Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation
Date: 01st August, 2025 Ref: TARIL/SECT/2025-26/NSE-BSE/COMPL/030
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 Q1-2025-26 - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
In terms of Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith the presentation on the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended 30th June, 2025.
The said presentation is also being 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 – 1st August 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 30th June
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 Q1
Inquires under Negotiation
₹5,246 Crores
₹665 Crores
₹18,000+ Crores
3
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 Q1
5
Financial Highlights - Consolidated
(Figures in Crores)
6
ParticularsQ1 FY26Q1 FY25YoYFY25Revenue from Operations 529.33 322.00 64%2,019.38 Other Income20.31 4.03 31.70 Total Income549.64 326.03 2,051.08 Cost of materials consumed343.52 224.51 1,384.52 Employee benefits expense19.22 11.14 73%60.07 Other expenses78.40 44.16 247.35 Total Operating Expenses441.14 279.81 58%1,691.94 EBITDA108.50 46.22 135%359.14 EBITDA Margin (%)19.74%14.18%55617.51%Finance costs10.47 11.66 50.60 Depreciation7.55 6.78 26.96 Profit Before Tax and Exceptional Item90.48 27.78 226%281.58 Exceptional Gain/(Loss)(net of tax)- - 3.24 Profit Before Tax and after Exceptional Item90.48 27.78 226%284.82 Tax Expense23.02 6.95 68.41 Other comprehensive income(0.05) 0.04 (0.05) Profit After Tax67.41 20.87 223%216.36 PAT Margin (%)12.26%6.40%58610.55% Financial Highlights - Standalone
(Figures in Crores)
7
ParticularsQ1 FY26Q1 FY25YoYFY25Revenue from Operations 510.53 311.59 64%1,950.14 Other Income16.38 4.01 32.78 Total Income526.91 315.60 1,982.92 Cost of materials consumed344.81 224.56 1,384.26 Employee benefits expense15.66 9.73 61%52.29 Other expenses69.74 38.78 229.50 Total Operating Expenses430.21 273.07 58%1,666.05 EBITDA96.70 42.53 127%316.87 EBITDA Margin (%)18.35%13.48%48815.98%Finance costs9.19 11.47 48.38 Depreciation6.25 6.28 24.28 Profit Before Tax and Exceptional Item81.26 24.78 228%244.21 Exceptional Gain/(Loss)(net of tax)- - 3.24 Profit Before Tax and after Exceptional Item81.26 24.78 228%247.45 Tax Expense21.11 6.41 59.88 Other comprehensive income0.05 0.04 0.15 Profit After Tax60.20 18.41 227%187.73 PAT Margin (%)11.43%5.83%5599.47% Quarterly Financial Highlights (Standalone)
Q1 FY26 Highlights (₹ crores except for EPS)
Revenue from operations
Operational EBITDA & EBITDA %
64%
PAT & PAT Margins
₹510.53
Q1 FY26
₹60.20
11.43%
Q1 FY26
₹311.59
Q1 FY25
₹ 18.41
5.83%
Q1 FY25
8
18.35%
₹96.70
Q1 FY26
2.01
127%
EPS
13.48%
₹42.53
Q1 FY25
1.28
Q1 FY25
Q1 FY26
Key Operational Highlights – Q1
Operational Highlights
9 9
₹5,246 crore Unexecuted Order Book
₹665 crore New Order Inflow
Exceptional Orders Single largest export order of USD 16.65 Millions from Jindal Energy Botswana Pty Ltd.
₹18,000+ crore Inquiries under Negotiation
Quarterly Financial Highlights – Q1 FY26
Key Financial Highlights
₹510.53 crores Revenue from Operations
₹96.70 crore EBITDA
18.35% EBITDA Margin
11.43% PAT Margin
64% YoY
127% YoY
488 Bps
560 Bps
1010
Chairman’s Comments on Q1
• Construction commenced for new 22,000 MVA capacity expansion
at Moraiya facility.
• Capacity expansion of CRGO processing unit started
• Construction underway for backward integration units aligned with
self-reliance and quality control goals.
• On track in our journey towards US$ 1 Billion in revenue over the
next three financial years.
“
“
To emerge as a preferred solution provider for quality transformers
“
Mr. Jitendra Mamtora
C h a i r m a n
11
Managing Director’s Comments on Q1
• Revenue from operations ₹510 Cr, YoY increase of 64% • Received operational excellence award from Power Grid
• EBITDA ₹97 Cr, YoY increase of 127% • Successfully exported 220/253 MVA EAF Transformer, one of the
largest ratings ever manufactured globally.
• PAT of ₹60 Cr, YoY increase of 227%
• Maiden order of 193 MVA single phase STATCOM transformers • Improvements in operational efficiency and process optimization have begun to reflect positively on profitability. • New Orders during the quarter - ₹698 Crores
• New Orders during the quarter - ₹665 Crores • Export orders during the quarter - ₹161 Crores
• Strong growth in order pipeline from utilities, infrastructure, and • PGCIL approval for reactors at our Changodar testing facility
industrial sectors.
• Revenue from operations ₹312Cr, YoY increase of 103% • Revenue target for current Financial Year remains intact
• EBITDA ₹42.42Cr, YoY increase of 260%
“
To consolidate our national and international presence as a leading transformer manufacturer and maintain a sustainable growth rate over the long-term
“
• PAT of ₹24.67Cr, YoY increase of 210%
Mr. Satyen Mamtora M a n a g i n g D i r e c t o r
12
DRIVERS THAT TRANSCENDED TARIL’S GROWTH STORY OVER THE YEARS
13
Growth Drivers
Niche Transformers
14
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.
15
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
16
Driving Growth Through Strong Relationships
Domestic Customer Base
17
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.
18
Thank You
Transformers & Rectifiers (India) Limited
Investor Presentation – 1st August 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 30th June
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 Q1
Inquires under Negotiation
₹5,246 Crores
₹665 Crores
₹18,000+ Crores
3
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 Q1
5
Financial Highlights - Consolidated
(Figures in Crores)
6
ParticularsQ1 FY26Q1 FY25YoYFY25Revenue from Operations 529.33 322.00 64%2,019.38 Other Income20.31 4.03 31.70 Total Income549.64 326.03 2,051.08 Cost of materials consumed343.52 224.51 1,384.52 Employee benefits expense19.22 11.14 73%60.07 Other expenses78.40 44.16 247.35 Total Operating Expenses441.14 279.81 58%1,691.94 EBITDA108.50 46.22 135%359.14 EBITDA Margin (%)19.74%14.18%55617.51%Finance costs10.47 11.66 50.60 Depreciation7.55 6.78 26.96 Profit Before Tax and Exceptional Item90.48 27.78 226%281.58 Exceptional Gain/(Loss)(net of tax)- - 3.24 Profit Before Tax and after Exceptional Item90.48 27.78 226%284.82 Tax Expense23.02 6.95 68.41 Other comprehensive income(0.05) 0.04 (0.05) Profit After Tax67.41 20.87 223%216.36 PAT Margin (%)12.26%6.40%58610.55% Financial Highlights - Standalone
(Figures in Crores)
7
ParticularsQ1 FY26Q1 FY25YoYFY25Revenue from Operations 510.53 311.59 64%1,950.14 Other Income16.38 4.01 32.78 Total Income526.91 315.60 1,982.92 Cost of materials consumed344.81 224.56 1,384.26 Employee benefits expense15.66 9.73 61%52.29 Other expenses69.74 38.78 229.50 Total Operating Expenses430.21 273.07 58%1,666.05 EBITDA96.70 42.53 127%316.87 EBITDA Margin (%)18.35%13.48%48815.98%Finance costs9.19 11.47 48.38 Depreciation6.25 6.28 24.28 Profit Before Tax and Exceptional Item81.26 24.78 228%244.21 Exceptional Gain/(Loss)(net of tax)- - 3.24 Profit Before Tax and after Exceptional Item81.26 24.78 228%247.45 Tax Expense21.11 6.41 59.88 Other comprehensive income0.05 0.04 0.15 Profit After Tax60.20 18.41 227%187.73 PAT Margin (%)11.43%5.83%5599.47% Quarterly Financial Highlights (Standalone)
Q1 FY26 Highlights (₹ crores except for EPS)
Revenue from operations
Operational EBITDA & EBITDA %
64%
PAT & PAT Margins
₹510.53
Q1 FY26
₹60.20
11.43%
Q1 FY26
₹311.59
Q1 FY25
₹ 18.41
5.83%
Q1 FY25
8
18.35%
₹96.70
Q1 FY26
2.01
127%
EPS
13.48%
₹42.53
Q1 FY25
1.28
Q1 FY25
Q1 FY26
Key Operational Highlights – Q1
Operational Highlights
9 9
₹5,246 crore Unexecuted Order Book
₹665 crore New Order Inflow
Exceptional Orders Single largest export order of USD 16.65 Millions from Jindal Energy Botswana Pty Ltd.
₹18,000+ crore Inquiries under Negotiation
Quarterly Financial Highlights – Q1 FY26
Key Financial Highlights
₹510.53 crores Revenue from Operations
₹96.70 crore EBITDA
18.35% EBITDA Margin
11.43% PAT Margin
64% YoY
127% YoY
488 Bps
560 Bps
1010
Chairman’s Comments on Q1
• Construction commenced for new 22,000 MVA capacity expansion
at Moraiya facility.
• Capacity expansion of CRGO processing unit started
• Construction underway for backward integration units aligned with
self-reliance and quality control goals.
• On track in our journey towards US$ 1 Billion in revenue over the
next three financial years.
“
“
To emerge as a preferred solution provider for quality transformers
“
Mr. Jitendra Mamtora
C h a i r m a n
11
Managing Director’s Comments on Q1
• Revenue from operations ₹510 Cr, YoY increase of 64% • Received operational excellence award from Power Grid
• EBITDA ₹97 Cr, YoY increase of 127% • Successfully exported 220/253 MVA EAF Transformer, one of the
largest ratings ever manufactured globally.
• PAT of ₹60 Cr, YoY increase of 227%
• Maiden order of 193 MVA single phase STATCOM transformers • Improvements in operational efficiency and process optimization have begun to reflect positively on profitability. • New Orders during the quarter - ₹698 Crores
• New Orders during the quarter - ₹665 Crores • Export orders during the quarter - ₹161 Crores
• Strong growth in order pipeline from utilities, infrastructure, and • PGCIL approval for reactors at our Changodar testing facility
industrial sectors.
• Revenue from operations ₹312Cr, YoY increase of 103% • Revenue target for current Financial Year remains intact
• EBITDA ₹42.42Cr, YoY increase of 260%
“
To consolidate our national and international presence as a leading transformer manufacturer and maintain a sustainable growth rate over the long-term
“
• PAT of ₹24.67Cr, YoY increase of 210%
Mr. Satyen Mamtora M a n a g i n g D i r e c t o r
12
DRIVERS THAT TRANSCENDED TARIL’S GROWTH STORY OVER THE YEARS
13
Growth Drivers
Niche Transformers
14
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.
15
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
16
Driving Growth Through Strong Relationships
Domestic Customer Base
17
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.
18
Thank You