Transformers & Rectifiers (India) Limited, a leading manufacturer of transformers, has announced the resignation of Ajay S. Patil from his position as Independent Director. The resignation, effective from November 12, 2025, comes as a result of Patil's increasing professional and personal commitments.

Key Details of the Resignation

Impact on Board Composition

The company has confirmed that Patil's resignation does not affect the composition of the Board or its Committees. Transformers & Rectifiers (India) Limited remains fully compliant with SEBI (LODR) Regulations and other applicable laws. As Patil was not a member of any Committee, no changes in Committee composition are required.

Other Directorships and Committee Memberships

At the time of resignation, Ajay S. Patil held the following positions in other listed entities:

• Alicon Castalloy Limited: Non-Executive Independent Director
  • Audit Committee: Chairperson
  • Stakeholders Relationship Committee: Chairperson
  • Risk Management Committee: Member

Company's Statement

In his resignation letter, Patil acknowledged that his role as an Independent Director on the Board of Transformers & Rectifiers, particularly in the current phase of the company's journey, demands substantial involvement in governance, compliance, and related oversight activities. He expressed that he may not be able to devote the requisite time and continuous focus to these important responsibilities due to his increasing commitments.

The company has stated that there are no material reasons for the resignation other than those disclosed in Patil's resignation letter.

About Transformers & Rectifiers (India) Limited

Transformers & Rectifiers (India) Limited is one of the leading manufacturers of a wide range of transformers globally. It is currently the second-largest transformer manufacturing company in India based on capacity. The company has the capability to develop world-class power, distribution, furnace, and specialty transformers with state-of-the-art infrastructure at three plants around Ahmedabad, Gujarat. The company is managed by a highly skilled and experienced team of approximately 1,200 employees.

Transformers & Rectifiers India Limited (TARIL), a leading transformer manufacturer, reported its Q2 FY26 financial results, showcasing resilience amid temporary challenges. The company posted quarterly revenue of INR 460.00 crores, with EBITDA at INR 65.00 crores.

Key Financial Highlights

Operational Challenges and Mitigation

TARIL faced temporary operational challenges during the quarter, primarily due to:

1. Shortage of key raw materials, particularly CTC (Continuously Transposed Conductor)
2. Heavy rainfall affecting manufacturing sites and project deliveries

The company has taken steps to address these issues:

• Importing CTC to mitigate supply shortages
• Working with authorities to resolve customs clearance delays for imported materials
• Rescheduling project deliveries in coordination with customers

Expansion and Integration Plans

TARIL continues to execute its capacity expansion and backward integration projects:

• Moraiya facility expansion progressing as planned
• Changodar expansion slightly delayed due to monsoon, expected to be operational next quarter
• CTC plant (1,500 tons/month capacity) to be operational by September 2026
• RIP bushing plant production to start in June 2026
• Tank manufacturing unit to be operational by August 2026

These initiatives are expected to improve cost efficiency and margins by 200-250 basis points in the coming year.

Order Book and Future Outlook

• Current Order Book: INR 5,500.00 crores
• Strong pipeline of opportunities exceeding INR 8,000.00 crores
• Focus on orders with 16-18 month execution timelines for better profitability
• Targeting 70% capacity utilization by the end of FY26

Management Commentary

Satyen Mamtora, Managing Director of TARIL, stated, "Despite short-term challenges, the fundamentals of our business remain strong. We are confident in achieving at least 25% revenue growth over FY25, with a target of around INR 2,600.00 crores and an EBITDA margin of approximately 16%."

Chanchal Rajora, newly appointed Director of Finance, added, "Our financial position remains robust, supported by steady operating cash flow and a conservative leverage profile. We expect a significant rebound in H2 FY26, driven by normalization of supply conditions and improved plant utilization."

World Bank Project Clarification

The company addressed concerns regarding a World Bank project in Nigeria, completed in 2022:

• The project is not related to any current orders or inquiries
• TARIL has received full payment for the project
• The company is not currently pursuing World Bank-funded projects
• Focus remains on the domestic market, with exports limited to 15% of business

In conclusion, while TARIL faced some short-term operational challenges in Q2 FY26, the company maintains a positive outlook for the full year, supported by a strong order book and ongoing expansion initiatives. The management's focus on profitability, backward integration, and strategic order intake positions TARIL for sustainable growth in the coming quarters.