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Transformers & Rectifiers India Reports Q1 FY27 Revenue Growth; Order Book Hits Record High

TARIL’s Revenue from operations stood at INR 572.34 crore for the quarter ended June 30, 2026, compared with INR 529 crore a year earlier.

July 22, 2026. By Abha Rustagi

Transformers & Rectifiers India (TARIL), a manufacturer of power and specialty transformers, reported an 8 percent rise in revenue for the first quarter of fiscal 2027, while posting record order inflows and its highest-ever unexecuted order book, supported by strong demand from the power sector.

Revenue from operations stood at INR 572.34 crore for the quarter ended June 30, 2026, compared with INR 529 crore a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at INR 109.65 crore, with an EBITDA margin of 19.16 percent.
Profit after tax (PAT) for the quarter was INR 64.34 crore.

The company said revenue growth was moderated by lower capacity utilisation at its Changodar manufacturing facility due to ongoing expansion work. The expansion project, involving an investment of about INR 150 crore, is expected to be completed by August 2026, after which the facility is anticipated to operate at higher utilisation levels.

Order inflows during the quarter rose 218 percent year-on-year to INR 2,114 crore, reflecting continued demand across the power sector. As of June 30, 2026, TARIL's unexecuted order book reached a record INR 6,630 crore, up 26 percent from a year earlier, providing visibility for future revenue growth.

The company also reported an enquiry pipeline of around INR 23,000 crore, supported by investments in power transmission infrastructure, renewable energy integration, industrial expansion and export opportunities.

TARIL said it was progressing with strategic growth initiatives, including backward integration projects worth INR 900–1,000 crore and the development of three greenfield manufacturing facilities at Chiyada. The investments are aimed at strengthening manufacturing capabilities, improving operational efficiencies and supporting long-term growth.

"We have begun FY27 on a steady footing, supported by healthy project execution and sustained demand across the power sector," Managing Director and CEO Satyen J. Mamtora said in a statement.

"Our record order book and strong order inflows reflect the trust our customers continue to place in TARIL and provide us with strong visibility for the coming quarters," he added.

Mamtora said the expansion at the Changodar facility had temporarily moderated revenue growth but would significantly enhance manufacturing capabilities and support future demand once completed.

India's continued investments in power transmission, renewable energy and grid modernisation are expected to drive demand for advanced transformer solutions, the company said, adding that its expanding manufacturing capacity and record order book position it to benefit from these opportunities.

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