Transformers and Rectifiers (India) delivered exceptional Q2 FY27 results, with consolidated net profit skyrocketing 135% year-on-year to ₹79.8 crore compared to ₹33.9 crore in Q2 FY26. According to latest reports, revenue from operations surged 60.7% to ₹739.4 crore in Q2 FY27 versus ₹460 crore in the corresponding quarter last year. The company's EBITDA more than doubled to ₹128.8 crore from ₹58.9 crore in the same quarter a year ago, with EBITDA margins expanding significantly to 17.4% from 12.8% YoY. Earnings per share nearly doubled to ₹4.16 in Q2 FY27 from ₹2.58 in the year-ago period. However, the latest results show even stronger performance with net profit increasing by 135% to ₹79.8 crore from ₹33.9 crore last year, while EBITDA jumped 149.6% year-on-year to ₹128.6 crore. EBITDA margins improved significantly to 17.4% from 11.2% in the base quarter, representing a growth of 620 basis points.
The company's performance reflects better execution, improved capacity utilization, and operating leverage across manufacturing facilities. As per latest reports, for H1FY27, TARIL's net profit surged 62% YoY to ₹124.98 crore, while revenue climbed 35% YoY to ₹1,268.32 crore. PAT margins expanded by 162 basis points YoY to 9.9% for the first half, demonstrating the company's operational efficiency improvements. The company's order inflow stood at ₹1,169 crore during Q2FY27, reflecting 97% YoY growth, while its unexecuted order book rose 32% YoY to ₹7,237 crore as of September 30, 2026. During the quarter, the company secured its first order in the nuclear power sector to supply generator transformers for Nuclear Power Corporation of India's Kaiga Units 5 and 6 project. The results were well above street expectations, with net profit beating estimates by ₹13 crore, revenue exceeding expectations by nearly ₹135 crore, and EBITDA surpassing expectations by nearly ₹30 crore.
The company's order inflow stood at ₹1,169 crore in the first half of FY27, up 161% year-on-year, while its unexecuted order book rose 32% YoY to ₹7,237 crore as of September 30, 2026. According to latest reports, the inquiry pipeline under negotiation stood at ₹21,000 crore. During the quarter, the company secured orders from Megha Engineering & Infrastructures, Andhra Pradesh Transmission Corporation, Damodar Valley Corporation and Gujarat Energy Transmission Corporation. In Q2FY27 alone, TARIL reported order inflows of ₹1,169 crore, marking a 97% increase from the year-ago period, with the company expecting to execute this order book over the next 18-24 months. The company's earnings per share nearly doubled to ₹4.16 in H1FY27 versus ₹2.58 in H1FY26. ICICI Securities notes that the order book of ₹7,237 crore provides revenue visibility over the next 18-24 months, while the ₹21,000 crore inquiry pipeline, comprising 80% domestic and 20% export opportunities, offers scope for further order inflows.
During the quarter, TARIL successfully completed dynamic short-circuit testing on three transformer units, a technical milestone that validates their ability to withstand extreme electrical and mechanical stresses under fault conditions in accordance with international standards. The company is nearing completion of its transformer manufacturing expansion at Changodar near Ahmedabad, with commercial production expected to begin around Diwali. The additional capacity is expected to support the execution of its growing order book and drive further revenue growth. The company's inquiry pipeline under negotiation stands at approximately ₹21,000 crore, with a historical order win ratio of 10-15%. Around 80% of the current bidding pipeline comprises domestic opportunities, while the remaining 20% comes from export markets, with a balanced mix of government and private customers across utility and industrial segments. Power transformers currently form 56% of the overall topline, while exports contribute to 8% of topline and 15% of the overall order book. ICICI Securities highlights that the Changodar expansion is nearing completion, with commercial production expected around Diwali, and management remains on track to achieve FY27 guidance.
Shares of Transformers and Rectifiers gained as much as 15.10% to ₹349.70 on the BSE following the strong quarterly results that were reported after market hours on Tuesday. According to Upstox Securities, investors focused on the company's strong Q2 PAT growth and overall margin expansion. The stock was trading 14.83% higher at ₹348.85 during Wednesday's session, marking the fourth consecutive day of gains for the stock, which has now turned positive on a year-to-date basis. At 9:35 AM, TRIL quoted 14.83% higher at ₹348.85, compared to a 0.06% decline in the BSE Sensex. The average trading volume at the counter jumped more than two-fold with a combined 19.95 million shares changing hands on the NSE and BSE. Thus far in the month of October, the stock price of TRIL zoomed 28%, reflecting strong investor confidence in the company's operational improvements, growth prospects, and long-term growth plans amid India's focus on strengthening power infrastructure, energy security and domestic manufacturing. The company is one of India's leading transformer manufacturers with over four decades of operating legacy, manufacturing transformers from 5 kV to 1,200 kV and 0.5 MVA to 500 MVA, serving utilities, EPC players, industrial customers and renewable energy sectors.
