Transformers & Rectifiers revenue up 9.5% but profit slips 17% on costs
Q1 standalone PAT fell to ₹49.87 cr as material and finance costs ate into gains. The results are in line with FY27 revenue guidance of ₹3,250 cr, but margins remain under watch.
— 4 earlier stories on Transformers & Rectifiers (India) Ltd. →What's new
- Standalone revenue rose 9.5% YoY to ₹559.28 cr, but PAT dropped 17% to ₹49.87 cr.
- Consolidated revenue up 8.1% to ₹572.34 cr; PAT slipped to ₹64.29 cr from ₹67.46 cr.
- Higher material costs and finance charges squeezed profitability in the quarter.
Why this matters
The company's record order book of ₹6,630 cr promises strong revenue visibility, but near-term margin pressure from input costs is limiting earnings growth. The quarterly numbers are routine and don't alter the broader earnings trajectory.
What we're watching
- Trend in material and finance costs in coming quarters.
- Execution pace on the ₹6,630 cr order book.
- Any update on FY27 revenue guidance of ₹3,250 cr.
The full read
Transformers & Rectifiers posted a steady revenue quarter with ₹559.28 cr standalone, up 9.5%, but net profit slipped 17% to ₹49.87 cr as material and finance costs rose. On a consolidated basis, revenue came in at ₹572.34 cr with PAT at ₹64.29 cr versus ₹67.46 cr a year earlier. The numbers are routine and in line with the company's FY27 revenue guidance of ₹3,250 cr. The stock trades at 38x trailing earnings and carries a ₹6,630 cr order book (nearly 11x quarterly revenue), offering long-term visibility. The immediate test is whether cost pressures persist and whether the company can convert its record order inflow into margin-accretive execution. The filing adds nothing material to the story.
Questions answered
- How did Transformers & Rectifiers perform in Q1 FY27 compared to last year?
- Standalone revenue increased 9.5% to ₹559.28 crore, while net profit fell 17% to ₹49.87 crore. Consolidated revenue rose 8.1% to ₹572.34 crore, with PAT at ₹64.29 crore versus ₹67.46 crore a year ago.
- Why did profit decline despite revenue growth?
- Higher material costs and finance charges pressured margins. The company did not provide segmented breakdowns, but the cost headwinds are common across the transformer industry.
- Are these results in line with expectations?
- Yes. The analyst rationale notes the numbers are broadly in line with seasonal expectations and the FY27 revenue guidance of ₹3,250 crore. No material new information was disclosed.
- What is the status of Transformers & Rectifiers' order book?
- The order book stood at a record ₹6,630 crore as of a recent disclosure, roughly 11 times quarterly revenue. Key wins include a ₹1,000+ crore order from Power Grid and a ₹228 crore order from GETCO.
- Does this result change the investment thesis for Transformers & Rectifiers?
- No. The quarterly filing is routine and carries no unpublished price-sensitive information. The earnings trajectory remains intact, though margin recovery is a near-term watch point.
Transformers & Rectifiers (India) Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on TARIL →- 20 Jul 2026 · 6:09 PM IST Transformers & Rectifiers revenue up 9.5% but profit slips 17% on costs
- today TARIL guides to 25% revenue growth, 16% EBITDA margin for FY27
- 1d ago Transformers & Rectifiers' order book hits record ₹6,630 cr on 218% inflow surge
- 21d ago TARIL bags record ₹1,000 cr+ order from Power Grid
- 61d ago Transformers & Rectifiers lands ₹228 cr order from Gujarat utility