Transformers and Rectifiers (India) Limited
₹298.80-₹17.15 (-5.4%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹8,150 Cr
- P/E
- 36.7x
- EV / EBITDA
- 63.6x
- Revenue
- ₹1,948 Cr
- Net margin
- 3.2%
- ROCE
- 15.2%
Price chart
Technical chartScreen technicals →-34.0% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +10.6%
- 3M
- +1.9%
- 6M
- -10.6%
- 1Y
- -34.0%
- 5Y
- +1,982.2%
52-week range
Day change -₹17.15 (-5.4%) from ₹316 to ₹299 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in TARIL, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year net profit CAGR of 110.2%
Concerns1
- Low return on equity of 7.6%
Rule-based from financial data. Not advice.
About the company
Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures and sells transformers in India.
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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.
- Sector
- Industrials
- Shares outstanding
- 30.1 Cr shares
- ISIN
- INE763I01026
- BSE code
- 532928
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹8,150 Cr
- P/E
- 36.7x
- P/B
- 6.3x
- EV / EBITDA
- 63.6x
- EV / Sales
- 6.5x
- P/S
- 6.4x
- Earnings yield
- 2.7%
- 52-week high
- ₹484.45
- 52-week low
- ₹230.20
Profitability
- Operating margin
- 9.4%
- Net margin
- 3.2%
- EBITDA margin
- 10.2%
- ROE
- 7.6%
- ROCE
- 15.2%
- ROA
- 3.6%
- Dividend payout
- 7.0%
- Tax rate
- 27.0%
- Other income, % of PBT
- 16.1%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,948 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 53.4%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.2%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹129 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.3%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 358.5%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 110.2%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹28.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.7%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -1.7%
Solvency and efficiency
- Current ratio
- 2.93
- Debt / Equity
- 0.47
- Debt / Assets
- 0.22
- Debt / EBITDA
- 1.95
- Interest coverage
- 2.40
- Financial leverage
- 2.10
- CFO / Net profit
- 0.68
- Cash / Market cap
- 12.2%
- Cash per share
- ₹32.95
- Asset turnover
- 1.12
- Fixed asset turnover
- 10.00
- Capital intensity
- 0.10
- Debtor days
- 172 days
- Inventory turnover
- 3.84
- Cash conversion cycle
- 177 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹10 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,664 Cr |
| Sales | Operating profit | ₹284 Cr |
| Operating profit | Interest | ₹48 Cr |
| Operating profit | Depreciation | ₹24 Cr |
| Operating profit | Profit before tax | ₹212 Cr |
| Other income | Profit before tax | ₹36 Cr |
| Profit before tax | Tax and other | ₹59 Cr |
| Profit before tax | Net profit | ₹188 Cr |
Revenue and net profit
Revenue grew 53.4% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹727 Cr | ₹7 Cr |
| FY2022 | ₹1,126 Cr | ₹13 Cr |
| FY2023 | ₹1,375 Cr | ₹37 Cr |
| FY2024 | ₹1,270 Cr | ₹41 Cr |
| FY2025 | ₹1,948 Cr | ₹188 Cr |
Cash flows
FY2025: ₹99.0 Cr from operations, -₹444 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹95 Cr | ₹89 Cr |
| FY2022 | -₹6 Cr | -₹10 Cr |
| FY2023 | ₹27 Cr | ₹33 Cr |
| FY2024 | ₹28 Cr | ₹5 Cr |
| FY2025 | ₹99 Cr | -₹444 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1,948 Cr+53.4%1Y
- Net profit
- ₹188 Cr+358.5%1Y
- Cash from operations
- ₹99 Cr
- Free cash flow
- -₹444 Cr-8,980.0%1Y
- Revenue CAGR, 5Y
- 13.2%
- EBITDA CAGR, 5Y
- 15.4%
- Net profit CAGR, 5Y
- 110.2%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1,948 Cr | ₹284 Cr | — | ₹188 Cr | ₹99 Cr | -₹444 Cr | 15.5% | +53.4% | +358.5% |
Monthly returns
Month-by-month returns of TARIL across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,049 Cr |
| Equity capital | ₹30 Cr |
| Reserves | ₹1,180 Cr |
| Borrowings | ₹260 Cr |
| Other liabilities | ₹578 Cr |
| Assets | ₹2,049 Cr |
| Fixed assets | ₹144 Cr |
| Capital work in progress | ₹62 Cr |
| Investments | ₹284 Cr |
| Other assets | ₹1,559 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
TARIL trades at 36.7x earnings against a peer median of 38.3x.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Transformers and Rectifiers (India) LimitedTARILthis company | ₹8,150 Cr | 36.7x | 6.3x | 7.6% | 63.6x |
| Apollo Micro Systems LimitedAPOLLO | ₹8,888 Cr | 104.0x | 7.7x | 6.2% | 103.9x |
| Shakti Pumps (India) Ltd.SHAKTIPUMP | ₹8,888 Cr | 22.6x | 5.9x | 17.3% | 45.0x |
| Gujarat Pipavav Port LimitedGPPL | ₹8,872 Cr | 20.6x | 4.1x | — | — |
| Esab India Ltd.ESABINDIA | ₹8,659 Cr | 47.1x | 20.8x | — | — |
| Jayaswal Neco Industries LtdJAYNECOIND | ₹8,323 Cr | 22.1x | 3.2x | 9.3% | 10.7x |
| Genus Power Infrastructures LtdGENUSPOWER | ₹8,197 Cr | 17.3x | 4.4x | 4.8% | 44.0x |
| Nesco LtdNESCO | ₹8,183 Cr | 19.8x | 2.9x | 15.8% | 15.3x |
| Dilip Buildcon LimitedDBL | ₹7,616 Cr | 53.9x | 1.3x | 8.1% | 5.2x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
TARIL since 1 January, against earlier years.
Historical volatility
TARIL's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 9.0% |
| FY2022 | 6.0% |
| FY2023 | 8.0% |
| FY2024 | 9.0% |
| FY2025 | 15.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1,948 Cr |
| Costs | |
| Interest | ₹48 Cr |
| Expenses | ₹1,664 Cr |
| Operating profitOperating Profit | ₹284 Cr |
| Other income and charges | |
| Profit before tax | ₹247 Cr |
| Tax | |
| Net profitNet Profit | ₹188 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,049 Cr |
| Equity capitalEquity Capital | ₹30 Cr |
| Reserves | ₹1,180 Cr |
| Borrowings | ₹260 Cr |
| Other liabilitiesOther Liabilities | ₹578 Cr |
| AssetsTotal Assets | ₹2,049 Cr |
| Fixed assetsFixed Assets | ₹144 Cr |
| Capital work in progressCWIP | ₹62 Cr |
| Investments | ₹284 Cr |
| Other assetsOther Assets | ₹1,559 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹99 Cr |
| Investing cash flowCash from Investing Activity | -₹543 Cr |
| Financing cash flowCash from Financing Activity | ₹444 Cr |
| Change in cashNet Cash Flow | ₹0 Cr |
Learn while you research
Academy chapters picked for Transformers and Rectifiers (India) Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 36.7, learn when high multiples are justified.6 min read
- 04 Growth Investing53% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read