Transformers and Rectifiers (India) (532928) Q3 25/26 earnings summary

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.

• Strategic backward integration and capacity expansion initiatives are progressing on schedule, supporting long-term competitiveness and supply chain resilience.

• The company received a landmark HVDC repair order, becoming the first Indian-origin firm to secure such a contract, reinforcing its position in advanced transformer segments.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Q3 FY26 consolidated revenue was ₹741.02 crore, up 32% YoY; standalone revenue was ₹709.87 crore; consolidated PAT was ₹76 crore.

• Consolidated EBITDA was ₹129.24 crore (17.54% margin); standalone EBITDA was ₹114 crore (16.19% margin); consolidated PAT margin rose to 10.26%.

• FY25 revenue was ₹1,950 crore; EBITDA ₹320 crore; PAT ₹187 crore.

• Cash flow from operations for nine months was positive at around INR 30-35 crores, with INR 275 crores in cash deposits.

• Basic EPS (consolidated) for the quarter: ₹2.46; nine months: ₹5.83.

Outlook and guidance

• FY26 revenue guidance is ₹2,600 crore with an EBITDA margin of 16%-17%.

• Targeting at least 25% revenue growth over FY25, with strong order inflow expected in H2 and a robust order book of ₹8,000 crore by year-end.

• Long-term goal is $1 billion (₹8,000 crore) revenue by FY28-29, driven by transformer business growth and backward integration.

• Margins expected to remain stable at 15%-16%, with potential for 200 bps improvement post-backward integration completion by FY28.

• Management expects significant increase in business operations and improved cash flows for subsidiary Triveni Transtech (India) Private Limited.