TARIL · Capital Goods
Transformers And Rectifiers (India) Ltd. reported revenue of ₹529 cr for April to June 2025, +64.3% on the year and −21.7% on the quarter. Over the last four quarters revenue comes to ₹2,226 cr, +52.4% on the four before.
Operating profit (EBITDA) was ₹88.0 cr, a margin of 16.6%, +359 bps on the year and −274 bps on the quarter. Over the last 8 quarters the margin has ranged from 7.8% to 19.4%, averaging 13.9%. Operating costs grew +57.5% against revenue growth of +64.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹67.0 cr, +219.0% on the year and −28.7% on the quarter, with earnings per share of ₹2.24. Profit before other income, one-offs and tax grew 191.7%, so 27 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹262 cr, +223.5% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹8.71 over the last four quarters, the stock at ₹310.10 trades at 35.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹369 cr | ₹513 cr | ₹322 cr | ₹462 cr | ₹559 cr | ₹676 cr | ₹529 cr | ₹460 cr | ₹737 cr | ₹783 cr | ₹572 cr | ₹739 cr |
| YoY | — | — | +106% | +80% | +51% | +32% | +64% | −0% | +32% | +16% | +8% | +61% |
| EBITDA margin | 10.3% | 14.0% | 13.0% | 14.9% | 15.2% | 19.4% | 16.6% | 11.3% | 17.0% | 15.1% | 16.3% | 17.5% |
| Other income, % of PBT | 10% | 2% | 14% | 19% | 12% | 8% | 22% | 31% | 4% | 18% | 18% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 26% | 25% | 28% | 25% | 21% | 25% | 18% | 30% | 24% | 27% | 26% |
| Net profit | ₹16.0 cr | ₹42.0 cr | ₹21.0 cr | ₹46.0 cr | ₹55.0 cr | ₹94.0 cr | ₹67.0 cr | ₹37.0 cr | ₹76.0 cr | ₹91.0 cr | ₹64.0 cr | ₹81.0 cr |
| YoY | — | — | — | +2,200% | +244% | +124% | +219% | −20% | +38% | −3% | −4% | +119% |
| Core profit YoY | — | — | — | +2,500% | +242% | +98% | +192% | −40% | +60% | −11% | +3% | +245% |
| EPS | ₹0.55 | ₹1.40 | ₹0.67 | ₹1.51 | ₹1.82 | ₹3.14 | ₹2.24 | ₹1.13 | ₹2.46 | ₹2.97 | ₹2.05 | ₹2.66 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | 1 | 2 | ✓ | 1 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Transformers And Rectifiers (India) Ltd. reported revenue of ₹529 cr (+64.3% on the year) and net profit of ₹67.0 cr (+219.0% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +191.7% on the year, against +219.0% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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