Transformers and Rectifiers India

TARIL · NSE · Small Cap

K
Data Room
Back to companies
Transmission & Grid·Listed·Directness 60/100

Transformers and Rectifiers India

Power transformers benefitting from RE evacuation and grid modernization.

Transmission & Grid
Hold
Last price
₹315.00
52W: ₹224 – ₹579
-45.6% from 52W high
Mkt Cap
₹9.47K Cr
P/E
35.8x
EV/EBITDA
25.9x
ROCE
23.3%
ROE
19.1%
Book Value
₹50.5
Promoter
64.4%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
77
Valuation (20%)
55
Technical (20%)
48
Solar exposure (10%)
60
Policy beneficiary (7.5%)
82
Project pipeline (5%)
85
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹224Current: ₹315₹579
P/E
35.8x
P/B
6.2x
Div Yield
0.06%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Transformers and Rectifiers India: renewable evacuation super-cycle + grid modernization order book provide multi-year visibility.

Bull case

Bull case for Transformers and Rectifiers India: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Transformers and Rectifiers India: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentTransmission & Grid
Directness60/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)35.8x—
Forward P/E——
EV/EBITDA25.9x—
EV/Sales4.0x—
P/B6.2x—
FCF Yield-1.2%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker TARIL · last updated 2026-05-11

Open on Screener.in
Market Cap
₹9.47K Cr
Price
₹315.00
Stock P/E
35.8x
Book Value
₹50.5
ROCE
23.3%
ROE
19.1%
Div Yield
0.06%
52W Range
₹224 – ₹579

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y24.4%
Sales 3Y CAGR21.6%
Sales 5Y CAGR21.3%
PAT 1Y25.9%
PAT 3Y CAGR86.4%
PAT 5Y CAGR109.9%
Profitability
OPM latest15.0%
PAT margin latest10.8%
PAT margin 3Y avg8.4%
ROE19.1%
ROCE23.3%
Asset turnover0.94x
Leverage & cash
D / E0.30x
Net Debt / EBITDA1.19x
Borrowings / Assets17.1%
CFO / EBITDA-0.27x
CFO / PAT-0.39x
FCF (TTM proxy)₹-112 Cr
Valuation
P/E35.8x
EV/EBITDA25.9x
EV/Sales3.96x
P/B6.24x
FCF Yield-1.18%
Div Yield0.06%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales1,1581,3961,2912,0172,509
Operating Profit74121134327383
OPM %6%9%10%16%15%
Net Profit144247216272
EPS (₹)0.531.541.567.148.81

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2025Sep 2025Dec 2025Mar 2026
Sales529460737783
OPM %17%11%17%15%
Net Profit67377691

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1313143030
Reserves3433815401,2221,485
Borrowings325330256283457
Fixed Assets—————
Total Assets1,1091,1871,1702,1872,666

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating22829157-105
Investing-89-22-625-7
Financing17-45-10472116
Net Cash Flow11-8-344

Shareholding pattern

Latest disclosed

Promoters
64.36%
FII
8.33%
DII
1.77%
Public
25.54%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.