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Transformers and Rectifiers (India) Limited
(TARIL)
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Rating:64Neutral
Price Target:
₹318.00
▲(7.76% Upside)
Action:Reiterated
Date:06/20/26
The score is mainly constrained by weak cash-flow conversion (negative operating and free cash flow) despite strong revenue growth and improved profitability/leverage. Technicals are supportive with a clear uptrend, while valuation is less favorable due to a higher P/E and only modest dividend yield.
Positive Factors
Strong Revenue Scaling
The sharp multi-year revenue increase indicates expanding demand for transformers and grid equipment. Sustained growth can strengthen operating scale, customer reach and the company’s position in India’s transmission and distribution infrastructure market.
Negative Factors
Negative Operating and Free Cash Flow
Recent profits are not converting into cash, creating a material durability risk. If investment requirements or working-capital needs remain elevated, the company may depend more on external funding, limiting liquidity and reducing the benefits of reported earnings growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Scaling
The sharp multi-year revenue increase indicates expanding demand for transformers and grid equipment. Sustained growth can strengthen operating scale, customer reach and the company’s position in India’s transmission and distribution infrastructure market.
Read all positive factors
Transformers and Rectifiers (India) Limited (TARIL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹88.95B
Dividend Yield0.07%
Average Volume (3M)64.04K
Price to Earnings (P/E)34.1
Beta (1Y)1.42
Revenue Growth14.60%
EPS Growth-0.37%
CountryIN
Employees553
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)8.68
Shares Outstanding300,165,830
10 Day Avg. Volume37,462
30 Day Avg. Volume64,039
Financial Highlights & Ratios
PEG Ratio1.09
Price to Book (P/B)4.89
Price to Sales (P/S)2.96
P/FCF Ratio-28.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹291.00Price Target Upside-1.39% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)10.86
Revenue Forecast (FY)₹31.82B
Transformers and Rectifiers (India) Limited Business Overview & Revenue Model
Company Description
Transformers and Rectifiers (India) Limited (TRIL), along with its affiliated companies, is a prominent Indian manufacturer and seller of various transformer types. Their product portfolio encompasses power transformers, which include models for g...
How the Company Makes Money
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Transformers and Rectifiers (India) Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 25.52B | 25.09B | 20.19B | 12.95B | 13.73B | 11.45B |
| Gross Profit | 7.38B | 6.78B | 6.35B | 3.60B | 2.78B | 2.05B |
| EBITDA | 4.45B | 4.44B | 3.62B | 1.40B | 1.30B | 734.01M |
| Net Income | 2.59B | 2.64B | 2.14B | 444.97M | 407.38M | 139.87M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 26.66B | 21.85B | 11.68B | 11.86B | 11.09B |
| Cash, Cash Equivalents and Short-Term Investments | 2.92B | 2.92B | 4.09B | 53.34M | 52.49M | 122.47M |
| Total Debt | 0.00 | 4.57B | 2.83B | 2.56B | 3.30B | 3.25B |
| Total Liabilities | -15.43B | 11.23B | 9.13B | 6.05B | 7.85B | 7.46B |
| Stockholders Equity | 15.43B | 15.15B | 12.52B | 5.54B | 3.93B | 3.57B |
Cash Flow | ||||||
| Free Cash Flow | -915.50M | -2.61B | -782.20M | 133.09M | 181.06M | -66.28M |
| Operating Cash Flow | -286.70M | -1.52B | 1.11B | 291.43M | 283.89M | 18.92M |
| Investing Cash Flow | 63.40M | -119.70M | -4.72B | -224.38M | 91.62M | -80.11M |
| Financing Cash Flow | 630.90M | 1.67B | 5.09B | -98.47M | -448.79M | 172.13M |
Transformers and Rectifiers (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹101.06B | 31.91 | ― | 1.09% | 17.84% | -2.60% | |
73 Outperform | ₹38.17B | 38.59 | ― | ― | 21.99% | 28.74% | |
64 Neutral | ₹88.95B | 34.14 | ― | 0.07% | 14.60% | -0.37% | |
59 Neutral | ₹289.63B | 157.63 | ― | ― | 9.56% | -29.50% | |
58 Neutral | ₹25.97B | 23.23 | ― | 1.39% | 18.29% | -18.73% | |
56 Neutral | ₹43.25B | 103.76 | ― | 0.13% | 41.95% | -3.11% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:TARIL
Transformers and Rectifiers (India) Limited
297.25
-199.45
-40.16%
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38.16%
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Transformers and Rectifiers (India) Limited Corporate Events
Transformers and Rectifiers (India) Plans Investor Meet at Kotak Manufacturing Forum 2026
Aug 17, 2026
Transformers and Rectifiers (India) Limited has scheduled an investor and analyst meeting at the Kotak Manufacturing Forum 2026 on Thursday, 20 August 2026, to be held in person. The interaction will be based solely on publicly available informati...
Transformers and Rectifiers (India) Bags Large APTRANSCO Transformer Order
Aug 14, 2026
Transformers and Rectifiers (India) Limited has received a Letter of Intent from Transmission Corporation of Andhra Pradesh Limited (APTRANSCO) for the manufacturing and supply of transformers and related work. The contract, classified by the comp...
Transformers and Rectifiers (India) Secures Extension for 32nd AGM
Aug 4, 2026
Transformers and Rectifiers (India) Limited operates in the electrical equipment sector, supplying transformers and rectifier solutions to power and industrial customers. Listed on both BSE and NSE, the company serves the Indian infrastructure and...
Transformers and Rectifiers (India) Releases Q1 FY27 Earnings Call Transcript
Jul 25, 2026
Transformers and Rectifiers (India) Limited has released the official transcript of its Q1 FY27 earnings conference call held on July 21, 2026 with analysts and investors. The call focused on discussing the unaudited standalone and consolidated fi...
Transformers and Rectifiers (India) Closes Trading Window Ahead of June-Quarter Results
Jun 26, 2026
Transformers and Rectifiers (India) Limited has announced that its trading window for dealing in company securities will be closed from July 1, 2026 until 48 hours after the announcement of its unaudited standalone and consolidated financial resul...
Transformers and Rectifiers (India) Wins Rs. 228 Crore GETCO Order
May 22, 2026
Transformers and Rectifiers (India) Limited has secured a domestic order worth Rs. 228.26 crore from Gujarat Energy Transmission Corporation Limited to manufacture six transformers and two reactors, with delivery scheduled on or before August 2028...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.