Transformers & Rectifiers (India) Limited, a leading manufacturer of transformers, has submitted its monitoring agency report for the quarter ended September 30, 2025, regarding funds raised through Qualified Institutional Placement (QIP). The report, issued by India Ratings and Research Private Limited, confirms no deviation from the stated objectives of the QIP.

QIP Details and Fund Utilization

The company successfully raised funds through a QIP of 75,18,796 equity shares at ₹665 per share during June 10-13, 2024. The total proceeds amounted to ₹5,000 million, of which ₹2,343.65 million has been utilized across various objectives:

Unutilized Funds and Revised Timeline

The remaining ₹2,656.35 million of unutilized proceeds have been temporarily deployed in fixed deposits, mutual funds, and other investment instruments. The company has revised the completion timeline for all objectives to July 2026.

Issue-Related Expenses

The issue-related expenses amounted to ₹141.78 million, slightly higher than the originally planned ₹111.85 million. This increase has been ratified by the company's Board of Directors.

Recent Developments

In addition to the QIP fund utilization report, Transformers and Rectifiers (India) Limited has recently secured an order worth ₹103.45 crore from Gujarat Energy Transmission Corporation Limited. The order involves manufacturing 54 various types of transformers, with delivery expected by the next financial year.

The company has also disclosed receiving a Notice of Uncontested Sanctions Proceedings from the World Bank regarding alleged irregularities in a past supply order for a project in Nigeria. While the company maintains that it has acted in good faith and compliance with all applicable laws, it is taking steps to address the allegations and seek an opportunity for review.

Transformers and Rectifiers (India) Limited continues to demonstrate its commitment to transparency and regulatory compliance by providing timely updates on its financial activities and corporate developments.

Transformers & Rectifiers (India) Limited (TARIL), a leading manufacturer of transformers in India, has announced a significant new order worth ₹103.45 crore from Gujarat Energy Transmission Corporation Limited (GETCO). This development marks a notable achievement for the company in the power sector.

Order Details

Company Overview

TARIL, headquartered in Ahmedabad, has established itself as a prominent player in the transformer manufacturing industry. The company's diverse product range includes power transformers, furnace transformers, rectifier and distribution transformers, and specialty transformers catering to various applications such as locomotive traction.

Strategic Implications

This order from GETCO reinforces TARIL's position in the domestic market and contributes significantly to its order book. The company's ability to secure such substantial contracts underscores its competitive edge in the transformer manufacturing sector.

Financial Impact

While specific financial projections were not provided, this order is expected to positively impact TARIL's revenue in the upcoming financial year. It aligns with the company's recent growth trajectory, as evidenced by its H1 FY26 financial highlights:

• Revenue from operations: ₹989.36 crore (up from ₹783.54 crore in H1 FY25)
• EBITDA: ₹173.94 crore (up from ₹127.19 crore in H1 FY25)
• PAT: ₹105.00 crore (up from ₹66.89 crore in H1 FY25)

Market Position

TARIL claims to be the second-largest transformer manufacturing company in India based on capacity. With an installed capacity of approximately 40,000 MVA across its units, the company is well-positioned to meet the growing demand in the power sector.

Future Outlook

The securing of this order aligns with TARIL's strategy of maintaining a strong order book. As of their latest investor presentation, the company reported:

• Unexecuted Order Book: ₹5,472.00 crore
• Inquiries under Negotiation: Over ₹18,700.00 crore

These figures suggest a robust pipeline of potential business, indicating positive growth prospects for TARIL in the coming periods.

This order from GETCO not only adds to TARIL's order book but also reinforces its position in the domestic power sector. As the company continues to execute such orders, it may further strengthen its market position and financial performance in the transformer manufacturing industry.