Transformers and Rectifiers (India) Ltd

Meeting Details

• Date: Thursday, 20 August 2026.
• Interaction with investors/analysts, in-person.
• Event: Kotak Manufacturing Forum 2026.
• Purpose: general investor interaction.

Order from APTRANSCO

• The awarding entity is APTRANSCO (Transmission Corporation of Andhra Pradesh), a domestic entity.
• The nature and scope involve manufacturing of transformers and related work.
• The order size is classified as a Large Order, with value not disclosed.
• Delivery must be completed within 13 months from the LOI.
• Promoter group has no interest in the awarding entity; not a related party transaction.
• Execution terms: order will be governed by the LOI's terms and conditions.
• Material impact: no material impact disclosed.

Meeting Details

• Date: Thursday, 13 August 2026; Time: not disclosed.
• Mode: In-person at Grand Hyatt, Kalina, Mumbai for Emkay Confluence 2026.
• Event/organiser: Emkay Confluence 2026.

Participants

• Key participants: senior management

Purpose

• Purpose: investor/analyst interaction, referencing public documents; no UPSI intended.

Additional Notes

• Note: No explicit mention of recording, transcript, or presentation availability.

Financial Performance

• Standalone revenue for Q1 FY27 was INR559 crores, up 10% YoY.
• Standalone EBITDA was INR87 crores with 15.6% margin.
• Standalone PAT was INR50 crores, with 8.9% margin.
• Consolidated Q1 FY27 revenue was INR572 crores; EBITDA INR110 crores.
• Consolidated PAT was INR64 crores; EBITDA margin 19.2%.
• Unexecuted order book as of 30 Jun 2026: INR6,630 crores, up 26% YoY.
• Order inflow in Q1 FY27 was INR2,114 crores, up 218% YoY.
• Inquiries under negotiation total INR23,000 crores; win rate historically 10-15%.
• Backward integration aims to bring 80-85% of raw materials in-house.
• Export orders to USA totaled INR150 crores; USA exports targeted at 10-15% of revenue.

Order Book and Capacity

• Unexecuted order book stands at INR6,630 crores, executable over 18-24 months.
• Q1 FY27 revenue growth drivers include Changodar expansion, not demand weakness.
• Changodar capacity utilization expected to be 60-65% this year; 80-85% next year.
• Moraiya utilization currently 60-65%; potential to 80-85% by next year.
• Backward integration reduces external dependency, improving supply chain resilience.
• Orders typically run 18-24 months; PGCIL order is a 30-month exception.

Projects and Capex

• Changodar expansion capex about INR150 crores.
• Backward integration capex around INR900-1000 crores.
• CTC facility: 8,000 MTPA; commissioning by Q2 FY27.
• Pressboard/insulation: 5,000 MTPA Phase I; 10,000 Phase II; commissioning by Q3 FY27.
• RIP bushings: 3,000 units/annum Phase I; 6,000 Phase II; commissioning Q4 FY27.
• Fabrication facility: 25,000 MTPA Phase I; 50,000 Phase II; commissioning by Q1 FY28.
• CRGO processing facility already commissioned.

Balance Sheet and Liquidity

• Standalone debt INR424 crores; tangible net worth INR1,410 crores; debt-to-equity ~0.3x.
• Debt-to-EBITDA ~1.1x; debt rise due to working capital and growth investments.
• FY26 end cash and bank balance INR139 crores; unutilized QIP proceeds INR145 crores.
• Funding for capex to come from QIP, leasing, internal accruals; limited debt.
• Inventory INR561 crores; receivables INR1,057 crores; net working capital days ~170.

Guidance and Outlook

• FY27 guidance: 25% revenue growth; EBITDA margin 16%; PAT margin 9-10%.
• Backward integration expected to lift margins 200-300 bps from FY28 onward.
• Export share targeted at 10-15% of revenue; USA market remains core.
• HVDC manufacturing to start in 15-16 months; repair work to finish in 9 months.
• Capex funding via QIP and leasing; no major debt planned.

Q&A Highlights

• Q1 revenue grew 10%; Changodar throughput temporarily impacted.
• Order book pipeline around INR23,000 crores; win rate 10-15%.
• FY29 topline targeted around INR8,000 crores; earlier 1 billion USD target reflects rupee rates.
• Moraiya utilization expected to reach 80-85% by next year; current 60-65%.
• USA export share guided at 10-15% of revenue; pricing and quality are drivers.
• Raw-material coverage through December 2026; backward integration reduces risk.

Business overview

• Core business: transformer manufacturing across power, distribution, furnace, rectifier, and reactors.
• Capex and capacity: 75,000 MVA across 3 plants with backward integration.
• Global footprint: operations in 40+ countries.

Operational highlights

• Q1FY27 revenue ₹559.28 cr; YoY growth 10%.
• Q1FY27 EBITDA ₹87.37 cr; margin 15.62%.
• Q1FY27 PAT ₹49.92 cr; margin ~8.7%.
• Order inflow ₹2,114 cr; unexecuted OB ₹6,630 cr.
• Major orders: PGCIL >₹1,000 cr; GETCO ₹228 cr; RRVPNL ₹175 cr.
• Export order from USA ₹150 cr; inquiries ₹23,000 cr.
• Capacity: 75,000 MVA across 3 plants; 40+ country presence.
• Changodar expansion causing lower utilization; completion expected by Aug-2026.

Financial performance

• FY26 consolidated revenue ₹2,395 cr; EBITDA ₹370 cr; PAT ₹225 cr.
• FY26 revenue up 23% YoY; EBITDA margin 15.54%; PAT margin 9.4%.
• Q1FY27 standalone revenue ₹559.28 cr; total income ₹573.56 cr.
• Q1FY27 EBITDA ₹87.37 cr; PAT ₹49.92 cr.
• Debt-to-EBITDA ~0.3x; tangible net worth ₹1,542.99 cr.
• Total debt ₹424 cr; cash ₹138.70 cr; current assets ₹1,873.87 cr.

Capital structure & liquidity

• Equity share capital ₹30.02 cr; tangible net worth ₹1,542.99 cr.
• Current liabilities ₹1,032.30 cr; current assets ₹1,873.87 cr.
• Total debt ₹424 cr; cash ₹138.70 cr.

Strategic outlook

• FY27 outlook: 25% revenue growth; EBITDA margin 16%; PAT margin 9-10%.
• Capex plan: Changodar ₹150 cr; backward integration ₹900-1,000 cr; commissioning by Q1 FY28.
• Backward integration: in-house manufacturing of critical components; NABL labs planned.
• QIP proceeds ₹145 cr unutilized; funding through leasing and internal accruals.

Risks & mitigants

• Raw material price volatility mitigated by securing inputs at order receipt.
• Expansion-related capacity constraints addressed by ongoing capacity additions.

Governance & leadership

• Chairman & Founder: Jitendra Mamtora; MD & CEO: Satyen Mamtora.
• Key executives: CFO Mehul Shah; CHRO Bhavin Vahia; CTO Anirudh Jhala; CMO Praveen Srivastava.
• Three factories, six subsidiaries, 1,700+ employees.

Financial highlights

• Revenue from operations Rs 572.34 crore, up 8% YoY.
• EBITDA Rs 109.65 crore; margin 19.16%.
• PAT Rs 64.34 crore.
• Consolidated total income Rs 588.65 crore; PAT Rs 64.29 crore.

Order book and demand

• Order inflows Rs 2,114 crore; up 218% YoY.
• Unexecuted order book Rs 6,630 crore; up 26% YoY.
• Enquiry pipeline around Rs 23,000 crore.

Capex and expansion

• Changodar capacity expansion investment ~Rs 150 crore; completion August 2026.
• Backward integration projects worth Rs 900–1,000 crore.
• Three greenfield facilities at Chiyada progressing as planned.

Outlook and management commentary

• FY27 began on steady footing with healthy project execution and demand.
• Management expects to sustain growth momentum amid favourable fundamentals.
• Changodar expansion to significantly enhance manufacturing capabilities.

Financial results and approvals

• Unaudited standalone and consolidated Q1 2026 results approved for quarter ended June 30 2026.
• Limited review reports on both standalone and consolidated results placed; no material misstatement observed.
• Results prepared in accordance with Ind AS 34 and disclosed as per Listing Regulations.
• Subsidiaries' interim results are not material to the Group.
• Results uploaded on the company website.

Meeting Details

• Date: 21 July 2026; Time: 04:00 p.m. IST; virtual group earnings conference call.
• Organizer: Transformers and Rectifiers (India) Limited.

Participants

• Senior Management of TARIL to address the call.

Purpose

• Discuss unaudited standalone and consolidated results for quarter ended 30 June 2026.

RSCA highlights

• Issued Equity Share Capital: 30,01,65,834 shares.
• Demat breakdown: NSDL 21,13,59,985 (70.41%), CDSL 8,88,05,809 (29.59%), Physical 40.
• ISIN INE763I01026; Face Value Rs 1 per share.
• Listed on BSE (532928) and NSE (TARIL).
• Register of Members updated; no changes in capital during the quarter.
• Common Agency for Share Registry: MUFG Intime India Pvt Ltd.
• Independent Director Rajendra S. Shah re-appointed for 2026–2031.
• Term from 25 May 2026 to 24 May 2031.
• Approval by postal ballot on 22 May 2026.
• Effective from 25 May 2026.