Transformers & Rectifiers Reports Strong Q3FY26 Financial Performance

Transformers & Rectifiers (India) Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing strong operational performance across both standalone and consolidated metrics. The results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on January 8, 2026.

Quarterly Performance Highlights

The company delivered impressive quarterly results with substantial growth in revenue and profitability. On a standalone basis, total income from operations reached ₹709.87 crores for Q3FY26, marking a significant improvement from ₹440.81 crores in the previous quarter and ₹554.36 crores in the corresponding quarter of the previous year.

Metric	Q3FY26	Q2FY26	Q3FY25	QoQ Growth	YoY Growth
Revenue (Standalone)	₹709.87 cr	₹440.81 cr	₹554.36 cr	+61.0%	+28.0%
Net Profit After Tax	₹71.03 cr	₹16.80 cr	₹50.51 cr	+322.8%	+40.6%
EPS (Basic & Diluted)	₹2.37	₹0.56	₹1.71	+323.2%	+38.6%

Consolidated Financial Performance

The consolidated results demonstrated even stronger performance metrics, reflecting the overall group's robust operational efficiency. Consolidated revenue for the quarter reached ₹741.02 crores compared to ₹473.95 crores in the previous quarter and ₹568.32 crores in the same quarter last year.

Parameter	Q3FY26	Q2FY26	Q3FY25
Total Income	₹741.02 cr	₹473.95 cr	₹568.32 cr
Net Profit Before Tax	₹107.79 cr	₹45.30 cr	₹73.73 cr
Net Profit After Tax	₹75.97 cr	₹37.35 cr	₹55.48 cr
Earnings Per Share	₹2.46	₹1.13	₹1.84

Nine-Month Performance Analysis

The nine-month performance for the period ended December 31, 2025, showed consistent growth trajectory across key financial parameters. Standalone total income reached ₹1,677.59 crores compared to ₹1,327.67 crores in the corresponding period of the previous year, representing a growth of 26.4%.

Nine-Month Metrics	FY26	FY25	Growth (%)
Standalone Revenue	₹1,677.59 cr	₹1,327.67 cr	+26.4%
Standalone Net Profit	₹147.98 cr	₹110.99 cr	+33.3%
Consolidated Revenue	₹1,764.61 cr	₹1,367.66 cr	+29.0%
Consolidated Net Profit	₹180.78 cr	₹122.22 cr	+47.9%

Key Financial Indicators

The company maintained a stable equity share capital of ₹30.02 crores throughout the reporting periods, reflecting consistent capital structure management. The earnings per share performance showed remarkable improvement, with nine-month standalone EPS reaching ₹4.93 compared to ₹3.75 in the previous year, while consolidated EPS stood at ₹5.83 versus ₹4.06 in the corresponding period.

Regulatory Compliance and Disclosure

The financial results were published in compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company published the results in leading newspapers including The Economic Times, Financial Express (English), and Financial Express (Gujarati). Complete detailed financial results are available on stock exchange websites and the company's official website at www.transformerindia.com .

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-5.90%	-10.91%	+14.17%	-44.34%	-55.69%	+2,684.77%

Transformers & Rectifiers shares experienced significant selling pressure on January 8, 2025, despite the company delivering strong financial performance in its December quarter results. The stock closed at ₹291.85, marking a decline of 9.15% from its previous close of ₹321.25.

Strong Financial Performance in Q3 FY26

The company reported impressive financial metrics for the December quarter, demonstrating robust operational performance across key parameters.

Financial Metric	Q3 FY26	Q3 FY25	YoY Growth
Consolidated Profit	₹73.85 crore	₹54.73 crore	+35.00%
Revenue from Operations	₹736.76 crore	₹559.36 crore	+31.70%
EBITDA	₹129.24 crore	₹93.75 crore	+38.00%
EBITDA Margin	17.54%	16.76%	+78 bps

The company's EBITDA margin improvement of 78 basis points year-on-year indicates enhanced operational efficiency and better cost management during the quarter.

Leadership Transition Announced

Alongside the financial results, Transformers & Rectifiers announced significant changes in its executive leadership structure.

Leadership Change	Details
Outgoing CEO	Mukul Srivastava (resigned due to personal reasons)
Effective Date of Resignation	January 7, 2026
New CEO	Satyen J. Mamtora (current Managing Director)
Appointment Date	January 8, 2026

Sector-Wide Impact from Policy Concerns

The stock's decline occurred amid broader weakness in the heavy electrical equipment sector. Reports from Reuters indicated that the Finance Ministry is considering scrapping five-year-old restrictions on Chinese firms bidding for government contracts. This development affected multiple companies in the sector:

BHEL: declined 10.34%
Hitachi Energy India: fell 5.88%
ABB India: dropped 4.86%

Stock Performance and Trading Activity

During the trading session on January 8, the stock opened at ₹324.35 and experienced significant volatility throughout the day.

Trading Parameter	Value
Opening Price	₹324.35
Intraday High	₹326.50
Intraday Low	₹284.00
Closing Price	₹291.85
Daily Loss	9.15%

Long-term Stock Performance

Despite the recent decline, Transformers & Rectifiers has delivered exceptional returns over longer time horizons:

Two-year returns: over 112%
Three-year returns: nearly 920%
Five-year returns: 2,863%

However, the stock has experienced significant profit booking over the past year, declining more than 50% from its recent peaks, indicating heightened volatility in the counter.