Transformers And Rectifiers (India) Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Transformers and Rectifiers (India) reported Q2 FY26 consolidated revenue of 460 Cr and PAT of 37 Cr, impacted by raw material shortages and heavy rains deferring high-value deliveries. EBITDA was 65 Cr, with margins affected by lower-margin orders and fixed costs.

Management forecasts a strong H2 FY26, targeting 2,600-2,700 Cr revenue for the full year with ~16% EBITDA margin. They anticipate significant order inflow from a robust pipeline exceeding 8,000 Cr. The unexecuted order book stands at 5,500 Cr. Capacity expansion is progressing, and backward integration initiatives are expected to boost margins from next year.

The World Bank debarment pertains to a four-year-old project; management clarifies it won't impact current or future business, as the company isn't pursuing such funded projects. Management expresses a confident outlook on recovery and strategic growth.