Transformers & Rectifiers (India) Ltd (BOM:532928)

Q2 2026 Transformers and Rectifiers (India) Ltd Earnings Call Transcript

Nov 10, 2025 / 08:30 AM GMT

Release Date Price: ₹314.2 (-20.00%)

Transcript

Key Points

Positve

Transformers & Rectifiers (India) Ltd (BOM:532928) reported a strong order pipeline for H2 FY26, with opportunities exceeding 8,000 crore INR.
The company is on track to achieve a 25% revenue growth over FY25, targeting around 2,600 crore INR with an EBITDA margin of approximately 16%.
The company's backward integration strategy is yielding positive results, with subsidiaries showing excellent performance and increasing profits.
Transformers & Rectifiers (India) Ltd maintains a robust balance sheet with healthy liquidity and a current ratio of 3.45.
The company is progressing well with its capacity expansion and backward integration projects, which are expected to contribute to cost efficiency and margin improvement in the coming quarters.

Negative

Revenue for Q2 FY26 was lower due to temporary operational challenges, including a shortage of key raw materials and heavy rainfall affecting manufacturing sites.
Margins were impacted by the delivery of older, low-margin orders and the effect of fixed costs on reduced revenue.
The Tula expansion project is slightly delayed due to monsoon and equipment delivery issues.
The company faced a debarment from the World Bank, affecting its ability to participate in World Bank-funded projects, although it claims no current orders are impacted.
Profitability was affected by the issuance of employee stock options, which added expenses to the bottom line.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TRNF.NS - Transformers and Rectifiers (India) Ltd
Q2 2026 Transformers and Rectifiers (India) Ltd Earnings Call
Nov 10, 2025 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Transformers and Rectifiers India Limited Q2 FY26 earnings conference call hosted by Novama Institutional Equities. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing, then 0 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shubhaev Mitra.

Thank you and over to you, sir.

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