Transformers and Rectifiers Q2 FY27 result: Net profit skyrockets 135% YoY; order book inflow stands at ₹3,283 crore

The firm’s revenue from operations grew 61% to ₹739 crore in the September quarter, as against ₹460 crore registered in the year-ago period.

The company’s operating profit, also known as earnings before interest, taxes, depreciation, and amortisation (EBITDA), jumped to ₹128 crore as compared to ₹52 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin expanded to 17.35% in the reporting quarter from 11.35% in Q2 FY26.

“Revenue growth is attributable to improved utilisation levels at Changodar and Moraiya plant. With the transformer manufacturing expansion nearing completion and commercial production expected to commence around Diwali, we are well positioned to further scale our manufacturing capabilities in H2FY27,” said TARIL’s managing director and CEO Satyen Mamtora.

The Gujarat headquartered firm said the Q2 FY27 performance reflects better execution, improved capacity utilisation, and operating leverage across manufacturing facilities.

For half a year (H1 FY27), TARIL’s net profit rose 39% to ₹141 crore as compared to ₹101 crore on a YoY basis. Its revenue from operations for H1 FY27 stood at ₹1,312 crore as against ₹989 crore in H1 FY26, marking a growth of 33%.

In the reporting quarter, the company’s new order inflow stood at ₹3,283 crore. In the first half of the fiscal year, the unexecuted order book registered a 32% growth at ₹7,237 crore from ₹5,472 crore year-on-year (YoY).

“The current order book provides comfortable revenue visibility, while the Changodar expansion positions us to service a larger opportunity pipeline across markets. Alongside capacity enhancement, we are strengthening our global customer engagement through our UK subsidiary, particularly across the US and European markets,” said Mamtora.

Transformers and Rectifiers (India) said its inquiry pipeline under negotiation stood at approximately ₹21,000 crore, with a historical win ratio of 10%–15%. The current bidding pipeline comprises around 80% domestic opportunities and 20% export opportunities, with government and private customers across utility and industrial segments.

For the FY27 outlook, the company said its performance in Q2 reinforces confidence in delivering FY27 guidance, comprising 25% revenue growth, an EBITDA margin of 16%, and a PAT margin of 9% to 10%.

The firm also said that approximately ₹121 crore of unutilised proceeds from the 2024 QIP remains earmarked for backward integration initiatives.

Ahead of the earnings, Transformers and Rectifiers India’s share price closed at ₹304 apiece on the National Stock Exchange, gaining 3.12%.