Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures and sells transformers in India. The company provides power transformers, such as generator transformers, unit and station auxiliary transformers, small and medium power transformers, and trackside transformers for railways; and rectifier transformers, including 6 and 12/24 pulse transformers with IPT, as well as transformers for bridge construction. It offers distribution transformers, including energy efficient transformers, transformers with packaged substations, copper and aluminium wounds, hermitically sealed type transformers, and transformers with corrugated cooling fins. In addition, the company provides furnace transformers consisting of electric arc furnace and submerged arc furnace transformers, ladle refining furnace transformers, induction furnace transformers, and DC arc furnace transformers; specialty transformers, including testing and earthing transformers and transformers having multiple secondaries; and shunt and series reactors. It exports its products. The company was formerly known as Triveni Electric Company Limited and changed its name to Transformers and Rectifiers (India) Limited in March 1995. Transformers and Rectifiers (India) Limited was founded in 1981 and is based in Ahmedabad, India.
Valuation
Profitability
Returns
Solvency
AI Summary
Indian StockRule-based from financial data. Not advice.
Historically, Apr has averaged the highest return (+21.3%); Nov the lowest (-6.0%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -17.2%Negative MonthJan 2026: -17.16% | +31.2%Positive MonthFeb 2026: +31.21% | -17.9%Negative MonthMar 2026: -17.92% | +31.3%Positive MonthApr 2026: +31.32% | -7.2%Negative MonthMay 2026: -7.18% | +13.2%Positive MonthJun 2026: +13.25% | -15.9%*Negative MonthJul 2026: -15.87% | β | β | β | β | β |
| 2025 | -21.8%Negative MonthJan 2025: -21.82% | -13.5%Negative MonthFeb 2025: -13.47% | +39.1%Positive MonthMar 2025: +39.12% | -7.7%Negative MonthApr 2025: -7.74% | +5.3%Positive MonthMay 2025: +5.29% | -6.1%Negative MonthJun 2025: -6.06% | +4.4%Positive MonthJul 2025: +4.45% | -4.0%Negative MonthAug 2025: -3.99% | -0.8%Neutral MonthSep 2025: -0.80% | -8.4%Negative MonthOct 2025: -8.45% | -39.0%Negative MonthNov 2025: -39.01% | +5.0%Positive MonthDec 2025: +5.01% |
| 2024 | +49.9%Positive MonthJan 2024: +49.87% | -0.4%Neutral MonthFeb 2024: -0.45% | +14.4%Positive MonthMar 2024: +14.38% | +58.2%Positive MonthApr 2024: +58.18% | +11.8%Positive MonthMay 2024: +11.77% | +3.7%Positive MonthJun 2024: +3.65% | +2.8%Positive MonthJul 2024: +2.77% | -0.4%Neutral MonthAug 2024: -0.38% | -15.1%Negative MonthSep 2024: -15.08% | +46.5%Positive MonthOct 2024: +46.49% | +8.3%Positive MonthNov 2024: +8.35% | +13.8%Positive MonthDec 2024: +13.81% |
| 2023 | +33.8%Positive MonthJan 2023: +33.75% | -20.1%Negative MonthFeb 2023: -20.15% | -3.8%Negative MonthMar 2023: -3.81% | +18.8%Positive MonthApr 2023: +18.80% | +22.1%Positive MonthMay 2023: +22.14% | +19.6%Positive MonthJun 2023: +19.57% | -12.3%Negative MonthJul 2023: -12.27% | +32.2%Positive MonthAug 2023: +32.21% | +48.8%Positive MonthSep 2023: +48.78% | -1.7%Neutral MonthOct 2023: -1.69% | +9.0%Positive MonthNov 2023: +8.97% | +26.0%Positive MonthDec 2023: +26.00% |
| 2022 | -5.8%Negative MonthJan 2022: -5.81% | +5.4%Positive MonthFeb 2022: +5.41% | -6.0%Negative MonthMar 2022: -5.99% | +6.1%Positive MonthApr 2022: +6.07% | -11.2%Negative MonthMay 2022: -11.16% | -10.0%Negative MonthJun 2022: -9.98% | +4.5%Positive MonthJul 2022: +4.47% | +31.7%Positive MonthAug 2022: +31.68% | +55.3%Positive MonthSep 2022: +55.27% | +1.5%Neutral MonthOct 2022: +1.51% | -2.4%Negative MonthNov 2022: -2.39% | -5.6%Negative MonthDec 2022: -5.58% |
| 2021 | β | β | β | β | β | +19.4%Positive MonthJun 2021: +19.39% | +7.8%Positive MonthJul 2021: +7.80% | -17.0%Negative MonthAug 2021: -16.99% | -3.7%Negative MonthSep 2021: -3.74% | +5.0%Positive MonthOct 2021: +4.99% | -5.8%Negative MonthNov 2021: -5.81% | +32.0%Positive MonthDec 2021: +31.96% |
| AvgΒ±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation β the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position β all Januaries together, all Februaries together, and so on β to show whether a given month has leaned positive or negative historically. βSimpleβ counts each month as +1 or β1. βWeightedβ gives larger moves more influence: +2 above +10%, β2 below β10%. With only 6 years of history for this asset, each monthβs score reflects a small number of observations β read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the assetβs full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each dayβs closing price by the price on January 1st of that year (or the assetβs first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen β at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in βAverage fromβ, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
Historical Performance
Revenue, profitability, and cash flow trends (βΉ Crores)
Revenue (10Y)
Operating Income (10Y)
Net Profit (10Y)
Operating Margin % (10Y)
Dividend Payout % (10Y)
Free Cash Flow (10Y)
Growth Summary
Latest fiscal year: Mar 2025
Historical Growth
Year-by-year revenue, profitability, and cash flow (βΉ Crores, last 10 years)
| Year | Revenue | Op. Income | Net Profit | CFO | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|---|
| Mar 2025 | βΉ1.95 K Cr | β | βΉ188.00 Cr | β | β | 15.5% | 53.4% | 358.5% |
| Mar 2024 | βΉ1.27 K Cr | β | βΉ41.00 Cr | β | β | 7.6% | -7.6% | 10.8% |
| Mar 2023 | βΉ1.38 K Cr | β | βΉ37.00 Cr | β | β | 9.7% | 22.1% | 184.6% |
| Mar 2022 | βΉ1.13 K Cr | β | βΉ13.00 Cr | β | β | 3.7% | 54.9% | 85.7% |
| Mar 2021 | βΉ727.00 Cr | β | βΉ7.00 Cr | β | β | 2.1% | 6.4% | 600.0% |
| Mar 2020 | βΉ683.00 Cr | β | βΉ1.00 Cr | β | β | 0.3% | -17.9% | -80.0% |
| Mar 2019 | βΉ832.00 Cr | β | βΉ5.00 Cr | β | β | 1.5% | 21.5% | 25.0% |
| Mar 2018 | βΉ685.00 Cr | β | βΉ4.00 Cr | β | β | 1.2% | -14.6% | -81.8% |
| Mar 2017 | βΉ802.00 Cr | β | βΉ22.00 Cr | β | β | 6.9% | 39.2% | -344.4% |
| Mar 2016 | βΉ576.00 Cr | β | βΉ-9.00 | β | β | -2.8% | 6.3% | 50.0% |
Financial Statements
Income statement, balance sheet, and cash flow (βΉ Crores, as reported)
Consolidated Figures in USD Millions.
| Unnamed: 0 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Net Sales | 718 | 542 | 576 | 802 | 685 | 832 | 683 | 727 | 1,126 | 1,375 | 1,270 | 1,948 | 2,290 |
| Total Expenses | 680 | 513 | 544 | 722 | 627 | 775 | 637 | 663 | 1,059 | 1,269 | 1,150 | 1,664 | 1,968 |
| EBIT / 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% |
| Other Income | 4 | 3 | 5 | 8 | 7 | 12 | 17 | 10 | 12 | 12 | 9 | 36 | 46 |
| Finance Costs | 25 | 30 | 36 | 41 | 43 | 45 | 44 | 45 | 42 | 47 | 50 | 48 | 46 |
| Depreciation & Amortisation | 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% | - |
| Net Profit / PAT | 5 | -6 | -9 | 22 | 4 | 5 | 1 | 7 | 13 | 37 | 41 | 188 | 225 |
| EPS (βΉ) | 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% | - |
Peer Comparison
Industrials sector peers, ranked by market cap
| Company | Market Cap | Revenue | P/E | P/B | EV/EBITDA | Rev G 1Y |
|---|---|---|---|---|---|---|
| Transformers and Rectifiers (India) Limitedthis co. | βΉ8.15 K Cr | βΉ1.95 K Cr | 36.70 | 6.33 | 63.59 | 53.4% |
| Larsen & Toubro Limited | βΉ5.35 L Cr | βΉ1.43 L Cr | 52.20 | 7.87 | 34.29 | 12.9% |
| Adani Ports and Special Economic Zone Ltd | βΉ3.29 L Cr | βΉ7.91 K Cr | 159.00 | 10.36 | 62.82 | 16.2% |
| Solar Industries India Limited | βΉ1.15 L Cr | βΉ4.46 K Cr | 121.00 | 32.81 | 128.61 | 19.9% |
| Polycab India Limited | βΉ1.14 L Cr | βΉ21.91 K Cr | 46.90 | 10.84 | 42.32 | 21.4% |
| Cummins India Ltd. | βΉ1.10 L Cr | βΉ10.34 K Cr | 49.50 | 15.01 | 47.01 | 15.4% |
| Ashok Leyland Ltd. | βΉ1.09 L Cr | βΉ38.75 K Cr | 32.00 | 9.49 | 22.91 | 1.0% |
| Industry Average | β | βΉ5.40 K Cr | 57.83 | 7.16 | 40.88 | 45.0% |
