Transformers and Rectifiers (India) (532928) Q3 24/25 earnings summary

Executive summary

• Achieved strong growth in Q3 FY25 with a 49% year-on-year increase in standalone revenue to ₹545 crore and a 276% rise in PAT to ₹50 crore, driven by robust order inflow and operational improvements.

• Headquartered in Ahmedabad, a leading manufacturer of transformers and reactors with a global footprint in 25+ countries, operating on a B2B model serving power generation, transmission, distribution, and industrial sectors.

• Completed acquisition of a CRGO processing unit, achieving 100% backward integration and enhancing supply chain efficiency, with new technology agreements established.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved by the Board and reviewed by auditors.

Financial highlights

• Standalone revenue from operations for Q3 FY25 was ₹54,531 lakh, up 49% YoY; consolidated revenue was ₹55,936 lakh, up 51% YoY.

• Standalone PAT for Q3 FY25 was ₹5,055 lakh, up 276% YoY; consolidated PAT was ₹5,552 lakh, up 252% YoY.

• EBITDA rose 136% YoY to ₹87 crore, with operational EBITDA margin of 15.69%; consolidated EBITDA margin improved to 16.5%.

• Order inflow for Q3 FY25 was ₹631 crore, with an unexecuted order book of ₹3,686 crore as of December 31, 2024.

• Basic and diluted EPS (standalone) for Q3 FY25 were ₹3.39; consolidated EPS was ₹3.67.

Outlook and guidance

• Revenue target for FY25 is ₹2,000 crore, with FY26 guidance at ₹3,500 crore; long-term goal to achieve $1 billion annual revenue within three to four years.

• Margin trajectory aims for 17%+ EBITDA margin by FY27.

• Order booking for new capacity expansion expected from Q4 FY25; new technology agreements and capacity expansions to be operational by December 2025.

• Backward integration and new capacity expected to drive further margin expansion and operational efficiency.