Transformers And Rectifiers (India) Limited (TARIL)

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Transformers And Rectifiers (India) Limited (TARIL) · mywealthgrid

About

Heavy electrical equipment manufacturer specializing in transformers and rectifiers for power/industrial sectors. Mid-cap ₹8,947 Cr with quarterly revenues ₹428–₹783 Cr and 15.27% operating margin.

Face value: ₹1

Market cap

₹8,430 Cr

P/E

31.3×

P/B

5.6×

Dividend yield

0.1%

ROE

19.7%

ROCE

27.5%

Debt / equity

0.3

OPM

15.3%

EPS (TTM)

₹9.0

Book value

₹50.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operational volatility: operating margin swung 7% (Sep 2025) to 16.96% (peak), currently 13–16%. Cause and recurrence risk unclear.
Stock volatility: fell 41% year-on-year, range ₹229.58–₹536.25 (133% swing). Verify whether reflects operational leverage or demand-cycle exposure.
PE 33.26 elevated; verify profitability growth justifies valuation.
Revenue swings ₹428–₹783 Cr quarterly suggests lumpy order flow or seasonal cycles; clarify project-based vs. cyclical exposure.

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM rose from 7% (Sep 2025) to 15%+ recent quarters, signaling operational or mix improvement to verify.
Revenue recovery: recent quarters sustained ₹550+ Cr vs ₹428 Cr trough.
ROE 19.67% enables reinvestment in capacity.
India power/industrial growth cycle benefits sector; verify company's market position and addressable market.

Generated analysis · source review pending

2,220 historical price candles were omitted because the exchange source has not been verified.

₹280.8+2.9%1Y

Quick read

rule-based

Pros

+High return on capital employed of 27.1%
+Profit CAGR of 107.6% over the last 5 years
+Revenue CAGR of 27.6% over the last 5 years
+High promoter holding of 64.4% with no pledge

Cons

−Low dividend payout of 2.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

54/100

Business quality: 61
Growth: 58
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Heavy Electricals LimitedBHELBHEL	₹1,46,596 Cr	₹1,54,783 Cr	₹35,993 Cr	₹3,383 Cr	6.9%	₹2,432 Cr	4.7%	6.8%	6.3%	119
Hitachi Energy India LimitedPOWERINDIAPOWERINDIA	₹1,39,553 Cr	₹1,39,553 Cr	₹9,163 Cr	₹1,424 Cr	15.4%	₹1,150 Cr	12.1%	28.8%	21%	-42
Cg Power And Industrial Solutions LimitedCGPOWERCGPOWER	₹1,38,443 Cr	₹1,38,443 Cr	₹12,821 Cr	₹1,638 Cr	13.1%	₹973 Cr	9.7%	26.2%	20.4%	48
Siemens Energy India LimitedENRINENRIN	₹1,18,724 Cr	₹1,18,724 Cr	₹9,436 Cr	₹2,024 Cr	19.3%	₹1,488 Cr	14.1%	33.8%	29%	-175
Ge Vernova T&D India LimitedGVT&DGVT&D	₹1,08,882 Cr	₹1,08,882 Cr	₹6,712 Cr	₹1,757 Cr	27.1%	₹1,305 Cr	19.9%	73.2%	55.3%	90
Suzlon Energy LimitedSUZLONSUZLON	₹53,473 Cr	₹53,737 Cr	₹17,429 Cr	₹3,019 Cr	18.1%	₹3,144 Cr	18.9%	31.7%	40.6%	117
Thermax LimitedTHERMAXTHERMAX	₹40,058 Cr	₹42,346 Cr	₹10,839 Cr	₹870 Cr	9.6%	₹593 Cr	6.7%	15.7%	13.7%	-0
Schneider Electric Infrastructure LimitedSCHNEIDERSCHNEIDER	₹30,495 Cr	₹30,939 Cr	₹2,920 Cr	₹336 Cr	12.8%	₹184 Cr	7.4%	28.5%	31.8%	61
Azad Engineering LimitedAZADAZAD	₹18,481 Cr	₹18,938 Cr	₹638 Cr	₹240 Cr	37.4%	₹139 Cr	22.2%	12.4%	9.1%	1,720
Triveni Turbine LimitedTRITURBINETRITURBINE	₹16,849 Cr	₹16,849 Cr	₹2,253 Cr	₹428 Cr	20.7%	₹336 Cr	16%	35.7%	26.3%	8
Karamtara Engineering LimitedKARAMTARAKARAMTARA	₹13,225 Cr	₹14,255 Cr	₹4,312 Cr	₹498 Cr	11.6%	₹229 Cr	5.3%	27.2%	20.8%	—
Atlanta Electricals LimitedATLANTAELEATLANTAELE	₹13,200 Cr	₹13,247 Cr	₹2,001 Cr	₹367 Cr	18.6%	₹224 Cr	10.9%	34.8%	21.7%	74

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	890	724	855	701	742	1,158	1,381	1,295	2,019	2,509
COGS	609	531	658	509	542	924	1,073	927	1,385	1,695
Gross profit	281	192	198	192	201	234	308	368	635	814
	198	127	136	140	132	164	186	234	307	431
	82	66	61	51	68	71	121	134	327	383
OPM %	9.2%	9.1%	7.2%	7.3%	9.2%	6.1%	8.8%	10.4%	16.2%	15.3%
Depreciation	15	16	19	20	19	17	25	25	27	30
Interest	38	44	46	46	46	44	48	51	51	51
	6	6	12	16	10	13	8	6	35	61
Profit before tax	36	11	9	2	13	23	57	64	285	363
Tax	12	4	4	1	5	9	15	17	68	91
Tax %	33.9%	41%	41%	43.6%	39%	38.7%	25.8%	27%	24%	25%
	24	6	5	1	8	14	42	47	216	272
PAT margin %	2.7%	0.9%	0.6%	0.2%	1%	1.2%	3.1%	3.6%	10.7%	10.9%
EPS (₹)	1.7	0.4	0.3	0	0.6	1.1	3.1	3.2	7.2	9.1
EPS adjusted (₹)	0.9	0.2	0.2	0	0.3	0.5	1.5	1.6	7.2	9.1
	0%	0%	0%	0%	18.2%	14.2%	4.9%	6.2%	2.8%	2.8%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	—	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	13	13	13	13	13	13	14	30	30
Reserves	289	317	322	323	330	343	380	540	1,222	1,485
Minority interest	5	7	7	7	7	7	8	9	20	28
	217	386	241	291	263	323	330	256	283	457
	314	365	295	298	311	423	455	350	630	666
Total equity & liabilities	838	1,088	879	932	925	1,109	1,186	1,168	2,185	2,666
	185	195	201	193	180	167	153	144	251	250
CWIP	11	12	3	2	0	1	3	4	62	138
Investments	—	—	—	—	—	—	1	4	268	184
	642	881	675	738	745	941	1,028	1,017	1,604	2,093
Total assets	838	1,088	879	932	925	1,109	1,186	1,168	2,185	2,666

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.1%	27.3%	27%	20.2%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.91%	69.65%	69.65%	66.16%	66.16%	64.36%	64.36%	64.36%	64.36%	64.36%	64.36%	64.36%
	0.57%	3.48%	4.45%	8%	9.34%	11.08%	11.33%	10.94%	11.21%	7.01%	8.33%	7.8%
	0.01%	0.01%	1.89%	6.33%	6.92%	7.67%	7.22%	6.03%	5.95%	4.19%	1.77%	1.53%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.51%	26.86%	24.01%	19.51%	17.58%	16.89%	17.09%	18.67%	18.48%	24.44%	25.54%	26.31%
No. of shareholders	—	—	—	—	—	—	—	—	1,79,367	2,06,060	2,11,907	2,15,267

Promoter holding down 10.55 percentage points since Sep 2023.

45 deals · 24 Jul 2023 – 19 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	21,08,516	₹361.25	₹76.17 Cr
19 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	21,08,516	₹361.51	₹76.22 Cr
19 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	18,20,913	₹356.25	₹64.87 Cr
19 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	17,62,568	₹358.11	₹63.12 Cr
18 Feb 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	15,01,623	₹298.75	₹44.86 Cr
18 Feb 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	12,55,179	₹299.00	₹37.53 Cr
8 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,04,918	₹310.18	₹46.68 Cr
8 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,01,785	₹310.13	₹46.57 Cr
2 Jan 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	19,74,522	₹332.82	₹65.72 Cr
2 Jan 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	19,71,120	₹333.04	₹65.65 Cr

1–10 of 45

1 / 5

Mr. Jitendra MamtoraExecutive Director-Chairperson
Mrs. Karunaben Jitendra MamtoraExecutive Director
Mr. Satyen Jitendra MamtoraExecutive Director-CEO-MD
Mr. Subir Kumar DasNon-Executive - Independent Director
Mr. Shah Rajendra ShantilalNon-Executive - Independent Director
Mrs. Tanvi Vishal RangwalaNon-Executive - Independent Director
Mr. Mehul Chaitanyabhai ShahChief Financial Officer
Rakesh KiriCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.15%

of the company's equity

All mutual funds

1.28%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 8 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.71 L	5.36	0.15%	0.057%	+2,088
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	86,788	2.72	0.15%	0.029%	+970
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	62,913	1.97	0.15%	0.021%	+571
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	38,280	1.2	0.15%	0.013%	+776
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	31,203	0.98	0.18%	0.01%	+16
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17,082	0.54	0.02%	0.006%	+585
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	12,294	0.39	0.15%	0.004%	-674
IB20-Groww Nifty Smallcap 250 Index Fund	Groww Mutual Fund	6,765	0.21	0.15%	0.002%	+34

1–8 of 24

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Credi Rating - Bank Loan Facillities13 Jul 2026

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

35 announcementsExport CSV

29 Sept 2026, 9:44 amAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot

Postal Ballot PDF

28 Sept 2026, 8:47 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 5:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

21 Sept 2026, 3:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

15 Sept 2026, 5:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Sept 2026, 6:49 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

10 Sept 2026, 4:22 pmCompany Update

Incorporation Of Subsidiary Company In The United Kingdom

General PDF

1 Sept 2026, 9:58 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
29 Sept 2026, 9:44 am	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
28 Sept 2026, 8:47 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.1%	27.3%	27%	20.2%

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	66	-102	179	16	96	2	28	29	157	-105
	-24	-31	-8	-15	-7	-8	9	-22	-625	-7
	-61	145	-182	2	-93	17	-45	-10	472	116
Net cash flow	-19	12	-11	3	-4	11	-7	-3	4	3
Free cash flow	54	-132	—	—	90	-7	18	29	-78	-215
CFO / Operating profit %	80.9%	-155.8%	292%	31.9%	140.6%	2.7%	23.4%	21.7%	47.8%	-27.5%

Working capital
Receivable days	161	218	205	164	168	173	85	129

Leverage
Current ratio	1.31	1.33	1.44	1.35	1.4	1.83	1.74	1.82

Transformers And Rectifiers (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

12

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Return ratios
Return on assets %	0.6%	0.1%	0.8%	1.3%	3.6%	4%	9.9%	10.2%

Transformers And Rectifiers (India) Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Ratio timeline

Dividends12

Board meetings1

Stock splits1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

12

1

1