Ahmedabad : Transformers & Rectifiers (India) Limited (TARIL) announced its financial results for the first quarter ended June 30, 2026. Company delivered steady revenue growth during the quarter while achieving record order inflows and its highest-ever unexecuted order book, reflecting sustained customer demand and providing strong visibility for future growth. Supported by continued investments in manufacturing capacity and favourable industry tailwinds, TARIL remains well positioned to capitalise on India’s expanding power infrastructure opportunities.
For the first quarter of FY27, the Company reported revenue from operations of Rs. 572.34 crore, compared with Rs. 529 crore in the corresponding quarter of the previous year, registering an 8% year-on-year growth. EBITDA stood at Rs. 109.65 crore, while EBITDA margin was 19.16%. Profit After Tax (PAT) for the quarter stood at Rs. 64.34 crore, reflecting the Company’s continued focus on disciplined execution and operational efficiency.
Revenue growth during the quarter was moderated by lower capacity utilisation at the Changodar manufacturing facility owing to ongoing expansion activities. The expansion is expected to be completed by August 2026, following which the plant is anticipated to operate at improved utilisation levels.
Operational momentum remained robust, with order inflows increasing 218% year-on-year to Rs. 2,114 crore during the quarter. As of June 30, 2026, the Company’s unexecuted order book reached a record Rs. 6,630 crore, representing a 26% year-on-year increase and providing healthy revenue visibility over the coming quarters. The Company also continues to maintain a healthy enquiry pipeline of approximately Rs. 23,000 crore, supported by increasing investments in power transmission infrastructure, renewable energy integration, industrial expansion and export opportunities.
The Company continues to make steady progress on its strategic growth initiatives. Expansion of the Changodar manufacturing facility with an investment of approximately Rs. 150 crore, backward integration projects worth Rs. 900–1,000 crore, and the development of three greenfield manufacturing facilities at Chiyada are progressing as planned. These initiatives will strengthen TARIL’s manufacturing capabilities, enhance operational efficiencies and support future growth Together these investments will strengthen manufacturing capabilities across critical transformer components, improve operational efficiencies and support the Company’s long-term growth strategy.
| “We have begun FY27 on a steady footing, supported by healthy project execution and sustained demand across the power sector. Our record order book and strong order inflows reflect the trust our customers continue to place in TARIL and provide us with strong visibility for the coming quarters. While the ongoing expansion at our Changodar facility temporarily moderated revenue growth during the quarter, it is a strategic investment that will significantly enhance our manufacturing capabilities and support future demand. With capacity expansion progressing as planned, a healthy enquiry pipeline and favourable industry fundamentals, we remain confident of sustaining our growth momentum. As India advances towards its Viksit Bharat 2047 vision, continued investments in transmission infrastructure will create significant opportunities, and TARIL remains committed to supporting this transformation through technology, manufacturing excellence and disciplined execution.”— Mr. Satyen J. Mamtora, Managing Director & CEO |
India’s continued investments in power transmission, renewable energy and grid modernisation are expected to drive sustained demand for advanced transformer solutions. Backed by a record order book, expanding manufacturing capabilities and continued strategic investments, TARIL remains well positioned to capitalise on these opportunities while delivering sustainable growth and long-term value to its stakeholders.
