MoneyWorks4Me

Transformers & Rectifiers (India) Ltd (TARIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532928 NSE: TARIL Electric Equipment | Small Cap | Transformers & Rect. Share Price

₹288.10 -1.95 (-0.67%)

As on 11-Sep'26 16:59

Transformers & Rectifiers (India) Ltd (TARIL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532928 NSE: TARIL Electric Equipment | Small Cap | Transformers & Rect. Share Price

₹288.10 -1.95 (-0.67%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹8,648 Cr.
Current Price
₹288.1
52-Week Low / High
₹224 / 552
TTM EPS
₹8.6
TTM Sales
₹2,552 Cr.
Book Value per Share
₹52.3
P/E Ratio
33.45
Lower than its 5-year historical median
Industry PE
54.5
Price to Book (P/B)
5.51
Lower than its 5-year historical median
Price to Sales (P/S)
3.39
In line with its 5-year historical median
EV/EBITDA
20.13
Lower than its 5-year historical median
Dividend Yield
0.09%
Profitability Efficiency
Return on Equity (ROE)
19.75%
Outperforms industry median
Return on Capital Employed (ROCE)
23.62%
Outperforms industry median
Return on Assets (ROA)
11.29%
Operating Profit Margin
15.3%
Net Profit Margin
10.86%
Gross Profit Margin
15.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
22.94%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
17.02%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
25.75%
Asset Quality
Promoter Holding
64.36%
Pledged shares (%) of Promoter's holding (%)
21.84%
Reserves
₹1,539 Cr.
Equity
₹30 Cr.
Face Value
₹1
All Time Low / High
₹2.46 / 650.23

Transformers & Rectifiers (India) stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Weak
Q.1 Is Transformers & Rectifiers (India) Ltd a good quality company?
Transformers & Rectifiers (India) Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Transformers & Rectifiers (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Transformers & Rectifiers (India) Ltd vs industry peers?
Transformers & Rectifiers (India) Ltd revenue CAGR is 27.57%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Transformers & Rectifiers (India) Ltd?
Promoters hold 64.36% of the Transformers & Rectifiers (India) Ltd, with 21.84% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Transformers & Rectifiers (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 33.5% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Transformers & Rectifiers (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 14.9%8.1%8.1%7.5%9.1%10.1%13.9%14.2%26.2%20.8%-
Value Creation
Index
0.1-0.4-0.4-0.5-0.4-0.30.00.00.90.5-

Growth Parameters

Sales 8026858336837271,1261,3751,2701,9482,3952,444
Sales YoY Gr.--14.6%21.6%-18%6.4%54.9%22.1%-7.6%53.4%22.9%-
Adj EPS 0.80.20.200.20.41.41.55.67.37.2
YoY Gr.--78.5%17.7%-85%533.3%110.5%252.5%3.6%285.6%28.8%-
BVPS (₹) 1212.112.312.412.613.114.418.940.347.649.3
Adj Net
Profit
214.55.20.75.110.537.341.6169218215
Cash Flow from Ops. 52.8-10818010.394.6-5.926.740.8-33.9-58.6-
Debt/CF from Ops. 3.9-3.71.429.32.7-53.6126.1-7.7-7.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12.9%26.9%20.3%22.9%
Adj EPS 27.9%107.2%72.6%28.8%
BVPS16.6%30.4%48.9%18.1%
Share Price 33.5% 83.5% 51.5% -42.2%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
6.61.41.60.21.53.110.2919.316.414.8
Op. Profit
Mgn %
108.56.96.88.85.97.89.614.613.112.5
Net Profit
Mgn %
2.60.70.60.10.70.92.73.38.79.18.8
Debt to
Equity
0.61.20.80.90.80.90.80.50.20.3-
Working Cap
Days
247383317350348254246279219247140
Cash Conv.
Cycle
911851701831741181181126011165

Valuation of Transformers & Rect. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *22.2622.2622.2621.8421.8421.8421.8421.8421.8421.84
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8217168557017421,1581,3961,2912,0172,507
Operating Expenses + 7336507946506731,0841,2751,1571,6892,124
Manufacturing Costs515361635266758997117
Material Costs6105316585105419241,0739271,3851,695
Employee Cost 293332322832414860106
Other Costs 4333424552628594148206
Operating Profit 876561516874121134327383
Operating Profit Margin (%) 10.6%9.2%7.2%7.3%9.2%6.4%8.7%10.4%16.2%15.3%
Other Income + 6612161010963261
Exceptional Items 0000000030
Interest 42444646464448515151
Depreciation 15161920191725252730
Profit Before Tax 36119213235764285363
Tax 124415915176891
Profit After Tax 246518144247216272
PAT Margin (%) 2.9%0.9%0.6%0.2%1.0%1.2%3.0%3.6%10.7%10.9%
Adjusted EPS (₹)0.90.20.20.00.30.51.51.67.18.8
Dividend Payout Ratio (%)0%0%0%0%18.80%14.20%4.90%6.40%2.80%2.80%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 3253313353363433573945541,2521,505
Share Capital 13131313131313143030
Reserves 3123173223233303433815401,2221,475
Debt +194386241291246310317244252448
Long Term Debt38332741685664538167
Short Term Debt156353214250178255253190172381
Minority Interest677777792028
Trade Payables249296205225266327346241412290
Others Liabilities 9769917362108122117236377
Total Liabilities 8711,0888799329251,1081,1861,1652,1732,647

Fixed Assets

Net Fixed Assets +187195201193181168153144251250
Gross Block202226250262268272275290426454
Accumulated Depreciation1531496987104122146175203
CWIP 61232033562138
Investments 00000114268184
Inventories201265195213218262271275445616
Trade Receivables374501376418416522635614469887
Cash Equivalents 2441273727462327172141
Others Assets 79737768831059995506430
Total Assets 8711,0888799329251,1081,1861,1652,1732,647
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 66-102179169622829157-105
PBT 36119213235764285363
Adjustment 57565763656674887347
Changes in Working Capital -25-166117-4619-87-90-102-167-402
Tax Paid -2-2-3-20-1-13-21-34-113
Cash Flow From Investing Activity + -24-31-8-15-7-89-22-625-7
Capex -12-30-16-10-5-8-9-15-231-109
Net Investments -8-53-8-5-216-10-39890
Others -44424223512
Cash Flow From Financing Activity + -61145-1822-9317-45-10472116
Net Proceeds from Shares 000000011700
Net Proceeds from Borrowing -7-84926-168-1128-14
Interest Paid -38-45-46-44-47-42-48-51-51-59
Dividend Paid 000-10-0-2-3483-7
Others -17198-14037-7376-3-6312196
Net Cash Flow -1912-113-411-7-343
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)7.361.91.530.312.254.0811.289.9123.9619.75
ROCE (%)15.358.78.227.679.410.414.9715.0228.6123.62
Asset Turnover Ratio1.070.740.870.770.81.141.221.11.211.04
PAT to CFO Conversion(x)2.75-1735.816120.140.670.620.73-0.39
Working Capital Days
Receivable Days139.90220.70187.20206.90205.20147.30151.30176.1097.9098.70
Inventory Days81.10117.5098.20106.40106.1075.4069.70776577.10
Payable Days153187.10138.90153.90165.50117.10114.50115.608675.50

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Transformers & Rectifiers (India) Ltd FAQs

The current trading price of Transformers & Rect. on 11-Sep-2026 16:59 is ₹288.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Transformers & Rect. stood at ₹8,647.8 Cr

The latest P/E ratio of Transformers & Rect. as of 10-Sep-2026 is 40.19.

The latest P/B ratio of Transformers & Rect. as of 10-Sep-2026 is 5.84.

The 52-week high of Transformers & Rect. is ₹552.0 and the 52-week low is ₹224.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Transformers & Rect. is ₹2,444 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Transformers & Rectifiers (India) Ltd is a average quality company.

The key valuation ratios of Transformers & Rectifiers (India) Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Transformers & Rectifiers (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Transformers & Rectifiers (India) Ltd

Incorporated in 1994, Transformers & Rectifiers (I) Limited has consolidated its position in the Indian the transformer industry as a manufacturer of a wide range of transformers, which conform to the quality expectations of both the domestic and the international market. An ISO 9001:2000 company today, T&R as it is more popularly known, is proud to have executed a number of prestigious orders from developed countries such as Canada and the United Kingdom.

The capability to develop world class power, distribution, furnace and specialty transformers is credited to the creation of a world class infrastructure at Changodar, near Ahmedabad, one of the leading industrialized cities of India. This facility is equipped with world class state of the art equipment and managed by a high skilled and experienced team of production personnel who consistently ensure that each and every production activity factors in an adherence to the high quality benchmarks established by the organization.

The company has manufacturing facilities at Changodar, Ahmedabad and Odhav.

The Changodar facility’s main works covers an 25,000 square metres with a built up area of 7200 sq mtrs. All required facilities to design manufacture & test transformers upto 160 MVA, 245 KV class with annual manufacturing capacity of 7000MVA per annum.

- Equipped with state of the art testing facilities to perform all routine and special tests- 1200 kvp impulse generator for carrying out impulse test- Capacitor Bank for Load Loss Test for higher capacity and - Voltage Divider for higher Voltage Test

These testing facilities which are available with only few organizations in India, enables it to manufacture state of the art transformers for domestic and export markets.

Facilities at Odhav’s covers an area of 1500 square metres with a built up area of 600 sq mtrs. All required facilities to design manufacture & test transformers upto 15 MVA, 66 KV class with annual manufacturing capacity of 1200MVA per annum

As one of India’s leading transformer manufacturing companies, and one that is held in high esteem even by our competitors, a great deal of relevance is attached to living up to our image as a value based organization. We are an ethically responsible company, operate with transparency, validate commitment and sincerity, both vertically and horizontally across the organization and inculcate a spirit of integrity. We also try and extend these values to our business associates, be it vendors or our valued customers.

Product range of the company includes

1) Power Transformer - upto 200 MVA; 245 kv class  

  • Generator Transformer  
  • Unit Auxiliary Transformer  
  • Station Auxiliary Transformer  
  • Power Transformer   
  • Interconnecting Transformer (Auto Transformer)  
  • Trackside Transformer for Railways 

2) Distribution Transformer- 160kva, 11kv/0.433kv & above ratings.3) Rectifier Transformer - upto 160 KA DC  

  • Six pulse transformer with IPT    
  • Twelve pulse with IPT (Double Deck Construction)  
  • Bridge Connection   
  • For Railway Traction

4) Furnace Transformer - upto 63 MVA  

  • Arc Furnace Transformer   
  • Submerged Arc Furnace Transformer  
  • Ladle Furnace Transformer  
  • Induction Furnace Transformer  
  •   DC Arc Furnace Transformer

5) Specialty Transformer- Testing Transformer

Milestones/ Achievements

1981-94

  • Transformers & Rectifiers (India) was established with installed capacity up to 600 MVA and 66 kV class per annum 
  • First 33 kV, 3.15 MVA Transformer designed and executed in 1984
  • Started manufacturing Furnace Transformer and Established the market share of approximate 80 % in Induction Furnace and Steel melting transformer till 1994 

1995-2000

  • Expanded with State of Art New manufacturing plant with Built up area of 7000 sq. mtrs. (approx. 75,000 sq. ft.) and total area of 25,000 sq. mtrs. (269,000 sq. ft.) for manufacturing transformers up to 160 MVA, 245 kV class
  • Executed first 66 kV Power Transformer having capacity of 15 MVA
  •  Executed first 110 kV Power Transformer, 30 MVA
  • Obtained ISO:9000:1994 Certification
  •  Executed first 132 kV, 50 MVA, Power Transformer
  •  Executed first 220 kV, 50 MVA, Power Transformer

    2001-05

  • Received PGCIL (Power Grid Corporation India Limited) Approval 
  •  Executed 100 MVA; 245 kV class Power Transformer for GEB
  •  Executed one special testing transformer for ABB of 30 MVA; 11/2-90 kV 5600 kVA and 3300 kVA; 11/0.940 kV. LV consist of 40 secondaries each of 940 V for Institute of Plasma Research
  •  Re-certified for ISO:9001:2000 valid up to 2007
  •  Executed one 35 kA Rectifier Duty Transformer for Alstom a/c Sterlite
  •  11 kV Series Reactors with Short Circuit capacity of 105 kA, supplied to Flure Daniel, UK and installed in Kazakhstan 
  •  2 nos. 75 MVA; 245 kV class Transformers for Wind Power evacuation in Rajasthan for Suzlon executed 
  •  2 nos. of 50 MVA; 245 kV class Transformers for MSEB
  •  Executed bulk quantity of 22 nos. of 25 MVA; 132 kV Transformer for RRVPNL
  •  Executed bulk order of 40 nos. 16 MVA; 110 kV, HV Delta connected for TNEB
  •  Engineering, Manufacturing, supply and Installation of Station, UAT, Station AT’s worth US $ 5 Million upto 80 MVA; 132 kV class for total of 72 transformers executed
  •  2 nos. of 100 MVA; 220 kV; 3 Phase Auto and 4 nos. 33 MVA; 220 kV, 1 Phase Auto transformer for PGCIL executed

2005-06

  • 4 nos. 50 MVA, 230 kV Transformer for wind power evacuation a/c NEG-MICON-TNEB-commissioned
  • 2 Nos. 100 MVA, 245 kV class Transformers for Siemens supplied
  • 2 Nos. 100 MVA, 245 kV class; 9 Nos. 50 MVA, 132 kV class Transformers for TNEB
  • 3 Nos. 50 MVA, 132 kV class supplied to Enercon a/c MSEB
  • 3 Nos. Rectifier Transformer for Sterlite a/c ABB executed 

2006-07

  •  5 Nos. 100 MVA, 245 kV class Transformers for GETCO supplied
  •  5 Nos. 50 MVA, 132 kV class Transformers for TNEB supplied
  • 1 Nos. 100 MVA, 245 kV class and 12 nos. 20 MVA, 110 kV class Transformers for KPTCL supplied
  • 2 Nos. 100 MVA, 245 kV class Auto Transformer for AP Transco supplied
  • 2 Nos. 100 MVA, 220kV Transformer for Siemens a/c KPTCL supplied
  • 80 MVA, 132 kV Transformer successfully tested at CPRI Bangalore for Dynamic Short Circuit Test
  •  2 Nos. 80 MVA, 132 kV Transformer supplied to NTPC
  •  3 Nos. 18.5 MVA Rectifier Transformer supplied to Hindalco a/c ABB
  • 1 Nos. 2 MVA, Rectifier Transformer executed for HZL     2007-09
  • 1 Nos. 100 MVA; 245 kV class Transformer for MPEB under execution
  • 4 Nos. 50 MVA, 132 kV class Transformer for TNEB executed
  • 3 Nos. 90 MVA; 132 kV class split winding for NTPC under execution
  • 11 Nos. 100 MVA; 245 kV class Auto Transformer for TNEB executed 
  • 1 Nos. 100 MVA, 245 kV class and 12 nos. 20 MVA, 110 kV class Transformers for KPTCL supplied
  • 1 Nos. 100 MVA, 245 kV class Auto Transformer for AP Transco supplied
  • 2 Nos. 100 MVA, 220 kV; 3 Phase Auto and 4 Nos. 33 MVA, 220 kV, 1 Phase Auto Transformer for PGCIL under execution 
  • 2 Nos. 100 MVA, 245 kV class; 9 Nos. 50 MVA, 132 kV class Transformers for TNEB executed
  • Received order for 12 Ns. 60 MVA, 132/33 kV Power Transformer for Nigeria
  • Received order for 5 Ns. 26 MVA, 33/11 kV Power Transformer for Ghana
  •  
  • 2009 - T&R New manufacturing facility inaugurated in Moriya
    Company has received "Best Supplier Award - 2007-2008"
  • 2012 - Company has received "BEST SUPPLIER AWARD - 2011-2012"
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