TARIL

Core business: TARIL makes power transformers, specialty transformers, reactors, mobile substations, etc. Order book strength: According to its Q4 FY25 report, TARIL’s unexecuted order backlog is ₹5,132 crore, up 99% YoY. Capex plan: The company is aggressively expanding capacity — it plans to raise its transformer manufacturing capacity from 40,000 MVA to 75,000 MVA. Backward integration: They are building upstream capabilities (CRGO steel processing) to reduce raw-material risk and improve margins.