TARIL · Capital Goods
Transformers And Rectifiers (India) Ltd. reported revenue of ₹739 cr for July to September 2026, +60.7% on the year and +29.2% on the quarter. That is faster than this quarter has grown in recent years (+39.7% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹2,831 cr, +27.3% on the four before.
Operating profit (EBITDA) was ₹129 cr, a margin of 17.5%, +615 bps on the year and +120 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.3% to 19.4%, averaging 16.0%. Operating costs grew +49.5% against revenue growth of +60.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹81.0 cr, +118.9% on the year and +26.6% on the quarter, with earnings per share of ₹2.66. Profit before other income, one-offs and tax grew faster, at +245.2%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹312 cr, +23.3% on the four before.
Of the 58 companies in Capital goods and EPC that have reported Q2 FY27 so far, Transformers And Rectifiers (India) Ltd. ranks 6th on revenue growth; the sector median is +18.8%. Its margin moved +615 bps on the year against a sector median of −30 bps.
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 ₹10.14 over the last four quarters, the stock at ₹310.10 trades at 30.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹739 cr (+60.7% on the year) and net profit of ₹81.0 cr (+118.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +245.2% on the year, against +118.9% for reported profit.
None of the 7 checks that could run raised a question.
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