TARIL
T R I L share price & financials
- Price
- ₹357.55
- Market cap
- ₹8.9k Cr
- Sector
- Capital Goods
- Calls analysed
- 9
T R I L Q1 FY27
What went well
- Consolidated revenue from operations stood at INR572 crores, with a healthy consolidated EBITDA margin of 19.2%.
- Unexecuted Order Book of INR6,630 crores provides strong revenue visibility, growing 26% year-on-year.
- Q1 FY27 saw a healthy order inflow of INR2,114 crores, marking a 218% year-on-year growth.
What to watch
- Q1 FY27 standalone revenue growth was moderated to 10% YoY due to lower capacity utilization at Changodar plant.
- Working capital days increased to around 170 days (inventory 85 days, receivables 130 days) as of FY26.
What T R I L does
Transformers and Rectifiers (India) Limited designs, manufactures and services a wide range of power, distribution, furnace, rectifier and specialty transformers and reactors (up to 500 MVA and 1200 kV class) used by power generation, transmission, distribution and industrial customers such as utilities, railways, metal processing, cement, paper and green-energy plants. It operates a B2B, largely make-to-order model, winning tenders and negotiated orders from state utilities (e.g., PGCIL, GETCO), industrial groups and export customers, and earns by designing, manufacturing, testing and delivering custom-engineered transformer units to each buyer's specification. The company also undertakes specialised work such as HVDC transformer repair and backward-integrated component manufacturing (CTC, bushings, pressboard, fabrication) to support its core transformer output.
Segments
- Transformers & Reactors
- Installed manufacturing capacity
- ~75,000 MVA per annum across three plants
- Manufacturing plants
- 3 plants (Moraiya, Changodar, Odhav), all near Ahmedabad, Gujarat
- Export/global footprint
- 40+ countries
- Cumulative installations worldwide
- 16,000+ transformers installed globally
- Product voltage/capacity range
- 0.5 MVA to 500 MVA capacity, 5 kV to 1200 kV voltage class
- Market position
- Self-described as India's largest private-sector transformer manufacturing facility; second-largest transformer maker in India by capacity
Guidance record · Q1 FY27
what the last two calls moved 26 tracked 1 delivered 8 missed 17 open- Total MVA Capacity delivered said Q3 FY26 Promised: 75,000 MVA post-expansion Q1 FY27: Achieved. Management states current transformer manufacturing capacity is 75,000 MVA+.
- Revenue Target (FY26) went quiet said Q2 FY25 Promised: INR3,500 crores in next financial year (FY26) Q1 FY27: Target period has passed.
- Long-Term Revenue Target revised down said Q2 FY25 Promised: US $1 billion in the next three financial years (by FY28) Q1 FY27: Confident of reaching $1 billion (revised to INR 8,000 crores) by FY28-29.
All 26 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.1%, net profit down 4.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 462 | 559 | 676 | 529 | 460 −0% | 737 +32% | 783 +16% | 572 +8% |
| EBITDA | 69 | 85 | 131 | 88 | 52 −25% | 125 +47% | 118 −10% | 93 +6% |
| Net profit | 46 | 55 | 94 | 67 | 37 −20% | 76 +38% | 91 −3% | 64 −4% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.1% 1Y
1Y: ₹515.9 on 10 Sept 2025 → ₹288.5. High ₹536.25 (23 Sept 2025), low ₹229.58 (2 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- −5.0%
- 21 Jul
- Q4 FY26
- +3.7%
- 21 Apr
- Q3 FY26
- −9.2%
- 8 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 21.6% a year over 3 years, FY23 to FY26. Operating margin widened to 15.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.3k Cr | ₹2.0k Cr | ₹2.5k Cr |
| Operating profit | ₹121 Cr | ₹134 Cr | ₹327 Cr | ₹383 Cr |
| Operating margin | 8.7% | 10.3% | 16.2% | 15.3% |
| Interest | ₹47 Cr | ₹51 Cr | ₹51 Cr | ₹50 Cr |
| Depreciation | ₹24 Cr | ₹24 Cr | ₹26 Cr | ₹30 Cr |
| Net profit | ₹42 Cr | ₹48 Cr | ₹216 Cr | ₹271 Cr |
| Net margin | 3.0% | 3.7% | 10.7% | 10.8% |
| ROCE | 15.0% | 15.0% | 28.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹14 Cr | ₹30 Cr | ₹30 Cr |
| Reserves | ₹330 Cr | ₹343 Cr | ₹381 Cr | ₹540 Cr | ₹1.3k Cr | ₹1.5k Cr |
| Borrowings | ₹263 Cr | ₹325 Cr | ₹330 Cr | ₹256 Cr | ₹366 Cr | ₹457 Cr |
| Other liabilities | ₹319 Cr | ₹428 Cr | ₹463 Cr | ₹359 Cr | ₹679 Cr | ₹694 Cr |
| Total liabilities | ₹925 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹2.4k Cr | ₹2.7k Cr |
| Fixed assets | ₹181 Cr | ₹168 Cr | ₹153 Cr | ₹144 Cr | ₹245 Cr | ₹250 Cr |
| Capital work in progress | ₹0 Cr | ₹3 Cr | ₹3 Cr | ₹5 Cr | ₹93 Cr | ₹138 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹4 Cr | ₹204 Cr | ₹184 Cr |
| Other assets | ₹744 Cr | ₹936 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.8k Cr | ₹2.1k Cr |
| Total assets | ₹925 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹2.4k Cr | ₹2.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.65 pp while DIIs trimmed −4.50 pp. The shareholder count grew 19% to 2,15,267.
- Promoters
- 64.4%
- FIIs
- 7.8%
- DIIs
- 1.5%
- Public
- 26.3%
Since Jun 2025
- Public +7.65 pp
- DIIs −4.50 pp
- FIIs −3.14 pp
How it drifted, 12 quarters
Over this window promoters fell from 74.9% to 64.4% — −10.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 74.9%, FIIs 0.6%, Public 24.5%.Dec '23: Promoters 69.7%, FIIs 3.5%, Public 26.9%.Mar '24: Promoters 69.7%, FIIs 4.5%, DIIs 1.9%, Public 24.0%.Jun '24: Promoters 66.2%, FIIs 8.0%, DIIs 6.3%, Public 19.5%.Sep '24: Promoters 66.2%, FIIs 9.3%, DIIs 6.9%, Public 17.6%.Dec '24: Promoters 64.4%, FIIs 11.1%, DIIs 7.7%, Public 16.9%.Mar '25: Promoters 64.4%, FIIs 11.3%, DIIs 7.2%, Public 17.1%.Jun '25: Promoters 64.4%, FIIs 10.9%, DIIs 6.0%, Public 18.7%.Sep '25: Promoters 64.4%, FIIs 11.2%, DIIs 6.0%, Public 18.5%.Dec '25: Promoters 64.4%, FIIs 7.0%, DIIs 4.2%, Public 24.4%.Mar '26: Promoters 64.4%, FIIs 8.3%, DIIs 1.8%, Public 25.5%.Jun '26: Promoters 64.4%, FIIs 7.8%, DIIs 1.5%, Public 26.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Jitendra Ujamsi Mamtora HUF newly disclosed 4.55% held
- Invesco India Flexi Cap Fund Mutual fund newly disclosed 1.03% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of T R I L above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jitendra Ujamsi Mamtora | 31.30% | unchanged |
| Janki Aasish Kiri | 9.50% | unchanged |
| Karunaben Jitendra Mamtora | 9.50% | unchanged |
| Satyen Jitendra Mamtora | 9.50% | unchanged |
| Jitendra Ujamsi Mamtora HUF | 4.55% | newly disclosed |
| State Of Wisconsin Investment Board - Alliance Bernstein L.P. Sovereign | 1.22% | unchanged |
| Invesco India Flexi Cap Fund Mutual fund | 1.03% | newly disclosed |
| Aakanksha Satyen Mamtora | 0.01% | unchanged |
| Dilip Ujamashi Mamtora | 0.00% | unchanged |
| Bipin Ujamashi Mamtora | 0.00% | unchanged |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | — | off the list |
| Invesco India Manufacturing Fund Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TARIL
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.1%).
- Held by funds
- ₹9 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹5 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹5 Cr | +0.02 L | Mar '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹3 Cr | +0.01 L | Mar '25 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Mar '25 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Mar '25 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +3,071 shares (+1.1%)
- Funds are sitting on
- -25%
- vs est. average cost
- Held by funds
- ₹9 Cr
- 5 schemes · ≈ 0.12% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹5 Cr · 0.1% of that fund
Shares held by these funds +96%
Mar '25 2.90 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse T R I L
Guides on how to read this kind of business and the numbers that matter.