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World Bank debarment risk
View Risks →Transformers and Rectifiers India Ltd — Q4 FY26
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.
neutral
medium
✓ Verified against BSE filing
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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.
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Production (MVA)
33,763 MVA
+47.3% YoY
Highest ever production in company history, up from 22,918 MVA in FY25.
Order Book
₹5,000+ crore
Flat vs prior year
Executable order book provides 18-month revenue visibility; management deliberately moderated inflows.
Order Inflow (FY26)
₹2,374 crore
Down vs prior year
Deliberately selective on orders; focusing on margins and delivery within 24 months.
Capacity Utilization
75%
Targeting 95% in FY27
Current utilization at 75%; new Changodar plant to add capacity, targeting 95% by year-end.
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Guidance and risk preview
Management guided for FY27 revenue of approximately ₹3,250 crore, implying 35-40% growth over FY26.
Company has filed a reply to World Bank regarding a potential debarment; expects resolution in 45 days.
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