Detailed Narrative
Robust FY26 Performance and Record Production
T R I L delivered a strong financial performance in FY26, marking its second consecutive year of record-breaking revenue and profitability. Consolidated revenue for FY26 reached ₹2,509 crores, a significant increase from ₹2,019 crores in FY25. The company also achieved its highest ever production, manufacturing 33,763 MVA, up from 29,118 MVA in FY25, demonstrating strong operational capabilities. Consolidated EBITDA for FY26 stood at ₹444 crores, with PAT at ₹272 crores.
Strategic Order Book Management and Visibility
The company adopted a deliberate strategy of selective order intake in FY26, focusing on more lucrative orders with favorable payment and delivery terms. This approach led to an order inflow of ₹2,374 crores in FY26. As of March 31, 2026, the unexecuted order book stood at over ₹5,000 crores, providing clear revenue visibility for the next 18 months. Management explicitly stated they are not taking orders beyond a 24-month delivery horizon.
Backward Integration and Margin Enhancement Initiatives
T R I L's backward integration journey is well on track, with site readiness progressing and orders placed for long-lead plant and machinery items. The newly acquired CRGO processing unit has already commenced operations, contributing to in-house capabilities. These initiatives, along with technological tie-ups, are expected to enhance cost efficiency, reduce external dependency, and improve the margin profile by an additional 150-200 bps, with some estimates suggesting 200-300 bps from next financial year, aiming for ~35% gross margins.
Capacity Expansion and Project Timelines
The company is actively pursuing capacity expansion at its Changodar and Moraiya plants. The Changodar facility, initially delayed due to extended monsoons, is now expected to be operational from Q2 FY27, targeting 75-80% utilization by the next financial year. The Moraiya plant expansion is planned after this year's monsoon, likely by Q3 FY27. The existing Moraiya plant is currently operating at approximately 75% utilization, which the company aims to maximize.
Entry into HVDC Sector and PGCIL Approvals
T R I L has secured an HVDC transformer repair order from PGCIL, making it the first Indian company to undertake such a project. This entry is strategic, as HVDC is a highly technical segment with limited competition and better margins. The company expects PGCIL approval as an HVDC manufacturer after 6 months of satisfactory operation of the repaired transformer. Additionally, the fully automated radiator facility has received PGCIL approval, and the process for tank manufacturing facility approval is underway.
FY27 Outlook and Growth Targets
Looking ahead to FY27, T R I L has set a revenue target of approximately ₹3,250 crores, representing a significant growth of 35-40% over FY26. The management is confident in maintaining improved margins, with EBITDA margins expected to remain in the 15-17% range. The company's long-term vision is to become a '1 billion revenue company' within the next few years, driven by strong order book execution, expanded capacity, and continuous operational efficiency improvements.
Working Capital Management and Receivables
The company noted that receivables and inventory levels were higher in FY26 compared to FY25. This was primarily attributed to last-minute collections in March, with approximately ₹200 crores collected in the first 15 days of April. Delays in payments from government utilities due to budget-related issues were cited as a contributing factor. Management is actively mitigating these working capital pressures.