Transformers and Rectifiers (India) Ltd

Meeting Details

• Date: 13 October 2026
• Type: group earnings conference call with analysts and investors
• Mode: online audio conference

Purpose

• Discuss unaudited standalone and consolidated results for quarter and half-year ended 30 September 2026

Additional Notes

• Audio recording is available on the company's website

Financial highlights

• Q2FY27 standalone revenue ₹709.04 crore, up 66% YoY.
• Q2FY27 EBITDA ₹113.90 crore; margin 16.1%.
• Q2FY27 PAT ₹75.06 crore; margin 10.6%.
• H1FY27 revenue ₹1,268.32 crore, up 35% YoY.
• H1FY27 EBITDA ₹185.14 crore; margin 14.6%.
• H1FY27 PAT ₹124.98 crore; margin 9.9%.
• Q2FY27 order inflow ₹1,169 crore, up 97% YoY.
• Unexecuted order book ₹7,237 crore as of 30 Sep 2026.
• Inquiry pipeline under negotiation ~₹21,000 crore; win ratio 10–15%.

Operational & strategic updates

• Changodar expansion nearing completion; commercial production around Diwali.
• Dynamic short-circuit testing completed on 3 transformer units to international standards.
• UK subsidiary to strengthen global customer engagement; focus on US/Europe markets.
• Entered nuclear power sector via NPCIL Kaiga Units 5 & 6 project.
• Orders from Damodar Valley Corporation and Gujarat Energy Transmission Corporation Limited.
• On track to achieve FY27 guidance; investments in capacity and backward integration.

Standalone results

• Q2 standalone revenue from operations: ₹709.04 Cr; H1 revenue: ₹1,268.32 Cr.
• Q2 standalone total income: ₹711.84 Cr; H1 total income: ₹1,285.40 Cr.
• Q2 standalone profit after tax: ₹75.01 Cr; H1: ₹124.88 Cr.
• Q2 standalone basic EPS: ₹2.50; H1: ₹4.16.

Consolidated results

• Q2 consolidated revenue from operations: ₹739.44 Cr; H1: ₹1,311.78 Cr.
• Q2 consolidated total income: ₹742.16 Cr; H1: ₹1,330.81 Cr.
• Q2 consolidated profit after tax: ₹81.38 Cr; H1: ₹145.67 Cr.
• Q2 consolidated basic EPS: ₹2.66; H1: ₹4.71.

Balance sheet & liquidity

• Standalone total assets: ₹2,817.90 Cr; equity: ₹1,561.67 Cr; current liabilities: ₹1,107.77 Cr.
• Standalone cash and cash equivalents: ₹10.58 Cr.
• UK subsidiary Maxwell Grid Transformers (UK) Pvt Ltd formed on 04 Sep 2026; not yet commenced.

Capex & working capital

• Standalone capex: capital work-in-progress ₹266.23 Cr; PPE ₹139.17 Cr.
• Inventories ₹651.24 Cr; trade receivables ₹825.43 Cr; MSME payables ₹16.40 Cr.
• Net cash from operations (half-year): ₹85.82 Cr; direct taxes ₹42.05 Cr.
• Net cash from financing activities (half-year): ₹93.34 Cr.

Business Overview

• Leading Indian manufacturer of power, distribution, specialty transformers and reactors.
• Installed capacity 75,000 MVA across 3 plants; backward integration in Gujarat; 40+ countries served.

Operational Highlights

• New orders: NPCIL Kaiga generators; Megha Engg; APTRANSCO LOI; Damodar Valley 500/200 MVA auto transformers; GETCO 80/125 MVAR reactors.
• Q2 inflow ₹3,283 Cr; backlog ₹7,237 Cr; inquiries ₹21,000 Cr.
• Expansion nearing completion; commercial production expected around Diwali; backward integration targeted by Q1 FY28.

Financial Performance

• Standalone revenue Q2FY27 ₹709.04 Cr; YoY +66%; H1FY27 ₹1,268.32 Cr; YoY +35%.
• Consolidated revenue Q2FY27 ₹739.44 Cr; H1FY27 ₹1,311.78 Cr; YoY growth ~61% (Q2).
• Standalone EBITDA ₹113.90 Cr; margin 16.1%; PAT ₹75.06 Cr; YoY PAT +338%.
• Consolidated EBITDA ₹128.77 Cr; margin 17.40%; PAT ₹81.28 Cr; YoY PAT +117%.

Capital Structure & Liquidity

• Equity capital ₹30.02 Cr; Tangible Net Worth Standalone ₹1,531.65 Cr.
• Long-term borrowings Standalone ₹125.48 Cr; Short-term ₹419.20 Cr.
• Cash & equivalents Standalone ₹76.65 Cr; Consolidated ₹80.51 Cr.

Strategic Priorities & Outlook

• FY27 guidance: 25% revenue growth; EBITDA margin 16%; PAT margin 9-10%.
• Capex to be funded via QIP, leasing, internal accruals; debt if required.
• Capacity expansion to support growth; commercial production post-Diwali; backward integration by Q1 FY28.

Risks & Mitigation

• Key risks: supply chain lead times, raw material cost volatility, geopolitical disruptions.
• Mitigation: backward integration, diversified customer base, scalable capacity.

Governance & Leadership

• Promoter-led management: Chairman Jitendra Mamtora; MD & CEO Satyen Mamtora.
• Professional team includes CFO Mehul Shah; Commercial Head Mukesh Jha; CHRO Bhavin Vahia; CTO Anirudh Jhala.
• 3 factories, 6 subsidiaries, 1,700+ employees; 40+ years in power utilities.

Financial snapshot

• Standalone Q2 FY27: Rev from operations ₹709.04 cr; Total income ₹711.84 cr.
• Standalone Q2 PAT ₹75.01 cr; EPS ₹2.50.
• Standalone H1 FY27: Total income ₹1,285.40 cr; PAT ₹124.88 cr; EPS ₹4.16.
• Consolidated Q2 FY27: Rev from ops ₹739.44 cr; Total income ₹742.16 cr; PAT ₹81.38 cr; EPS ₹2.66.
• Consolidated H1 FY27: Total income ₹1,330.81 cr; PAT ₹145.67 cr; EPS ₹4.71.

Subsidiary & structure

• UK subsidiary Maxwell Grid Transformers (UK) Private Limited incorporated 4 Sep 2026; not started.
• One operating segment: Manufacturing of Transformers.

Balance sheet & liquidity

• Standalone total assets ₹2,817.90 cr; Consolidated total assets ₹3,017.04 cr.
• Standalone closing cash ₹14.43 cr; Consolidated closing cash ₹14.43 cr.

Cash flow snapshot

• Standalone H1 cash from operations ₹48.06 cr.
• Consolidated H1 cash from operations ₹95.81 cr.
• Net cash from financing activities H1 ₹90.36 cr.
• Net increase in cash ₹6.32 cr.

Key financials and corporate actions

• Approved unaudited Standalone and Consolidated financial results for quarter and half-year ended 30 September 2026.
• Standalone Q2 FY27: total income 711.84 crore; PAT 75.01 crore; EPS 2.50.
• Standalone H1 FY27: total income 1,285.40 crore; PAT 124.88 crore; EPS 4.16.
• Consolidated Q2 FY27: total income 742.16 crore; PAT 81.38 crore; EPS 2.66.
• Consolidated H1 FY27: total income 1,330.81 crore; PAT 145.67 crore; EPS 4.71.
• Maxwell Grid Transformers (UK) Private Limited incorporated on 04 Sep 2026; not yet capitalized/operational.
• Operations limited to one segment; Ind AS 108 not applicable.
• Independent auditor reviews completed; no material misstatement identified.
• Board meeting held on 13 October 2026; results approved.
• Audit Committee reviewed results prior to Board approval.

Balance sheet and liquidity highlights

• Standalone assets: total assets 2,817.90 crore; Standalone cash 10.58 crore.
• Consolidated assets: total assets 3,017.04 crore; Consolidated cash 14.43 crore.

Resolution details

• Purpose: Special resolution to approve variation/reallocation of QIP proceeds.
• Outcome: Passed with 99.9917% in favour; 71.8314% of outstanding shares polled.
• Date of voting: 28 September 2026, last day of voting.
• Record date: 21 August 2026.
• Total votes polled: 215,613,408 of 300,165,834 shares.
• No. of resolutions passed: 1; this is a Special Resolution.

Transformers and Rectifiers (India) Ltd – Closure of trading window from 1st October, 2026 till 48 hours after declaration of the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ending on 30th September, 2026

AGM details

• Date: 21 September 2026; start 11:00 AM; mode: VC/OAVM; end 11:22 AM.
• Record date: 14 September 2026.

Resolutions put to vote

• Adoption of audited financial statements and reports: ordinary; passed.
• Declaration of dividend on equity shares: ordinary; passed.
• Re-appointment of director retiring by rotation: ordinary; passed.
• Ratification of remuneration payable to Cost Auditor for 2027: ordinary; passed.

Voting results highlights

• All resolutions approved with near-unanimous support; overall approval near 100% of votes polled.