Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation
Date: 08th April, 2025 Ref: TARIL/SECT/2025-26/NSE-BSE/COMPL/005
To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Security Code : 532928
Dear Sir/Madam,
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 Trading Symbol : TARIL
Sub: Investor Presentation- Q4-2024-25
In terms of Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith Investor Presentation of the Audited Standalone and Consolidated Financial Results of the Company for the quarter and financial year ended 31st March, 2025.
Further, in terms of Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the aforesaid Investor Presentation is also uploaded on the website of the Company (www.transformerindia.com).
Please take the same on your record.
Thanking you,
Yours faithfully, For Transformers and Rectifiers (India) Limited
Rakesh Kiri Company Secretary
Encl.: As above
TARIL is one of the leading manufacturers of a wide range of transformers globally. Today TARIL is second largest Transformer manufacturing company based on Capacity in India. It has capability to develop world class power, distribution, furnace and specialty transformers with world class infrastructure at three plants around the city of Ahmedabad (Gujarat, India). TARIL is managed by a highly skilled and experienced team of approximately 1200 employees, who consistently ensure that each and every activity factors in an adherence to high quality benchmarks established by the organisation.
Transformers & Rectifiers (India) Limited
Investor Presentation – 8th April 2025
1
Investor Presentation Q4 FY25 8th April, 2025
Corporate Snapshot
2
Brief Overview
Company Overview
Headquartered in Ahmedabad, TARIL is a prominent player in the
manufacturing of transformers & reactors in India Its diverse product range includes :
o Single phase power transformers up to 500MVA & 1200kV Class, o Furnace Transformers, o Rectifier & Distribution Transformers, o Specialty Transformers catering to applications such as Locomotive
Traction,
o Series & Shunt Reactors, o Mobile Sub Stations, o Earthing Transformers, o Solar Application Transformers, & o Green Hydrogen Application Transformers
TARIL operates on a B2B model, catering to power generation,
transmission, distribution, & industrial sectors
The company has an installed capacity across units of ~40,000MVA Global footprint in 25+ countries
Status as on 31st March
Financial Highlights
Particulars (₹ crores)
FY23
FY24
FY25
Revenue
1,375
1,273
1,950
EBIDTA
118
129
320
EBITDA margin (%)
8.48%
10.03%
16.41%
PAT
37
42
187
PAT margin (%)
2.68%
3.24%
9.44%
Order Book
Order Inflow Q4
Order Inflow FY25
Inquires under Negotiation
₹5,132 Crores
₹2,144 Crores
₹4,504 Crores
₹22,000+ Crores
4
Charting the Course for Continued Success
Mr. Jitendra Mamtora, began his journey from repairing to manufacturing 33 kV class transformer
Listed on NSE & BSE raising ₹ 139 Cr at price of ₹ 465/share. Commissioned greenfield project at Moraiya in 2010
Successfully commissioned 1150 kV transformer Developed &
manufactured Electric Arc Furnace transformer upto 132 MVA
Raised ₹120 Cr by way of preferential issue on private placement basis in October 2023
Only Indian transformer company having NABL accredited lab for electrical steel testing
1994-2000
2011-2015
2018-2022
2024- 2025
1980-1993
2007-2010
2016-2017
2023
Incorporated TARIL & began manufacturing up to 110 kV class transformers at Changodar plant
Strategic alliance with ZTR Ukraine for 765 kV Transformer Technology License agreement with Fuji Electric Co. Ltd. for 400 & 765 kV class reactor & generator transformers
4
Manufactured Green
Transformers & reactors (up to 400 kV) Executed maiden order for 400 kV Generator Transformers Successfully type tested OIP bushings upto 145 kV
Successfully Raised ₹500 crores through QIP Bagged highest ever order for ₹ 740 crores from GETCO Successfully made a strategic backward integration acquisition
Financial Overview Q4 & FY25
5
Financial Highlights - Consolidated
(Figures in Lakhs)
6
Particulars (in Lakhs)Q4 FY25Q4 FY24YoYQ3 FY25QoQFY25FY24YoYRevenue from Operations 67,648 51,270 32%55,936 21%2,01,938 1,29,468 56%Other Income694 130 896 3,170 582 Total Income68,342 51,400 56,832 2,05,108 1,30,050 Cost of materials consumed44,024 35,098 39,814 1,38,452 92,683 Employee benefits expense2,355 1,836 1,333 6,007 4,770 Other expenses8,144 7,174 6,309 24,735 18,604 Total Operating Expenses54,523 44,108 24%47,456 15%1,69,194 1,16,057 46%EBITDA13,819 7,292 90%9,376 47%35,914 13,993 157%EBITDA Margin (%)20.22%14.19%60316.50%17.51%10.76%Finance costs1,492 1,085 1,354 5,060 5,080 Depreciation728 603 649 2,696 2,473 Profit Before Tax and Exceptional Item11,599 5,604 107%7,373 57%28,158 6,440 337%Exceptional Gain/(Loss)(net of tax)324.00 - - 324 - Profit Before Tax 11,923 5,604 113%7,373 62%28,482 6,440 342%Tax Expense2,504 1,442 1,825 6,841 1,739 Other comprehensive income-2 31 4 17 42 Profit After Tax9,417 4,193 125%5,552 70%21,658 4,743 357%PAT Margin (%)13.78%8.16%9.77%10.56%3.65% Financial Highlights - Standalone
(Figures in Lakhs)
7
Particulars (in Lakhs)Q4 FY25Q4 FY24YoYQ3 FY25QoQFY25FY24YoYRevenue from Operations 64,731 50,028 29%54,531 19%1,95,014 1,27,331 53%Other Income1,118 230 905 3,602 869 Total Income65,849 50,258 55,436 1,98,616 1,28,200 Cost of materials consumed44,522 35,576 39,792 1,38,426 95,180 Employee benefits expense2,062 1,745 1,159 5,229 4,460 Other expenses7,768 6,440 5,789 22,950 15,702 Total Operating Expenses54,352 43,761 24%46,740 16%1,66,605 1,15,342 44%EBITDA11,497 6,497 77%8,696 32%32,011 12,858 149%EBITDA Margin (%)17.46%12.93%45315.69%16.12%10.03%609Finance costs1,333 1,112 1,331 4,838 4,976 Depreciation627 554 591 2,428 2,273 Profit Before Tax 9,537 4,831 97%6,774 41%24,745 5,609 341%Tax Expense1,879 1,266 1,723 5,988 1,498 Other comprehensive income- 30 4 15 41 Profit After Tax7,658 3,595 113%5,055 51%18,772 4,152 352%PAT Margin (%)11.63%7.15%4489.12%9.45%3.24%621 Financial Highlights – Balance Sheet
Particulars (₹ Cr)
FY25
FY24
Assets
Fixed Assets
Capital work-in-progress
Intangible assets
Particulars (₹ Cr) Equity
Equity share capital
127.85
121.05
61.63
16.16
3.38
7.97
Tangible Net worth
Liabilities Non-current liabilities
(i)Long-term Borrowings
FY25
FY24
30.02
14.26
1180.40
525.13
77.83
11.53
52.50
12.64
Non-Current Trade Receivable
335.69
280.81
(ii) Other non current liabilities
Other non-current assets
164.63
49.12
Total non current liabilities
89.36
65.14
Inventories
399.43
245.21
Current Trade Receivable
443.15
316.87
Current liabilities (i)Short-term Borrowings including current maturities
182.21
197.98
(ii) Trade Payables
398.35
233.40
Cash and cash equivalents including Bank Balance
166.77
25.39
(ii) Other liabilities
166.72
93.22
Total current assets
331.75
79.33
Total current liabilities
524.60 747.28
Total Assets
8
2047.06
1,129.13
Total Equity and Liabilities
2047.06
1,129.13
Quarterly Financial Highlights (Standalone)
Q4 FY25 Highlights (₹ Lakhs except for EPS)
29%
17.46%
135%
12.93%
₹7658
₹ 3595
9
12.70
2.50
Q4 FY24Q4 FY25EPS7.15%11.63%Q4 FY24Q4 FY25PAT & PAT Margins₹ 6,497 ₹ 11,497 Q4 FY24Q4 FY25Operational EBITDA & EBITDA %₹ 50,258 ₹ 65,849 Q4 FY24Q4 FY25Revenue from operations Key Operational Highlights – Q4
Operational Highlights
10 10
₹5,132 crore Unexecuted Order Book
₹4,504 crore New Order Inflow
Exceptional Orders Single order of ₹ 740 Crores from GETCO
₹22,000+ crore Inquiries under Negotiation
Quarterly Financial Highlights – FY24-25
Key Financial Highlights
₹1,950 crore Revenue from Operations
₹320 crore EBITDA
16.12% EBITDA Margin
9.45% PAT Margin
53% YoY
149% YoY
609 Bps
621 Bps
1111
Annualized Financial Highlights – FY20 to FY25
Particulars (₹ Cr)
FY21
FY22
FY23
FY24
FY25
Robust Growth From FY21 to FY25
Revenue From Operations
EBIDTA
EBIDTA %
727
73
1,123
1,375
1,273
1,950
79
118
129
320
9.95%
6.88%
8.48%
10.03%
16.12%
Profit after tax
7
13
37
42
187
PAT %
EPS
0.94%
1.14%
2.68%
3.24%
9.45%
0.52
0.98
2.80
Debt to Equity
ROI
ROCE
3.00
0.84
12.70
0.21
0.95%
23.13%
6.57%
22.76%
Debtor Days
156
114
Revenue from Operations
EBITDA & EBITDA Margin
16.1%
PAT & PAT Margin
9.5%
1,123
1,375 1,273
727
1,986
350
300
250
200
150
100
50
-
10.0%
8.5%
6.9%
10.0%
320
73
79
118 129
18.0%
16.0%
200
180
14.0%
160
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
140
120
100
80
60
40
20
-
3.2%
187
1.1% 2.7%
0.9% 7
13
37
42
10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
₹ PAT 2,671%
₹ EBITDA 438%
₹ Revenue 268%
EPS
12.70
2.80 3.00
0.52 0.98
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
FY21
FY22
FY23
FY24
FY25
1212
Chairman’s Comments on FY25
Mr. Jitendra Mamtora Chairman 13
• First Phase of new capacity addition of 15,000 MVA will start for
commercial production from May 2025.
• Phase 1 of the Journey towards US$ 1 Billion Revenue in next 3 Financial Years, achieved in FY24-25 by achieving the target numbers.
• The company will expand its Extra High Voltage (EHV) transformer
capacity by an additional 22,000 MVA.
• Commercial production from the expanded capacity is expected to begin in February 2026.With this addition, the total production capacity will exceed 75,000 MVA.
“
• New Capex infusion of ₹550 Crores in next 15 months of time.
•
Implementation of 4 new backward integration facilities started
• Target to be 100% backward integrated organization by Q1 FY 26-
27
Managing Director’s Comments on FY25
• New Orders during the quarter - ₹2144 Crores • Received operational excellence award from Power Grid
•
Inquires under Negotiation – ₹22,000+ Crores
• Successfully exported 220/253 MVA EAF Transformer, one of the
largest ratings ever manufactured globally.
• Achieved record order inflow, leading to highest-ever unexecuted
order book as of March 2025.
• Maiden order of 193 MVA single phase STATCOM transformers
• Secured landmark ₹740 crore order from GETCO, our largest single • New Orders during the quarter - ₹698 Crores
order ever.
• Export orders during the quarter - ₹161 Crores • Received order for 420kV three phase reactor with synthetic organic
ester insulating fluid from Power Grid
• PGCIL approval for reactors at our Changodar testing facility
• Received order for 175MVA EAF transformer from Arcelor Mittal • Revenue from operations ₹312Cr, YoY increase of 103%
Mexico
• EBITDA ₹42.42Cr, YoY increase of 260% • Highest ever production in FY25 with record high EBITDA and PAT
margins.
• PAT of ₹24.67Cr, YoY increase of 210%
• Organization is geared up for upcoming challenges
Mr. Satyen Mamtora M a n a g i n g D i r e c t o r
14
CFO’s Comments on FY25
• By achieving group revenue of ₹2051 crores Phase 1 of the TARGET
US$ 1 Billion Revenue in next 3 Financial Years is well in place • Received operational excellence award from Power Grid
• Q4FY25 revenue ₹658 crore; FY25 revenue ₹ 1,986 crore
• Successfully exported 220/253 MVA EAF Transformer, one of the (Standalone)
largest ratings ever manufactured globally.
• Q4FY25 EBIDTA ₹115 crore and EBIDTA margin 17.46%; FY25
• Maiden order of 193 MVA single phase STATCOM transformers EBIDTA ₹320 crore and EBIDTA margin 16.12%
• New Orders during the quarter - ₹698 Crores
• FY25 PAT ₹187 crore and PAT margin 9.45% - Highest ever
profitability achieved • Export orders during the quarter - ₹161 Crores
• Successfully raised ₹500 crores via QIP in just three weeks to support
• PGCIL approval for reactors at our Changodar testing facility backward integration and expansion. • Revenue from operations ₹312Cr, YoY increase of 103%
• Revenue improvement due to faster execution of major orders, better • EBITDA ₹42.42Cr, YoY increase of 260% production planning, improved receivables, internal control systems, etc. • PAT of ₹24.67Cr, YoY increase of 210%
• Expect tailwinds to continue and good improvement going forward
Dr (CA) Chanchal Singh Rajora C F O & A d v i s o r t o B o a r d
15
DRIVERS THAT TRANSCENDED TARIL’S GROWTH STORY OVER THE YEARS
16
Growth Drivers
Niche Transformers
17
Product Portfolio
Power Transformers
Designed for high voltage transmission & distribution
networks, ensuring efficient power flow and reliability.
Furnace Transformers
Used to feed electric furnace that is
used to melt and refine materials. These are associated with very high secondary (output) currents and wide output voltage regulations in order to cope with furnace need.
Special Transformers
The company also specializes in custom-
designed transformers for specific industrial applications, such as converter duty transformer, earthing transformer and testing transformers.
18
Distribution Transformers
These transformers are tailored for
low voltage applications and are vital for local distribution networks, smooth electricity supply to end-users.
ensuring
Rectifier (duty) Transformers
TARIL manufactures rectifier (duty) used in various industries for converting alternating current (AC) to direct current (DC), essential for numerous applications like electroplating, metal refining, and power supply units
Reactors
Shunt Reactors enhance energy efficiency in high- voltage transmission systems. TARIL's Shunt Reactors, available with variable ratings and filled with either mineral oil or ester, feature robust designs backed by rigorous quality control. Series Reactors are mainly used in with the purpose of arc stability for furnace transformers, limiting current, reduction of flicker in network etc.
Transformers application in varied Industries
Distribution
Petrochemical
Pharmaceutical
Power Transmission
Metal Processing
Cement
Green Energy
Railways
Paper and Pulp
Mining
19
Driving Growth Through Strong Relationships
Domestic Customer Base
20
Safe Harbor
This presentation has been prepared by Transformers and Rectifiers (India) Limited solely to provide information about the Company to its stakeholders.
No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India.
Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports.
This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
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Thank You
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