India’s transformer sector is experiencing significant momentum, with the market valued at approximately $4.5 billion in 2025. Propelled by the Union Budget 2025-26’s emphasis on expanding power transmission and integrating renewable energy, the industry is poised for strong growth. Manufacturers are reporting full order books, with some companies seeing record order inflows in the first quarter of FY25-26.
With a market capitalisation of Rs 14,747 crore, the shares of Transformers and Rectifiers (India) Ltd closed in the red at Rs 491.3 per share, decreasing 3 percent as compared to the previous closing price of Rs 506.5 apiece.
Transformers & Rectifiers India is charting a strong growth path, projecting its FY26 order book to reach Rs. 8,000 crore while maintaining healthy 17-18 percent margins. With a robust FY26 target of Rs. 3,500 crore topline, supported by 18,000 MVA enquiries in the pipeline, the company demonstrates solid revenue visibility and sectoral strength.
The management’s focus on becoming net debt-free within 18-24 months enhances financial resilience, while expansion aims to raise capacity utilisation from 65 percent in FY25 to 85-90 percent in FY26. With these strategies, the company is well-positioned to achieve its $1 billion revenue milestone in three years.
Transformers & Rectifiers (India) Ltd. is expanding its Moraiya facility with a new 22,000 MVA manufacturing capacity, expected by Q2 FY26. It is also enhancing its CRGO processing and backward integration units to improve quality and self-reliance. These strategic moves aim to boost operational efficiency, ensure raw material control, and strengthen cost competitiveness for long-term growth.
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In Q1 FY26, TARIL posted revenue of Rs. 529 crore, down 22 percent sequentially from Rs. 677 crore in Q4 FY25. However, it delivered strong year-on-year growth of 64 percent against Rs. 322 crore in Q1 FY25, reflecting sustained demand and improving business momentum despite quarterly moderation.
The company posted a net profit of Rs. 67 crore, down 28 percent QoQ from Rs. 94 crore, yet showcasing a strong 219 percent YoY surge from Rs. 21 crore. Notably, PAT margin improved by 586 bps, rising from 6.4 percent in Q1 FY25 to 12.26 percent in Q1 FY26.
In Q1, the company reported a robust unexecuted order book of Rs. 5,246 crore and secured fresh orders worth Rs. 665 crore. A highlight was the single largest export order of USD 16.65 million from Jindal Energy Botswana. Additionally, inquiries worth over Rs. 18,000 crore are under negotiation, ensuring strong business visibility and growth momentum.
Transformers & Rectifiers (India) Ltd. demonstrates a robust domestic customer base, reflecting strong industry trust. Their clientele includes major power and infrastructure giants like PowerGrid, NTPC, Adani, Tata Power, JSW, Siemens, and SAIL.
This diversified portfolio across power, renewables, steel, and engineering sectors reinforces the company’s credibility, growth potential, and deep-rooted business relationships across India’s industrial ecosystem.
Transformers and Rectifiers (India) Limited is an India-based company that manufactures power, furnace, and rectifier transformers. The Company is a manufacturer of a range of transformers, which are provided to both the domestic and international markets.
Written by Abhishek Singh
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