Transformers and Rectifiers (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Transformers and Rectifiers (India) Ltd filed with BSE on 27 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Transformers and Rectifiers (India) Limited reported standalone Q4 FY26 revenue of INR 752 crores with EBITDA margin of 15.5% and PAT of INR 77 crores, while full-year standalone revenue rose to INR 2,395 crores from INR 1,950 crores. Management said the company deliberately moderated new order intake during the year to focus on more profitable and shorter-delivery orders, resulting in an order inflow of INR 2,374 crores and an unexecuted order book of over INR 5,000 crores. Management also discussed delays in the Changodar and Moraiya capacity expansions due to extended monsoons, progress on backward integration, and entry into HVDC transformer repair work with PGCIL.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Standalone Revenue: INR752 crores (Q4 FY26)
p. 5
“Revenue on a stand-alone basis from the operations stood at INR752 crores as compared to INR 647 crores of quarter 4 FY25.”
Mehul Shah, page 5 of the filed PDF · View the filing
EBITDA: INR117 crores (Q4 FY26)
p. 5
“EBITDA for the quarter came to INR117 crores with a margin of 15.5%.”
Mehul Shah, page 5 of the filed PDF · View the filing
PAT: INR 77 crores (Q4 FY26)
p. 5
“Profit after tax stood at INR 77 crores, reflecting not only the strong operating performance, but also the disciplined financial management across the organization.”
Mehul Shah, page 5 of the filed PDF · View the filing
Standalone Revenue: INR 2,395 crores (FY26)
p. 5
“Revenue on the stand-alone basis for the full financial year stand at INR 2,395 crores as compared to INR 1,950 crores for the full financial year.”
Mehul Shah, page 5 of the filed PDF · View the filing
EBITDA: INR 370 crores (FY26)
p. 5
“EBITDA for the year came at around INR 370 crores with a margin of 15.4%.”
Mehul Shah, page 5 of the filed PDF · View the filing
PAT: around INR 225 crores (FY26)
p. 5
“Profit after tax stood at around INR 225 crores with a margin of 9.4%.”
Mehul Shah, page 5 of the filed PDF · View the filing
Consolidated Revenue: INR 783 crores (Q4 FY26)
p. 5
“Further, on the consolidated basis, revenue for the quarter stood at INR 783 crores against INR 737 crores during quarter 4 financial year '25.”
Mehul Shah, page 5 of the filed PDF · View the filing
Consolidated EBITDA: INR 141 crores (Q4 FY26)
p. 5
“EBITDA stood at INR 141 crores and PAT at INR 91 crores.”
Mehul Shah, page 5 of the filed PDF · View the filing
Consolidated Revenue: INR 2,509 crores (FY26)
p. 5
“On the basis of full financial year consolidated number, revenue is INR 2,509 crores, up from INR 2,019 crores.”
Mehul Shah, page 5 of the filed PDF · View the filing
Consolidated EBITDA: INR 444 crores (FY26)
p. 5
“EBITDA stood at INR 444 crores and PAT is around INR 272 crores.”
Mehul Shah, page 5 of the filed PDF · View the filing
Production: 33,763 MVA (FY26)
p. 3
“We have achieved highest ever production in the company's history, manufacturing 33,763 MVA, up from 29,118 MVA in FY '26.”
Satyen Mamtora, page 3 of the filed PDF · View the filing
Order inflow: INR 2,374 crores (FY26)
p. 3
“Despite of that, our total order inflow in FY '26 stood at INR 2,374 crores.”
Satyen Mamtora, page 3 of the filed PDF · View the filing
Order inquiry pipeline within 24 months: INR 18,000 crores (post Q1 FY27)
p. 18
“After quarter 1, there should be around INR 18,000 crores MVA order inquiry that will be in 24 months.”
Satyen Mamtora, page 18 of the filed PDF · View the filing
Current capacity utilization: around 75%
p. 19
“So we are currently running at around 75% capacity, which should go -- this year, we should go at around 95% capacity.”
Satyen Mamtora, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 35% to 40% · FY27
stated firmly by Mehul Shah
p. 17
“It would be roughly around, say, 35%, 40% growth in terms of revenue.”
Mehul Shah, page 17 of the filed PDF · View the filing
EBITDA margin — 16.5% to 17%
stated firmly by Satyen Mamtora
p. 11
“Yes, margins will remain at 16.5% to 17%.”
Satyen Mamtora, page 11 of the filed PDF · View the filing
EBITDA margin improvement from backward integration — 200 bps to 300 bps
stated firmly by Satyen Mamtora
p. 15
“About 200 bps to 300 bps, yes.”
Satyen Mamtora, page 15 of the filed PDF · View the filing
Gross margin — around 35% · next 2 to 3 years
stated as an aspiration by Mehul Shah
p. 7
“So that's how we are looking at around, say, 35% margins.”
Mehul Shah, page 7 of the filed PDF · View the filing
Order intake policy — no orders beyond 24 months delivery
stated firmly by Satyen Mamtora
p. 7
“We are maintaining our stand that we do not want to take any orders that are beyond 24 months.”
Satyen Mamtora, page 7 of the filed PDF · View the filing
Capacity utilization — around 95% capacity · this year
stated firmly by Satyen Mamtora
p. 19
“So we are currently running at around 75% capacity, which should go -- this year, we should go at around 95% capacity.”
Satyen Mamtora, page 19 of the filed PDF · View the filing
Changodar plant utilization — almost 80% capacity · end of quarter 3
stated firmly by Satyen Mamtora
p. 11
“So I think by end of quarter 3, we should be almost at 80% capacity in Changodar plant.”
Satyen Mamtora, page 11 of the filed PDF · View the filing
Long-term revenue vision — 1 billion revenue company · within next few years
stated as an aspiration by Satyen Mamtora
p. 4
“Our long-term vision to become 1 billion revenue company within next few years remains intact.”
Satyen Mamtora, page 4 of the filed PDF · View the filing
Margin profile improvement from backward integration — 150 bps to 200 bps
stated firmly by Satyen Mamtora
p. 4
“These steps will further increase our margin profile by 150 bps to 200 bps.”
Satyen Mamtora, page 4 of the filed PDF · View the filing
Moraiya plant commissioning — 3Q FY27
stated firmly by Satyen Mamtora
p. 9
“Moraiya plant, we are planning after this year's monsoon.”
Satyen Mamtora, page 9 of the filed PDF · View the filing
PGCIL approval for CTC/pressboard plants — within the month of starting production capacity
stated conditionally by Satyen Mamtora
p. 12
“I think within the month of starting the production capacity, we should get the approval.”
Satyen Mamtora, page 12 of the filed PDF · View the filing
World Bank matter resolution — 45 days
stated as an aspiration by Satyen Mamtora
p. 12
“I think it should be closed in 45 days. That's what our belief is.”
Satyen Mamtora, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said mainly copper was disturbed, with minor issues from overbooking of ancillary parts and gas supply for porcelain manufacturing.
Answered by Satyen Mamtora
Asked by Avikshit Vijay: What raw materials other than copper are disrupted due to the Hormuz closure?
p. 6
“Avikshit, see, mainly copper is slightly disturbed. Other than that, not because of Hormuz issue, but because of overbooking for all other like ancillary parts like bushings and stuff, there is a slight disturbance plus the porcelain is made in gas-fired kiln, gas is also becoming slightly problem.”
Satyen Mamtora, page 6 of the filed PDF · View the filing
Management said there are only three major competitors besides TARIL, and HVDC margins are better due to limited players.
Answered by Satyen Mamtora
Asked by Avikshit Vijay: What is the competitive landscape and advantage in HVDC?
p. 6
“So there are only 4 major players in HVDC; Hitachi, Siemens, GE and I think TBEA. But as TBEA is not able to compete with us in other tenders, only 3 major competitors are there.”
Satyen Mamtora, page 6 of the filed PDF · View the filing
Management said they are deliberately selective and not taking orders beyond 24 months of delivery.
Answered by Satyen Mamtora
Asked by Yash Rathi: Why has the company missed its revenue and order book guidance for the last two to three quarters?
p. 7
“So see we are deliberately not taking orders currently because, as we have previously told that we want to limit our exposure to not more than 18 to 24 months.”
Satyen Mamtora, page 7 of the filed PDF · View the filing
Management attributed margin gains to capacity expansion, operational efficiencies, and backward integration adding 200-300 bps over the next few years.
Answered by Mehul Shah
Asked by Balasubramanian: How does the gross margin improve toward 35% by FY28 and what contributes the most?
p. 7
“This will give us some margins in terms of next, say, 2 to 3 years, plus the backward integration plans, which will start from the next financial year, which will also give us some, say 200 bps to 300 bps of additional margin.”
Mehul Shah, page 7 of the filed PDF · View the filing
Management cited extended monsoons as the reason for delay and said Moraiya is planned after this year's monsoon.
Answered by Satyen Mamtora
Asked by Deepak Poddar: Why was the Changodar plant delayed and when will Moraiya come on stream?
p. 9
“Yes. So extended monsoons was one of the biggest reasons in terms of delay in the usefulness of the plant.”
Satyen Mamtora, page 9 of the filed PDF · View the filing
Management explained that utility payments were delayed into the new financial year due to budget timing, with INR 200 crores collected in the first 15-16 days of the new year.
Answered by Mehul Shah
Asked by Karan Gupta: Why have receivables and inventory increased compared to FY25?
p. 16
“So in the in the first, say, first 15 to 16 days' time, we almost collected around INR 200-odd crores.”
Mehul Shah, page 16 of the filed PDF · View the filing
Management attributed current lower margins to legacy orders taken 12-15 months earlier and said future selectivity in orders would improve margins.
Answered by Mehul Shah
Asked by Aditya Vora: Why are TARIL's margins lower than peers despite higher voltage class focus?
p. 17
“So as you must have seen these orders, we must be executing, which we have taken, say, 12 months, 15 months back. And that is the major reason why we have decided that, yes, we will not take any orders which is coming our way.”
Mehul Shah, page 17 of the filed PDF · View the filing
Management gave a breakdown of the order book by customer type.
Answered by Satyen Mamtora
Asked by Neville Shroff: What is the order book mix between utilities, EPC contractors, and private customers?
p. 18
“So let's say, around 55% will be utilities, 20% will be EPC contractors and remaining all private customers.”
Satyen Mamtora, page 18 of the filed PDF · View the filing
Management said all such older orders have already been executed and remaining orders have been carefully vetted.
Answered by Satyen Mamtora
Asked by Shashi Ranjan: How many orders in the current order book carry lower margins due to inability to pass on rising costs?
p. 19
“I think everything that has been there, we have already executed. So now we are -- since last 6 months, we have been very critically analyzing every order that we want to take and we are very selective in taking orders.”
Satyen Mamtora, page 19 of the filed PDF · View the filing
Risks flagged
Copper price disturbance and ancillary parts overbooking affecting raw material costs
p. 6
“Avikshit, see, mainly copper is slightly disturbed. Other than that, not because of Hormuz issue, but because of overbooking for all other like ancillary parts like bushings and stuff, there is a slight disturbance plus the porcelain is made in gas-fired kiln, gas is also becoming slightly problem.”
Satyen Mamtora, page 6 of the filed PDF · View the filing
Gas availability issues for fabrication units
p. 6
“So the only issue that we are looking at is availability of gas for which -- for our fabrication units and stuff like that. But we are mitigating those issues also.”
Mehul Shah, page 6 of the filed PDF · View the filing
Extended monsoons delaying capacity expansion projects
p. 14
“As far as the new projects are concerned, there is a -- there was a delay because of extended monsoons, which has delayed the project by one quarter.”
Satyen Mamtora, page 14 of the filed PDF · View the filing
Delayed collections from utility customers due to budget timing
p. 16
“So there are some delays as far as the utilities is concerned because their budgets, etcetera, has gone away by March.”
Mehul Shah, page 16 of the filed PDF · View the filing
Ongoing World Bank matter awaiting resolution
p. 12
“So we are awaiting the feedback from the World Bank on this.”
Mehul Shah, page 12 of the filed PDF · View the filing
Tight supply of transformer components limiting negotiation leverage
p. 10
“See, Vineet, honestly, there is still hand to mouth in terms of most of the items that transformer manufacturing is concerned.”
Satyen Mamtora, page 10 of the filed PDF · View the filing
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