Transformers & Rectifiers India Ltd
Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]
- Market Cap ₹ 7,981 Cr.
- Current Price ₹ 266
- High / Low ₹ 595 / 230
- Stock P/E 35.9
- Book Value ₹ 42.8
- Dividend Yield 0.08 %
- ROCE 24.6 %
- ROE 20.0 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 218% CAGR over last 5 years
- Debtor days have improved from 141 to 83.0 days.
- Company's working capital requirements have reduced from 72.7 days to 35.8 days
Cons
- Promoter holding has decreased over last 3 years: -10.6%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Heavy Electrical Equipment
Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 718 | 542 | 576 | 802 | 685 | 832 | 683 | 727 | 1,126 | 1,375 | 1,270 | 1,948 | 2,290 | |
| 680 | 513 | 544 | 722 | 627 | 775 | 637 | 663 | 1,059 | 1,269 | 1,150 | 1,664 | 1,968 | |
| Operating Profit | 38 | 29 | 32 | 80 | 58 | 58 | 46 | 64 | 66 | 106 | 120 | 284 | 322 |
| OPM % | 5% | 5% | 6% | 10% | 8% | 7% | 7% | 9% | 6% | 8% | 9% | 15% | 14% |
| 4 | 3 | 5 | 8 | 7 | 12 | 17 | 10 | 12 | 12 | 9 | 36 | 46 | |
| Interest | 25 | 30 | 36 | 41 | 43 | 45 | 44 | 45 | 42 | 47 | 50 | 48 | 46 |
| Depreciation | 9 | 12 | 13 | 13 | 15 | 17 | 18 | 18 | 15 | 23 | 23 | 24 | 24 |
| Profit before tax | 8 | -10 | -13 | 33 | 7 | 8 | 1 | 11 | 21 | 48 | 56 | 247 | 298 |
| Tax % | 37% | -33% | -32% | 34% | 37% | 38% | 24% | 35% | 38% | 23% | 27% | 24% | |
| 5 | -6 | -9 | 22 | 4 | 5 | 1 | 7 | 13 | 37 | 41 | 188 | 225 | |
| EPS in Rs | 0.18 | -0.24 | -0.32 | 0.83 | 0.16 | 0.19 | 0.02 | 0.26 | 0.49 | 1.40 | 1.44 | 6.25 | 7.48 |
| Dividend Payout % | 21% | 0% | 0% | 0% | 0% | 0% | 0% | 19% | 15% | 5% | 7% | 3% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 23% |
| 3 Years: | 20% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 40% |
| 5 Years: | 218% |
| 3 Years: | 138% |
| TTM: | 52% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 36% |
| 5 Years: | 95% |
| 3 Years: | 98% |
| 1 Year: | -46% |
| Return on Equity | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 12% |
| 3 Years: | 15% |
| Last Year: | 20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 14 | 30 | 30 |
| Reserves | 322 | 315 | 306 | 304 | 308 | 314 | 314 | 321 | 334 | 369 | 525 | 1,180 | 1,255 |
| 163 | 150 | 158 | 204 | 397 | 256 | 301 | 254 | 316 | 323 | 251 | 260 | 348 | |
| 287 | 216 | 283 | 321 | 337 | 258 | 273 | 307 | 411 | 445 | 341 | 578 | 608 | |
| Total Liabilities | 786 | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 | 2,241 |
| 144 | 175 | 167 | 169 | 176 | 181 | 172 | 162 | 150 | 136 | 127 | 144 | 138 | |
| CWIP | 26 | 11 | 11 | 5 | 11 | 3 | 2 | 0 | 3 | 3 | 5 | 62 | 92 |
| Investments | 2 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 7 | 6 | 8 | 284 | 220 |
| 614 | 502 | 576 | 661 | 862 | 650 | 722 | 728 | 915 | 1,005 | 991 | 1,559 | 1,790 | |
| Total Assets | 786 | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 | 2,241 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -33 | 92 | 33 | 53 | -108 | 180 | 10 | 95 | -6 | 27 | 28 | 99 | |
| -14 | -31 | -3 | -12 | -29 | -5 | -11 | -6 | -4 | 6 | -23 | -543 | |
| 36 | -48 | -29 | -60 | 149 | -186 | 4 | -93 | 20 | -42 | -6 | 444 | |
| Net Cash Flow | -11 | 13 | 0 | -19 | 12 | -11 | 3 | -4 | 10 | -10 | -0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 194 | 159 | 190 | 165 | 260 | 162 | 216 | 203 | 163 | 167 | 172 | 83 |
| Inventory Days | 74 | 132 | 142 | 109 | 171 | 98 | 138 | 131 | 96 | 82 | 95 | 106 |
| Days Payable | 136 | 152 | 200 | 141 | 196 | 115 | 156 | 174 | 126 | 113 | 90 | 105 |
| Cash Conversion Cycle | 131 | 139 | 132 | 133 | 235 | 145 | 199 | 160 | 133 | 136 | 177 | 84 |
| Working Capital Days | 163 | 168 | 158 | 138 | 251 | 153 | 74 | 93 | 61 | 69 | 114 | 36 |
| ROCE % | 7% | 4% | 5% | 15% | 8% | 8% | 7% | 9% | 10% | 14% | 14% | 25% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
9 Jan - Newspaper Publication of Unaudited Financial Result as of 31.12.2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 Jan - Audio recording of 08 Jan 2026 earnings call for quarter and nine months ended Dec 31, 2025 available online.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
8 Jan - Monitoring Agency Report for quarter ended 31 Dec 2025 on QIP proceeds, issued by India Ratings.
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Resignation Letter Of Mr. Mukul Srivastava As The Chief Executive Officer (CEO) Of The Company
8 Jan - CEO Mukul Srivastava resigned effective close of business January 7, 2026 (personal reasons).
- Announcement under Regulation 30 (LODR)-Investor Presentation 8 Jan
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
from web
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
from nse
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Financial Year 2012
from bse
Concalls
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Jan 2026TranscriptAI SummaryPPT REC
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025Transcript PPT REC
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Apr 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024TranscriptPPT
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Jul 2024Transcript PPT REC
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Jul 2024TranscriptAI SummaryPPT
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Apr 2024Transcript PPT
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Jan 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023TranscriptAI SummaryPPT
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Feb 2023TranscriptAI SummaryPPT
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Nov 2022TranscriptAI SummaryPPT
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Aug 2022TranscriptAI SummaryPPT
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May 2022TranscriptAI SummaryPPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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May 2021TranscriptAI SummaryPPT
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Feb 2021TranscriptAI SummaryPPT
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Nov 2020TranscriptAI SummaryPPT
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Sep 2020TranscriptAI SummaryPPT
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Jun 2020TranscriptAI SummaryPPT
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Feb 2020TranscriptAI SummaryPPT
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Nov 2019TranscriptAI SummaryPPT
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Aug 2019TranscriptAI SummaryPPT
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May 2019TranscriptAI SummaryPPT
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Feb 2019TranscriptAI SummaryPPT
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Nov 2018TranscriptAI SummaryPPT
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Aug 2018TranscriptAI SummaryPPT
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May 2018TranscriptAI SummaryPPT
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Feb 2018TranscriptAI SummaryPPT
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Nov 2017TranscriptAI SummaryPPT
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Sep 2017TranscriptAI SummaryPPT
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Feb 2017TranscriptAI SummaryPPT
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Nov 2016TranscriptAI SummaryPPT
Product Portfolio
The company is a leading Indian manufacturer of transformers & reactors. Its product portfolio includes Single-phase power transformers up to 500MVA & 1200kV Class, Furnace Transformers, Rectifier & Distribution Transformers, Specialty Transformers, Series & Shunt Reactors, Mobile Sub Stations, Earthing Transformers, etc. It operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors. [1]