Transformers & Rectifiers India Ltd
Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]
- Market Cap ₹ 8,889 Cr.
- Current Price ₹ 296
- High / Low ₹ 650 / 230
- Stock P/E 35.9
- Book Value ₹ 44.8
- Dividend Yield 0.07 %
- ROCE 28.0 %
- ROE 23.4 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 251% CAGR over last 5 years
- Debtor days have improved from 142 to 84.8 days.
- Company's working capital requirements have reduced from 73.6 days to 34.2 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 732 | 553 | 657 | 821 | 716 | 855 | 701 | 742 | 1,155 | 1,396 | 1,291 | 2,017 | 2,225 | |
| 690 | 523 | 618 | 733 | 650 | 794 | 649 | 673 | 1,084 | 1,275 | 1,157 | 1,689 | 1,869 | |
| Operating Profit | 42 | 31 | 38 | 87 | 65 | 61 | 51 | 69 | 71 | 121 | 134 | 327 | 356 |
| OPM % | 6% | 6% | 6% | 11% | 9% | 7% | 7% | 9% | 6% | 9% | 10% | 16% | 16% |
| 4 | 3 | 4 | 6 | 6 | 12 | 16 | 9 | 13 | 9 | 6 | 35 | 53 | |
| Interest | 26 | 32 | 38 | 42 | 44 | 46 | 46 | 46 | 44 | 48 | 51 | 51 | 52 |
| Depreciation | 10 | 13 | 15 | 15 | 16 | 19 | 20 | 19 | 17 | 25 | 25 | 27 | 29 |
| Profit before tax | 9 | -11 | -10 | 36 | 11 | 9 | 2 | 13 | 23 | 57 | 64 | 285 | 329 |
| Tax % | 35% | -34% | -32% | 34% | 41% | 41% | 44% | 39% | 39% | 26% | 27% | 24% | |
| 5 | -8 | -7 | 24 | 6 | 5 | 1 | 8 | 14 | 42 | 47 | 216 | 254 | |
| EPS in Rs | 0.20 | -0.30 | -0.28 | 0.88 | 0.20 | 0.17 | 0.02 | 0.27 | 0.53 | 1.54 | 1.56 | 7.14 | 8.33 |
| Dividend Payout % | 23% | 0% | 0% | 0% | 0% | 0% | 0% | 19% | 14% | 5% | 6% | 3% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 24% |
| 3 Years: | 20% |
| TTM: | 34% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 40% |
| 5 Years: | 251% |
| 3 Years: | 147% |
| TTM: | 105% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 37% |
| 5 Years: | 95% |
| 3 Years: | 120% |
| 1 Year: | -45% |
| Return on Equity | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 13% |
| 3 Years: | 17% |
| Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 330 | 321 | 313 | 312 | 317 | 322 | 323 | 330 | 343 | 380 | 540 | 1,222 | 1,315 |
| 170 | 157 | 164 | 209 | 399 | 263 | 308 | 263 | 325 | 330 | 256 | 283 | 366 | |
| 294 | 232 | 299 | 341 | 358 | 281 | 289 | 319 | 428 | 464 | 360 | 652 | 679 | |
| Total Liabilities | 807 | 723 | 789 | 876 | 1,088 | 880 | 933 | 925 | 1,109 | 1,187 | 1,170 | 2,187 | 2,390 |
| 155 | 192 | 185 | 187 | 195 | 201 | 193 | 181 | 168 | 153 | 144 | 251 | 245 | |
| CWIP | 26 | 11 | 11 | 6 | 12 | 3 | 2 | 0 | 3 | 3 | 5 | 62 | 93 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 268 | 204 |
| 626 | 519 | 592 | 682 | 881 | 676 | 738 | 744 | 936 | 1,030 | 1,017 | 1,605 | 1,848 | |
| Total Assets | 807 | 723 | 789 | 876 | 1,088 | 880 | 933 | 925 | 1,109 | 1,187 | 1,170 | 2,187 | 2,390 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -32 | 93 | 37 | 66 | -102 | 179 | 16 | 96 | 2 | 28 | 29 | 157 | |
| -16 | -30 | -5 | -24 | -31 | -8 | -15 | -7 | -8 | 9 | -22 | -625 | |
| 37 | -50 | -31 | -61 | 145 | -182 | 2 | -93 | 17 | -45 | -10 | 472 | |
| Net Cash Flow | -11 | 13 | 0 | -18 | 12 | -11 | 3 | -4 | 11 | -7 | -3 | 4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 191 | 158 | 171 | 166 | 256 | 161 | 218 | 205 | 165 | 166 | 174 | 85 |
| Inventory Days | 78 | 147 | 155 | 120 | 182 | 109 | 153 | 147 | 104 | 93 | 109 | 118 |
| Days Payable | 136 | 160 | 209 | 149 | 203 | 114 | 161 | 179 | 129 | 118 | 95 | 109 |
| Cash Conversion Cycle | 134 | 145 | 117 | 138 | 235 | 156 | 210 | 173 | 140 | 141 | 188 | 94 |
| Working Capital Days | 91 | 76 | 77 | 63 | 57 | 55 | 73 | 94 | 61 | 68 | 119 | 34 |
| ROCE % | 7% | 4% | 6% | 15% | 9% | 8% | 8% | 9% | 10% | 15% | 15% | 28% |
Documents
Announcements
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Closure of Trading Window
2d - Trading window closed Jan 1, 2026 until 48 hours after results for quarter and nine months ending Dec 31, 2025.
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Special Window For Re-Lodgement Of Transfer Requests Of Physical Shares
20 Dec - SEBI circular report: no physical transfer re-lodgement requests Oct–Nov 2025.
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Reply And Clarification On Price Movement
17 Dec - 17-Dec-2025: TARIL told BSE price movement market-driven; no withheld price-sensitive information.
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Clarification sought from Transformers and Rectifiers (India) Ltd
16 Dec - Exchange has sought clarification from Transformers and Rectifiers (India) Ltd on December 16, 2025 with reference to significant movement in price, in order to ensure …
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
4 Dec - Rs.53.33 Cr HVDC converter transformer order from Power Grid; delivery by next financial year.
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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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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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]