Transformers & Rectifiers (India) Limited has resubmitted its consolidated limited review report for the quarter ended September 30, 2025, to both BSE and NSE after acknowledging an inadvertent omission in the original filing. The company's compliance officer, Rakesh Kiri, submitted the corrected documentation on January 16, 2026, addressing the missing signing page from the initial November 8, 2025 submission.

Resubmission Details

The company formally apologized for the oversight in its communication to the stock exchanges, stating that the signing page of the consolidated limited review report was inadvertently omitted from the outcome of the board meeting submitted earlier. The complete set of documents has now been provided in the prescribed format as required under Regulation 33 of SEBI regulations.

Independent Auditor's Review

Manubhai & Shah LLP, Chartered Accountants, conducted the independent auditor's review of the consolidated financial results. The review was performed in accordance with Standard on Review Engagements (SRE) 2410 and SEBI regulations under Regulation 33(8) of the Listing Obligations and Disclosure Requirements Regulations, 2015.

Consolidated Entity Structure

The consolidated financial results encompass seven entities under the Transformers & Rectifiers group structure:

Subsidiary Financial Highlights

The review report highlighted that five subsidiaries included in the consolidated results showed significant financial activity for the quarter and half-year ended September 30, 2025:

Auditor's Conclusion

The independent auditors concluded that nothing came to their attention that would suggest the consolidated financial results contained material misstatements or failed to comply with disclosure requirements under the listing regulations. The review was conducted based on Indian Accounting Standard 34 (Ind AS 34) for interim financial reporting and relevant provisions under the Companies Act, 2013.

The auditors noted an emphasis of matter regarding Triveni Transtech (India) Private Limited's financial results being prepared on a going concern basis, though this did not modify their overall conclusion on the consolidated results.

Transformers & Rectifiers India Limited faces significant downside pressure as InCred has cut its target price by 33.33% to ₹200 per share, despite the company reporting strong quarterly results. The brokerage firm has maintained a 'Reduce' rating, citing multiple near-term challenges that could impact growth visibility and execution outlook.

Brokerage Downgrade Details

InCred's revised target price represents a substantial downside potential of 31.47% from the previous day's closing price of ₹291.85. The shares were trading at ₹286.45, down 1.85% from the previous close, with a market capitalization of ₹8,590.75 crore.

Key Concerns Driving Downgrade

The brokerage highlighted several factors contributing to their cautious stance:

• Order Intake Decline: 19% year-on-year decrease in order intake during 9M FY26
• Stagnant Order Backlog: Remained largely flat over the last three quarters
• Leadership Transition: CEO Mukul Srivastava's resignation on January 7, 2026, due to personal reasons
• Execution Uncertainty: Near-term challenges affecting growth visibility

The order backlog progression shows minimal growth, standing at ₹5,246 crore in June 2025, increasing marginally to ₹5,472 crore by September 2025, and slightly decreasing to ₹5,450 crore by December 2025.

Strong Q3 FY26 Financial Performance

Despite the brokerage concerns, Transformers & Rectifiers India Limited delivered robust quarterly results:

The consolidated revenue from operations increased significantly, demonstrating strong operational performance across both year-on-year and quarter-on-quarter comparisons.

Order Book and Strategic Developments

As of December 2025, the company maintains a substantial order book with ₹5,450 crore of unexecuted orders and ₹665 crore of new order inflows. A significant strategic milestone was achieved with the company's entry into the HVDC transformer segment.

The company has inquiries worth over ₹16,500 crore currently under negotiation, indicating potential future growth opportunities. The diverse product portfolio includes single-phase power transformers up to 500 MVA and 1200 kV class, furnace transformers, rectifier and distribution transformers, and specialty transformers for various applications.

Company Profile and Performance Metrics

Established in 1994 and headquartered in Ahmedabad, Transformers & Rectifiers India Limited operates as a leading manufacturer of transformers and reactors. The company serves a diversified customer base including Power Grid, NTPC, Adani Renewables, Tata Power, JSW, ReNew Power, Siemens Energy, GE, SAIL, Blue Star, and Jindal Group.

The company's strong financial metrics reflect its operational efficiency and growth trajectory over the past five years, despite current near-term challenges highlighted by the brokerage downgrade.