Transformers and Rectifiers Q2 profit rises 135% to ₹80 crore; exceptional gain at ₹132 crore

Transformers and Rectifiers (India) on Tuesday reported a 135% year-on-year rise in consolidated net profit to ₹79.8 crore for the September quarter, aided by strong operational performance and an exceptional gain. The company had posted a consolidated net profit of ₹33.9 crore in the corresponding quarter last year.

Revenue from operations increased 60.7% to ₹739.4 crore in the second quarter of FY27 from ₹460 crore a year earlier.

Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to ₹128.8 crore during the quarter from ₹58.9 crore in the year-ago period.

EBITDA margin expanded to 17.4% from 12.8% a year earlier, reflecting improved operating efficiency.

The quarter's profit included an exceptional gain of ₹131.5 crore.

The company's performance surpassed CNBC-TV18 estimates on all key parameters. Net profit exceeded the poll estimate of ₹66.9 crore, while revenue came in higher than the projected ₹605.5 crore. EBITDA also topped estimates of ₹99.7 crore, with margin surpassing the expected 16%.

 

Managing Director and CEO Satyen Mamtora said revenue growth was supported by improved utilisation at the Changodar and Moraiya plants. He added that the transformer manufacturing expansion was nearing completion, with commercial production expected to commence around Diwali, positioning the company to scale up manufacturing capabilities in the second half of FY27.

For FY27, the company reiterated its guidance of 25% revenue growth, an EBITDA margin of 16%, and a profit after tax (PAT) margin of 9% to 10%.

The company’s order inflow stood at ₹3,283 crore in the first half of FY27, up 161% YoY, while its unexecuted order book rose 32% YoY to ₹7,237 crore as of September 30, 2026. Its inquiry pipeline under negotiation stood at ₹21,000 crore.

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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. It also received orders from Megha Engineering & Infrastructures, Andhra Pradesh Transmission Corporation, Damodar Valley Corporation and Gujarat Energy Transmission Corporation.

The company said its existing and expanded manufacturing capacities were adequate to support its growth plans, with no additional capacity constraints. It also expects commercial commissioning of its backward integration facilities by the first quarter of FY28, allowing for a delay of up to one quarter.

Shares of Transformers and Rectifiers (India) ended 3.36% higher at ₹304.70 ahead of the result announcement on Tuesday. The stock remains negative year-to-date and has declined more than 38% over the last 12 months.