Transformers & Rectifiers (India) Ltd (TARIL) reported a significant increase in manufacturing output and order intake for the financial year ended March 2025. The company produced approximately 29,000 MVA of transformer capacity, compared to around 16,400 MVA in the previous year. Standalone revenue rose 53 percent year-on-year to INR 19.5 billion, while profit after tax reached INR 1.87 billion, marking a 325 percent increase.
TARIL received new orders worth INR 45.04 billion during FY25, including a single order of INR 7.4 billion from Gujarat Energy Transmission Corporation (GETCO). The company’s total unexecuted order book stood at INR 51.32 billion, providing visibility for the next 15–18 months. The company aims to reach an order book of INR 80 billion in FY26.
Manufacturing capacity is set to increase to 75,000 MVA following expansions at the Moraiya plant and other facilities. TARIL has also initiated backward integration in critical raw materials, such as cold-rolled grain-oriented (CRGO) steel, with a capital expenditure plan of INR 5.5 billion. This investment is being funded through internal accruals and proceeds from a recent qualified institutional placement.
Operational improvements included automation measures, such as a new radiator facility and short-circuit testing enhancements. The company expects EBITDA margins to remain in the range of 16–17 percent and PAT margins around 10 percent. For FY25, Return on Capital Employed (ROCE) was reported at 22.76 percent and Return on Equity (ROE) at 23.13 percent.
TARIL is currently focusing on high-voltage and specialized transformers for the domestic market, with no immediate plans for major export expansion. Capacity utilization is projected to rise from approximately 65 percent to 80 percent, and the working capital cycle is expected to remain around 120 days.
The company reported that it is receiving inquiries worth INR 220 billion, indicating continued interest in its product offerings.