Transformers and Rectifiers Reports Q3FY26 QIP Fund Utilization with No Deviations

Transformers & Rectifiers (India) Limited has submitted its monitoring agency report for the quarter ended December 31, 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, maintaining the company's commitment to regulatory compliance and transparency.

QIP Details and Fund Utilization Progress

The company successfully raised ₹5,000.00 million through a QIP of 75,18,796 equity shares at ₹665.00 per share during June 10-13, 2024. As of December 31, 2025, ₹2,745.69 million has been utilized across various objectives:

Objective	Allocated Amount (₹ million)	Utilized Amount (₹ million)	Unutilized Amount (₹ million)
Capital Expenditure	1,450.00	0.00	1,450.00
Working Capital Requirements	1,250.00	1,244.11	5.89
Debt Repayment	613.80	602.61	11.19
General Corporate Purposes	1,574.35	757.19	817.16
Issue Related Expenses	111.85	141.78	(29.93)
Total	5,000.00	2,745.69	2,254.31

Deployment of Unutilized Funds

The remaining ₹2,254.31 million of unutilized proceeds have been strategically deployed across various investment instruments totaling ₹2,387.43 million (including returns and contributions from other sources):

Investment Type	Amount (₹ million)	Details
Fixed Deposits	1,150.00	Axis Bank and State Bank of India
Mutual Funds	200.00	HDFC Liquid Fund - Regular Plan Growth
Alternative Investment Funds	562.50	Neo AIF Special Credit and Secondaries Fund
Portfolio Management Services	469.44	Neo Yield Enhancer
Bank Balances	5.49	Current account balances

Timeline Revision and Issue Expenses

The company has revised the completion timeline for all QIP objectives from Fiscal 2025 to July 2026. Issue-related expenses amounted to ₹141.78 million, exceeding the originally planned ₹111.85 million. This increase has been ratified and approved by the Board of Directors.

Regulatory Compliance and Monitoring

The monitoring agency report was prepared in accordance with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 173A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was duly reviewed by the company's Audit Committee and submitted by Company Secretary Rakesh Kiri.

Transformers and Rectifiers (India) Limited continues to demonstrate strong regulatory compliance by providing comprehensive updates on its QIP fund utilization, ensuring transparency for stakeholders and investors.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.11%	-18.96%	-7.10%	-48.75%	-49.28%	+2,597.41%

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

Particulars	Details
Order Value	₹103.45 Crore
Client	Gujarat Energy Transmission Corporation Limited
Scope	Supply of 54 various types of transformers
Delivery Timeline	Next financial year
Nature of Order	Domestic

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.