Production (MVA)
33,763 MVA
+47.3% YoY
Highest ever production in company history, up from 22,918 MVA in FY25.
TRANSFORMERSANDRECTIFIER
Diversified
2026-04-??
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY27 revenue target of ₹3,250 crore
Management guided for FY27 revenue of approximately ₹3,250 crore, implying 35-40% growth over FY26.
Management guidance revenueEBITDA margin to remain 15-17% with 200-300 bps uplift from backward integration
Margins expected in 15-17% range; backward integration to add 200-300 bps over medium term.
Management guidance marginsCapacity expansion to 75,000 MVA by FY28
Changodar plant to start in Q2 FY27, Mora plant by Q3 FY27; total capacity to reach 75,000 MVA.
Management guidance expansionSelective order intake limited to 24-month delivery
Company will only accept orders with delivery within 24 months to maintain margin discipline.
Management guidance growthKey Risks
World Bank debarment risk
Company has filed a reply to World Bank regarding a potential debarment; expects resolution in 45 days.
high · analyst_questionExecution delays from extended monsoons
Changodar plant delayed by one quarter due to extended monsoons; Mora plant also faces monsoon risk.
medium · management_commentaryCopper price surge and supply chain disruptions
Cost of materials increased due to copper price surge and supply issues for bushings and porcelain.
medium · analyst_questionGuidance credibility gap
Multiple guidance misses in FY26 (revenue, order book) have eroded investor confidence; management acknowledged miscalculation.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Transformers and Rectifiers's revenue in Q4 FY26?
Transformers and Rectifiers reported revenue of ₹752 Cr in Q4 FY26, representing a +1.6% change compared to the same quarter last year.
What guidance did Transformers and Rectifiers management give for FY27?
FY27 revenue target of ₹3,250 crore: Management guided for FY27 revenue of approximately ₹3,250 crore, implying 35-40% growth over FY26. EBITDA margin to remain 15-17% with 200-300 bps uplift from backward integration: Margins expected in 15-17% range; backward integration to add 200-300 bps over medium term. Capacity expansion to 75,000 MVA by FY28: Changodar plant to start in Q2 FY27, Mora plant by Q3 FY27; total capacity to reach 75,000 MVA. Selective order intake limited to 24-month delivery: Company will only accept orders with delivery within 24 months to maintain margin discipline.
What are the key risks for Transformers and Rectifiers in FY27?
Key risks include World Bank debarment risk — Company has filed a reply to World Bank regarding a potential debarment; expects resolution in 45 days.; Execution delays from extended monsoons — Changodar plant delayed by one quarter due to extended monsoons; Mora plant also faces monsoon risk.; Copper price surge and supply chain disruptions — Cost of materials increased due to copper price surge and supply issues for bushings and porcelain.; Guidance credibility gap — Multiple guidance misses in FY26 (revenue, order book) have eroded investor confidence; management acknowledged miscalculation..
Did Transformers and Rectifiers meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Transformers and Rectifiers Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.