Transformers & Rectifiers India Ltd

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Transformers & Rectifiers India Ltd

₹ 534 -4.61%
24 Apr - close price
transformerindia.com BSE: 532928 NSE: TARIL
About

Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]

Key Points

Product Portfolio
The company is a leading Indian manufacturer of transformers & reactors. Its product portfolio includes Single-phase power transformers up to 500MVA & 1200kV Class, Furnace Transformers, Rectifier & Distribution Transformers, Specialty Transformers, Series & Shunt Reactors, Mobile Sub Stations, Earthing Transformers, etc. It operates on a B2B model, catering to power generation, transmission, distribution, & industrial sectors. [1]

Website BSE NSE
  • Market Cap ₹ 16,039 Cr.
  • Current Price ₹ 534
  • High / Low ₹ 650 / 274
  • Stock P/E 91.7
  • Book Value ₹ 40.3
  • Dividend Yield 0.04 %
  • ROCE 24.6 %
  • ROE 20.0 %
  • Face Value ₹ 1.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 218% CAGR over last 5 years
  • Debtor days have improved from 114 to 83.0 days.
  • Company's working capital requirements have reduced from 99.1 days to 69.9 days

Cons

  • Stock is trading at 13.2 times its book value
  • Promoter holding has decreased over last 3 years: -10.6%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods - Electrical Equipment Industry: Electric Equipment

Part of Nifty Total Market Nifty 500 Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
328 298 325 323 425 153 254 365 500 312 446 545 647
311 277 295 295 398 150 235 331 438 273 382 467 544
Operating Profit 17 20 30 27 28 4 19 34 63 39 64 78 104
OPM % 5% 7% 9% 8% 7% 2% 8% 9% 13% 12% 14% 14% 16%
5 2 3 4 3 2 2 2 2 4 12 9 11
Interest 13 10 13 12 12 14 11 13 11 11 10 13 13
Depreciation 3 4 4 9 6 6 6 6 6 6 6 6 6
Profit before tax 6 9 16 11 13 -14 4 18 48 25 60 68 95
Tax % 42% 35% 33% -8% 30% -23% 26% 25% 26% 26% 29% 25% 20%
3 6 11 12 9 -11 3 13 36 18 42 51 77
EPS in Rs 0.13 0.22 0.40 0.45 0.33 -0.41 0.11 0.47 1.25 0.61 1.40 1.68 2.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
718 542 576 802 685 832 683 727 1,126 1,375 1,270 1,948
680 513 544 722 627 775 637 663 1,059 1,269 1,150 1,664
Operating Profit 38 29 32 80 58 58 46 64 66 106 120 284
OPM % 5% 5% 6% 10% 8% 7% 7% 9% 6% 8% 9% 15%
4 3 5 8 7 12 17 10 12 12 9 36
Interest 25 30 36 41 43 45 44 45 42 47 50 48
Depreciation 9 12 13 13 15 17 18 18 15 23 23 24
Profit before tax 8 -10 -13 33 7 8 1 11 21 48 56 247
Tax % 37% -33% -32% 34% 37% 38% 24% 35% 38% 23% 27% 24%
5 -6 -9 22 4 5 1 7 13 37 41 188
EPS in Rs 0.18 -0.24 -0.32 0.83 0.16 0.19 0.02 0.26 0.49 1.40 1.44 6.25
Dividend Payout % 21% 0% 0% 0% 0% 0% 0% 19% 15% 5% 7% 3%
Compounded Sales Growth
10 Years: 14%
5 Years: 23%
3 Years: 20%
TTM: 53%
Compounded Profit Growth
10 Years: 40%
5 Years: 218%
3 Years: 138%
TTM: 331%
Stock Price CAGR
10 Years: 46%
5 Years: 175%
3 Years: 206%
1 Year: 62%
Return on Equity
10 Years: 7%
5 Years: 12%
3 Years: 15%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 13 13 13 13 13 13 13 13 13 13 14 30
Reserves 322 315 306 304 308 314 314 321 334 369 525 1,180
163 150 158 204 397 256 301 254 316 323 251 260
287 216 283 321 337 258 273 307 411 445 341 578
Total Liabilities 786 693 761 842 1,056 840 902 896 1,075 1,150 1,131 2,049
144 175 167 169 176 181 172 162 150 136 127 144
CWIP 26 11 11 5 11 3 2 0 3 3 5 62
Investments 2 6 6 6 6 7 6 6 7 6 8 284
614 502 576 661 862 650 722 728 915 1,005 991 1,559
Total Assets 786 693 761 842 1,056 840 902 896 1,075 1,150 1,131 2,049

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-33 92 33 53 -108 180 10 95 -6 27 41 99
-14 -31 -3 -12 -29 -5 -11 -6 -4 6 -35 -543
36 -48 -29 -60 149 -186 4 -93 20 -42 -6 444
Net Cash Flow -11 13 0 -19 12 -11 3 -4 10 -10 -0 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 194 159 190 165 260 162 216 203 163 167 91 83
Inventory Days 74 132 142 109 171 98 138 131 96 82 95 106
Days Payable 136 152 200 141 196 115 156 174 126 113 90 105
Cash Conversion Cycle 131 139 132 133 235 145 199 160 133 136 96 84
Working Capital Days 160 160 147 131 244 143 204 188 145 138 90 70
ROCE % 7% 4% 5% 15% 8% 8% 7% 9% 10% 14% 14% 25%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
74.91% 74.91% 74.91% 74.91% 74.91% 74.91% 69.65% 69.65% 66.16% 66.16% 64.36% 64.36%
0.00% 0.05% 0.00% 0.02% 0.03% 0.56% 3.48% 4.45% 8.00% 9.34% 11.08% 11.33%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.89% 6.33% 6.93% 7.68% 7.22%
25.09% 25.05% 25.09% 25.07% 25.07% 24.53% 26.87% 24.00% 19.50% 17.57% 16.88% 17.07%
No. of Shareholders 46,39646,81047,58549,01251,34254,11861,97264,97786,04190,21899,6871,45,463

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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