Transformers & Rectifiers India Ltd
₹ 313
-2.89%
06 May
- close price
About
Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]
Key Points
- Market Cap ₹ 9,382 Cr.
- Current Price ₹ 313
- High / Low ₹ 579 / 224
- Stock P/E 41.6
- Book Value ₹ 48.0
- Dividend Yield 0.06 %
- ROCE 20.8 %
- ROE 17.0 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 100% CAGR over last 5 years
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.
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 542 | 576 | 802 | 685 | 832 | 683 | 727 | 1,126 | 1,375 | 1,270 | 1,948 | 2,395 | |
| 513 | 544 | 722 | 627 | 775 | 637 | 663 | 1,059 | 1,269 | 1,150 | 1,664 | 2,082 | |
| Operating Profit | 29 | 32 | 80 | 58 | 58 | 46 | 64 | 66 | 106 | 120 | 284 | 313 |
| OPM % | 5% | 6% | 10% | 8% | 7% | 7% | 9% | 6% | 8% | 9% | 15% | 13% |
| 3 | 5 | 8 | 7 | 12 | 17 | 10 | 12 | 12 | 9 | 36 | 57 | |
| Interest | 30 | 36 | 41 | 43 | 45 | 44 | 45 | 42 | 47 | 50 | 48 | 45 |
| Depreciation | 12 | 13 | 13 | 15 | 17 | 18 | 18 | 15 | 23 | 23 | 24 | 23 |
| Profit before tax | -10 | -13 | 33 | 7 | 8 | 1 | 11 | 21 | 48 | 56 | 247 | 302 |
| Tax % | -33% | -32% | 34% | 37% | 38% | 24% | 35% | 38% | 23% | 27% | 24% | 25% |
| -6 | -9 | 22 | 4 | 5 | 1 | 7 | 13 | 37 | 41 | 188 | 225 | |
| EPS in Rs | -0.24 | -0.32 | 0.83 | 0.16 | 0.19 | 0.02 | 0.26 | 0.49 | 1.40 | 1.44 | 6.25 | 7.51 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 19% | 15% | 5% | 7% | 3% | 3% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 27% |
| 3 Years: | 20% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 40% |
| 5 Years: | 100% |
| 3 Years: | 82% |
| TTM: | 29% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 34% |
| 5 Years: | 98% |
| 3 Years: | 111% |
| 1 Year: | -35% |
| Return on Equity | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 15% |
| 3 Years: | 17% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 14 | 30 | 30 |
| Reserves | 315 | 306 | 304 | 308 | 314 | 314 | 321 | 334 | 369 | 525 | 1,180 | 1,410 |
| 150 | 158 | 204 | 397 | 256 | 301 | 254 | 316 | 323 | 251 | 260 | 424 | |
| 216 | 283 | 321 | 337 | 258 | 273 | 307 | 411 | 445 | 341 | 578 | 636 | |
| Total Liabilities | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 | 2,500 |
| 175 | 167 | 169 | 176 | 181 | 172 | 162 | 150 | 136 | 127 | 144 | 143 | |
| CWIP | 11 | 11 | 5 | 11 | 3 | 2 | 0 | 3 | 3 | 5 | 62 | 138 |
| Investments | 6 | 6 | 6 | 6 | 7 | 6 | 6 | 7 | 6 | 8 | 284 | 199 |
| 502 | 576 | 661 | 862 | 650 | 722 | 728 | 915 | 1,005 | 991 | 1,559 | 2,020 | |
| Total Assets | 693 | 761 | 842 | 1,056 | 840 | 902 | 896 | 1,075 | 1,150 | 1,131 | 2,049 | 2,500 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 92 | 33 | 53 | -108 | 180 | 10 | 95 | -6 | 27 | 28 | 99 | -59 | |
| -31 | -3 | -12 | -29 | -5 | -11 | -6 | -4 | 6 | -23 | -543 | -49 | |
| -48 | -29 | -60 | 149 | -186 | 4 | -93 | 20 | -42 | -6 | 444 | 113 | |
| Net Cash Flow | 13 | 0 | -19 | 12 | -11 | 3 | -4 | 10 | -10 | -0 | 0 | 5 |
| Free Cash Flow | 62 | 26 | 44 | -136 | 166 | 3 | 89 | -13 | 17 | 10 | -42 | -185 |
| CFO/OP | 324% | 104% | 68% | -185% | 316% | 27% | 147% | -9% | 35% | 40% | 44% | 13% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 159 | 190 | 165 | 260 | 162 | 216 | 203 | 163 | 167 | 172 | 83 | 130 |
| Inventory Days | 132 | 142 | 109 | 171 | 98 | 138 | 131 | 96 | 82 | 95 | 106 | 121 |
| Days Payable | 152 | 200 | 141 | 196 | 115 | 156 | 174 | 126 | 113 | 90 | 105 | 65 |
| Cash Conversion Cycle | 139 | 132 | 133 | 235 | 145 | 199 | 160 | 133 | 136 | 177 | 84 | 187 |
| Working Capital Days | 168 | 158 | 138 | 251 | 153 | 74 | 93 | 61 | 69 | 114 | 36 | 99 |
| ROCE % | 4% | 5% | 15% | 8% | 8% | 7% | 9% | 10% | 14% | 14% | 25% | 21% |
Insights
In beta| Mar 2024 | Dec 2025 | |
|---|---|---|
| Aggregate Installed Capacity MVA |
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| Inquiries under Negotiation INR Crores |
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| Plant Capacity - Changodar MVA |
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| Plant Capacity - Moraiya MVA |
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| Plant Capacity - Odhav MVA |
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| Unexecuted Order Book (UEOB) INR Crores |
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| Plant Utilization % |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
27 Apr - Earning Call Transcript for audited financial result as of 31.03.2026
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
27 Apr - Received USD 16.26 million export order for 5 transformers, deliverable by mid-2027.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Apr
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Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Apr - Newspaper Publication for Annual financial result as of 31.03.2026
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 22 Apr
Annual reports
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Financial Year 2025
from bse
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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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Apr 2026TranscriptPPTREC
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Apr 2026TranscriptPPT REC
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Jan 2026Transcript PPT 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]