TRANSFORMERS & RECTIFIERS

TARIL

NUVAMA – TP ₹200 • Q2 sales/EBITDA/PAT missed by 35%/55%/59% amid weak execution • OPM down 380bps YoY to 11.2% • Order inflow ↓ 43% YoY; order book ~₹5,500 Cr • FY26 revenue guidance cut 25% to ₹2,600 Cr; capex delays at Changodhar • EPS cut by 22%/30%/36% (FY26–28); valuation reduced to 25x FY28E PE • Downgraded due to weak outlook & limited visibility