Transformers & Rectifiers India shares hit 20% lower circuit on poor Q2 results and the World Bank development

Shares of Transformers and Rectifiers India Ltd (TRIL) plunged 20% on Monday morning after the company’s Q2FY26 results delivered subdued performance across the board. Additionally, one development concerning the World Bank-financed projects soured the investor sentiment.

The shares were locked in the lower circuit of 20% at ₹313 apiece on the NSE at 11:15 am. On a YTD basis, the shares have eroded investor wealth by 47% in 2025 and trade 21% lower from the same day last year.

In the Q2FY26, the company’s revenue remained unchanged at ₹460 crore as against ₹461 crore in the previous year’s same quarter. On the operational front, the EBITDA for the quarter remained 19% lower at ₹65 crore as compared to ₹80 crore in the same period last year. The EBITDA margin also contracted from 17.1% to 13.8% in Q2FY26.

This was primarily due to flat topline and elevated cost of materials. Additionally, the employee benefit expenses more than doubled during the quarter at ₹26 crore as against ₹12 crore in the same period last year.

Lastly, the company’s net profit for the quarter declined 19% YoY to ₹37 crore as against ₹46 crore in the same period last year. The company’s unexecutable order book stood at ₹5,472 crore, and total order inflow for the quarter stood at ₹592 crore. While the order inquires worth ₹18,700 crore are under negotiation.

In another development, the World Bank has debarred the company from working on any World Bank-financed projects after the company was engaged in alleged corruption and fraud tied to $486 million power grid project in Nigeria.