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Transformers & Rectifiers (India) Ltd. Stock Analysis

Small Cap
Evaluated by 403 users | BSE: 532928 | NSE: TRIL |
Electric Equipment
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...

Analysis of Financial Track Record

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.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 11.95%3.93%3.44%4.8%2.92%3.53%10%5.64%5.64%5.25%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 537514510718542576802685833683
Y-o-Y Gr. Rt.--4.3%-0.8%40.9%-24.6%6.4%39.2%-14.6%21.6%-18%
Adjusted EPS (Rs.) 2.730.560.380.35-0.51-0.651.590.340.40.05
Y-o-Y Gr. Rt.--79.5%-32.1%-7.9%-245.7%NANA-78.6%17.7%-87.5%
Book Value per Share (Rs.) 22.2422.8823.1325.3324.7524.1123.9424.2724.6624.71
Adjusted Net Profit 39.385.44.7-6.7-8.6214.55.20.7
Net Op. Cash Flow (Rs. Cr.) -38.687.1-44.9-32.891.933.252.8-10818010.5
Debt to Cash Flow from Ops -1.650.46-2.3-4.971.634.753.86-3.661.4228.78
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Transformers & Rectifiers (India) Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 2.7%4.8%-5.2%-18%
Adjusted EPS -35.9%NA-68.4%-87.5%
Book Value per Share 1.201.10.2
Share Price -8.1% -13.8% -32.6% 23.6%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 12.962.461.631.41-2.03-2.646.61.411.620.21
Operating Profit Margin (%) 124.374.095.335.365.6410.018.516.936.82
Net Profit Margin (%) 7.311.551.060.65-1.24-1.482.620.660.630.1
Debt to Equity 0.20.120.310.490.460.490.641.230.780.92
Working Capital Days 183223239234324290247383317350
Cash Conversion Cycle 10512812710513010591185170183
Entity Percentage Holding
Promoters 74.91%
Non-Institutions 25.09%
Pledged *22.2622.2622.2622.2622.2622.2622.2622.2622.2622.26
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Transformers & Rectifiers (India) Ltd.'s performance infers:

Transformers & Rectifiers (India) Ltd. earnings have grown by 0%, whereas share price has depreciated -13.8% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Transformers & Rectifiers (India) Ltd. share prices over the last 10 years. Here is what we found out:

Transformers & Rectifiers (India) Ltd. share price has depreciated -12.2% annually over the past ten years.

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.

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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"
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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