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Transformers and Rectifiers (India)
Transformers and Rectifiers (India) (532928) investor relations material
Transformers and Rectifiers (India) Q4 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 25/26 earnings summary21 Apr, 2026
Executive summary
Achieved record-breaking revenue and profitability for the second consecutive year, with highest-ever production volumes and robust operational performance driven by efficiency, process excellence, and strategic growth initiatives.
Order book reached ₹5,005 crore as of March 31, 2026, with new order inflow of ₹2,374 crore and inquiries under negotiation exceeding ₹23,000 crore.
Entered the HVDC transformer segment with a landmark repair order from PGCIL, positioning for future growth in this high-margin, technically advanced market.
Major capacity expansions underway, targeting 75,000 MVA combined capacity and aiming for $1 billion revenue in the next three years.
Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved and published, with unmodified opinions from statutory auditors.
Financial highlights
Standalone FY26 revenue: ₹2,395.49 crore (up from ₹1,950.14 crore FY25); consolidated FY26 revenue: ₹2,508.80 crore (up from ₹2,019.39 crore FY25).
Standalone EBITDA for FY26: ₹395.77 crore (15.1% margin); standalone PAT: ₹225.43 crore (9.2% margin); consolidated EBITDA: ₹444.03 crore; consolidated PAT: ₹272.17 crore.
Basic and diluted EPS (consolidated) for FY26 was ₹7.21, up from ₹6.31 in FY25.
Q4 FY26 standalone revenue: ₹752 crore; Q4 EBITDA: ₹117 crore (15.1% margin); Q4 PAT: ₹77 crore.
Tangible net worth rose to ₹1,410 crore from ₹1,180 crore year-over-year.
Outlook and guidance
FY27 revenue target set at ₹3,250 crore, with expected 35%-40% revenue growth.
Margins expected to remain in the 15%-17% range, with potential 200-300 bps improvement from backward integration.
Commercial production of new 15,000 MVA capacity at Changodar to start in Q2 FY27, with further 22,000 MVA planned at Moraiya.
Full backward integration expected by Q1 FY28, with four new facilities under implementation.
The Board recommended a final dividend of ₹0.25 per equity share for FY26.
Detail the impact of the ESOP 2024 plan
Explain the FY26 standalone receivables surge
Clarify the Rs 3.24cr impairment reversal
Impact of HVDC repair order on PGCIL approval
Timeline for 100% backward integration benefits
Rationale for strategically delaying new orders
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Transformers and Rectifiers (India)
- Q1 FY26 delivered strong growth, record order book, and margin expansion toward ambitious targets.532928
Q1 25/263 Feb 2026 - Revenue and profit rose on strong orders, with margin expansion and robust outlook.532928Q2 25/263 Feb 2026
- Q1 revenue doubled, profit rebounded, and a major QIP supports strong growth outlook.532928Q1 24/253 Feb 2026
- Record revenue, profit, and order book growth drive strong outlook and global expansion.532928Q2 24/2519 Jan 2026
- Q3 FY25 delivered strong revenue and profit growth, margin gains, and strategic integration.532928Q3 24/2510 Jan 2026
- Q3 FY26 delivered 32% revenue growth, record order book, and a CEO transition.532928Q3 25/268 Jan 2026
- Record revenue, margin gains, and expansion initiatives set path to $1B target.532928Q4 24/257 Jan 2026
Next Transformers and Rectifiers (India) earnings date
Q1 26/2731 Jul, 2026
Transformers and Rectifiers (India)
Next Transformers and Rectifiers (India) earnings date
Q1 26/2731 Jul, 2026
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