Transformers & Rectifiers (India) Ltd - Stock Valuation and Financial Performance

BSE: 532928 | NSE: TRIL | Electric Equipment | Small Cap

Transformers & Rect Share Price

326.15 -5.15 -1.55%
as on 18-Mar'24 16:59

DeciZen - make an informed investing decision on Transformers & Rect

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Transformers & Rectifiers (India) stock performance -

mw4me loader
P/E Ratio (SA):
325.61
Market Cap:
4,649.7 Cr.
52-wk low:
53
52-wk high:
397.2

Is Transformers & Rectifiers (India) Ltd an attractive stock to invest in?

1. Is Transformers & Rectifiers (India) Ltd a good quality company?

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

2. Is Transformers & Rectifiers (India) Ltd undervalued or overvalued?

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

3. Is Transformers & Rectifiers (India) Ltd a good buy now?

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

10 Year X-Ray of Transformers & Rect:

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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 4.8%2.9%3.5%10%5.6%5.6%5.3%6%6.4%10.2%-
Value Creation
Index
-0.7-0.8-0.8-0.3-0.6-0.6-0.6-0.6-0.5-0.3-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7185425768026858336837271,1291,3601,199
Sales YoY Gr.--24.6%6.4%39.2%-14.6%21.6%-18%6.4%55.3%20.5%-
Adj EPS 0.4-0.5-0.71.60.30.40.10.40.82.81
YoY Gr.--245.7%NANA-78.6%17.7%-87.5%660%107.9%255.7%-
BVPS (₹) 25.324.824.123.924.324.724.725.226.228.935.5
Adj Net
Profit
4.7-6.7-8.6214.55.20.75.110.537.314
Cash Flow from Ops. -32.891.933.252.8-10818010.394.6-5.926.7-
Debt/CF from Ops. -51.64.83.9-3.71.429.32.7-53.612-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.4%14.7%25.8%20.5%
Adj EPS 26%52.6%283%255.7%
BVPS1.5%3.5%5.3%10.2%
Share Price 43.1% 89.3% 166.2% 449.2%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
1.4-2-2.66.61.41.60.21.53.110.23.1
Op. Profit
Mgn %
5.35.45.6108.56.96.88.85.97.97.1
Net Profit
Mgn %
0.7-1.2-1.52.60.70.60.10.70.92.71.2
Debt to
Equity
0.50.50.50.61.20.80.90.80.90.8-
Working Cap
Days
234324290247383317350348254249145
Cash Conv.
Cycle
1051301059118517018317411811939

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 25.80%

Net Profit is growing at healthy rate in last 3 years 283.04%

Debt to equity has declined versus last 3 years average to 0.84

Return on Equity has declined versus last 3 years average to 3.10%

Sales growth is not so good in last 4 quarters at -6.80%

Latest Financials - Transformers & Rectifiers (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 1 1
TTM Sales (₹ Cr.) 1,199 1,216
BVPS (₹.) 35.5 36.3
Reserves (₹ Cr.) 492 503
P/BV 9.19 8.99
PE 325.61 342.14
From the Market
52 Week Low / High (₹) 53.00 / 397.20
All Time Low / High (₹) 4.93 / 397.20
Market Cap (₹ Cr.) 4,650
Equity (₹ Cr.) 14.3
Face Value (₹) 1
Industry PE 77.1

Management X-Ray of Transformers & Rect:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *22.2622.2622.2622.2622.2622.2622.2622.2622.2622.26
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Transformers & Rect

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales7185425768026858336837271,1291,360
Operating Expenses 6805135447226277756376631,0631,254
Manufacturing Costs35313538404950415565
Material Costs5934314636185276595165489241,090
Employee Cost 24232327303030263038
Other Costs 28282340303841495561
Operating Profit 382932805857466466106
Operating Profit Margin (%) 5.3%5.3%5.6%10.0%8.5%6.9%6.8%8.7%5.9%7.8%
Other Income 445871217101212
Interest 25303641434544454247
Depreciation 9121313151718181523
Exceptional Items 0000000000
Profit Before Tax 8-10-1333781112148
Tax 3-3-4113304811
Profit After Tax 5-6-92245171337
PAT Margin (%) 0.7%-1.2%-1.5%2.7%0.6%0.6%0.1%1.0%1.2%2.7%
Adjusted EPS (₹)0.4-0.5-0.61.70.30.40.00.51.02.8
Dividend Payout Ratio (%)21%0%0%0%0%0%0%19%15%5%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 336328320317322327328335347382
Share Capital 13131313131313131313
Reserves 323315306304308314314321334369
Minority Interest0000000000
Debt157138141188383233284238303310
Long Term Debt21194538322741665463
Short Term Debt13611996150351207243172248247
Trade Payables221179254238283207220262319339
Others Liabilities 7248469567727061105117
Total Liabilities 7866937618381,0568409018951,0741,148

Fixed Assets

Gross Block185229235182205226235242244249
Accumulated Depreciation415468132845638095114
Net Fixed Assets144175167169176181172162150136
CWIP 26111151132033
Investments 2666676676
Inventories120156180184247176195196242245
Trade Receivables381236300363487369405405502630
Cash Equivalents 19333423402536264518
Others Assets94776288877986101125110
Total Assets 7866937618381,0568409018951,0741,148

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -33923353-1081801095-627
PBT 8-10-1333781112148
Adjustment 30374245525258615969
Changes in Working Capital -68665-23-167121-4722-86-81
Tax Paid -2-2-1-2-1-2-210-10
Cash Flow From Investing Activity -14-31-3-12-29-5-11-6-46
Capex -18-30-7-9-28-14-7-5-7-10
Net Investments 00-10-53-8-5-29
Others 4-15-3454556
Cash Flow From Financing Activity 36-48-29-60149-1864-9320-42
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 15-226-7-83925-168
Interest Paid -19-28-33-36-44-45-43-45-41-46
Dividend Paid -1-10000000-2
Others 41-17-23-16201-14438-7277-2
Net Cash Flow -11130-1912-113-410-10
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)1.44-1.94-2.646.891.371.530.172.13.8210.16
ROCE (%)7.054.174.9814.98.128.127.469.1410.1113.91
Asset Turnover Ratio1.130.810.871.090.730.880.780.811.151.22
PAT to CFO Conversion(x)-6.6N/AN/A2.41-27361013.57-0.460.73
Working Capital Days
Receivable Days140188154139224188207203147152
Inventory Days518496761149399987165
Payable Days98169170145181136151160115110

Transformers & Rectifiers (India) Ltd Stock News

Transformers & Rectifiers (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Transformers & Rect on 18-Mar-2024 16:59 is ₹326.1.
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 18-Mar-2024 16:59 the market cap of Transformers & Rect stood at ₹4,649.7.
The latest P/E ratio of Transformers & Rect as of 18-Mar-2024 16:59 is 325.6.
The latest P/B ratio of Transformers & Rect as of 18-Mar-2024 16:59 is 9.19.
The 52-week high of Transformers & Rect is ₹397.2 and the 52-week low is ₹53.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Transformers & Rect is ₹1,199 ( Cr.) .

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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