Transformers And Rectifiers (India) Limited has informed the Exchange about Investor Presentation
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Date: 21st April, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/006
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- Q4-2025-26
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, 2026.
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
Transformers and Rectifiers (India) Ltd RegisteredOfficePlant: Trl Survey No. 427 P/3-4, & 431 P/1-2, Sarkhej-Bavla Highway , Village : Moraiya , Taluka: Sanand, Dist. Ahmedabad - 382213, Gujarat, INDIA. Website : www.transformerindia.com Tel. : +91 2717 661661/500/501
I Fax: +91 2717 661716 I E-mail : marketing@transformerindia.com CIN No. L33121GJ1994PLC022460 liso 9001 :20151
ISO 14001 :20151
ISO 45001:2018
Investor’s Presentation Q4 FY26 & FY26
Presentation Brief
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C o r p o r a t e S n a p s h o t
F i n a n c i a l O v e r v i e w Q 4 F Y 2 6 a n d F Y 2 0 2 5 - 2 6
K e y P e r f o r m a n c e H i g h l i g h t s f r o m t h e M a n a g e m e n t & K M P
D r i v e r s t h a t t r a n s c e n d e d T A R I L ’ s g r o w t h s t o r y o v e r t h e y e a r s
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Corporate Snapshot
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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 ~75,000MVA Global footprint in 40+ countries
Status as on 31st March, 2026
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Financial Highlights - Standalone
Particulars (₹ crores)
FY26
FY25
FY24
Revenue
2,395
1,950
1,273
EBIDTA
370
320
129
EBITDA margin (%)
15.4%
16.4%
10.0%
PAT
225
187
42
PAT margin (%)
9.4%
9.6%
3.3%
Order Book
Order Inflow Q4
Order Inflow FY26
Inquiries under Negotiation
II
₹ 5,005 Crores
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₹ 244 Crores
₹ 2,374 Crores
₹23,000+ Crores
Charting the Course for Continued Success
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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- 2026
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
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
Received HVDC
transformer repair order from PGCIL Successfully increased capacity from 40000 MVA to 75000 MVA
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Financial Overview Q4 FY26 & FY26
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Financial Highlights - Standalone
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(Figures in Lakhs)
Particulars
Q4 FY26 Q4 FY25
64,731 75,233 2,242 794 65,525 77,475 44,522 53,015 2,978 2,062 9,792 7,768 54,352 65,785 11,173 11,690
Revenue from Operations Other Income Total Income Cost of Materials Consumed Employee Benefit Expense Other Expenses Total Operating Expenses EBITDA EBITDA Margin (%) Finance Cost 1,262 1,333 627 Depreciation 526 Profit Before Tax and Exceptional Item 9,902 9,213 Exception Gain/(Loss)(net of tax) - 324 Profit Before Tax and after Exceptional Item Tax Expenses Other Comprehensive Income Profit After Tax PAT Margin (%)
2,155 1,879 - 16 7,731 7,658
9,902 9,537
Growth % 22.8%
Q3 FY26
Growth % 16.2% 70,421 566 70,987 49,996 1,761 7,830 59,587 4.6% 11,400
Growth %
FY26
FY25
6.8% 2,39,549 1,95,013 5,685 3,292 2,45,234 1,98,305 1,68,551 1,38,427 8,509 5,229 22,964 31,178 1,66,620 2,08,238 31,685 2.5% 36,996
1,236 567 7.5% 9,597 -
4,492 4,839 2,320 2,428 24,418 - 324
3.2% 30,184
23.6%
3.8% 9,597
3.2% 30,184
24,742
22.0%
2,494 -5 1.0% 7,108 10.0%
7,641 5,988 -15 -4 8.8% 22,547 18,769 9.2% 0 BPS
20.1% 9.5% -30 BPS
15.1% 17.1% -200 BPS
16.2% -110 BPS
16.8% 15.1% 16.0% 90 BPS
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10.0% 11.7% -170 BPS
Financial Highlights - Consolidated
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(Figures in Lakhs)
Particulars
Q4 FY26
Q4 FY25 Growth % Q3 FY26 Growth %
FY26
FY25
78,267 67,648 2,237 694 80,504 68,342 53,448 44,024 3,870 2,355 9,101 8,144 66,419 54,523 14,085 13,819
Revenue from Operations Other Income Total Income Cost of Materials Consumed Employee Benefit Expense Other Expenses Total Operating Expenses EBITDA EBITDA Margin (%) 1,437 1,492 Finance Cost 701 728 Depreciation 11,947 11,599 Profit Before Tax and Exceptional Item - 324 Exception Gain/(Loss)(net of tax) Profit Before Tax and after Exceptional Item 11,947 11,923 2,808 2,504 Tax Expenses 29 2 Other Comprehensive Income Profit After Tax 9,110 9,417 PAT Margin (%)
17.5%
11.3%
15.7% 73,676 426 74,102 50,167 2,177 8,834 61,178 1.9% 12,924 17.4% 1,337 808 3.0% 10,779 - 0.2% 10,779 3,182 -3 -3.3% 7,600 10.3%
20.2% - 210 BPS
13.8% - 290 BPS
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70 BPS
6.2% 2,50,880 2,01,938 6,085 3,170 2,56,965 2,05,108 1,69,487 1,38,452 10,574 6,007 32,501 24,735 2,12,562 1,69,194 9.0% 44,403 35,914 17.5% 17.3% 5,108 5,060 2,991 2,696 10.8% 36,304 28,158 - 324 10.8% 36,304 28,482 9,087 6,841 8 -17 19.9% 27,209 21,658 10.6% 10.6% 60 BPS
Growth % 24.2%
23.6% 0 BPS
28.9%
27.5%
25.6% 20 BPS
Financial Highlights – Balance Sheet
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Figures in Crores
Particulars
FY26
FY25
FY24
Assets Fixed Assets Capital Work-in-progress Intangible Assets Non-Current Trade Receivable Other Non-Current Assets Inventories Current Trade Receivables Cash and Cash Equivalents including Bank Balance Other Current Assets Total Assets
127.85 121.05 126.18 137.80 61.63 3.38 16.92 16.16 7.97 280.81 335.69 204.39 49.12 164.63 241.23 245.21 399.43 560.88 316.87 443.15 853.30
138.68
166.77
25.39
220.94 2,500.32
331.75 2,047.06
79.33 1,129.13
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Financial Highlights – Balance Sheet
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Figures in Crores
Particulars
FY26
FY25
FY24
Equity Equity Share Capital Tangible Net Worth Liabilities Non-Current Liabilities (i) Long-Term Borrowings (ii) Other Non-Current Liabilities Total Non-Current Liabilities Current Liabilities (i) Short-Term Borrowings including Current Maturities (ii) Trade Payables (iii) Other Liabilities Total Current Liabilities Total Equity and Liabilities
30.02 30.02 14.26 1,410.19 1,180.40 525.13
53.08 77.83 52.50 22.99 11.53 12.64 76.07 89.36 65.14
370.92
182.21
197.98
233.40 398.35 299.57 313.55 93.22 166.72 984.04 747.28 524.60 2,500.32 2,047.06 1,129.13
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Quarterly Financial Highlights (Standalone)
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Q4 FY26 Highlights (₹ Lakhs except for EPS)
Revenue from Operation
16%
₹ 64,731
Q4FY25
₹ 75,233
Q4FY26
PAT & PAT Margins
₹ 7,658
₹7,731
11.70%
Q4 FY25
10.00%
Q4 FY26
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Operational EBITDA & EBITDA %
15.1%
5%
17.1%
₹ 11,173
Q4 FY25
₹ 11,690
Q4 FY26
EPS
₹ 2.55
Q4 FY25
₹ 2.58
Q4 FY26
Yearly Financial Highlights (Standalone)
FY26 Highlights (₹ Lakhs except for EPS)
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Revenue from operations
EBITDA
23%
16.0%
17%
15.1%
₹ 1,95,013
₹ 2,39,549
FY25
FY26
PAT & PAT Margins
₹ 18,769
₹ 31,685
FY25
EPS
₹ 36,996
FY26
9.46%
FY25
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₹ 22,547
9.19%
FY26
₹ 6.31
FY25
₹ 7.51
FY26
Key Operational Highlights – Q4 FY26 & FY26
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₹5,005 crore Unexecuted Order Book – 31.03.26
₹2,374 crore New Order Inflow – FY26
Exceptional Orders Repair Order of HVDC from PGCIL
₹23,000+ crore Inquiries under Negotiation
Operational Highlights
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Financial Highlights – FY26
Key Financial Highlights
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₹2,395 crore Revenue from Operations
₹370 crore EBITDA
15.10% EBITDA Margin
9.19% PAT Margin
23% YoY
17% YoY
-90 Bps
-30 Bps
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Key Performance Highlights from the Management & KMP
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Chairman’s Comments on FY26 Financial Performance
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• Commercial production of new capacity addition of 15,000 MVA at FY26
during
start
Q2
Changodar plant (project is delayed by 4-5 months)
will
• New capacity addition planned at Moraiya for 22,000 MVA
• With this Expansions, the capacity of the Company will be around
75,000 MVA combining for all three plants
• Phase 1 of the journey towards US$ 1 Billion Revenue during next 3 Financial Years has started by achieving the target revenue of around 2,500 crores during FY26
• New Capex infusion of ₹ 600 Crores in next 15 months of time
“
•
Implementation of 4 new backward integration facilities started – CTC, Bushing, Pressboard and Fabrication
• Target to be 100% backward integrated organization by Q1 FY 27- 28 (slightly delayed due to slow progress at site and late arrival of P&M)
Mr. Jitendra Mamtora Chairman
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MD & CEO’s Comments on FY26 Financial Performance
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• New Orders during the quarter - ₹ 244 Crores. Strategically delaying new orders so that we can select orders with better margin, better payment terms and new orders are more aligned with our production cycle
• Received operational excellence award from Power Grid
• Successfully exported 220/253 MVA EAF Transformer, one of the
Inquires under Negotiation – ₹ 23,000+ Crores largest ratings ever manufactured globally.
•
• Continuous order inflow, leading to very healthy unexecuted order • Maiden order of 193 MVA single phase STATCOM transformers
book as of March 31, 2026 – of around ₹ 5,005 Crores
• New Orders during the quarter - ₹698 Crores • Secured landmark order
• Export orders during the quarter - ₹161 Crores
repairing of HVDC transformer. On successful completion, our technology of HVDC transformer manufacturing will get approval from PGCIL. 1st Indian Company to get such type of repairing order
• PGCIL approval for reactors at our Changodar testing facility
from PGCIL of
• Highest ever production of around 33,000 MVA in FY26 with • Revenue from operations ₹312Cr, YoY increase of 103%
consistent EBITDA and PAT margins
• EBITDA ₹42.42Cr, YoY increase of 260% • Organization is geared up for upcoming challenges in terms of
execution, working capital etc.
• PAT of ₹24.67Cr, YoY increase of 210%
• Received a prestigious order for Power & EHV transformer of
various ratings for Rs. 473 crores from GETCO
Mr. Satyen Mamtora M D & C E O
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CFO’s Comments on FY26 Financial Performance
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• Q4FY26 revenue ₹ 752 crore; FY26 revenue ₹ 2,395 crore
• Received operational excellence award from Power Grid • Q4FY26 EBIDTA ₹ 117 crore and EBIDTA margin 15.1%; FY26 15.1% and EBIDTA • Successfully exported 220/253 MVA EAF Transformer, one of the
EBIDTA margin
crore
370
₹
largest ratings ever manufactured globally.
• Q4FY26 PAT ₹ 77 crore and PAT margin 10.0%; FY26 PAT ₹ 225
crore and PAT margin 9.2%. • Maiden order of 193 MVA single phase STATCOM transformers
•
improvement in revenue are due to faster execution of major orders, • New Orders during the quarter - ₹698 Crores & systems, etc. better production planning, • Export orders during the quarter - ₹161 Crores
internal control
• Expect tailwinds to continue and good improvement going forward due to infrastructure push by the Government through Budget 2026 • PGCIL approval for reactors at our Changodar testing facility and Viksit Bharat 2047 • Revenue from operations ₹312Cr, YoY increase of 103%
• Changodar and Moraiya Expansion will start yielding results from
• EBITDA ₹42.42Cr, YoY increase of 260% the next FY i.e. FY28
• PAT of ₹24.67Cr, YoY increase of 210%
• Backward integrated facilities will be fully operational from Q1 FY28
CA Mehul Shah C F O
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Drivers that Transcended TARIL’S growth story over the years
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Growth Drivers
Niche Transformers
Magnum Opus 333 MVA, 1200 kV auto transformer dispatched to National Test Station BINA India through Power Grid. Highest AC Voltage in the world
132 MVA, 33 kV Electric Arc Furnace duty Transformer - 60 Hz Installed at Grupo, Mexico
70 MVA, 36 kV, Electric Arc Furnace Transformers - 50 Hz Installed at Yazd, Iran
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156 MVA Biggest Furnace duty installed at Novorross Steel, Russia
315 MVA, 400/220kV Auto Transformer under Short Circuit test at KEMA, Netherlands
Successful testing of 220/253MVA EAF transformer. Making it one of the largest transformer manufactured globally
Product Portfolio
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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.
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Distribution Transformers
These transformers are tailored for
low voltage applications and are vital for local distribution smooth electricity supply to end-users.
networks,
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
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Distribution
Petrochemical
Pharmaceutical
Power Transmission
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Metal Processing
Cement
Green Energy
Railways
Paper and Pulp
Mining
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Driving Growth Through Strong Relationships
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Domestic Customer Base
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STEEL & POWER
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Safe Harbor
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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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