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Transformers and Rectifiers (India) (532928) investor relations material
Transformers and Rectifiers (India) Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary10 Nov, 2025
Executive summary
Q2 FY26 revenue was INR 460 crore with EBITDA of INR 65 crore, impacted by raw material shortages and heavy rainfall causing operational delays and deferred deliveries.
The company manufactures a wide range of transformers and reactors, serving power, industrial, and infrastructure sectors globally, with a presence in 25+ countries and a strong order book.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and made key board appointments.
No current or pipeline orders are funded by the World Bank; the company is addressing recent debarment and expects no business impact.
Order intake was moderated in H1 to align with delivery schedules, but a strong H2 is expected with a robust pipeline exceeding INR 8,000 crore.
Financial highlights
FY25 revenue reached ₹1,950 crore, up from ₹1,273 crore in FY24; FY25 EBITDA was ₹320 crore (16.41% margin), and PAT was ₹187 crore (9.44% margin).
H1 FY26 consolidated revenue was ₹989.36 crore, up 26% year-over-year; PAT was ₹105 crore, up 57%.
Q2 FY26 standalone revenue was ₹510.53 crore, up from ₹445.93 crore in Q2 FY25; consolidated Q2 FY26 revenue was ₹529.33 crore, up from ₹461.54 crore in Q2 FY25.
Standalone EBITDA for H1 FY26 was ₹106.87 crore, up from ₹84.34 crore in H1 FY25; consolidated EBITDA margin for Q2 FY26 was 13.81%.
Standalone net profit for H1 FY26 was ₹60.15 crore, up from ₹42.10 crore in H1 FY25; consolidated net profit for H1 FY26 was ₹67.46 crore, up from ₹45.91 crore in H1 FY25.
Outlook and guidance
Full-year revenue growth of at least 25% over FY25 is targeted, aiming for INR 2,600 crore and 16% EBITDA margin.
Unexecuted order book stands at ₹5,472 crore, with ₹592 crore in new order inflow and over ₹18,700 crore in inquiries under negotiation as of Q2 FY26.
H2 FY26 expected to be robust as supply normalizes and plant utilization improves.
Net debt-free status targeted within 18-24 months.
Management expects significant increase in business operations and improved cash flows for subsidiaries.
World Bank debarment: image impact mitigation?
Backward integration: when full margin benefits?
Order book duration strategy: margin impact?
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Next Transformers and Rectifiers (India) earnings date
Q3 25/267 Jan, 2026
Next Transformers and Rectifiers (India) earnings date
Q3 25/267 Jan, 2026
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