Synopsis: Transformers and Rectifiers (India) Limited (TRIL) has received a fresh order worth Rs. 228.26 crore from Gujarat Energy Transmission Corporation Limited (GETCO) for the supply of transformers and reactors. The order strengthens the company’s execution pipeline and highlights rising demand in India’s power transmission sector.
Transformers and Rectifiers (India) Limited is one of India’s major manufacturers of power transformers and reactors used in transmission and distribution infrastructure. The company supplies equipment to state utilities, power generation companies, renewable energy projects, and industrial clients across India and overseas markets.
Transformers and Rectifiers (India) currently has a market capitalization of Rs. 9,311 crore, while its shares are trading around Rs. 310 per share, up by 1.50% compared to its previous close of Rs. 306. The stock has touched a 52-week high of Rs. 579 and a low of Rs. 224. Transformers and Rectifiers has a stock P/E ratio of 35.2, with ROCE and ROE standing at 23.3 percent and 19.1 percent.
According to the company’s latest regulatory filing, Transformers and Rectifiers has secured a domestic order worth Rs. 228.26 crore from Gujarat Energy Transmission Corporation Limited (GETCO), one of the major state-owned power transmission utilities in India.
Under this order, the company will manufacture and supply six power transformers and two reactors along with related installation and associated works. These transformers and reactors are critical electrical equipment used in power transmission networks to ensure smooth voltage regulation and efficient electricity flow across substations and grid infrastructure.
The order is entirely domestic in nature and is expected to be executed on or before August 2028. The company also clarified that neither the promoter group nor related entities have any interest in the awarding authority, and the transaction falls under the normal course of business.
This order is significant for the company because it improves long-term revenue visibility and further strengthens its already robust order book. Rising investments in India’s power infrastructure and renewable energy transmission networks continue to create strong opportunities for transformer manufacturers.
Transformers and Rectifiers delivered a healthy operational performance in Q4 FY26 supported by strong execution and steady order inflows. Revenue from operations increased to Rs. 783 crore in Q4 FY26 compared to Rs. 737 crore in Q3 FY26 and Rs. 676 crore in Q4 FY25, reflecting a growth of around 6 percent QoQ and 16 percent YoY.
The company reported an operating profit of Rs. 118 crore during the quarter with operating margins of 15 percent. Net profit stood at Rs. 91 crore compared to Rs. 76 crore in Q3 FY26 and Rs. 94 crore in Q4 FY25, while earnings per share (EPS) came in at Rs. 2.97 for Q4 FY26.
Industry Outlook
India’s transformer and power equipment industry is expected to witness strong long-term growth due to increasing investments in transmission infrastructure and renewable energy projects. According to industry estimates, India plans to invest over Rs. 9 lakh crore in power transmission infrastructure by 2030.
The rapid expansion of solar and wind energy projects, railway electrification, smart grid systems, and industrial power demand is expected to drive strong demand for transformers and reactors. Companies with strong manufacturing capabilities and execution track records, such as Transformers and Rectifiers, are likely to benefit significantly from these long-term sectoral opportunities.
Transformers and Rectifiers continues to strengthen its business momentum through strong order inflows and consistent financial performance. The Rs. 228 crore GETCO order improves revenue visibility and reinforces the company’s position in India’s growing transmission infrastructure sector.
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