Transformers & Rectifiers India Ltd Analysis
Latest quarterly results :
| Metric | Sep 2026 | Sep 2025 | YoY Growth |
|---|---|---|---|
| Sales | 739 | 460 | ▲ 61% |
| EBITDA | 129 | 51.5 | ▲ 150% |
| Net Profit | 81.4 | 37.4 | ▲ 135% |
| EPS | ₹2.66 | ₹1.13 | ▲ 135% |
Sales (Revenue)
│
▼
Operating Expenses
│
▼
EBITDA
│
▼
Interest
Depreciation
Amortization
Taxes
│
▼
Net Profit
│
▼
Net Profit ÷ Total Outstanding Shares
│
▼
EPS (Earnings Per Share)
Transformers & Rectifiers India Ltd (TARIL)
│
├── Industry
│ └── Power Equipment / Electrical Infrastructure
│
├── Core Business
│ └── Manufacturing Power Transformers & Electrical Equipment
│
├── Products
│ │
│ ├── Power Transformers
│ │ └── Used for high-voltage electricity transmission
│ │
│ ├── Distribution Transformers
│ │ └── Used to supply electricity to homes & businesses
│ │
│ ├── Furnace Transformers
│ │ └── Used in steel & metal industries
│ │
│ ├── Rectifier Transformers
│ │ └── Used in aluminium & chemical industries
│ │
│ └── Reactors
│ └── Used for grid stability
│
├── Customers
│ │
│ ├── Government Power Utilities
│ │ └── Electricity transmission companies
│ │
│ ├── EPC Companies
│ │ └── Build power infrastructure projects
│ │
│ ├── Industries
│ │ └── Steel, Aluminium, Manufacturing plants
│ │
│ └── Renewable Energy Companies
│ └── Solar & Wind power projects
│
├── Business Process
│ │
│ ├── Receive Order
│ │ ↓
│ ├── Design Transformer
│ │ ↓
│ ├── Manufacture
│ │ ↓
│ ├── Testing
│ │ ↓
│ └── Delivery & Installation
│
├── Revenue Model
│ │
│ ├── Product Sales
│ │ └── Selling transformers
│ │
│ ├── Project Orders
│ │ └── Large infrastructure contracts
│ │
│ └── After-Sales Services
│ └── Maintenance & support
│
├── Growth Drivers
│ │
│ ├── Electricity Demand Growth
│ ├── Renewable Energy Expansion
│ ├── Grid Modernization
│ ├── Industrial Growth
│ └── Data Centre Expansion
│
├── Financial Outputs
│ │
│ ├── Sales (Revenue)
│ │ └── Money earned from transformer sales
│ │
│ ├── EBITDA
│ │ └── Profit from manufacturing operations
│ │
│ ├── Net Profit
│ │ └── Final profit after all expenses
│ │
│ └── EPS
│ └── Profit earned per share
│
└── Risks
│
├── Raw Material Price Risk
│ └── Copper, steel prices
│
├── Project Delay Risk
│ └── Government/EPC delays
│
├── Competition
│ └── Other transformer manufacturers
│
└── Working Capital Risk
└── Delay in customer payments
Simple Business Model Flow
Electricity Growth
↓
More Power Projects
↓
Need for Transformers
↓
TARIL Receives Orders
↓
Manufactures Transformers
↓
Sells to Utilities & Industries
↓
Revenue
↓
Profit
↓
EPS Growth
↓
Shareholder Value
Transformers & Rectifiers India Ltd (TARIL)
│
├── 1. Company Identity
│ │
│ ├── Industry
│ │ └── Electrical Equipment / Power Infrastructure
│ │
│ ├── Business Type
│ │ └── B2B Manufacturing
│ │
│ └── Core Purpose
│ └── Converts electricity infrastructure demand into transformer products
│
│
├── 2. Business Model
│ │
│ ├── Input
│ │ │
│ │ ├── Raw Materials
│ │ │ ├── Copper
│ │ │ ├── Electrical Steel
│ │ │ ├── Aluminium
│ │ │ └── Insulation Materials
│ │ │
│ │ └── Engineering Knowledge
│ │
│ │
│ ├── Manufacturing Process
│ │ │
│ │ ├── Customer Order
│ │ ├── Transformer Design
│ │ ├── Production
│ │ ├── Testing
│ │ └── Delivery
│ │
│ │
│ └── Output
│ └── Power Transformers & Electrical Equipment
│
│
├── 3. Product Ecosystem
│ │
│ ├── Power Transformers
│ │ └── Electricity transmission networks
│ │
│ ├── Distribution Transformers
│ │ └── Electricity supply to consumers
│ │
│ ├── Furnace Transformers
│ │ └── Steel & metal industries
│ │
│ ├── Rectifier Transformers
│ │ └── Heavy industries
│ │
│ └── Reactors
│ └── Grid stability
│
│
├── 4. Customer Ecosystem
│ │
│ ├── Government Utilities
│ │ └── State electricity boards
│ │
│ ├── Transmission Companies
│ │ └── Power grid infrastructure
│ │
│ ├── EPC Companies
│ │ └── Infrastructure project builders
│ │
│ ├── Industries
│ │ ├── Steel
│ │ ├── Aluminium
│ │ └── Manufacturing
│ │
│ └── Renewable Energy Companies
│ └── Solar & Wind projects
│
│
├── 5. Growth Engine
│ │
│ ├── Electricity Demand Growth
│ │
│ ├── Renewable Energy Expansion
│ │
│ ├── Transmission Network Expansion
│ │
│ ├── Industrial Capex Cycle
│ │
│ └── Data Centre Growth
│
│
├── 6. Financial Model
│ │
│ ├── Sales (Revenue)
│ │ └── Money earned from transformer orders
│ │
│ ├── EBITDA
│ │ └── Operating profitability
│ │
│ ├── Net Profit
│ │ └── Final earnings after expenses
│ │
│ └── EPS
│ └── Earnings generated per share
│
│
├── 7. FFIP Investment Framework
│ │
│ ├── Fundamentals
│ │ │
│ │ ├── Revenue Growth
│ │ ├── Profit Growth
│ │ ├── Margin Expansion
│ │ ├── ROE
│ │ ├── ROCE
│ │ ├── Debt
│ │ └── Cash Flow
│ │
│ │
│ ├── Industry
│ │ │
│ │ ├── Power Sector Cycle
│ │ ├── Government Spending
│ │ └── Infrastructure Theme
│ │
│ │
│ ├── Price Action
│ │ │
│ │ ├── Weinstein Stage Analysis
│ │ ├── 30 Week Moving Average
│ │ ├── Relative Strength
│ │ └── Volume Confirmation
│ │
│ │
│ └── Valuation
│ │
│ ├── P/E Ratio
│ ├── PEG Ratio
│ ├── Peer Comparison
│ └── Historical Valuation
│
│
├── 8. Competitive Advantage (Moat)
│ │
│ ├── Manufacturing Capability
│ │
│ ├── Engineering Expertise
│ │
│ ├── Customer Relationships
│ │
│ └── Order Execution Capability
│
│
├── 9. Peer Network
│ │
│ ├── Voltamp Transformers
│ │ └── Transformer Manufacturing
│ │
│ ├── CG Power
│ │ └── Electrical Equipment
│ │
│ └── Other Power Equipment Companies
│
│
├── 10. Risk Framework
│ │
│ ├── Raw Material Risk
│ │ └── Copper & steel price changes
│ │
│ ├── Working Capital Risk
│ │ └── Customer payment delays
│ │
│ ├── Competition Risk
│ │ └── Pricing pressure
│ │
│ ├── Cycle Risk
│ │ └── Power capex slowdown
│ │
│ └── Valuation Risk
│ └── High expectations priced in
│
│
└── Investment Thesis
│
├── Power Infrastructure Growth
↓
├── More Transformer Demand
↓
├── Higher Orders
↓
├── Revenue Growth
↓
├── Profit Growth
↓
└── Potential Shareholder Value Creation
TARIL
│
├── Sector
│ └── Electrical Equipment
│
├── Industry
│ └── Transformer Manufacturing
│
├── Business Type
│ └── B2B (Business to Business)
│
└── Customers
├── Utilities
├── EPC Companies
├── Industries
└── Renewable Energy Companies
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