis: The company integrates technologically advanced facilities and backward integration to produce transformers, complemented by comprehensive lifecycle services.
• Technological Advancement: TARIL integrates technologically advanced facilities in its manufacturing processes. • Backward Integration: The company utilizes backward integration to support its transformer production. • Comprehensive Services: TARIL provides services that support the lifecycle of its products, ensuring operational reliability and asset life.