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Prices as of 8 Oct 2026 close · Not investment advice

Transformers And Rectifiers (India) Limited

NSE: TARILHeavy Electrical Equipment

Share price

₹282.75

-2.21% close of 8 Oct 2026

Market cap ₹8,483 CrP/E 32.8

Business score

How strong the business is, in one number. The parts behind it are in Pro.

57

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹8,483 Cr

P/E ratio

32.8

P/B ratio

5.6

ROCE

23.3%

ROE

19.1%

Dividend yield

0.1%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹492.6552-week low ₹229.58

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 14.6% over the past year, and 9.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 6.4% to 14.9% over the last four years.

Whether it grew faster than its sector

It grew 9.0% a year against a sector median of 10.6% — 1.7 percentage points slower.

Room to re-rate, or risk of de-rating

At 32.8× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 92.3×, across 5 companies. It is against its own five-year median of 40.6×, the 27th percentile of its own range.

Whether growth justifies the valuation

Priced at 0.4 times its growth rate, on earnings growth of 87%.

Profit growthPrice per ₹1 profitPer 1% growth
Transformers And Rectifiers (India) Limited — this one87%/yr32.8×₹0.38
Bharat Heavy Electricals36%/yr61.5×₹1.7
ABB India—92.3×—
Hitachi Energy India Limited122%/yr121.2×—
CG Power and Industrial Solutions Limited10%/yr106.7×₹10.7
Siemens India23%/yr86.0×₹3.7

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Heavy Electrical Equipment), it ranks 21 of 36 on returns, 15 of 31 on growth, 21 of 36 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 23.3% on capital, ahead of 42% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹111 crore of cash from the business but spent ₹376 crore on plant and equipment, ₹265 crore more than it made; the gap was from lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 80 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 60 days for its cash to waiting 80 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹8,483 Cr
Prev close
₹282.75
52w High
₹499
52w Low
₹224
Enterprise value
₹8,647 Cr
Beta
1.6
Price CAGR 1y
-41.0%
Price CAGR 3y
52.0%
Price CAGR 5y
80.0%
Price CAGR 10y
33.0%

Ratios

Return on assets
10.2%
PEG ratio
0.4
P/E ratio
32.8
P/B ratio
5.6
EV / EBITDA
22.3
Industry P/E
48.3
ROCE
23.3%
ROCE 5y average
18.2%
ROE
19.1%
Debt / Equity
0.3
Interest coverage
8.1
Dividend yield
0.1%
ROE 3y average
19.0%
ROE last year
19.0%

Annual P&L

Annual revenue
₹2,507 Cr
Annual profit
₹272 Cr
Operating margin
15.0%
Net profit margin
10.8%
EBITDA margin
15.3%
Sales growth 3y
21.6%
Sales growth 5y
27.6%
Profit growth 3y
87.0%
Profit growth 5y
106.0%
EPS
₹8.8
Sales growth TTM
15.0%
Profit growth TTM
0.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹572 Cr
Profit latest quarter
₹64 Cr
YoY quarterly sales growth
8.1%
YoY quarterly profit growth
-4.5%
OPM latest quarter
16.3%

Balance Sheet

Book Value
₹50.5
Face Value
₹1.0
Total debt
₹457 Cr
Total cash
₹141 Cr
Borrowings
₹457 Cr
Reserves / Equity
49.5

Cash Flow

Operating cash flow
-₹105 Cr
Free cash flow
-₹215 Cr
FCF yield
-3.1%
Net cash flow
₹3 Cr

Shareholding

Promoter holding
64.4%
FII holding
7.8%
DII holding
1.5%
Public holding
26.3%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
B H E L432.8061.91,50,7040.31376.7182.77,697.740.39.1
A B B6,780.0093.31,43,6740.57362.38.03,558.921.029.9
Hitachi Energy30,837.50115.31,37,4500.03294.2123.52,493.768.629.4
CG Power & Ind867.65107.41,36,6960.15308.316.33,280.814.026.7
Siemens3,661.3086.71,30,3860.482,143.1-18.64,713.714.821.4
Siemens Ener.Ind3,255.2075.91,15,9240.12440.967.82,485.639.367.8
GE Vernova T&D4,215.8079.91,07,9460.23363.024.61,836.138.077.4
T R I L283.3032.88,5040.0964.3-8.7572.38.123.3
Median432.8033.15,8840.0441.215.5466.320.123.5

Competes with: ABB India, Bharat Heavy Electricals, CG Power and Industrial Solutions Limited, GE Vernova T&D India Limited, Hitachi Energy India Limited, Kanohar Electricals Limited, Siemens Energy India Limited, Siemens India

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales156257369513322462559676529460737783572
Expenses151237331441280392475545441409612664479
Material Cost468420540456
Change in Inventories-15580-6.51-70
Purchases of Stock-in-Trade2.282.070.721.60
Employee Cost26223923
Other Expenses67889169
Operating Profit4203872426985131885212511893
OPM %2.817.661014131515191711171516
Other Income1121412910201442216
Exceptional items (within Other Income)0000
Interest15121311121014151013131415
Depreciation6666766787877
Profit before tax-1532156286474119904510811988
Tax %-20372426252825212518302427
Net Profit-1221642214655946737769164
EPS in Rs-0.480.060.551.400.671.511.823.142.241.132.462.972.05
Diluted EPS in Rs1.132.463.042.05

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5536578217168557017421,1581,3961,2952,0192,5092,552
Expenses5236187336507946496731,0841,2751,1571,6892,1242,163
Material Cost1,770
Change in Inventories-83
Purchases of Stock-in-Trade7.50
Employee Cost106
Other Expenses325
Operating Profit3138876561516974121134327383388
OPM %661197796910161515
Other Income3466121691096356157
Exceptional items (within Other Income)0
Interest32384244464646444851515155
Depreciation13151516192019172525273029
Profit before tax-11-1036119213235764285363361
Tax %-34-3234414144393926272425
Net Profit-8-7246518144247216272269
EPS in Rs-0.30-0.280.880.200.170.020.270.531.541.567.148.818.61
Diluted EPS in Rs9.07
Dividend Payout %00000019145630

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
14%
5 years
28%
3 years
22%
TTM
15%

Compounded profit growth

10 years
44%
5 years
106%
3 years
87%
TTM
0%

Stock price CAGR

10 years
33%
5 years
80%
3 years
52%
1 year
-41%

Return on equity

10 years
12%
5 years
16%
3 years
19%
Last year
19%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131313131313131313143030
Reserves3213133123173223233303433815401,2221,485
Borrowings157164209399263308263325330256283457
Other Liabilities232299341358281289319428463359652696
Minority Interest28
Total Liabilities7237898761,0888809339251,1091,1871,1702,1872,667
Fixed Assets192185187195201193181168153144251250
CWIP111161232033562138
Investments0000000114268184
Other Assets5195926828816767387449361,0301,0171,6052,094
Total Assets7237898761,0888809339251,1091,1871,1682,1852,666

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity933766-102179169622829157-105
Cash from Investing Activity-30-5-24-31-8-15-7-89-22-621-7
Cash from Financing Activity-50-31-61145-1822-9317-45-10468116
Net Cash Flow130-1812-113-411-7-343
Free Cash Flow612955-132163791-61914-77-214

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days15817116625616121820516416617485129
Inventory Days14715512018210915314710493109118133
Days Payable1602091492031141611791291189510962
Cash Conversion Cycle14511713823515621017313914118894200
Working Capital Days7677635755739460681193480
ROCE %461598891015152823

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters757070666664646464646464
FIIs0.563.484.4589.34111111117.018.337.80
DIIs001.896.336.937.687.226.045.954.181.771.54
Public252724201817171918242626
No. of Shareholders54,11861,97264,97786,04190,21899,6871,45,4631,81,1031,79,3672,06,0602,11,9072,15,267

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -42.3% (₹490.00 → ₹282.75)Brick size ₹11.00 (fixed)Bricks 71
₹300₹400₹500₹283Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹282.75 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

165inr_cr

2026-03-31

order book, Rs crore

6,630inr_cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

3,80,84,102inr

2026-03-31

News

News and filings about Transformers And Rectifiers (India) Limited. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Cold Rolled Grain Oriented steel (CRGO) sheets / core laminations
  • Copper (windings)
  • Transformer oil (mineral oil / natural ester fluid)

Depends on the price of

  • copper
  • steel

Sells to

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Heavy Electrical Equipment
Classification
Capital Goods › Heavy Electrical Equipment
ISIN
INE763I01026

Plants

  • TARIL Changodar facility
  • TARIL Moraiya facility
  • TARIL Odhav facility

News impact

Big market events that reach Transformers And Rectifiers (India) Limited, and how the effect spreads.

Who it hits first

  • Adani Energy Solutions won a ~Rs 8,500-crore inter-state transmission project in Andhra Pradesh (to carry power for proposed Vizag green-hydrogen/ammonia plants), pushing its transmission order book past Rs 80,000 crore.

Who may gain

  • Transmission-equipment and EPC suppliers linked to Adani Energy Solutions — Transrail Lighting (towers/EPC), KEC International (EPC), Apar Industries (conductors), Transformers & Rectifiers India (transformers) — get an incremental read-through as India's transmission build-out continues.
  • Note: the specific vendor split for this project is not yet announced, so supplier benefit is a read-through, not a confirmed order.

Along the supply chain

Downstream

The line will evacuate power for the proposed Vizag green-hydrogen/ammonia plants, so downstream benefit depends on those end-projects actually being built on schedule.

Upstream

Tower fabricators (Transrail, KEC), conductor makers (Apar) and transformer makers (TARIL) are the upstream vendors who could supply the project's hardware and construction.

Where demand moves

Business

A new transmission project creates multi-year demand for towers, conductors, transformers and construction services; those orders would flow to Adani's regular equipment and EPC vendors as the project is built out.

Capital

Order-book news tends to draw momentum buyers into Adani Energy Solutions and the T&D equipment basket; but with the stock already richly valued, the capital inflow is modest and fade-prone.

How it spreads across sectors

Power

Reinforces the strong power-transmission capex cycle; positive for T&D equipment and EPC names, immaterial for the incumbent Power Grid at its scale.

When it plays out

Immediate

Adani Energy Solutions ticks up on the order-win headline; T&D equipment names get a mild sympathy read.

Medium term

Revenue recognition is multi-year and back-ended; execution pace and the green-hydrogen off-take determine whether the order converts to earnings over 1-6 months and beyond.

Short term

Watch for the project's contractor/vendor awards over 1-4 weeks to confirm which suppliers actually benefit.

Who it hits first

  • Power-equipment / T&D stocks fell up to 10%: GE Vernova T&D India, Hitachi Energy India, CG Power, Siemens Energy India, Apar, TARIL, Siemens — a valuation-driven de-rating (PEs ~40 to 661) after a multi-quarter rally

Who may gain

  • No direct corporate beneficiary — order books are intact; capital rotates to cheaper large-cap industrials and defensive sectors (FMCG, Pharma)

Along the supply chain

Downstream

Downstream utilities and grid operators are operationally unaffected; only the equity valuations of the equipment suppliers reset.

Upstream

Upstream suppliers — CRGO/electrical steel, copper, and electronic components — see no demand change; a valuation correction does not reduce the equipment makers' procurement.

Where demand moves

Business

Underlying power-capex demand (grid, renewables evacuation, data-centre power) is unchanged — a share-price correction does not cut equipment order pipelines, which remain firm.

Capital

Momentum capital exits the most expensive power-equipment names (PEs 90-660) and rotates to cheaper industrials, defensives and lower-multiple capital-goods names.

How it spreads across sectors

Capital Goods

cohort-wide multiple compression on the priciest names

Power

equipment-supplier valuations reset while project economics stay unchanged

When it plays out

Immediate

Power-equipment names -5 to -10% intraday on valuation de-rating

Medium term

Order-book execution and grid/renewables capex intact — quality names re-base to more defensible multiples

Short term

Most over-valued T&D names (GVT&D, Apar) likely keep bleeding; lower-multiple CGPOWER may find support

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

18 Sep 2026unspecified₹0.25
9 May 2025unspecified₹0.2
14 Feb 2025bonus₹0
10 May 2024unspecified₹0.2
28 Jul 2023unspecified₹0.15
28 Jul 2022unspecified₹0.15
2 Sep 2021unspecified₹0.1
28 Sep 2017split₹0

Splits, bonuses & buybacks

  • daily-prices repair: 7 rows from NSE's archive (replace 0, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Bulk & block deals

DateWhoBought / soldSharesPrice
1 Oct 2026MICROCURVES TRADING PRIVATE LIMITEDBUY31,66,656₹288.61
1 Oct 2026MICROCURVES TRADING PRIVATE LIMITEDSELL31,66,656₹288.74
1 Oct 2026ALPHAGREP SECURITIES PRIVATE LIMITEDBUY17,30,595₹289.61
1 Oct 2026ALPHAGREP SECURITIES PRIVATE LIMITEDSELL17,30,595₹289.47
1 Oct 2026JUMP TRADING FINANCIAL INDIA PRIVATE LIMITEDSELL16,44,556₹288.73
1 Oct 2026JUMP TRADING FINANCIAL INDIA PRIVATE LIMITEDBUY16,44,556₹289.76
1 Oct 2026QE SECURITIES LLPBUY15,88,731₹290.38
1 Oct 2026QE SECURITIES LLPSELL15,73,334₹290.15
19 Jun 2026MICROCURVES TRADING PRIVATE LIMITEDBUY21,08,516₹361.25
19 Jun 2026MICROCURVES TRADING PRIVATE LIMITEDSELL21,08,516₹361.51

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.