By BullScreen Editorial Team 
Transformers And Rectifiers (India) Limited reported a strong set of Q4 results 2026, backed by steady revenue growth and a record order pipeline, as the company accelerates capacity expansion to meet rising demand across power and infrastructure sectors.
For the full financial year ended March 31, 2026, revenue from operations rose 23% year-on-year to ₹2,395 crore, compared with ₹1,950 crore in FY25. Profit after tax increased 20% to ₹225 crore, while EBITDA grew 17% to ₹370 crore. Earnings per share improved to ₹7.51 from ₹6.31 a year earlier, reflecting consistent profitability despite rising execution scale.
Margins, however, saw a marginal decline, with EBITDA margin at 15.1% and PAT margin at 9.2%, largely due to ongoing expansion and operational scaling. The company attributed this to higher input costs and investments in capacity build-out.
A key highlight of the Q4 results 2026 was the company’s strong order visibility. Its unexecuted order book stood at ₹5,005 crore as of March-end, while inquiries under negotiation exceeded ₹23,000 crore, indicating a robust medium-term growth pipeline. During FY26, the company secured new orders worth ₹2,374 crore and achieved its highest-ever production of around 33,000 MVA.
The company also marked a strategic milestone by securing an HVDC transformer repair order from PGCIL, becoming the first Indian firm to achieve this. Export performance remained steady, with Q4 export orders reaching ₹161 crore, supported by a presence in over 40 countries.
Looking ahead, management is aggressively expanding manufacturing capacity from 40,000 MVA to 75,000 MVA, alongside a planned capital expenditure of ₹600 crore over the next 15 months. Backward integration initiatives, including new facilities for key components, aim to improve cost control and margins by FY28.
On the balance sheet front, total debt rose 63% to ₹424 crore, primarily driven by higher working capital needs. However, the debt-to-equity ratio remained conservative at 0.30, indicating low financial risk. A current ratio of 1.80 highlights strong liquidity despite rising liabilities.
Overall, the Q4 results 2026 reflect a company in expansion mode, leveraging its strong order book and infrastructure demand tailwinds to scale operations, while maintaining a stable financial profile.
| Metric | FY26 Value | FY25 Value | Change |
|---|---|---|---|
| Revenue | ₹2,395 Cr | ₹1,950 Cr | 🔼 +23% |
| EBITDA | ₹370 Cr | ₹317 Cr | 🔼 +17% |
| Profit After Tax (PAT) | ₹225 Cr | ₹188 Cr | 🔼 +20% |
| EPS | ₹7.51 | ₹6.31 | 🔼 Growth |
| EBITDA Margin | 15.1% | 16.0% | 🔽 -90 bps |
| PAT Margin | 9.2% | 9.5% | 🔽 -30 bps |
| Metric | Value |
|---|---|
| Unexecuted Order Book | ₹5,005 Cr |
| Order Inflow (FY26) | ₹2,374 Cr |
| Pipeline (Under Negotiation) | ₹23,000+ Cr |
| Production Volume | ~33,000 MVA (Record High) |
| Export Orders (Q4 FY26) | ₹161 Cr |
| Global Presence | 40+ Countries |
| Initiative | Details |
|---|---|
| Capacity Expansion | 40,000 → 75,000 MVA |
| New Capacity (Changodar) | 15,000 MVA (Q2 FY26) |
| Planned Expansion (Moraiya) | 22,000 MVA |
| Capex Plan | ₹600 Cr (Next 15 Months) |
| Backward Integration | 4 New Facilities |
| Integration Target | 100% by Q1 FY28 |
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Total Assets | ₹2,500 Cr | ₹2,047 Cr | 🔼 Growth |
| Net Worth | ₹1,410 Cr | ₹1,180 Cr | 🔼 Strong Increase |
| Total Debt | ₹424 Cr | ₹260 Cr | 🔼 +63% |
| Debt-to-Equity | 0.30 | 0.22 | Slight Rise |
| Current Ratio | 1.80 | — | Strong Liquidity |
| Metric | FY26 | FY25 | Trend |
|---|---|---|---|
| Trade Payables | ₹299.57 Cr | ₹398.35 Cr | 🔽 Improved |
| Other Current Liabilities | ₹313.55 Cr | — | 🔼 Increased |
| Total Current Liabilities | ₹984 Cr | — | 🔼 Higher Scale |
| Inventory | ₹561 Cr | — | 🔼 Increased |
| Receivables | ₹853 Cr | — | 🔼 Increased |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e18fb6fb-e0dc-47d4-bb13-950610079466.pdf