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Revenue
₹783 Cr
verified against source
Revenue YoY
1.6%
reported change
EBITDA
₹117 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Transformers and Rectifiers India reported Q4 FY26 standalone revenue of ₹752 crore (+1.6% YoY) and EBITDA margin of 15.1%, slightly down due to ESOP costs. Full-year revenue reached ₹2,395 crore (+22.8% YoY) with PAT of ₹225 crore. The company achieved record production of 33,763 MVA and an order book of ₹5,000+ crore (18-month visibility). Management guided for FY27 revenue of ₹3,250 crore (35-40% growth) and maintained EBITDA margin guidance of 15-17%, with potential 200-300 bps uplift from backward integration. Key risks include execution delays from extended monsoons and the World Bank debarment issue.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for FY27 revenue of approximately ₹3,250 crore, implying 35-40% growth over FY26.
- Margins expected in 15-17% range; backward integration to add 200-300 bps over medium term.
- Changodar plant to start in Q2 FY27, Mora plant by Q3 FY27; total capacity to reach 75,000 MVA.
- Company will only accept orders with delivery within 24 months to maintain margin discipline.
Risks flagged
- Company has filed a reply to World Bank regarding a potential debarment; expects resolution in 45 days.
- Changodar plant delayed by one quarter due to extended monsoons; Mora plant also faces monsoon risk.
- Cost of materials increased due to copper price surge and supply issues for bushings and porcelain.
- Multiple guidance misses in FY26 (revenue, order book) have eroded investor confidence; management acknowledged miscalculation.
Key quotes
- We are being extremely selective of what orders to take and we do not want to take any order which is beyond 24 months of delivery.
- We have miscalculated the orders that were supposed to be coming to us and like we say we are very careful in selecting which orders we really want to execute.
- These steps will further increase our margin profile by 150 to 200 bps.
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