Transformers & Rectifiers (India) Ltd - Stock Valuation and Financial Performance

BSE: 532928 | NSE: TARIL | Electric Equipment | Small Cap

Transformers & Rect Share Price

906 -27.90 -2.99%
as on 21-Nov'24 16:59

DeciZen - make an informed investing decision on Transformers & Rect

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Transformers & Rectifiers (India) stock performance -

mw4me loader
P/E Ratio (SA):
127.98
Market Cap:
14,016.2 Cr.
52-wk low:
177.7
52-wk high:
1,050

Is Transformers & Rectifiers (India) Ltd an attractive stock to invest in?

1. Is Transformers & Rectifiers (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Transformers & Rectifiers (India) Ltd is a average quality company.

2. Is Transformers & Rectifiers (India) Ltd undervalued or overvalued?

The key valuation ratios of Transformers & Rectifiers (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Transformers & Rectifiers (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Transformers & Rectifiers (India) Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of Transformers & Rect:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Transformers & Rectifiers (India) Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 4.2%5%14.9%8.1%8.1%7.5%9.1%10.1%13.9%14.2%-
Value Creation
Index
-0.7-0.60.1-0.4-0.4-0.5-0.4-0.30.00.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5425768026858336837271,1291,3751,2731,623
Sales YoY Gr.-6.4%39.2%-14.6%21.6%-18%6.4%55.3%21.8%-7.4%-
Adj EPS -0.5-0.71.60.30.40.10.40.82.82.97.3
YoY Gr.-NANA-78.6%17.7%-87.5%660%107.9%255.7%3.9%-
BVPS (₹) 24.824.123.924.324.724.725.226.228.937.872.2
Adj Net
Profit
-6.7-8.6214.55.20.75.110.537.341.6110
Cash Flow from Ops. 91.933.252.8-10818010.394.6-5.926.728.1-
Debt/CF from Ops. 1.64.83.9-3.71.429.32.7-53.6128.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 10%8.9%20.6%-7.4%
Adj EPS NA48.8%97.3%3.9%
BVPS4.8%8.9%14.4%31.1%
Share Price 47.9% 162.2% 215.5% 348.7%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
-2-2.66.61.41.60.21.53.110.2913.3
Op. Profit
Mgn %
5.45.6108.56.96.88.85.97.89.612.3
Net Profit
Mgn %
-1.2-1.52.60.70.60.10.70.92.73.36.8
Debt to
Equity
0.50.50.61.20.80.90.80.90.80.50
Working Cap
Days
324290247383317350348254246279116
Cash Conv.
Cycle
1301059118517018317411811815264

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 13.30%

Sales growth is growing at healthy rate in last 3 years 20.55%

Net Profit is growing at healthy rate in last 3 years 97.33%

Debt to equity has declined versus last 3 years average to 0.46

Sales growth is good in last 4 quarters at 52.31%

No data to display

Latest Financials - Transformers & Rectifiers (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 7.3 8.1
TTM Sales (₹ Cr.) 1,623 1,666
BVPS (₹.) 72.2 73.5
Reserves (₹ Cr.) 1,068 1,088
P/BV 12.94 12.70
PE 127.98 115.98
From the Market
52 Week Low / High (₹) 177.65 / 1050.00
All Time Low / High (₹) 4.93 / 1050.00
Market Cap (₹ Cr.) 14,016
Equity (₹ Cr.) 15
Face Value (₹) 1
Industry PE 90.2

Management X-Ray of Transformers & Rect:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *22.2622.2622.2622.2622.2622.2622.2622.2622.2622.26
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Transformers & Rect

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales5425768026858336837271,1291,3751,273
Operating Expenses 5135447226277756376631,0631,2691,153
Manufacturing Costs31353840495041556573
Material Costs4314636185276595165489241,090955
Employee Cost 23232730303026303845
Other Costs 28234030384149557680
Operating Profit 2932805857466466106120
Operating Profit Margin (%) 5.3%5.6%10.0%8.5%6.9%6.8%8.7%5.9%7.7%9.4%
Other Income 458712171012129
Interest 30364143454445424750
Depreciation 12131315171818152323
Exceptional Items 0000000000
Profit Before Tax -10-133378111214856
Tax -3-411330481115
Profit After Tax -6-9224517133741
PAT Margin (%) -1.2%-1.5%2.7%0.6%0.6%0.1%1.0%1.2%2.7%3.2%
Adjusted EPS (₹)-0.5-0.61.70.30.40.00.51.02.82.9
Dividend Payout Ratio (%)0%0%0%0%0%0%19%15%5%7%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 328320317322327328335347382539
Share Capital 13131313131313131314
Reserves 315306304308314314321334369525
Minority Interest0000000000
Debt138141188383233284238303310238
Long Term Debt19453832274166546353
Short Term Debt11996150351207243172248247186
Trade Payables179254238283207220262319339233
Others Liabilities 48469567727061105117114
Total Liabilities 6937618381,0568409018951,0741,1481,125

Fixed Assets

Gross Block229235182205226235242244249264
Accumulated Depreciation5468132845638095114136
Net Fixed Assets175167169176181172162150136127
CWIP 1111511320335
Investments 6666766768
Inventories156180184247176195196242245245
Trade Receivables236300363487369405405502630598
Cash Equivalents 33342340253626451825
Others Assets776288877986101125110117
Total Assets 6937618381,0568409018951,0741,1481,125

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 923353-1081801095-62728
PBT -10-133378111214856
Adjustment 37424552525861596984
Changes in Working Capital 665-23-167121-4722-86-81-92
Tax Paid -2-1-2-1-2-210-10-20
Cash Flow From Investing Activity -31-3-12-29-5-11-6-46-23
Capex -30-7-9-28-14-7-5-7-10-18
Net Investments 0-10-53-8-5-29-10
Others -15-34545565
Cash Flow From Financing Activity -48-29-60149-1864-9320-42-6
Net Proceeds from Shares 000000000117
Net Proceeds from Borrowing -226-7-83925-168-10
Interest Paid -28-33-36-44-45-43-45-41-46-49
Dividend Paid -10000000-2-2
Others -17-23-16201-14438-7277-2-62
Net Cash Flow 130-1912-113-410-100
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)-1.94-2.646.891.371.530.172.13.8210.168.92
ROCE (%)4.174.9814.98.128.127.469.1410.1113.9114.17
Asset Turnover Ratio0.810.871.090.730.880.780.811.151.241.12
PAT to CFO Conversion(x)N/AN/A2.41-27361013.57-0.460.730.68
Working Capital Days
Receivable Days188154139224188207203147150176
Inventory Days849676114939998716570
Payable Days169170145181136151160115110109

Transformers & Rectifiers (India) Ltd Stock News

Transformers & Rectifiers (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Transformers & Rect on 21-Nov-2024 16:59 is ₹906.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Nov-2024 16:59 the market cap of Transformers & Rect stood at ₹14,016.2.
The latest P/E ratio of Transformers & Rect as of 21-Nov-2024 16:59 is 128.0.
The latest P/B ratio of Transformers & Rect as of 21-Nov-2024 16:59 is 12.94.
The 52-week high of Transformers & Rect is ₹1,050 and the 52-week low is ₹177.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Transformers & Rect is ₹1,623 ( Cr.) .

About Transformers & Rectifiers (India) Ltd

Incorporated in 1994, Transformers & Rectifiers (I) Limited has consolidated its position in the Indian the transformer industry as a manufacturer of a wide range of transformers, which conform to the quality expectations of both the domestic and the international market. An ISO 9001:2000 company today, T&R as it is more popularly known, is proud to have executed a number of prestigious orders from developed countries such as Canada and the United Kingdom.

The capability to develop world class power, distribution, furnace and specialty transformers is credited to the creation of a world class infrastructure at Changodar, near Ahmedabad, one of the leading industrialized cities of India. This facility is equipped with world class state of the art equipment and managed by a high skilled and experienced team of production personnel who consistently ensure that each and every production activity factors in an adherence to the high quality benchmarks established by the organization.

The company has manufacturing facilities at Changodar, Ahmedabad and Odhav.

The Changodar facility’s main works covers an 25,000 square metres with a built up area of 7200 sq mtrs. All required facilities to design manufacture & test transformers upto 160 MVA, 245 KV class with annual manufacturing capacity of 7000MVA per annum.

- Equipped with state of the art testing facilities to perform all routine and special tests- 1200 kvp impulse generator for carrying out impulse test- Capacitor Bank for Load Loss Test for higher capacity and - Voltage Divider for higher Voltage Test

These testing facilities which are available with only few organizations in India, enables it to manufacture state of the art transformers for domestic and export markets.

Facilities at Odhav’s covers an area of 1500 square metres with a built up area of 600 sq mtrs. All required facilities to design manufacture & test transformers upto 15 MVA, 66 KV class with annual manufacturing capacity of 1200MVA per annum

As one of India’s leading transformer manufacturing companies, and one that is held in high esteem even by our competitors, a great deal of relevance is attached to living up to our image as a value based organization. We are an ethically responsible company, operate with transparency, validate commitment and sincerity, both vertically and horizontally across the organization and inculcate a spirit of integrity. We also try and extend these values to our business associates, be it vendors or our valued customers.

Product range of the company includes

1) Power Transformer - upto 200 MVA; 245 kv class  

  • Generator Transformer  
  • Unit Auxiliary Transformer  
  • Station Auxiliary Transformer  
  • Power Transformer   
  • Interconnecting Transformer (Auto Transformer)  
  • Trackside Transformer for Railways 

2) Distribution Transformer- 160kva, 11kv/0.433kv & above ratings.3) Rectifier Transformer - upto 160 KA DC  

  • Six pulse transformer with IPT    
  • Twelve pulse with IPT (Double Deck Construction)  
  • Bridge Connection   
  • For Railway Traction

4) Furnace Transformer - upto 63 MVA  

  • Arc Furnace Transformer   
  • Submerged Arc Furnace Transformer  
  • Ladle Furnace Transformer  
  • Induction Furnace Transformer  
  •   DC Arc Furnace Transformer

5) Specialty Transformer- Testing Transformer

Milestones/ Achievements

1981-94

  • Transformers & Rectifiers (India) was established with installed capacity up to 600 MVA and 66 kV class per annum 
  • First 33 kV, 3.15 MVA Transformer designed and executed in 1984
  • Started manufacturing Furnace Transformer and Established the market share of approximate 80 % in Induction Furnace and Steel melting transformer till 1994 

1995-2000

  • Expanded with State of Art New manufacturing plant with Built up area of 7000 sq. mtrs. (approx. 75,000 sq. ft.) and total area of 25,000 sq. mtrs. (269,000 sq. ft.) for manufacturing transformers up to 160 MVA, 245 kV class
  • Executed first 66 kV Power Transformer having capacity of 15 MVA
  •  Executed first 110 kV Power Transformer, 30 MVA
  • Obtained ISO:9000:1994 Certification
  •  Executed first 132 kV, 50 MVA, Power Transformer
  •  Executed first 220 kV, 50 MVA, Power Transformer

    2001-05

  • Received PGCIL (Power Grid Corporation India Limited) Approval 
  •  Executed 100 MVA; 245 kV class Power Transformer for GEB
  •  Executed one special testing transformer for ABB of 30 MVA; 11/2-90 kV 5600 kVA and 3300 kVA; 11/0.940 kV. LV consist of 40 secondaries each of 940 V for Institute of Plasma Research
  •  Re-certified for ISO:9001:2000 valid up to 2007
  •  Executed one 35 kA Rectifier Duty Transformer for Alstom a/c Sterlite
  •  11 kV Series Reactors with Short Circuit capacity of 105 kA, supplied to Flure Daniel, UK and installed in Kazakhstan 
  •  2 nos. 75 MVA; 245 kV class Transformers for Wind Power evacuation in Rajasthan for Suzlon executed 
  •  2 nos. of 50 MVA; 245 kV class Transformers for MSEB
  •  Executed bulk quantity of 22 nos. of 25 MVA; 132 kV Transformer for RRVPNL
  •  Executed bulk order of 40 nos. 16 MVA; 110 kV, HV Delta connected for TNEB
  •  Engineering, Manufacturing, supply and Installation of Station, UAT, Station AT’s worth US $ 5 Million upto 80 MVA; 132 kV class for total of 72 transformers executed
  •  2 nos. of 100 MVA; 220 kV; 3 Phase Auto and 4 nos. 33 MVA; 220 kV, 1 Phase Auto transformer for PGCIL executed

2005-06

  • 4 nos. 50 MVA, 230 kV Transformer for wind power evacuation a/c NEG-MICON-TNEB-commissioned
  • 2 Nos. 100 MVA, 245 kV class Transformers for Siemens supplied
  • 2 Nos. 100 MVA, 245 kV class; 9 Nos. 50 MVA, 132 kV class Transformers for TNEB
  • 3 Nos. 50 MVA, 132 kV class supplied to Enercon a/c MSEB
  • 3 Nos. Rectifier Transformer for Sterlite a/c ABB executed 

2006-07

  •  5 Nos. 100 MVA, 245 kV class Transformers for GETCO supplied
  •  5 Nos. 50 MVA, 132 kV class Transformers for TNEB supplied
  • 1 Nos. 100 MVA, 245 kV class and 12 nos. 20 MVA, 110 kV class Transformers for KPTCL supplied
  • 2 Nos. 100 MVA, 245 kV class Auto Transformer for AP Transco supplied
  • 2 Nos. 100 MVA, 220kV Transformer for Siemens a/c KPTCL supplied
  • 80 MVA, 132 kV Transformer successfully tested at CPRI Bangalore for Dynamic Short Circuit Test
  •  2 Nos. 80 MVA, 132 kV Transformer supplied to NTPC
  •  3 Nos. 18.5 MVA Rectifier Transformer supplied to Hindalco a/c ABB
  • 1 Nos. 2 MVA, Rectifier Transformer executed for HZL     2007-09
  • 1 Nos. 100 MVA; 245 kV class Transformer for MPEB under execution
  • 4 Nos. 50 MVA, 132 kV class Transformer for TNEB executed
  • 3 Nos. 90 MVA; 132 kV class split winding for NTPC under execution
  • 11 Nos. 100 MVA; 245 kV class Auto Transformer for TNEB executed 
  • 1 Nos. 100 MVA, 245 kV class and 12 nos. 20 MVA, 110 kV class Transformers for KPTCL supplied
  • 1 Nos. 100 MVA, 245 kV class Auto Transformer for AP Transco supplied
  • 2 Nos. 100 MVA, 220 kV; 3 Phase Auto and 4 Nos. 33 MVA, 220 kV, 1 Phase Auto Transformer for PGCIL under execution 
  • 2 Nos. 100 MVA, 245 kV class; 9 Nos. 50 MVA, 132 kV class Transformers for TNEB executed
  • Received order for 12 Ns. 60 MVA, 132/33 kV Power Transformer for Nigeria
  • Received order for 5 Ns. 26 MVA, 33/11 kV Power Transformer for Ghana
  •  
  • 2009 - T&R New manufacturing facility inaugurated in Moriya
    Company has received "Best Supplier Award - 2007-2008"
  • 2012 - Company has received "BEST SUPPLIER AWARD - 2011-2012"
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