Transformers and Rectifiers Q2 Results: Profit Up 135% to ₹79.8 Crore, Order Book at ₹7,237 Crore

Transformers and Rectifiers Q2 results were a big beat. Consolidated net profit for the September quarter rose 135% year-on-year to ₹79.8 crore from ₹33.9 crore, and revenue from operations climbed 60.7% to ₹739.4 crore, CNBC-TV18 reported on October 13, 2026. The Ahmedabad-based power equipment maker (NSE: TARIL) also had an unexecuted order book of ₹7,237 crore as of September 30, 32% bigger than a year ago. For how the wider market moved this week, see our stock market today India hub.

Transformers and Rectifiers Q2 results: the numbers

EBITDA (earnings before interest, tax, depreciation and amortisation) more than doubled to ₹128.8 crore from ₹58.9 crore, per CNBC-TV18, and the EBITDA margin widened to 17.4% of revenue from 12.8%. Every line the channel polled came in ahead of estimates. The poll had pencilled in ₹66.9 crore for net profit, ₹605.5 crore for revenue, ₹99.7 crore for EBITDA and a 16% margin.

You’ll see two different profit growth figures floating around. Both come from the same statement. A line-by-line summary of the consolidated filing puts total profit for the period at ₹81.38 crore against ₹37.35 crore, a rise of about 118% — the number Financial Express led with. The 135% figure is the ₹79.8 crore net profit used by CNBC-TV18 and BusinessLine. Basic and diluted earnings per share came in at ₹2.66, up from ₹1.13.

The filing summary also shows revenue from operations of ₹739.44 crore against ₹460.03 crore a year earlier, and profit before tax of ₹109.93 crore against ₹45.30 crore. On a sequential basis, Financial Express said revenue grew about 29% from ₹572.34 crore in the June quarter.

Orders keep coming in

Order inflow in the September quarter was ₹1,169 crore, up 97% year-on-year, BusinessLine reported. CNBC-TV18 put first-half FY27 inflow at ₹3,283 crore, up 161%. In its release, the company said it expects to execute the ₹7,237 crore order book over the next 18 to 24 months. Beyond that sits an inquiry pipeline under negotiation of roughly ₹21,000 crore. The company’s historical win ratio is 10% to 15%, and about 80% of the bidding pipeline is domestic with 20% export, per BusinessLine.

One win stands out. During the quarter the company bagged its first nuclear power order, for generator transformers for Nuclear Power Corporation of India’s Kaiga Units 5 and 6 project. CNBC-TV18 said it also picked up orders from Megha Engineering & Infrastructures, Andhra Pradesh Transmission Corporation, Damodar Valley Corporation and Gujarat Energy Transmission Corporation.

New capacity and the FY27 guidance

Managing Director and CEO Satyen Mamtora told CNBC-TV18 that better utilisation at the Changodar and Moraiya plants drove the revenue growth. The transformer manufacturing expansion at Changodar is nearly done, he said, with commercial production expected around Diwali. Backward integration facilities should be commissioned by the first quarter of FY28, with room for a delay of up to one quarter. Guidance for FY27 stays at 25% revenue growth, a 16% EBITDA margin and a profit after tax margin of 9% to 10%.

How the stock stands, and what to watch

The numbers came out after market hours. On Tuesday the stock had closed 3.05% higher at ₹303.80 on the BSE, according to BusinessLine, and CNBC-TV18 pointed out it was still down more than 38% over the previous 12 months. Wednesday is the market’s first real chance to react.

For us, the story comes down to execution and margins. An order book 32% larger and a nearly finished Changodar expansion give decent revenue visibility. But this quarter’s 17.4% EBITDA margin sits above the 16% full-year guidance, so the question is whether margins hold up as the new capacity ramps up. And when you see the two profit headlines side by side, check which line each one is quoting. Our guide to how to analyse quarterly results of a company and the explainer on YoY vs QoQ growth show how to read these numbers.