T R I L

T R I L achieved a landmark financial year in FY25, reporting its highest-ever production of 29,118 MVAs, a substantial 77.29% increase from 16,425 MVAs in FY24. Consolidated revenue reached INR2,051 crores, surpassing the guided target of INR2,000 crores. Standalone EBITDA grew by 149% to INR320 crores, with the margin improving to 16.12%, while standalone PAT jumped 325% to INR187 crores, achieving a 9.45% margin. This robust performance was attributed to strong execution capabilities and sustained demand from both domestic and export markets.

The company is aggressively expanding its manufacturing capabilities and strengthening backward integration. It launched two major capacity expansions: 15,000 MVA starting April 2024 (Phase 1 by May 2025) and 22,000 MVA at EHV facilities by February 2026, aiming for a total capacity of 75,000 MVA. T R I L also acquired a controlling stake in a CRGO processing unit, achieving 100% backward integration for this critical raw material, which constitutes 32-35% of transformer cost. A total capex of INR550 crores is planned over the next 15 months, with INR400 crores allocated for FY26, split 60% for backward integration and 40% for organic growth.

T R I L secured a record total order inflow of INR4,504 crores in FY25, including a landmark INR740 crore order from GETCO. The unexecuted order book stood at INR5,132 crores as of March 31, 2025, providing clear revenue visibility for the next 15 to 18 months. For the next financial year, the company targets an order book input (inflow) of INR8,000 crores and aims for the unexecuted order book to reach INR8,000 crores by year-end, signaling strong growth expectations. The current order book comprises 45% utility business and 55% EPC and other businesses, with 70% in 220 kVA plus transformers.

While Q4 FY25 saw a robust consolidated EBITDA margin of 19% due to specific high-margin orders, management guided for a sustainable yearly margin of 16-17%. The company's strategy focuses on increasing margins through operational efficiencies and improved quality rather than solely through price increases. Backward integration, particularly for CRGO and critical components like bushings and insulation products, is expected to enhance operational efficiency, reduce lead times, and contribute additional margins, albeit a modest 0.25% on a product basis from CRGO.

T R I L is targeting entry into the HVDC segment, anticipating trial orders for the repair of HVDC transformers due to grid failures, aligning with the 'Indian-make philosophy.' The company plans to develop the necessary technology in-house, as it is not readily available from external sources. The market for special duty transformers, particularly for green hydrogen and ammonia production, is growing rapidly, with T R I L positioned as a major supplier of rectifier transformers globally, indicating strong future demand in this segment.

The company significantly improved its financial health, with the Debt-to-Equity ratio reducing to 0.2% in FY25 from 0.84% in FY24, and a target to become debt-free within 1-2 years. Debtor days improved to 114 days from 156 days, with a target to maintain around 120 days. The INR500 crore QIP proceeds, along with internal accruals, will fund the ambitious capex plans, ensuring sufficient capital for growth without needing further external funding. Non-current trade receivables of INR336 crores are expected to be realized within the next 6-12 months.