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Transformers and Rectifiers (India)
Transformers and Rectifiers (India) (532928) investor relations material
Transformers and Rectifiers (India) Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary8 Jan, 2026
Executive summary
Q3 FY26 marked a strong operational and financial turnaround, with significant revenue and margin expansion driven by improved execution, capacity utilization, and cost controls.
Achieved 32% YoY revenue growth and 37% YoY PAT growth in Q3 FY26, supported by operational efficiency and process optimization.
Strong order inflow and robust pipeline, including entry into the HVDC transformer segment and a landmark HVDC repair order, positioning the company as the first Indian-origin firm to secure such a contract.
Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.
CEO transition announced, with Mr. Satyen J. Mamtora appointed as CEO from January 8, 2026.
Financial highlights
Q3 FY26 consolidated revenue: ₹741.02 crore; EBITDA: ₹129.24 crore; PAT: ₹76 crore; EBITDA margin: 17.54%; PAT margin: 10.26%.
Standalone Q3 FY26 revenue: ₹709.87 crore; EBITDA: ₹114 crore; PAT: ₹71.08 crore; EBITDA margin: 16.19%.
Order book at ₹5,450 crore; new order inflow in Q3: ₹665 crore; inquiries under negotiation: ₹16,500+ crore.
FY25 revenue: ₹1,950 crore; EBITDA: ₹320 crore; PAT: ₹187 crore.
Basic EPS (consolidated) for the quarter: ₹2.46; nine months: ₹5.83.
Outlook and guidance
FY26 revenue guidance maintained at ₹2,600 crore with EBITDA margin of 16%-17%.
Targeting at least 25% revenue growth over FY25 and long-term goal of $1 billion (₹8,000 crore) revenue by FY28-29, driven by transformer business and backward integration.
Margin sustainability expected to improve further with backward integration and operational efficiency.
Management expects significant increase in business operations and improved cash flows for subsidiary Triveni Transtech (India) Private Limited.
What drove Q3 revenue growth?
New MD & CEO's strategic priorities
Plan for Triveni Transtech's negative working capital
Impact of 18-month order book strategy?
Key drivers for 35% gross margin by FY'27?
How will $1B revenue by FY29 be achieved?
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Next Transformers and Rectifiers (India) earnings date
Q4 25/268 Apr, 2026
Transformers and Rectifiers (India)
Next Transformers and Rectifiers (India) earnings date
Q4 25/268 Apr, 2026
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