Transformers & Rectifiers , a leading manufacturer of transformers, has announced its unaudited financial results for the second quarter and half-year ended September 30, 2025, along with key board appointments and corporate actions.

Financial Performance

Transformers and Rectifiers (India) Limited (TARIL) reported consolidated revenue of ₹460.03 crore in Q2 FY26, marking a 43% year-over-year increase from ₹322.00 crore. However, the company's Q2 consolidated net profit declined to ₹339.1 million from ₹452.5 million in the same period last year. Revenue remained relatively flat at ₹4.6 billion compared to ₹4.61 billion year-over-year.

The company's EBITDA decreased to ₹515 million from ₹692 million, while the EBITDA margin compressed to 11.2% from 15% in the previous year's corresponding quarter.

The company reported the following financial performance:

Profit after tax for Q2 FY26 was ₹16.80 crore, down from ₹42.10 crore in Q2 FY25. However, the half-yearly profit after tax showed growth, reaching ₹76.95 crore compared to ₹60.48 crore in the previous year.

Order Book and Business Outlook

TARIL maintains an unexecuted order book of ₹5,472 crore with new order inflows of ₹592 crore during the quarter. The company has inquiries under negotiation worth ₹18,700 crore.

Board Appointments and Corporate Actions

New Independent Director

The Board of Directors has appointed Mr. Ajay Shriram Patil as an Independent Director for a five-year term, effective November 8, 2025, subject to shareholder approval. Mr. Patil brings over 36 years of global finance experience and currently serves as Global CFO at RSB Transmission (India) Ltd.

Elevation of CFO

Dr. Chanchal S.S. Rajora, who was serving as CFO Advisor to the Board, has been elevated to the position of Director Finance with immediate effect. He will continue his roles as Chief Financial Officer and Advisor to the Board.

Employee Stock Options

The company granted 26,32,968 employee stock options under the TARIL Employee Stock Option Plan 2024. The majority of these options carry an exercise price of ₹372 per option.

Company Overview

TARIL operates as a prominent transformer manufacturer in India with an installed capacity of 40,000 MVA across its units and serves customers in 25+ countries. The company specializes in power transformers, distribution transformers, furnace transformers, rectifier transformers, special transformers, and reactors for various industries including power transmission, steel, petrochemical, and green energy sectors.

Transformers & Rectifiers describes itself as the second largest transformer manufacturing company in India based on capacity. The company operates three plants around Ahmedabad with approximately 1,200 employees.

The company's board meeting, which approved these results and appointments, commenced at 03:45 p.m. and concluded at 07:00 p.m. on November 8, 2025.

Transformers & Rectifiers has scheduled an earnings conference call on November 10, 2025, at 2:00 p.m. IST to discuss these financial results with investors and analysts.

Transformers & Rectifiers (India) Limited (TARIL), a leading transformer manufacturer, has issued a clarification regarding a transformer problem reported by TGV SRAAC Limited. The company's statement comes in response to TGV's intimation to BSE Limited under SEBI regulations.

Key Points of the Clarification

TARIL's Stance and Actions

TARIL emphasized its "Service First Policy" in addressing the issue promptly. The company stated that the cause of the problem can only be determined once the transformer is taken for repair. Importantly, TARIL clarified that this event is not considered material under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Warranty and Service Considerations

It's worth noting that the transformer in question was out of warranty at the time of the reported issue. Despite this, TARIL's quick response—sending an engineer to the site within a day of the reported problem—demonstrates the company's commitment to customer service.

Implications and Next Steps

The resolution of this issue now depends on TGV SRAAC Limited's response to TARIL's rectification offer. The incident highlights the importance of prompt communication and service in the industrial equipment sector, even for products long out of warranty.

TARIL's clarification serves to maintain transparency with its stakeholders and reinforces its position as a responsible corporate entity. As the situation develops, stakeholders will likely be interested in the outcome of the repair process and any potential impact on either company's operations or relationship.