Transformers & Rectifiers (India) Limited was originally incorporated on 11 July 1994 as 'Triveni Electric Company Limited'. Mr. Jitendra U. Mamtora Mrs. Karunaben J. Mamtora and Mr. Satyen J. Mamtora promoted the Company. In 1995 the Company's name was changed to Transformers and Rectifiers (India) Limited. The chairman of the company is Jitendra U Mamtora, and the managing director is Satyen J Mamtora.
The company is a leading Indian manufacturer of transformers & reactors. Its product portfolio includes Single-phase power transformers up to 500MVA & 1200kV Class, Furnace Transformers, Rectifier & Distribution Transformers, Specialty Transformers, Series & Shunt Reactors, Mobile Sub Stations, Earthing Transformers, etc. It operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors.
The Gujarat-based company has established itself as a key player in India's power infrastructure sector, providing comprehensive solutions for various applications including power generation, transmission and distribution, railways, renewable energy, infrastructure, and industrial manufacturing. It has two manufacturing facilities, located in Changodar and Odhav in Ahmedabad. In 1998, the company was awarded ISO 90012000 accreditation by Bureau Veritas for designing, manufacturing and servicing of power transformers up to 200 Mega Volt-Ampere, 220 kV class, and furnace transformers up to 63 Mega Volt-Ampere, 33 kV class.
The Company offers a range of power transformers from medium to ultra-high voltage (1200 kV AC) and from small (5 MVA) to large power ratings (500 MVA). The Company's power transformer product range includes auto transformers, generator step-up unit transformers, small and medium power transformers, trackside traction transformers, and auxiliary transformers.
Its rectifier transformer product range includes bushing current transformer and instrument transformers. Its distribution transformer product range covers 250 kilovolt amperes (kVA) to 4000 kVA, 11 to 33 kV. Its Furnace transformer product range include electric arc furnace transformer, submerged arc furnace transformer, and ladle refining furnace transformer.
Once all ongoing expansions are completed, TARIL's total transformer manufacturing capacity will grow to 75,000 MVA per year. The company also intends to improve its capacity utilization from the current 65 per cent uilitization to around 80 per cent in FY26.
Transformers & Rectifiers India Ltd has a market capitalisation of Rs 15,490 crore. The company has demonstrated exceptional growth trajectory in recent years, with Transformers & Rectifiers India Ltd share price moved up by 58.69% on BSE. Last 3 Years: Transformers & Rectifiers India Ltd share price moved up by 3460.00% on BSE.
The net profit soared 357% to Rs 216.58 crore on a 56% increase in revenue from operations to Rs 2019.38 crore in the year ended March 2025 (FY25) over the year ended March 2024 (FY24). The company's consolidated net profit surged 125% to Rs 94.17 crore on a 32% increase in revenue from operations to Rs 676.48 crore in Q4 March 2025 over Q4 Mar. As on 31 March 2025, the company's unexecuted order book stood at Rs 5,132 crore, while Q4FY25 order inflow was at Rs 2144 crore.
Key Financial Metrics (as of March 31, 2025):
- Revenue: Rs 2,019.38 crore (FY25)
- Net Profit: Rs 216.58 crore (FY25)
- Q4FY25 Revenue: Rs 676.48 crore
- Q4FY25 Net Profit: Rs 94.17 crore
- Unexecuted Order Book: Rs 5,132 crore
- Total FY25 order inflow was at Rs 4,504 crore.
Transformers & Rectifiers (India) Ltd [TARIL] recorded the company's highest-ever annual order inflow during FY25. TARIL reported order inflow of Rs.4504 crore in FY25 (April 1, 2024 to March 31, 2025) that was the highest ever in the company's history. The FY25 order inflow was bolstered by an order valued at Rs.740 crore placed on TARIL by Gujarat Energy Transmission Corporation Ltd (GETCO) in Q4 (January to March) of FY25. This was TARIL's single largest order ever, and it is also believed that it is the largest order that GETCO has ever placed on a single entity.
Meanwhile, inquiries under negotiation exceeded Rs 22,000 crore. As of March 31, 2025, TARIL's order book position stood at Rs.5,132 crore with export orders accounting for around 15 per cent. According to the company's senior management addressing an investor conference, TARIL intends to maintain the export share of business at around 15 per cent, as it would rather focus on the domestic market where the demand is high and the payment cycle efficient.
The company has embarked on an ambitious expansion and backward integration strategy. TARIL aims to be a fully backward integrated company by Q1FY27. To this effect, the company has already taken important steps like in-house manufacture of transformer bushings (of up to 245kV) and picking up majority equity stake in a CRGO processing house.
TARIL has outlined capital expenditure (capex) plans worth Rs.550 crore that will be implemented over the next 18 months. This capex will be incurred towards capacity expansion of transformers as well as implementing backward integration measures. This capex will be financed through a recent QIP (qualified institutional placement) of Rs.500 crore, as well as internal accruals.
Chairman Jitendra Mamtora stated that the company is aiming to become a 100% backward integrated organization by Q1 of FY26-27. Also targeting $1 billion annual revenue in three–four years, it added, retaining 'buy' on sector tailwinds coupled with company-level strategic initiatives to capitalise on the ongoing power T&D capex super-cycle.
Key changes to the Transformers & Rectifiers India Ltd shareholding are as follows: Promoter holding in Transformers & Rectifiers India Ltd has gone down to 64.36 per cent as of Mar 2025 from 66.16 per cent as of Sep 2024. 100% of analysts recommend a 'BUY' rating for Transformers & Rectifiers India Ltd. Average target price of ₹718
The company has secured several notable contracts recently, including Transformers and Rectifiers (India) has secured Export Order of USD 16,645,724.00/- from Jindal Energy Botswana Pty Ltd for manufacture of 12 Nos of various types of transformers. The contract is for supplying 12 units of various types of transformers. Meanwhile, TARIL also achieved its highest-ever production during FY25, standing at 29,118 MVA in FY25, up from 16,425 MVA in FY24.
With India's power infrastructure development accelerating and the company's strategic positioning in the transformer manufacturing sector, TARIL appears well-positioned to capitalize on the growing demand for electrical equipment and transmission infrastructure in the country.
