Transformers and Rectifiers (India) Ltd – FY2025‑26 Results Overview
Date: 21 Apr 2026 | Security Code: 532928 | Trading Symbol: TARIL
1. Financial Highlights
| Metric | FY2025‑26 (Audited) | FY2024‑25 (Audited) | YoY Change |
|---|---|---|---|
| Consolidated Revenue | Rs 2,508.80 cr | Rs 2,019.39 cr | +24% |
| Consolidated Net Profit | Rs 272.17 cr | Rs 216.43 cr | +26% |
| Standalone Revenue | Rs 2,395.49 cr | Rs 1,950.14 cr | +23% |
| Standalone Net Profit | Rs 225.43 cr | Rs 187.57 cr | +20% |
| EPS (Consolidated) | Rs 9.07 | Rs 7.21 | +26% |
| EPS (Standalone) | Rs 7.51 | Rs 6.31 | +19% |
| Total Assets | Rs 2,665.72 cr (Consol.) / Rs 2,500.29 cr (Stand.) | – | – |
| Equity | Rs 1,542.99 cr (Consol.) / Rs 1,440.19 cr (Stand.) | – | – |
Profitability
- Gross margin improved as cost of materials grew slower than revenue.
- Operating expenses remained disciplined, with a modest rise in employee benefits and finance cost.
2. Cash Flow & Liquidity
- Operating Activities: Negative cash flow (‑Rs 58.57 mn standalone, ‑Rs 33.84 mn consolidated) due to higher working‑capital outflows, especially inventory build‑up.
- Financing Activities: Net cash inflow of Rs 115.61 mn (consolidated) driven by increased short‑term borrowings (₹ 370.92 mn vs ₹ 182.21 mn FY‑25).
- Investing Activities: Net cash outflow of Rs ‑109.44 mn (consolidated) mainly from PPE purchases and capital work‑in‑progress.
- Cash & Cash Equivalents: Rose to Rs 8.10 mn (consolidated) / Rs 5.71 mn (standalone), still a modest absolute amount relative to the balance‑sheet size.
3. Dividend & Shareholder Returns
- Proposed Dividend: Rs 0.25 per share (25% of face value), subject to AGM approval.
- Dividend Yield: Approximately 2% based on current share price (assuming ₹ 12‑13 range).
4. Governance Update
- Independent Director Re‑appointment: Mr Rajendra S. Shah (DIN 00061922) re‑appointed for a further five‑year term (25 May 2026 – 24 May 2031).
- No other board changes disclosed.
5. Risks & Opportunities
Risks
- Negative operating cash flow suggests earnings are not yet translating into cash.
- Rising short‑term debt increases refinancing risk and interest burden.
- Inventory accumulation (+Rs 161 mn YoY) may signal demand slowdown or supply‑chain inefficiencies.
Opportunities
- Strong revenue growth indicates robust demand in the power‑equipment sector.
- Margin expansion from better material cost management.
- Potential order book expansion as India pushes for grid modernization and renewable‑energy integration.
6. Outlook
- Management has not provided explicit forward guidance, but the earnings trajectory and dividend proposal point to confidence in continued growth.
- Investors should monitor cash‑conversion trends and debt levels in upcoming quarters.
Prepared on 21 Apr 2026 based on the Board’s announcement and audited financial statements.