Transformers & Rectifiers India Ltd
₹ 318
9.99%
14 Nov
- close price
About
Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]
Key Points
- Market Cap ₹ 9,550 Cr.
- Current Price ₹ 318
- High / Low ₹ 650 / 282
- Stock P/E 47.3
- Book Value ₹ 40.3
- Dividend Yield 0.06 %
- ROCE 24.6 %
- ROE 20.0 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
- 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
- Stock is trading at 7.89 times its book value
- 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.
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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 | 2,132 | |
| 680 | 513 | 544 | 722 | 627 | 775 | 637 | 663 | 1,059 | 1,269 | 1,150 | 1,664 | 1,840 | |
| Operating Profit | 38 | 29 | 32 | 80 | 58 | 58 | 46 | 64 | 66 | 106 | 120 | 284 | 292 |
| 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 | 49 | |
| Interest | 25 | 30 | 36 | 41 | 43 | 45 | 44 | 45 | 42 | 47 | 50 | 48 | 47 |
| 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 | 270 |
| 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 | 204 | |
| 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 | 6.79 |
| 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: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 40% |
| 5 Years: | 218% |
| 3 Years: | 138% |
| TTM: | 84% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 43% |
| 5 Years: | 132% |
| 3 Years: | 122% |
| 1 Year: | -26% |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 14 | 30 |
| Reserves | 322 | 315 | 306 | 304 | 308 | 314 | 314 | 321 | 334 | 369 | 525 | 1,180 |
| 163 | 150 | 158 | 204 | 397 | 256 | 301 | 254 | 316 | 323 | 251 | 260 | |
| 287 | 216 | 283 | 321 | 337 | 258 | 273 | 307 | 411 | 445 | 341 | 578 | |
| Total Liabilities | 786 | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 |
| 144 | 175 | 167 | 169 | 176 | 181 | 172 | 162 | 150 | 136 | 127 | 144 | |
| CWIP | 26 | 11 | 11 | 5 | 11 | 3 | 2 | 0 | 3 | 3 | 5 | 62 |
| Investments | 2 | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 7 | 6 | 8 | 284 |
| 614 | 502 | 576 | 661 | 862 | 650 | 722 | 728 | 915 | 1,005 | 991 | 1,559 | |
| Total Assets | 786 | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 |
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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World Bank Case Update - Order Value Of USD 24.74 Million
10h - World Bank removed TARIL from debarred list; USD24.74M case; response deadline extended to 12 Jan 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2d - Newspaper Publication on UFR as of 30.09.2025
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Disclosure Regarding World Bank'S Debarment Notice And Its Impact On The Company
10 Nov - World Bank debarment notice (Nov 4, 2025) over $24.74M FY20 Nigeria order; company will contest; no current WB orders.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
10 Nov - Audio recording of 10 Nov 2025 earnings call for Q2/H1 results ended 30 Sep 2025 available.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
10 Nov - Rs.103.45 Cr order for 54 transformers from Gujarat Energy Transmission Corporation; delivery by next financial year.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from web
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2013
from nse
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Financial Year 2012
from bse
Concalls
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Nov 2025TranscriptNotesPPT REC
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Nov 2025TranscriptNotesPPT
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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 2024TranscriptNotesPPT
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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 2023TranscriptNotesPPT
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Feb 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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May 2022TranscriptNotesPPT
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Feb 2022TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Nov 2021TranscriptNotesPPT
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Aug 2021TranscriptNotesPPT
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May 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Sep 2020TranscriptNotesPPT
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Jun 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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May 2019TranscriptNotesPPT
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Feb 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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Aug 2018TranscriptNotesPPT
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May 2018TranscriptNotesPPT
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Feb 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Sep 2017TranscriptNotesPPT
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Feb 2017TranscriptNotesPPT
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Nov 2016TranscriptNotesPPT
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]