TARIL

Transformers And Rectifiers (India) Limited

Power transformers and HVDC systems for utilities and industrial customers

Industrials›Capital Goods›Electrical Equipment›Heavy Electrical Equipment

transformerindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹329.10
Market cap
9,880 Cr
Stock P/E
31.6
P/B
5.98
Dividend yield
0.1%
ROE (FY26)
17.6%
ROCE (FY26)
20.7%
Operating margin (FY26)
14.1%
Debt / equity (FY26)
0.30
OCF / EBITDA (FY26)
-27.5%
OCF / EBITDA (3Y)
9.5%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TARIL (Transformers And Rectifiers (India)) manufactures power transformers for power transmission utilities, EPC (engineering, procurement and construction) contractors and industrial customers, mostly in India.

Company snapshot

20thBy market cap

Ranked among 38 companies in Heavy Electrical Equipment.

What we see

Concerns
  • ✗Only 10% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales369 Cr513 Cr322 Cr462 Cr559 Cr676 Cr529 Cr460 Cr737 Cr783 Cr572 Cr739 Cr
Operating expenses (approx.)331 Cr441 Cr280 Cr392 Cr475 Cr545 Cr441 Cr409 Cr612 Cr664 Cr479 Cr611 Cr
EBITDA38 Cr72 Cr42 Cr69 Cr85 Cr131 Cr88 Cr52 Cr125 Cr118 Cr93 Cr129 Cr
OPM %10.4%14.0%13.1%15.0%15.2%19.4%16.7%11.2%17.0%15.1%16.3%17.4%
Other income2 Cr1 Cr4 Cr12 Cr9 Cr7 Cr20 Cr14 Cr4 Cr22 Cr16 Cr3 Cr
Interest13 Cr11 Cr12 Cr10 Cr14 Cr15 Cr10 Cr13 Cr13 Cr14 Cr15 Cr14 Cr
Depreciation6 Cr6 Cr7 Cr6 Cr6 Cr7 Cr8 Cr7 Cr8 Cr7 Cr7 Cr7 Cr
Profit before tax21 Cr56 Cr28 Cr64 Cr74 Cr119 Cr90 Cr45 Cr108 Cr119 Cr88 Cr110 Cr
Tax %23.6%25.7%25.0%28.4%24.8%21.0%25.4%17.5%29.5%23.5%27.0%26.0%
Net profit16 Cr42 Cr21 Cr46 Cr55 Cr94 Cr67 Cr37 Cr76 Cr91 Cr64 Cr81 Cr
EPS (₹)₹1.10₹2.80₹1.40₹3.04₹3.67₹3.17₹2.24₹1.13₹2.46₹3.04₹2.05₹2.66

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales890 Cr724 Cr855 Cr701 Cr742 Cr1,158 Cr1,381 Cr1,295 Cr2,019 Cr2,509 CrSign in free for the trailing twelve months
Operating expenses (approx.)808 Cr664 Cr792 Cr650 Cr674 Cr1,088 Cr1,259 Cr1,161 Cr1,692 Cr2,126 CrSign in free for the trailing twelve months
EBITDA82 Cr60 Cr63 Cr51 Cr68 Cr71 Cr121 Cr134 Cr327 Cr383 CrSign in free for the trailing twelve months
OPM %9.2%8.3%7.4%7.3%9.2%6.1%8.8%10.4%16.2%15.3%Sign in free for the trailing twelve months
Other income6 Cr6 Cr10 Cr16 Cr10 Cr13 Cr8 Cr6 Cr32 Cr61 CrSign in free for the trailing twelve months
Interest38 Cr39 Cr46 Cr46 Cr46 Cr44 Cr48 Cr51 Cr51 Cr51 CrSign in free for the trailing twelve months
Depreciation15 Cr16 Cr19 Cr20 Cr19 Cr17 Cr25 Cr25 Cr27 Cr30 CrSign in free for the trailing twelve months
Profit before tax36 Cr11 Cr9 Cr2 Cr13 Cr23 Cr57 Cr64 Cr285 Cr363 CrSign in free for the trailing twelve months
Tax %33.9%41.0%41.0%43.5%39.0%38.7%25.8%27.0%24.0%25.0%Sign in free for the trailing twelve months
Net profit24 Cr6 Cr5 Cr1 Cr8 Cr14 Cr42 Cr47 Cr216 Cr272 CrSign in free for the trailing twelve months
EPS (₹)₹1.74₹0.41₹0.34₹0.03₹0.55₹1.06₹3.07₹3.24₹7.21₹9.07Sign in free for the trailing twelve months
Dividend payout %————9.7%2.3%4.7%4.2%1.3%2.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital13 Cr13 Cr13 Cr13 Cr13 Cr13 Cr13 Cr14 Cr30 Cr30 Cr
Reserves312 Cr317 Cr322 Cr323 Cr330 Cr343 Cr380 Cr540 Cr1,222 Cr1,485 Cr
Borrowings194 Cr312 Cr241 Cr291 Cr246 Cr323 Cr330 Cr256 Cr283 Cr457 Cr
Other liabilities350 Cr439 Cr295 Cr298 Cr328 Cr423 Cr455 Cr350 Cr630 Cr666 Cr
Total liabilities876 Cr1,088 Cr879 Cr932 Cr925 Cr1,109 Cr1,186 Cr1,168 Cr2,185 Cr2,666 Cr
Fixed assets (net)172 Cr180 Cr188 Cr183 Cr174 Cr162 Cr147 Cr137 Cr232 Cr230 Cr
CWIP6 Cr12 Cr3 Cr2 Cr0.05 Cr0.63 Cr3 Cr4 Cr62 Cr138 Cr
Investments0.21 Cr0.21 Cr0.32 Cr0.27 Cr0.44 Cr2 Cr0.85 Cr4 Cr268 Cr184 Cr
Loans & advances——0.29 Cr0.35 Cr0.29 Cr0.31 Cr0.40 Cr0.39 Cr0.83 Cr11 Cr
Inventories201 Cr265 Cr195 Cr213 Cr218 Cr262 Cr271 Cr275 Cr445 Cr616 Cr
Trade receivables374 Cr501 Cr376 Cr418 Cr416 Cr522 Cr635 Cr614 Cr469 Cr887 Cr
Cash & bank1 Cr13 Cr2 Cr5 Cr0.98 Cr12 Cr5 Cr2 Cr5 Cr8 Cr
Other assets122 Cr117 Cr114 Cr110 Cr115 Cr149 Cr122 Cr133 Cr703 Cr591 Cr
Total assets876 Cr1,088 Cr879 Cr932 Cr925 Cr1,109 Cr1,186 Cr1,168 Cr2,185 Cr2,666 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity66 Cr-26 Cr179 Cr16 Cr96 Cr2 Cr28 Cr29 Cr157 Cr-105 Cr
Cash from investing-24 Cr-39 Cr-8 Cr-15 Cr-7 Cr-8 Cr9 Cr-22 Cr-625 Cr-7 Cr
Cash from financing-61 Cr77 Cr-182 Cr2 Cr-93 Cr17 Cr-45 Cr-10 Cr472 Cr116 Cr
Net cash flow-19 Cr12 Cr-11 Cr3 Cr-4 Cr11 Cr-7 Cr-3 Cr4 Cr3 Cr
Free cash flow (OCF − Capex)54 Cr-56 Cr162 Cr6 Cr90 Cr-7 Cr18 Cr29 Cr-78 Cr-215 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.1%7.6%9.4%7.5%9.8%9.7%14.4%14.1%21.6%20.7%
ROE %7.1%1.6%1.3%0.1%2.0%3.9%10.2%7.9%17.0%17.6%
Debtor days15325216021820416416717385129
Inventory days1191671171461499899112114127
Days payable1482331221541811221279810560
Cash conversion cycle12418615421017114014018793196
OCF / EBITDA %80.9%-43.3%281.8%30.8%140.6%2.7%23.4%21.7%47.8%-27.5%
OCF / EBITDA % (3 years)——106.7%96.5%158.7%59.8%48.6%18.2%36.7%9.5%
Debt / equity0.600.940.720.870.720.910.840.460.230.30
Current ratio1.331.211.311.331.441.351.401.831.741.82
Net debt / EBITDA2.354.983.765.583.584.412.681.900.851.17