Transformers & Rectifiers to incorporate subsidiary in UK for GBP 10 million; shares rise 3%

The company’s board of directors approved incorporating UK-based Maxwell Grid Transformers. Transformers and Rectifiers will invest up to GBP 10 million in one or more tranches through subscription to equity share capital, debt, guarantees and/or other permissible instruments.

Further, it will hold 51% shareholding and control in the proposed entity, with the number of shares to be determined upon its incorporation and subscription.

The proposed subsidiary will engage in the business of manufacturing and repairing transformers, selling and distributing TARIL transformers, and trading in transformer components, which are in line with and ancillary to the main objects of the company.

Transformers & Rectifiers Board of Directors also approved the variation/reallocation in the utilisation of unutilised QIP proceeds. However, the firm said it will seek members’ approval for the variation/reallocation through a special resolution by way of postal ballot.

Transformers & Rectifiers Q1 results

Transformers & Rectifiers had posted an 8.66% year-on-year (YoY) fall in its consolidated net profit to ₹61.52 crore for the June quarter of the 2026-27 financial year (Q1 FY27). In the corresponding period of the previous fiscal year, the company had clocked a profit of ₹67.35 crore.

Sequentially, its profit dropped 31.09% quarter-on-quarter (QoQ) from ₹89.28 crore in the preceding quarter.

The company’s revenue from operations rose 8.12% YoY to ₹572.34 crore during the quarter under review, compared with ₹529.33 crore in the first quarter of the 2025-26 fiscal year (Q1 FY26). However, its revenue declined 26.87% QoQ from ₹782.67 crore in the March quarter of FY26.

The Ahmedabad-headquartered firm’s EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹110 crore in Q1 FY27, marking a marginal YoY rise from ₹109 crore in the corresponding quarter of the previous fiscal year.

Its EBITDA margin contracted to 19.2% during the quarter, from 20.5% in the June quarter of the previous fiscal year.

Transformers & Rectifiers share price trends

At 2:40 PM, Transformers & Rectifiers shares were trading at ₹305.65 apiece on the National Stock Exchange, rising 0.54%.

From the beginning of the year, Transformers & Rectifiers shares have fallen 1%. On a year-on-year basis, it has dropped 38%.

Shares of the firm had hit a 52-week high of ₹552 on September 23, 2025, and a 52-week low of ₹224.05 on February 2, 2026.

According to NSE data, as of August 26, 2026, Transformers & Rectifiers India has a total market capitalisation of ₹9,171.57 crore.