Transformers & Rectifiers (India) (TARIL) share price
Shares of Transformers & Rectifiers (India) (TARIL) tanked 12 per cent to ₹292.90 on the BSE in Wednesday’s intra-day trade amid heavy volumes after the company reported a disappointing set of numbers for the quarter ended March 2026 (Q4FY26).
Till Tuesday, the stock had rallied 31 per cent in the month of April. It had hit a 52-week low of ₹224.30 on February 2, 2026, and a 52-week high of ₹594.80 on April 23, 2025.
TARIL – Q4 results
TARIL is a prominent player in the manufacturing of transformers & reactors in India. The company operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors. It has an installed capacity across units of ~75,000MVA.
For Q3FY26, TARIL reported 3.3 per cent year-on-year (YoY) decline in consolidated profit after tax at ₹91.1 crore against ₹94.17 crore in Q3FY25. Revenue from operations grew 15.7 per cent YoY to ₹782.67 crore from ₹676.48 crore in a year ago quarter. EBITDA margin contracted 210 bps to 17.5 per cent against 20.2 per cent.
The management said the improvement in revenue was due to faster execution of major orders, better production planning, internal control & systems, etc. They expect tailwinds to continue and good improvement going forward due to infrastructure push by the Government through Budget 2026 and Viksit Bharat 2047.
TARIL’s order book stood at ₹5,005 crore as of March 31, 2026, with a healthy tender pipeline of ₹23,000+ crore.
ICICI Securities view on TARIL
While FY26 performance remained strong on a full-year basis, Q4FY26 saw margin compression and a decline in profitability, indicating near-term cost pressures. Additionally, the order book at ₹5,005 crore remains significantly below earlier guidance of ~₹8,000 crore, highlighting weaker order inflows and cautious order booking strategy, ICICI Securities said in a note.
Further, delays in capacity expansion timelines (Changodar and Moraiya plants) push back the growth ramp-up, raising concerns on execution. Management’s FY27 revenue guidance of ~₹3,250 crore implies strong growth; however, given order book miss and execution delays, guidance credibility remains a key monitorable, the brokerage firm said.
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