Transformers and Rectifiers (India) (532928) Q4 25/26 earnings summary

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.