Transformers & Rectifiers India Ltd

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Transformers & Rectifiers India Ltd

₹ 530 -3.27%
17 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 ₹ 15,909 Cr.
  • Current Price ₹ 530
  • High / Low ₹ 650 / 274
  • Stock P/E 75.1
  • Book Value ₹ 41.7
  • Dividend Yield 0.02 %
  • ROCE 28.0 %
  • ROE 23.4 %
  • Face Value ₹ 1.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 251% CAGR over last 5 years
  • Debtor days have improved from 142 to 84.7 days.
  • Company's working capital requirements have reduced from 142 days to 113 days

Cons

  • Stock is trading at 12.7 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 500 Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty Total Market Nifty 500 Multicap 50:25:25

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
341 300 325 332 438 156 257 369 513 322 462 559 676
324 278 291 300 406 151 237 331 441 280 392 475 545
Operating Profit 16 23 34 31 33 4 20 38 72 42 69 85 131
OPM % 5% 8% 10% 9% 7% 3% 8% 10% 14% 13% 15% 15% 19%
3 2 2 4 1 1 1 2 1 4 12 9 10
Interest 13 10 13 12 12 15 12 13 11 12 10 14 15
Depreciation 3 4 4 9 7 6 6 6 6 7 6 6 7
Profit before tax 2 10 18 14 15 -15 3 21 56 28 64 74 119
Tax % 84% 36% 34% -2% 35% -20% 37% 24% 26% 25% 28% 25% 21%
0 6 12 14 10 -12 2 16 42 21 46 55 94
EPS in Rs 0.05 0.24 0.43 0.52 0.34 -0.48 0.06 0.55 1.40 0.67 1.51 1.82 3.14
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
732 553 657 821 716 855 701 742 1,158 1,396 1,291 2,019
690 523 618 733 650 794 649 673 1,084 1,275 1,157 1,692
Operating Profit 42 31 38 87 65 61 51 69 74 121 134 327
OPM % 6% 6% 6% 11% 9% 7% 7% 9% 6% 9% 10% 16%
4 3 4 6 6 12 16 9 10 9 6 35
Interest 26 32 38 42 44 46 46 46 44 48 51 51
Depreciation 10 13 15 15 16 19 20 19 17 25 25 27
Profit before tax 9 -11 -10 36 11 9 2 13 23 57 64 285
Tax % 35% -34% -32% 34% 41% 41% 44% 39% 39% 26% 27% 24%
5 -8 -7 24 6 5 1 8 14 42 47 216
EPS in Rs 0.20 -0.30 -0.28 0.88 0.20 0.17 0.02 0.27 0.53 1.54 1.56 7.14
Dividend Payout % 23% 0% 0% 0% 0% 0% 0% 19% 14% 5% 6% 3%
Compounded Sales Growth
10 Years: 14%
5 Years: 24%
3 Years: 20%
TTM: 56%
Compounded Profit Growth
10 Years: 40%
5 Years: 251%
3 Years: 148%
TTM: 379%
Stock Price CAGR
10 Years: 45%
5 Years: 171%
3 Years: 207%
1 Year: 60%
Return on Equity
10 Years: 8%
5 Years: 13%
3 Years: 17%
Last Year: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 330 321 313 312 317 322 323 330 343 381 540 1,222
170 157 164 209 399 263 308 263 325 330 256 283
294 232 299 341 358 281 289 319 428 463 360 650
Total Liabilities 807 723 789 876 1,088 880 933 925 1,109 1,187 1,170 2,185
155 192 185 187 195 201 193 181 168 153 144 251
CWIP 26 11 11 6 12 3 2 0 3 3 5 62
Investments 0 0 0 0 0 0 0 0 1 1 4 268
626 519 592 682 881 676 738 744 936 1,030 1,017 1,604
Total Assets 807 723 789 876 1,088 880 933 925 1,109 1,187 1,170 2,185

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-32 93 37 66 -102 179 16 96 2 28 29 157
-16 -30 -5 -24 -31 -8 -15 -7 -8 9 -22 -625
37 -50 -31 -61 145 -182 2 -93 17 -45 -10 469
Net Cash Flow -11 13 0 -18 12 -11 3 -4 11 -7 -3 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 191 158 171 166 256 161 218 205 164 166 174 85
Inventory Days 78 147 155 120 182 109 153 147 104 93 109 117
Days Payable 136 160 209 149 203 114 161 179 129 118 95 109
Cash Conversion Cycle 134 145 117 138 235 156 210 173 139 141 188 93
Working Capital Days 161 159 134 133 238 146 203 190 145 138 176 113
ROCE % 7% 4% 6% 15% 9% 8% 8% 9% 10% 15% 15% 28%

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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