Transformers & Rectifiers (India) Ltd (NSE:TARIL)

Q3 2026 Transformers and Rectifiers (India) Ltd Earnings Call Transcript

Jan 8, 2026 / 10:30 AM GMT

Release Date Price: ₹291.5 (-9.25%)

Transcript

Key Points

Positve

Transformers & Rectifiers (India) Ltd (BOM:532928) reported strong Q3 FY26 results with revenues of 704.21 crore and an EBITDA of 11 crore, marking a significant improvement in operational momentum.
The company received a strategically important HVDC repair order from Power Grid, making it the first Indian-origin company to receive such an order, highlighting its technological capabilities.
Backward integration initiatives are progressing well, with multiple facilities planned to enhance in-house value addition and reduce external dependencies, expected to improve cost efficiency.
The company is on track to achieve a 25% revenue growth for the full financial year, targeting revenues of approximately 2,600 crore with an EBITDA margin of around 16%.
Strong governance framework and internal processes are emphasized, with audited financial results declared within 8 days of the quarter's close, reflecting commitment to best-in-class disclosure standards.

Negative

There was a deferment of revenue due to monsoon and supply chain disruptions, affecting the quarterly performance.
The company faces challenges with price variations and external dependencies, particularly in the supply of critical components like bushings and CRGO.
Order book management is a concern, with a deliberate decision to limit order intake to avoid overextending beyond 18 months, which could impact future growth.
The World Bank debarment issue remains unresolved, with a deadline for response approaching, potentially affecting the company's reputation and operations.
The industry faces potential competition from Chinese manufacturers, although current regulations require them to manufacture in India, which could impact market dynamics.

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

TRNF.NS - Transformers and Rectifiers (India) Ltd
Q3 2026 Transformers and Rectifiers (India) Ltd Earnings Call
Jan 08, 2026 / 10:30AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good evening and welcome to the Transformers and Rectifiers India Limited Q3 FY26 conference call hosted by Norma Wealth Management Limited.

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 this 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 over the conference to Mr. Vikram Tatwani from Nuama Milk Management Limited.

Thank you and over to you.

---------------------------

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