About
Transformers and Rectifiers (India) Limited, together with its subsidiaries, manufactures and sells transformers in India. The company provides power transformers, such as generator transformers, unit and station auxiliary transformers, small and medium power transformers, and trackside transformers for railways; and rectifier transformers, including 6 and 12/24 pulse transformers with IPT, as well as transformers for bridge construction. It offers distribution transformers, including energy efficient transformers, transformers with packaged substations, copper and aluminium wounds, hermitically sealed type transformers, and transformers with corrugated cooling fins. In addition, the company provides furnace transformers consisting of electric arc furnace and submerged arc furnace transformers, ladle refining furnace transformers, induction furnace transformers, and DC arc furnace transformers; specialty transformers, including testing and earthing transformers and transformers having multiple secondaries; and shunt and series reactors. It exports its products. The company was formerly known as Triveni Electric Company Limited and changed its name to Transformers and Rectifiers (India) Limited in March 1995. Transformers and Rectifiers (India) Limited was founded in 1981 and is based in Ahmedabad, India.
Key Metrics
as of Sep 2026Market Cap9,026 Cr
P/E34.90
Div Yield0.08 %
Book Value₹50.50
52w High₹552.00
52w Low₹224.00
Face Value₹1.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 559.00 | 752.00 | 704.00 | 428.00 | 511.00 | 647.00 | 545.00 | 446.00 | 312.00 | 500.00 | 365.00 | 254.00 | 153.00 |
| Expenses | 486.00 | 658.00 | 596.00 | 398.00 | 430.00 | 544.00 | 467.00 | 382.00 | 273.00 | 438.00 | 331.00 | 235.00 | 150.00 |
| Operating Profit | 73.00 | 94.00 | 108.00 | 30.00 | 80.00 | 104.00 | 78.00 | 64.00 | 39.00 | 63.00 | 34.00 | 19.00 | 4.00 |
| OPM % | 13.00 | 13.00 | 15.00 | 7.00 | 16.00 | 16.00 | 14.00 | 14.00 | 12.00 | 13.00 | 9.00 | 8.00 | 2.50 |
| Other Income | 14.00 | 22.00 | 6.00 | 12.00 | 16.00 | 11.00 | 9.00 | 12.00 | 4.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Depreciation | 5.00 | 5.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| Interest | 14.00 | 13.00 | 12.00 | 11.00 | 9.00 | 13.00 | 13.00 | 10.00 | 11.00 | 11.00 | 13.00 | 11.00 | 14.00 |
| Profit before tax | 68.00 | 99.00 | 96.00 | 26.00 | 81.00 | 95.00 | 68.00 | 60.00 | 25.00 | 48.00 | 18.00 | 4.00 | -14.00 |
| Tax % | 27.00 | 22.00 | 26.00 | 34.00 | 26.00 | 20.00 | 25.00 | 29.00 | 26.00 | 26.00 | 25.00 | 26.00 | -23.00 |
| Net Profit | 50.00 | 77.00 | 71.00 | 17.00 | 60.00 | 77.00 | 51.00 | 42.00 | 18.00 | 36.00 | 13.00 | 3.00 | -11.00 |
| EPS in Rs | 1.66 | 2.58 | 2.37 | 0.56 | 2.00 | 2.55 | 1.68 | 1.40 | 0.61 | 1.25 | 0.47 | 0.11 | -0.41 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,395.00 | 1,948.00 | 1,270.00 | 1,375.00 | 1,126.00 | 727.00 | 683.00 | 832.00 | 685.00 | 802.00 | 576.00 | 542.00 |
| Expenses | 2,082.00 | 1,664.00 | 1,150.00 | 1,269.00 | 1,059.00 | 663.00 | 637.00 | 775.00 | 627.00 | 722.00 | 544.00 | 513.00 |
| Operating Profit | 313.00 | 284.00 | 120.00 | 106.00 | 66.00 | 64.00 | 46.00 | 58.00 | 58.00 | 80.00 | 32.00 | 29.00 |
| OPM % | 13.00 | 15.00 | 9.00 | 8.00 | 6.00 | 9.00 | 7.00 | 7.00 | 8.00 | 10.00 | 6.00 | 5.00 |
| Other Income | 57.00 | 36.00 | 9.00 | 12.00 | 12.00 | 10.00 | 17.00 | 12.00 | 7.00 | 8.00 | 5.00 | 3.00 |
| Interest | 45.00 | 48.00 | 50.00 | 47.00 | 42.00 | 45.00 | 44.00 | 45.00 | 43.00 | 41.00 | 36.00 | 30.00 |
| Depreciation | 23.00 | 24.00 | 23.00 | 23.00 | 15.00 | 18.00 | 18.00 | 17.00 | 15.00 | 13.00 | 13.00 | 12.00 |
| Profit before tax | 302.00 | 247.00 | 56.00 | 48.00 | 21.00 | 11.00 | 1.00 | 8.00 | 7.00 | 33.00 | -13.00 | -10.00 |
| Tax % | 25.00 | 24.00 | 27.00 | 23.00 | 38.00 | 35.00 | 24.00 | 38.00 | 37.00 | 34.00 | -32.00 | -33.00 |
| Net Profit | 225.00 | 188.00 | 41.00 | 37.00 | 13.00 | 7.00 | 1.00 | 5.00 | 4.00 | 22.00 | -9.00 | -6.00 |
| EPS in Rs | 7.51 | 6.25 | 1.44 | 1.40 | 0.49 | 0.26 | 0.02 | 0.19 | 0.16 | 0.83 | -0.32 | -0.24 |
| Dividend Payout % | 3.00 | 3.00 | 7.00 | 5.00 | 15.00 | 19.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 30.00 | 30.00 | 14.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 |
| Reserves | 1,410.00 | 1,180.00 | 525.00 | 369.00 | 334.00 | 321.00 | 314.00 | 314.00 | 308.00 | 304.00 | 306.00 | 315.00 |
| Borrowings | 424.00 | 260.00 | 251.00 | 323.00 | 316.00 | 254.00 | 301.00 | 256.00 | 397.00 | 204.00 | 158.00 | 150.00 |
| Other Liabilities | 638.00 | 578.00 | 341.00 | 445.00 | 411.00 | 307.00 | 273.00 | 258.00 | 337.00 | 321.00 | 283.00 | 216.00 |
| Total Liabilities | 2,502.00 | 2,049.00 | 1,131.00 | 1,150.00 | 1,075.00 | 896.00 | 902.00 | 840.00 | 1,056.00 | 842.00 | 761.00 | 693.00 |
| Fixed Assets | 143.00 | 144.00 | 127.00 | 136.00 | 150.00 | 162.00 | 172.00 | 181.00 | 176.00 | 169.00 | 167.00 | 175.00 |
| CWIP | 138.00 | 62.00 | 5.00 | 3.00 | 3.00 | 0.00 | 2.00 | 3.00 | 11.00 | 5.00 | 11.00 | 11.00 |
| Investments | 199.00 | 284.00 | 8.00 | 6.00 | 7.00 | 6.00 | 6.00 | 7.00 | 6.00 | 6.00 | 6.00 | 6.00 |
| Other Assets | 2,022.00 | 1,559.00 | 991.00 | 1,005.00 | 915.00 | 728.00 | 722.00 | 650.00 | 862.00 | 661.00 | 576.00 | 502.00 |
| Total Assets | 2,502.00 | 2,049.00 | 1,131.00 | 1,150.00 | 1,075.00 | 896.00 | 902.00 | 840.00 | 1,056.00 | 842.00 | 761.00 | 693.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -59.00 | -34.00 | 28.00 | 27.00 | -6.00 | 95.00 | 10.00 | 180.00 | -108.00 | 53.00 | 33.00 | 92.00 |
| Cash from Investing Activity | -49.00 | -409.00 | -23.00 | 6.00 | -4.00 | -6.00 | -11.00 | -5.00 | -29.00 | -12.00 | -3.00 | -31.00 |
| Cash from Financing Activity | 113.00 | 443.00 | -6.00 | -42.00 | 20.00 | -93.00 | 4.00 | -186.00 | 149.00 | -60.00 | -29.00 | -48.00 |
| Net Cash Flow | 5.00 | 0.00 | 0.00 | -10.00 | 10.00 | -4.00 | 3.00 | -11.00 | 12.00 | -19.00 | 0.00 | 13.00 |
| Free Cash Flow | -157.00 | -131.00 | 10.00 | 17.00 | -13.00 | 89.00 | 3.00 | 166.00 | -136.00 | 44.00 | 26.00 | 62.00 |
| CFO/OP % | 13.00 | -2.00 | 40.00 | 35.00 | -9.00 | 147.00 | 27.00 | 316.00 | -185.00 | 68.00 | 104.00 | 324.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 130.00 | 83.00 | 172.00 | 167.00 | 163.00 | 203.00 | 216.00 | 162.00 | 260.00 | 165.00 | 190.00 | 159.00 |
| Inventory Days | 122.00 | 106.00 | 95.00 | 82.00 | 96.00 | 131.00 | 138.00 | 98.00 | 171.00 | 109.00 | 142.00 | 132.00 |
| Days Payable | 65.00 | 105.00 | 90.00 | 113.00 | 126.00 | 174.00 | 156.00 | 115.00 | 196.00 | 141.00 | 200.00 | 152.00 |
| Cash Conversion Cycle | 187.00 | 84.00 | 177.00 | 136.00 | 133.00 | 160.00 | 199.00 | 145.00 | 235.00 | 133.00 | 132.00 | 139.00 |
| Working Capital Days | 76.00 | 36.00 | 114.00 | 69.00 | 61.00 | 93.00 | 74.00 | 153.00 | 251.00 | 138.00 | 158.00 | 168.00 |
| ROCE % | 20.00 | 25.00 | 14.00 | 14.00 | 10.00 | 9.00 | 7.00 | 8.00 | 8.00 | 15.00 | 5.00 | 4.00 |
Corporate Actions
23 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 09 May 2025 | 09 May 2025 | — | 0.20 | |
| Bonus | 14 Feb 2025 | 14 Feb 2025 | 1:1 | — | |
| Dividend | 10 May 2024 | — | — | 0.20 | |
| Dividend | 28 Jul 2023 | — | — | 0.15 | |
| Dividend | 28 Jul 2022 | — | — | 0.15 | |
| Dividend | 02 Sep 2021 | — | — | 0.10 | |
| Other | 24 Sep 2020 | — | — | — | Annual General Meeting |
| Other | 12 Sep 2019 | — | — | — | Annual General Meeting |
| Other | 19 Sep 2018 | — | — | — | Annual General Meeting |
| Split | 28 Sep 2017 | 30 Sep 2017 | 10:1 | — | |
| Other | 23 Aug 2017 | — | — | — | Annual General Meeting |
| Other | 08 Sep 2016 | — | — | — | Annual General Meeting |
| Other | 03 Sep 2015 | — | — | — | Annual General Meeting |
| Dividend | 04 Sep 2014 | — | — | 0.75 | |
| Bonus | 13 Jun 2013 | 14 Jun 2013 | 1:9 | — | |
| Dividend | 08 May 2013 | — | — | 0.75 | |
| Other | 08 May 2013 | — | — | — | Annual General Meeting / Final Dividend Re.0.75 Per Equity Share |
| Other | 01 Aug 2012 | — | — | — | Annual General Meeting |
| Dividend | 21 Jul 2011 | — | — | 5.00 | |
| Dividend | 22 Jul 2010 | — | — | 5.00 | |
| Dividend | 09 Jul 2009 | — | — | 4.00 | |
| Dividend | 19 Jun 2008 | — | — | 2.00 | NSE/BSE dividend mismatch: NSE=0.2; BSE=2.0 |
| Dividend | 19 Jun 2008 | — | — | 0.20 | NSE/BSE dividend mismatch: NSE=0.2; BSE=2.0 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update13 Jul from fitch
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Rating update3 Jun 2025 from fitch
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Rating update28 May 2025 from fitch
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Rating update9 May 2024 from fitch
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Rating update22 Sep 2023 from fitch
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Rating update28 Jul 2023 from fitch