Not investment advice. Data and computed figures, for information only.

Transformers & Rectifiers India Ltd

NSE: TARIL

₹333.45

−₹16.05 (−4.59%)

NSE · 15 Oct 2026, close

NSE

Market Cap

₹8,724 Cr

CMP

₹333.45

52-wk High / Low

₹490 / 224

P/E

33.7

P/B

5.8

Book Value

₹50.5

Div Yield

0.09%

ROCE

23.0%

ROE

19.1%

Face Value

₹1

D/E

0.30

Piotroski F-Score

/ 9

4 of 9 F-score tests passed

Graham Number

₹100

√(22.5 × EPS × book value per share)

ROIC

13.4%

vs 12.3% sector median

Cash flow to profit

−0.39

CFO / PAT

Above 1.0 = operating cash flow exceeded reported profit

Margin change

−38

bps OPM YoY

Operating margin vs the same quarter last year

Sustainable growth

18.5%

ROE × earnings retention ratio

ROE stability

5.3

pp σ

Standard deviation of ROE across periods. Lower = more stable

Holder deltas

QoQ

Prom +0.00FII −1.35DII −0.58

Latest quarter vs the previous one

Cash-accrual divergence

15.5%

of assets

Low = accruals track cash flow

Strengths

+Price trades above its 200-day moving average (1.1x)

+FII holding rose by 7.0pp over the last year

+PE of 33.7x is below the sector median of 43.6x

Watch-outs

−Borrowings are up 178.7% since FY2016 (164 to 457)

−Price is 31.9% below its 52-week high

−Annualised volatility of 61.5% is in the high band (≥45%)

−Promoter holding fell by 10.5pp over the last year

−Balance-sheet accruals of 15.5% of average assets — earnings are not cash-backed

	Name	P/E	Mar Cap ₹ Cr	ROCE %	ROE %

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	156	257	369	513	322	462	559	676	529	460	737	783	572
Expenses	151	237	331	441	280	392	475	545	441	409	612	664	479
Operating Profit	4	20	38	72	42	69	85	131	88	52	125	118	93
OPM %	2.6%	7.8%	10.3%	14.0%	13.0%	14.9%	15.2%	19.4%	16.6%	11.3%	17.0%	15.1%	16.3%
Other Income	1	1	2	1	4	12	9	10	20	14	4	22	16
Interest	15	12	13	11	12	10	14	15	10	13	13	14	15
Depreciation	6	6	6	6	7	6	6	7	8	7	8	7	7
Profit before tax	−15	3	21	56	28	64	74	119	90	45	108	119	88
Net Profit	−12	2	16	42	21	46	55	94	67	37	76	91	64
EPS (₹)	−0.48	0.06	0.55	1.40	0.67	1.51	1.82	3.14	2.24	1.13	2.46	2.97	2.05

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	553	657	821	716	855	701	742	1,158	1,396	1,291	2,017	2,507	2,552
Expenses	523	618	733	650	794	649	673	1,084	1,275	1,157	1,689	2,124	2,163
Operating Profit	31	38	87	65	61	51	69	74	121	134	327	383	388
OPM %	5.6%	5.8%	10.6%	9.1%	7.1%	7.3%	9.3%	6.4%	8.7%	10.4%	16.2%	15.3%	15.2%
Other Income	3	4	6	6	12	16	9	10	9	6	35	61	57
Interest	32	38	42	44	46	46	46	44	48	51	51	51	55
Depreciation	13	15	15	16	19	20	19	17	25	25	27	30	29
Profit before tax	−11	−10	36	11	9	2	13	23	57	64	285	363	361
Net Profit	−8	−7	24	6	5	1	8	14	42	47	216	272	269
EPS (₹)	−0.30	−0.28	0.88	0.20	0.17	0.02	0.27	0.53	1.54	1.56	7.14	8.81	8.61

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital	13	13	13	13	13	13	13	13	13	14	30	30	—
Reserves	321	313	312	317	322	323	330	343	381	540	1,222	1,485	—
Borrowings	157	164	209	399	263	308	263	325	330	256	283	457	—
Other Liabilities	232	299	341	358	281	289	319	428	463	359	652	696	—
Total Liabilities	723	789	876	1,088	880	933	925	1,109	1,187	1,170	2,187	2,667	—
Fixed Assets	192	185	187	195	201	193	181	168	153	144	251	250	—
CWIP	11	11	6	12	3	2	0	3	3	5	62	138	—
Investments	0	0	0	0	0	0	0	1	1	4	268	184	—
Other Assets	519	592	682	881	676	738	744	936	1,030	1,017	1,605	2,094	—
Total Assets	723	789	876	1,088	880	933	925	1,109	1,187	1,170	2,187	2,667	—

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	93	37	66	−102	179	16	96	2	28	29	157	−105
Cash from Investing Activity	−30	−5	−24	−31	−8	−15	−7	−8	9	−22	−621	−7
Cash from Financing Activity	−50	−31	−61	145	−182	2	−93	17	−45	−10	468	116
Net Cash Flow	13	0	−18	12	−11	3	−4	11	−7	−3	4	3

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	4.0	6.0	15.0	9.0	8.0	8.0	9.0	10.0	15.0	15.0	28.0	23.0
ROE %	—	—	—	—	—	—	—	—	—	—	—	19.1
EPS (₹)	−0.30	−0.28	0.88	0.20	0.17	0.02	0.27	0.53	1.54	1.56	7.14	8.81
Book Value (₹)	—	—	—	—	—	—	—	—	—	—	—	50.5
Face Value (₹)	—	—	—	—	—	—	—	—	—	—	—	1
P/E	—	—	—	—	—	—	—	—	—	—	—	33.7
Div Yield %	—	—	—	—	—	—	—	—	—	—	—	0.09
NPM %	−1.4	−1.1	2.9	0.8	0.6	0.1	1.1	1.2	3.0	3.6	10.5	10.6
OPM %	6.0	6.0	11.0	9.0	7.0	7.0	9.0	6.0	9.0	10.0	16.0	15.0
D/E	0.47	0.50	0.64	1.21	0.79	0.92	0.77	0.91	0.84	0.46	0.23	0.30
P/B	—	—	—	—	—	—	—	—	—	—	—	5.8

Compounded sales growth

10 years+14.0%

5 years+28.0%

3 years+22.0%

TTM+15.0%

Compounded profit growth

10 years+44.0%

5 years+106.0%

3 years+87.0%

TTM+0.0%

Stock price CAGR

10 years+33.0%

5 years+81.0%

3 years+49.0%

Last year−41.0%

Return on equity

10 years12.0%

5 years16.0%

3 years19.0%

Last year19.0%

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	74.90%	74.90%	74.90%	74.90%	74.91%	74.91%	74.91%	74.91%	74.91%	69.65%	64.36%	64.36%	64.36%
FIIs	0.09%	0.09%	0.09%	0.00%	0.00%	0.00%	0.00%	0.19%	0.02%	4.45%	11.33%	8.33%	6.98%
DIIs	5.24%	5.24%	5.24%	2.48%	1.39%	0.00%	0.00%	0.00%	0.00%	1.89%	7.22%	1.77%	1.19%
Government	0.00%	0.00%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	19.78%	19.78%	19.78%	22.60%	23.70%	25.09%	25.09%	24.90%	25.07%	24.00%	17.07%	25.54%	27.46%
No. of shareholders	28,961	28,961	28,961	35,001	34,666	34,593	37,265	46,773	49,012	64,977	1,45,463	2,11,907	2,23,850

Change since Jun 2023 (pp)

Promoters −10.54FIIs +6.89DIIs −4.05Public +7.68

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 And And Opening Of Trading Window Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Annual reports

Annual Report 2026 Annual Report 2025 Annual Report 2024 Annual Report 2023 Annual Report 2022

Credit ratings

Rating update Rating update Rating update Rating update Rating update

Concalls

Jul 2026Transcript Jul 2026PPT Jul 2026Recording Jun 2026PPT Apr 2026Transcript Apr 2026Recording Apr 2026PPT Apr 2026Recording Jan 2026Transcript Jan 2026PPT Jan 2026Recording

18 Sep 2026DIVIDENDDividend - Re 0.25 Per Share—

9 May 2025DIVIDENDDividend - Re 0.20 Per Share—

14 Feb 2025BONUSBonus 1:1—

10 May 2024DIVIDENDAnnual General Meeting/Dividend - Re 0.20 Per Share—

28 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Re 0.15 Per Share—

28 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 0.15 Per Share—

2 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.10 Per Share—

28 Sep 2017SPLIT Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share10 : 1

4 Sep 2014DIVIDENDAnnual General Meeting/Dividend - Re 0.75/- Per Share—

13 Jun 2013BONUSBonus 1:9—

8 May 2013DIVIDENDAnnual General Meeting / Final Dividend Re.0.75 Per Equity Share—

21 Jul 2011DIVIDENDDividend-Rs.5/- Per Share—

22 Jul 2010DIVIDENDDividend-Rs.5/- Per Share—

Transformers & Rectifiers India Ltd

Price−32.1% over 1Y

āagman read

Peer comparison

Quarterly results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Growth

Shareholding pattern

Documents

Corporate actions