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

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

Transformers & Rect Share Price

510.15 -24.80 -4.64%
as on 25-Apr'25 16:59

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Transformers & Rectifiers (India) stock performance -

P/E Ratio (SA):
81.64
Market Cap:
15,313 Cr.
52-wk low:
274
52-wk high:
650.2

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


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10 Year X-Ray of Transformers & Rect: Login to view analysis.

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'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 5%14.9%8.1%8.1%7.5%9.1%10.1%13.9%14.2%26.2%-
Value Creation
Index
-0.60.1-0.4-0.4-0.5-0.4-0.30.00.00.9-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5768026858336837271,1291,3751,2701,9481,948
Sales YoY Gr.-39.2%-14.6%21.6%-18%6.4%55.3%21.8%-7.6%53.4%-
Adj EPS -0.30.80.20.200.20.41.41.55.66.3
YoY Gr.-NA-78.5%17.7%-85%533.3%105.3%261.5%3.6%284.9%-
BVPS (₹) 12.11212.112.312.412.613.114.418.940.340.3
Adj Net
Profit
-8.6214.55.20.75.110.537.341.6169188
Cash Flow from Ops. 33.252.8-10818010.394.6-5.926.740.898.6-
Debt/CF from Ops. 4.83.9-3.71.429.32.7-53.6126.12.6-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 14.5%23.3%19.9%53.4%
Adj EPS NA184.8%143.4%284.9%
BVPS14.4%26.7%45.5%113.2%
Share Price 44.8% 172.4% 200.8% 63.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-2.66.61.41.60.21.53.110.2919.315.5
Op. Profit
Mgn %
5.6108.56.96.88.85.97.89.614.614.6
Net Profit
Mgn %
-1.52.60.70.60.10.70.92.73.38.79.6
Debt to
Equity
0.50.61.20.80.90.80.90.80.50.20.1
Working Cap
Days
290247383317350348254246279219120
Cash Conv.
Cycle
105911851701831741181181126065

Recent Performance Summary

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Latest Financials - Transformers & Rectifiers (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 6.3 7.1
TTM Sales (₹ Cr.) 1,948 2,017
BVPS (₹.) 40.3 41.7
Reserves (₹ Cr.) 1,180 1,222
P/BV 12.65 12.23
PE 81.64 71.46
From the Market
52 Week Low / High (₹) 274.00 / 650.23
All Time Low / High (₹) 2.46 / 650.23
Market Cap (₹ Cr.) 15,313
Equity (₹ Cr.) 30
Face Value (₹) 1
Industry PE 62.5

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Operating Income0.4 N/A5.1 N/A5.7 N/A14.8 N/A
Adj EPS (₹)8.20 N/A1.19 N/A1.29 N/A4.64 N/A
Net Profit Mgn %21.58 2158 bps32.76 3276 bps32.16 3216 bps44.25 4425 bps

Management X-Ray of Transformers & Rect:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:64.36%Institutions:18.55%Non-Institutions:17.09%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec24Mar2510%20%30%40%50%60%70%80%
Pledged *22.2622.2622.2622.2622.2622.2622.2622.2621.8421.84
* Pledged shares as % of Promoter's holding (%)

Valuation of Transformers & Rect

MRP
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MOS
spaceLock icon%
DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
Price Chart, Live Stock Chart, Technical Chart of
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

No data found!

Key Ratios of Transformers & Rect

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales5768026858336837271,1291,3751,2701,948
Operating Expenses 5447226277756376631,0631,2691,1501,664
Manufacturing Costs35384049504155657389
Material Costs4636185276595165489241,0909521,384
Employee Cost 23273030302630384552
Other Costs 234030384149557680138
Operating Profit 32805857466466106120284
Operating Profit Margin (%) 5.6%10.0%8.5%6.9%6.8%8.7%5.9%7.7%9.4%14.6%
Other Income 5871217101212933
Interest 36414345444542475048
Depreciation 13131517181815232324
Exceptional Items 0000000003
Profit Before Tax -133378111214856247
Tax -41133048111560
Profit After Tax -9224517133741188
PAT Margin (%) -1.5%2.7%0.6%0.6%0.1%1.0%1.2%2.7%3.2%9.6%
Adjusted EPS (₹)-0.30.80.20.20.00.30.51.41.46.3
Dividend Payout Ratio (%)0%0%0%0%0%19%15%5%7%3%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 3203173223273283353473825391,210
Share Capital 13131313131313131430
Reserves 3063043083143143213343695251,180
Minority Interest0000000000
Debt141188383233284238303310231246
Long Term Debt45383227416654635378
Short Term Debt96150351207243172248247178169
Trade Payables254238283207220262319339233398
Others Liabilities 469567727061105117122180
Total Liabilities 7618381,0568409018951,0741,1481,1252,035

Fixed Assets

Gross Block235182205226235242244249264304
Accumulated Depreciation68132845638095114136160
Net Fixed Assets167169176181172162150136127144
CWIP 1151132033562
Investments 666766768284
Inventories180184247176195196242245245399
Trade Receivables300363487369405405502630317443
Cash Equivalents 342340253626451825167
Others Assets6288877986101125110398536
Total Assets 7618381,0568409018951,0741,1481,1252,035

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 3353-1081801095-6274199
PBT -133378111214856247
Adjustment 42455252586159698374
Changes in Working Capital 5-23-167121-4722-86-81-77-195
Tax Paid -1-2-1-2-210-10-20-28
Cash Flow From Investing Activity -3-12-29-5-11-6-46-35-543
Capex -7-9-28-14-7-5-7-10-32-140
Net Investments -10-53-8-5-29-8-368
Others 5-34545565-35
Cash Flow From Financing Activity -29-60149-1864-9320-42-6444
Net Proceeds from Shares 00000000117486
Net Proceeds from Borrowing 26-7-83925-168-1025
Interest Paid -33-36-44-45-43-45-41-46-50-48
Dividend Paid 0000000-2-2-3
Others -23-16201-14438-7277-2-62-16
Net Cash Flow 0-1912-113-410-1000
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-2.646.891.371.530.172.13.8210.168.9221.44
ROCE (%)4.9814.98.128.127.469.1410.1113.9114.1726.18
Asset Turnover Ratio0.871.090.730.880.780.811.151.241.121.23
PAT to CFO Conversion(x)N/A2.41-27361013.57-0.460.7310.53
Working Capital Days
Receivable Days15413922418820720314715013671
Inventory Days967611493999871657060
Payable Days17014518113615116011511011083

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 25-Apr-2025 16:59 is ₹510.1.
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 25-Apr-2025 16:59 the market cap of Transformers & Rect stood at ₹15,313.
The latest P/E ratio of Transformers & Rect as of 25-Apr-2025 16:59 is 81.64.
The latest P/B ratio of Transformers & Rect as of 25-Apr-2025 16:59 is 12.65.
The 52-week high of Transformers & Rect is ₹650.2 and the 52-week low is ₹274.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Transformers & Rect is ₹1,948 ( 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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