Transformers and Rectifiers (India) Ltd.

Q2 FY27 Financial Highlights Revenue from Operations: Surged 60.7% YoY to ₹739.4 crore, significantly surpassing consensus estimates of ₹605.5 crore, driven by improved asset utilization at the Changodar and Moraiya manufacturing plants. Operating Profitability: EBITDA more than doubled YoY to ₹128.8 crore (vs. ₹58.9 crore), comfortably beating projections of ₹99.7 crore. Consequently, EBITDA margins expanded sharply by 460 basis points to 17.4%. Net Profit: Consolidated PAT grew 135% YoY to ₹79.8 crore, exceeding the ₹66.9 crore estimate. The reported profit also factored in a notable exceptional gain of ₹131.5 crore during the quarter. Order Book & Business Pipeline Inflows & Backlog: H1 FY27 order inflows surged 161% YoY to ₹3,283 crore. This aggressive acquisition expanded the unexecuted order book by 32% YoY to ₹7,237 crore as of September 30, 2026. Strategic Contract Wins: The company secured a breakthrough maiden order in the strictly regulated nuclear power sector for NPCIL's Kaiga Units 5 and 6. Additional momentum was driven by key contracts from Megha Engineering, APTRANSCO, DVC, and GETCO. Revenue Visibility: The active inquiry pipeline currently under negotiation stands at an expansive ₹21,000 crore, providing significant runway for medium-term revenue realization. Capacity Expansion & Forward Guidance Manufacturing Scale-Up: Transformer manufacturing expansion is nearing physical completion, with commercial production slated around Diwali. This will enable a higher localized output for H2 FY27. Furthermore, backward integration facilities remain on track for a Q1 FY28 commissioning. FY27 Outlook: Management confidently reiterated its full-year guidance, projecting 25% revenue growth, a 16% EBITDA margin, and a 9% to 10% PAT margin.