Transformers and Rectifiers (India) Limited

BSE: TARIL532928ISIN INE763I01026

Industrials
Heavy Electrical Equipment
BSE 500

Share price

₹317.40+16.05 (+5.33%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

Splits and bonuses

14 Feb 2025 · Bonus 1:1

52W high: ₹449.10
52W low: ₹224.30
Off 52W high: -29.33%
1M return: +11.21%
3M return: +7.72%
6M return: +1.41%
1Y return: -24.26%
20D avg volume: 5,50,068
50 DMA: ₹298.24
200 DMA: ₹299.47

Key ratios Consolidated

Market cap: ₹9,527 Cr
Current price: ₹317.40
52W high / low: ₹449.10 / ₹224.30
Face value: ₹1.00
P/E: 30.44
P/B: 5.77
EPS (TTM): ₹10.43
Book value / share: ₹55.05
ROE: —
ROCE: 25.40%
Operating margin: —
Net margin: —
Debt / equity: 0.30
Net debt: ₹448.51 Cr
Interest cover: 8.11
Dividend yield: 0.08%
Dividend / share (TTM): ₹0.25
Payout: 2.40%
Cash conversion cycle: 176.6 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	739.44	572.34	782.67	736.76	460.03	529.33	676.48	559.36	461.54	322.00	512.70	369.35
	2.72	16.31	22.37	4.26	13.92	20.31	6.94	8.96	11.77	4.03	1.30	1.67
	742.16	588.65	805.04	741.02	473.95	549.64	683.42	568.32	473.31	326.03	514.00	371.02
	632.23	500.62	685.57	633.23	428.65	459.16	567.43	494.59	409.23	298.25	457.96	350.44
	484.17	455.57	540.27	419.54	467.63	342.74	434.34	380.08	338.94	271.01	288.49	233.51
	4.33	1.60	0.72	2.07	2.28	2.43	6.69	1.79	0.99	0.37	5.83	5.07
	36.28	22.94	38.70	21.77	26.05	19.22	23.55	13.33	12.05	11.14	18.36	10.37
	14.34	14.80	14.37	13.37	12.87	10.47	14.92	13.54	10.48	11.66	10.85	13.22
	7.22	6.82	7.01	8.08	7.27	7.55	7.28	6.49	6.41	6.78	6.03	6.31
	69.29	69.06	91.01	88.34	67.26	78.40	81.44	63.09	58.66	44.16	71.74	45.57
	109.93	88.03	119.47	107.79	45.30	90.48	115.99	73.73	64.08	27.78	56.04	20.58
	0.00	0.00	0.00	0.00	0.00	0.00	3.24	0.00	0.00	0.00	0.00	0.00
	109.93	88.03	119.47	107.79	45.30	90.48	119.23	73.73	64.08	27.78	56.04	20.58
	28.55	23.74	28.08	31.82	7.95	23.02	25.04	18.25	18.17	6.95	14.42	4.86
	81.38	64.29	91.39	75.97	37.35	67.46	94.19	55.48	45.91	20.83	41.62	15.72
	2.66	2.05	3.04	2.46	1.13	2.24	3.17	3.67	3.04	1.40	2.80	1.10
Key metrics
	131.49	109.65	140.85	129.24	65.44	108.50	141.43	93.76	80.97	46.22	72.92	40.11
	17.80%	19.20%	18.00%	17.50%	14.20%	20.50%	20.90%	16.80%	17.50%	14.40%	14.20%	10.90%
	11.00%	11.20%	11.70%	10.30%	8.10%	12.70%	13.90%	9.90%	9.90%	6.50%	8.10%	4.30%
	6.70%	—	8.20%	—	4.00%	—	9.70%	—	—	—	—	—
	60.70%	8.10%	15.70%	31.70%	-0.30%	64.40%	31.90%	51.40%	—	—	—	—
	117.90%	-4.70%	-3.00%	36.90%	-18.60%	223.90%	126.30%	252.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	2,831	2,509	2,019	1,295	1,381	1,158	742.08	700.95	855.44	723.83
	45.66	60.85	31.70	5.82	8.16	13.26	9.60	15.85	9.65	5.76
	2,877	2,570	2,051	1,300	1,389	1,172	751.68	716.80	865.09	729.59
	2,452	2,207	1,770	1,236	1,332	1,148	739.15	714.96	856.44	718.85
	1,900	1,770	1,424	895.60	995.72	974.89	534.21	532.49	609.34	577.88
	8.72	7.50	9.84	29.09	49.42	—	—	—	—	—
	119.69	105.74	60.07	47.70	41.18	32.44	28.44	32.36	32.40	33.02
	56.88	51.08	50.60	50.80	47.96	43.59	46.21	45.77	45.97	38.09
	29.13	29.91	26.96	24.73	24.53	16.99	19.34	19.59	18.52	—
	317.70	325.01	247.35	186.04	145.28	131.30	103.66	107.82	103.42	91.53
	425.22	363.04	281.58	64.40	57.07	23.30	12.53	1.84	8.65	10.74
	0.00	0.00	3.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	425.22	363.04	284.82	64.40	57.07	23.30	12.53	1.84	8.65	10.74
	112.19	90.87	68.41	17.39	14.72	9.02	4.88	0.81	3.55	4.33
	313.03	272.17	216.41	47.01	42.35	14.28	7.63	1.05	5.10	6.24
	10.21	9.07	7.21	3.24	3.07	1.06	0.55	0.03	0.34	—
Key metrics
	511.23	444.03	362.38	139.93	129.56	83.88	78.08	67.20	73.14	48.83
	18.06%	17.70%	17.90%	10.80%	9.40%	7.20%	10.50%	9.60%	8.50%	6.70%
	11.06%	10.80%	10.70%	3.60%	3.10%	1.20%	1.00%	0.10%	0.60%	0.90%
	—	25.40%	24.20%	—	—	—	—	—	—	—
	27.23%	24.20%	56.00%	-6.20%	19.20%	56.10%	5.90%	-18.10%	18.20%	—
	23.01%	25.80%	360.30%	11.00%	196.60%	87.20%	626.70%	-79.40%	-18.30%	—
	—	-214.82	-78.22	—	—	—	—	—	—	—
	—	-0.39	0.72	—	—	—	—	—	—	—
	—	0.30	0.22	—	—	—	—	—	—	—
	—	448.51	277.52	—	—	—	—	—	—	—
	—	176.6	90.7	—	—	—	—	—	—	—
Balance sheet
	—	2,666	2,185	—	—	—	—	—	—	—
	—	1,874	1,398	—	—	—	—	—	—	—
	—	8.10	5.27	—	—	—	—	—	—	—
	—	887.34	468.81	—	—	—	—	—	—	—
	—	615.52	444.90	—	—	—	—	—	—	—
	—	53.80	65.90	—	—	—	—	—	—	—
	—	230.48	231.97	—	—	—	—	—	—	—
	—	289.63	411.88	—	—	—	—	—	—	—
	—	1,032	801.22	—	—	—	—	—	—	—
	—	456.61	282.79	—	—	—	—	—	—	—
	—	389.73	201.84	—	—	—	—	—	—	—
	—	66.88	80.95	—	—	—	—	—	—	—
	—	1,543	1,272	—	—	—	—	—	—	—
Cash flow
	—	-105.38	156.58	—	—	—	—	—	—	—
	—	-7.40	-625.11	—	—	—	—	—	—	—
	—	115.61	472.19	—	—	—	—	—	—	—
	—	109.44	234.80	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	709.04	559.28	752.33	704.21	428.42	510.53	647.31	545.31	445.93	311.59	500.28	365.30
	2.80	14.28	22.42	5.66	12.39	16.38	7.94	9.05	11.78	4.01	2.30	2.50
	711.84	573.56	774.75	709.87	440.81	526.91	655.25	554.36	457.71	315.60	502.58	367.80
	613.16	505.53	675.73	613.90	415.20	445.65	563.12	486.62	398.15	290.82	454.27	349.82
	490.00	451.19	543.40	417.41	466.04	336.15	444.99	381.45	329.24	266.22	297.60	239.74
	1.85	0.31	0.15	0.34	0.77	0.68	1.89	1.79	0.99	0.37	5.82	5.07
	30.60	18.45	29.78	17.61	22.04	15.66	20.62	11.59	10.35	9.73	17.45	9.57
	12.96	14.28	12.62	12.36	10.75	9.19	13.33	13.31	10.27	11.47	11.12	12.98
	5.06	5.06	5.26	5.67	6.00	6.25	6.27	5.91	5.82	6.28	5.54	5.81
	62.81	66.16	97.92	78.30	65.82	69.74	77.68	57.89	55.15	38.78	64.40	39.50
	98.68	68.03	99.02	95.97	25.61	81.26	92.13	67.74	59.56	24.78	48.31	17.98
	0.00	0.00	0.00	0.00	0.00	0.00	3.24	—	—	—	—	—
	98.68	68.03	99.02	95.97	25.61	81.26	95.37	67.74	59.56	24.78	48.31	17.98
	23.67	18.16	21.55	24.94	8.81	21.11	18.79	17.23	17.45	6.41	12.66	4.58
	75.01	49.87	77.47	71.03	16.80	60.15	76.58	50.51	42.11	18.37	35.65	13.40
	2.50	1.66	2.58	2.37	0.56	2.00	2.58	3.39	2.83	1.28	2.50	0.95
Key metrics
	116.70	87.37	116.90	114.00	42.36	96.70	114.97	86.96	75.65	42.53	64.97	36.77
	16.50%	15.60%	15.50%	16.20%	9.90%	18.90%	17.80%	15.90%	17.00%	13.60%	13.00%	10.10%
	10.60%	8.90%	10.30%	10.10%	3.90%	11.80%	11.80%	9.30%	9.40%	5.90%	7.10%	3.70%
	6.50%	—	7.40%	—	2.70%	—	8.40%	—	—	—	—	—
	65.50%	9.50%	16.20%	29.10%	-3.90%	63.80%	29.40%	49.30%	—	—	—	—
	346.50%	-17.10%	1.20%	40.60%	-60.10%	227.40%	114.80%	276.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	2,725	2,395	1,950	1,273	1,360	1,123	726.86	683.06	832.82	693.22
	45.16	56.85	32.78	8.69	11.86	18.86	9.82	16.96	10.23	6.95
	2,770	2,452	1,983	1,282	1,372	1,141	736.68	700.02	843.05	700.17
	2,408	2,150	1,739	1,226	1,323	1,120	725.94	699.31	835.13	693.30
	1,902	1,763	1,422	916.92	1,010	974.39	538.36	538.18	608.50	573.92
	2.65	1.94	5.04	29.09	49.42	—	—	—	—	—
	96.44	85.09	52.29	44.60	38.07	29.87	26.02	29.78	29.82	30.23
	52.22	44.92	48.38	49.76	46.63	42.27	44.92	44.46	44.89	37.87
	21.05	23.20	24.28	22.73	22.57	15.31	17.67	17.93	16.97	14.70
	305.19	311.78	229.50	157.02	126.30	112.65	89.59	91.55	86.72	75.53
	361.70	301.84	244.21	56.09	48.42	20.96	10.74	0.71	7.92	6.87
	0.00	0.00	3.24	—	—	—	—	—	—	—
	361.70	301.84	247.45	56.09	48.42	20.96	10.74	0.71	7.92	6.87
	88.32	76.41	59.88	14.98	11.33	7.93	3.79	0.17	2.97	2.50
	273.38	225.43	187.57	41.11	37.09	13.03	6.95	0.54	4.95	4.37
	9.11	7.51	6.31	3.00	2.80	0.98	0.52	0.04	0.37	—
Key metrics
	434.97	369.96	320.11	128.58	117.62	78.54	73.33	63.10	69.78	59.44
	15.96%	15.40%	16.40%	10.10%	8.60%	7.00%	10.10%	9.20%	8.40%	8.60%
	10.03%	9.40%	9.60%	3.20%	2.70%	1.20%	1.00%	0.10%	0.60%	0.60%
	—	22.90%	22.80%	—	—	—	—	—	—	—
	27.83%	22.80%	53.20%	-6.40%	21.10%	54.40%	6.40%	-18.00%	20.10%	—
	33.98%	20.20%	356.30%	10.80%	184.70%	87.50%	1,187.00%	-89.10%	13.30%	—
	—	-157.30	-42.10	—	—	—	—	—	—	—
	—	-0.26	0.53	—	—	—	—	—	—	—
	—	0.29	0.21	—	—	—	—	—	—	—
	—	418.22	259.62	—	—	—	—	—	—	—
	—	169.9	146.0	—	—	—	—	—	—	—
Balance sheet
	—	2,500	2,047	—	—	—	—	—	—	—
	—	1,774	1,677	—	—	—	—	—	—	—
	—	5.78	0.42	—	—	—	—	—	—	—
	—	853.32	778.84	—	—	—	—	—	—	—
	—	560.88	399.43	—	—	—	—	—	—	—
	—	46.50	0.00	—	—	—	—	—	—	—
	—	126.30	127.85	—	—	—	—	—	—	—
	—	299.59	398.35	—	—	—	—	—	—	—
	—	984.01	747.28	—	—	—	—	—	—	—
	—	424.00	260.04	—	—	—	—	—	—	—
	—	370.92	182.21	—	—	—	—	—	—	—
	—	53.08	77.83	—	—	—	—	—	—	—
	—	1,440	1,210	—	—	—	—	—	—	—
Cash flow
	—	-58.57	98.63	—	—	—	—	—	—	—
	—	-48.76	-542.83	—	—	—	—	—	—	—
	—	112.68	444.45	—	—	—	—	—	—	—
	—	98.73	140.73	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +20.77%
Sales CAGR 5Y: +26.94%
Profit CAGR 3Y: +82.50%
Profit CAGR 5Y: +100.54%
Sales YoY (TTM): +27.83%
Profit YoY (TTM): +33.98%

Consolidated

Sales CAGR 3Y: +22.02%
Sales CAGR 5Y: +27.59%
Profit CAGR 3Y: +85.92%
Profit CAGR 5Y: +104.39%
Sales YoY (TTM): +27.23%
Profit YoY (TTM): +23.01%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 64.36%

Quarter	September 2026	June 2026
Promoter %	64.36%	64.36%

Holder	Type	Holding	Previous	Change
Jitendra Ujamsi Mamtora	Promoter	31.30%	31.30%	0.00%
Janki Aasish Kiri	Promoter	9.50%	9.50%	0.00%
Satyen Jitendra Mamtora	Promoter	9.50%	9.50%	0.00%
Karunaben Jitendra Mamtora	Promoter	9.50%	9.50%	0.00%
Jitendra Ujamsi Mamtora HUF	Promoter	4.55%	4.55%	0.00%
State Of Wisconsin Investment Board - Alliance Bernstein L.P.	Public	1.47%	1.22%	+0.25%
Aakanksha Satyen Mamtora	Promoter	0.01%	0.01%	0.00%
Bipin Ujamashi Mamtora	Promoter	0.00%	0.00%	0.00%
Dilip Ujamashi Mamtora	Promoter	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Bharat Heavy Electricals Ltd.	1,47,639	424.00	51.29	6.50%	+29.08% TTM	+415.37% TTM	+58.68%
ABB India Limited S	1,43,123	6,754.00	46.67	—	+7.92% TTM	+66.43% TTM	+28.89%
CG Power and Industrial Solutions Limited	1,32,631	841.85	97.18	19.30%	+23.76% TTM	+28.33% TTM	+12.62%
HITACHI ENERGY INDIA LIMITED S	1,29,262	29,000.40	112.37	24.90%	+40.17% TTM	+127.73% TTM	+41.26%
Siemens Ltd.	1,25,176	3,515.00	42.11	20.80%	—	—	+12.74%
GE Vernova T&D India Limited S	1,09,206	4,265.10	76.00	58.50%	+41.34% TTM	+56.22% TTM	+35.57%
Siemens Energy India Limited S	1,05,412	2,960.00	70.85	26.10%	—	—	-8.69%
SUZLON ENERGY LTD.	51,481	37.45	22.79	27.00%	+33.90% TTM	-28.79% TTM	-37.58%
Thermax Ltd.	39,095	3,280.95	66.19	15.40%	+4.68% TTM	-11.68% TTM	+0.66%
SCHNEIDER ELECTRIC INFRASTRUCTURE LIMITED S	27,448	1,147.95	149.28	24.90%	+9.56% TTM	-29.50% TTM	+28.95%
TD Power Systems Ltd	23,403	728.05	85.10	30.30%	+54.29% TTM	+45.27% TTM	+77.57%
Azad Engineering Limited	16,664	2,580.35	119.64	11.50%	+28.72% TTM	+40.92% TTM	+55.76%
Triveni Turbine Limited	15,868	499.15	47.21	32.00%	+17.70% TTM	-1.90% TTM	-6.73%
KARAMTARA ENGINEERING LIMITED	12,315	382.65	—	—	+36.52% FY26	+64.18% FY26	—
Atlanta Electricals Limited	11,643	1,514.10	51.86	34.60%	—	—	+50.82%
QUALITY POWER ELECTRICAL EQUIPMENTS LIMITED	11,249	1,452.55	50.36	27.30%	+89.92% TTM	+82.64% TTM	+50.72%
Inox Wind Limited	10,986	63.57	26.34	10.40%	+17.10% TTM	-14.81% TTM	-58.92%
VOLTAMP TRANSFORMERS LIMITED S	10,133	10,015.35	31.34	22.30%	+22.89% TTM	-1.63% TTM	+35.97%
Elecon Engineering Co.Ltd.	9,841	438.55	40.22	18.60%	+2.58% TTM	-52.69% TTM	-22.35%
Transformers and Rectifiers (India) Limited	9,527	317.40	30.44	25.40%	+27.23% TTM	+23.01% TTM	-24.26%
Kanohar Electricals Limited S	8,509	941.15	—	—	—	—	—
Skipper Limited	6,581	538.95	26.79	22.20%	+16.04% TTM	+47.75% TTM	+4.65%
Powerica Ltd.	6,316	499.05	—	11.20%	—	—	—
Transrail Lighting Limited	6,115	454.60	14.60	31.90%	+14.51% TTM	+0.35% TTM	-35.99%
GE Power India Limited	4,196	624.10	15.45	47.60%	+18.73% TTM	+9.86% TTM	+106.66%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Group of Investors Meet - 25th November, 20263 Nov 2026 · Company Update / Analyst / Investor Meet
Press Release - Update on Manufacturing Facilities at Chiyada, Gujarat27 Oct 2026 · Company Update / Press Release / Media Release
Earning Call Transcript21 Oct 2026 · Company Update / Earnings Call Transcript
Newspaper Publication - Q2 - FY 2026-2714 Oct 2026 · Company Update / Newspaper Publication
Audio Link of Earning Call Q2 2026-2713 Oct 2026 · Company Update / Analyst / Investor Meet
Press Release - Q2 - FY 2026-2713 Oct 2026 · Company Update / Press Release / Media Release
UFR 30.09.202613 Oct 2026 · Result / Financial Results
Unaudited Financial Result - 30.09.202613 Oct 2026 · Result / Financial Results
Outcome of Board Meeting - Unaudited Financial Result - Q2 - FY 2026-2713 Oct 2026 · Board Meeting / Outcome of Board Meeting
Certificate received from RTA - Reg 74 (5) of SEBI (DP) Regulation - 30.09.20268 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Earning Call - Q2 - FY 2026-276 Oct 2026 · Company Update / Analyst / Investor Meet
Transformers And Rectifiers (India) Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/10/2026 ,inter alia, to consider and approve Unaudited ....6 Oct 2026 · Board Meeting / Board Meeting
Order received from GETCO2 Oct 2026 · Company Update / Award of Order / Receipt of Order
We have received Large Order from Damodar Valley Corporation2 Oct 2026 · Company Update / Award of Order / Receipt of Order
We send herewith Voting Result and Scrutinizer''s Report of Postal Ballot - 28.09.202629 Sep 2026 · AGM/EGM / Postal Ballot
Intimation of Closure of Trading Window - 30.09.202628 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Voting Result - Scrutinizer''s Report - 32nd AGM21 Sep 2026 · AGM/EGM / AGM
Outcome/Proceedings of 32nd AGM21 Sep 2026 · AGM/EGM / AGM
Intimation of Schedule of Investor Meeting as on 24.09.202615 Sep 2026 · Company Update / Analyst / Investor Meet
Investor Meet Intimation14 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation of Incorporation of UK Subsidiary10 Sep 2026 · Company Update / General
Newspaper Publication - 32nd AGM1 Sep 2026 · Company Update / Newspaper Publication
Newspaper Publication - Postal Ballot1 Sep 2026 · Company Update / Newspaper Publication
Revised Press Release - Landmark Order31 Aug 2026 · Company Update / Press Release / Media Release (Revised)
Press Release Landmark Order29 Aug 2026 · Company Update / Press Release / Media Release
We send herewith BRSR FY 2025-2629 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
We send herewith Annual Report FY 2025-2629 Aug 2026 · Others / Reg. 34 (1) Annual Report
Record Date for Dividend for 32nd AGM29 Aug 2026 · Corp. Action / Dividend
We send herewith Notice of 32nd AGM29 Aug 2026 · AGM/EGM / AGM
Order received from MEIL29 Aug 2026 · Company Update / Award of Order / Receipt of Order
Notice of Postal Ballot29 Aug 2026 · AGM/EGM / Postal Ballot
We send herewith Intimation of Postal Ballot29 Aug 2026 · AGM/EGM / Postal Ballot
We send herewith Outcome of Board Meeting as of 27.08.202627 Aug 2026 · Company Update / General
Intimation of Schedule of Investor Meeting as on 20.08.202617 Aug 2026 · Company Update / Analyst / Investor Meet
Order received from APTRANSCO14 Aug 2026 · Company Update / Award of Order / Receipt of Order
Intimation of Schedule of Investor Meeting - 13 August, 20267 Aug 2026 · Company Update / Analyst / Investor Meet
We request you to take a note of Extension of holding of 32nd AGM4 Aug 2026 · Company Update / General
Earning Call Transcript - Q1 - FY 2026-2725 Jul 2026 · Company Update / Earnings Call Transcript
Newspaper Publication - UFR - 30.06.202622 Jul 2026 · Company Update / Newspaper Publication
Audio Recording of Earning Conference Call held on 21st July, 202621 Jul 2026 · Company Update / Analyst / Investor Meet

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 0.2500	18 Sep 2026	18 Sep 2026	—
Final Dividend - Rs. - 0.2000	9 May 2025	9 May 2025	—
Bonus issue 1:1	14 Feb 2025	14 Feb 2025	—

Board meetings

13 Oct 2026 Board Meeting - Financial Results
20 Jul 2026 Board Meeting - Financial Results