35 slides from Transformers And Rectifiers (india)'s earnings presentation, Jul 20, 2026
Slide 1: Investor Presentation Q1FY27
Transformers and Rectifiers (India) Limited INVESTOR PRESENTATION Q1FY27 | 20 July 2026 ISO 9001: 2015, ISO 14001: 2015 ISO 45001: 2018 Certified Company
Slide 2: Safe Harbor
Safe Harbor This presentation has been prepared by Transformers and Rectifiers (India) Limited solely to provide information about the Company to its stakeholders. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completene
Slide 3: Table of Content
Table of Content Overview of Q1FY27 Investment Annexures TARIL Update Case Industry Tailwinds, Financial Performance, Business Model, Product Operational Metrics and Portfolio, Manufacturing Recent Developments Base to Drive Sustainable Growth 3 3
Slide 4: Overview of TARIL
OVERVIEW OF TARIL
Slide 5: Leading Indian manufacturer of Power, Distribution & Specialty Transformers and Reactors
Leading Indian manufacturer of Power, Distribution & Specialty Transformers and Reactors ▪ Most preferred Indian Brand due to its designing expertise, technology know how and a legacy of 4 decades of operations 5-year CAGR Growth FY21-FY26* ▪ Promoted by first generation entrepreneur Mr. Jitendra Ma
Slide 6: Q1FY27 Update
Q1FY27 UPDATE Financial Performance, Operational Metrics and Recent Developments
Slide 7: Q1FY27 Standalone Financial Highlights
Q1FY27 Standalone Financial Highlights (₹. Cr) Revenue from Operations EBITDA & EBITDA Margin* 18.9% 15.5% 15.6% 140 19.0% 17.0% 752 120 15.0% 100 117 13.0% 559 97 11.0% 511 80 87 9.0% 10% YoY 60 10% YoY 7.0% 40 5.0% ▪ Revenue grew by 10% YoY, though QoQ 3.0% 20 1.0% revenue growth was impacted duri
Slide 8: Q1FY27 Consolidated Financial Highlights
Q1FY27 Consolidated Financial Highlights (₹. Cr) Revenue from Operations EBITDA & EBITDA Margin* 20.5% 19.2% 160 18.0% 22.0% 140 141 17.0% 120 783 110 100 109 12.0% 572 80 529 8% YoY 60 7.0% 40 1% YoY 2.0% 20 - -3.0% Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 PAT & PAT Margin EPS 12.8% 11.6% 11.2% 10
Slide 9: Q1FY27: Operational Metrics & Updates
Q1FY27: Operational Metrics & Updates ₹2,114 crore New Order Inflow during the Quarter Major Orders Received: ₹6,630 crore ▪ Ultra Mega Order from PGCIL of above Un-executed Order Book Rs. 1000 Crores for manufacturing of ₹23,000 crore Order Book Growth transformers of various ratings (within ▪ 26%
Slide 10: Transforming Scale into Profitable Growth
Transforming Scale into Profitable Growth Standalone 5Y CAGR Revenue 27%, EBIDTA 38 %, PAT 101% Revenue From Operations EBITDA & EBITDA Margin* 16.2% 400 15.4% 18.0% 2,395 350 16.0% 1,950 300 10.1% 10.1% 370 14.0% 8.6% 317 12.0% 1,375 250 1,123 1,273 200 7.0% 10.0% 8.0% 727 150 6.0% 129 100 118 4.0%
Slide 11: Transforming Financial Strength into Sustainable Shareholder Value Creation
Transforming Financial Strength into Sustainable Shareholder Value Creation Consistent improvement in return metrics reinforces earnings quality, efficient use of capital Return on Capital Employed Return on Equity 15.5% 15.7% 18.1% 20.0% 19.1% 9.7% 16.1% 7.7% 11.1% 10.6% 3.8% 2.1% FY21 FY22 FY23 FY
Slide 12: MD & CEO Comment on Q1FY27
MD & CEO Comment on Q1FY27 ▪ During Q1FY27, delivered 10% growth in revenue, 218% in Order Inflow and 26% in Oder Book. ▪ QoQ Revenue growth remained impacted during Q1 FY27 due to comparatively lower capacity utilization at Changodar plant, as on-going expansion activities affected operational thro
Slide 13: Investment Case
INVESTMENT CASE Industry Tailwinds, Business Model, Product Portfolio, Manufacturing Base to Drive Sustainable Growth
Slide 14: Investment Case
Investment Case Play on Power & T&D Capex Cycle 1 Beneficiary of strong demand from renewables, grid expansion, electrification & infra spend Strong opportunity from renewables, HVDC, exports & industrial capex 2 Shift to High-Voltage & Niche Products Increasing mix of EHV transformers driving highe
Slide 15: Global Transformer Market Set to Double Driven by Grid Modernization
Global Transformer Market Set to Double Driven by Grid Modernization & Energy Transition $68BN $137BN 6.6% CAGR +$65B Global45+ YearsTransformer of Legacy ₹3,210 Cr Project Market 9M FY26 size by Revenue 130+ Strong Long-Term Products 1500+ Opportunity Customers Market size 2025 2036 Growth 2025-203
Slide 16: India's Growth Opportunity Driven by Energy Transition & Grid Expansion
India’s Growth Opportunity Driven by Energy Transition & Grid Expansion India Transformer Market Size in ▪ India is one of the fastest-growing transformer markets globally USD Bn ▪ India transformer market projected at ~$5–5.6B by 2030–34 (from ~$2.5–2.6B) ▪ Strong growth trajectory at ~8.3% CAGR ▪
Slide 17: Industry leader in manufacturing wide range of high voltage Transformers
Industry leader in manufacturing wide range of high voltage Transformers Power Shunt & Series Distribution Furnace Rectifier Specialty Transformer Reactors Transformer Transformer Transformer Transformer Upto 1000 MVA, Up to 765 kA 500 kVA & 250 MVA/120 KA Up to 160 kA DC Upto 1000 MVA 1200 kV class
Slide 18: TARIL's Expertise
TARIL’s EXPERTISE ▪ Comprehensive Product Portfolio: Transformer solutions spanning 33 kV to 1,200 kV, supported by a robust manufacturing capacity of 75,000+ MVA. ▪ High-Voltage & Special Application Expertise: Proven capability in manufacturing ultra-high voltage transformers (400–765 kV), along w
Slide 19: Preferred Brand for its Customized, Niche Transformers
Preferred Brand for its Customized, Niche Transformers 2 156 MVA single Magnum Opus largest furnace duty 333 MVA, 1200 kV auto transformer TARIL transformer dispatched ever installed at to National Test Station Novorross Steel, BINA India through Russia. Extending Power Grid. Highest AC expertise in
Slide 20: Order Book supported by pent up Industry Demand
Order Book supported by pent up Industry Demand 3 Un -executed OB as on Q1FY27 Rs.6,630 Product-wise Order Book (₹. Cr) 1,148 1,499 2,582 5,132 5,005 6,630 ▪ Majority of the orders i.e. 80% are from power transformers. ▪ In Q1FY27, completed dynamic short- circuit testing on 4 units. ▪ This test ass
Slide 21: Transformers Demand with application in varied Industries
Transformers Demand with application in varied Industries 3 Distribution Petrochemical Pharmaceutical Power Transmission Green Energy Railways Paper and Pulp Cement Metal Processing Mining Hospital 21
Slide 22: Supplying to Esteemed Customers Domestically & Globally
Supplying to Esteemed Customers Domestically & Globally 4 Domestic Customers International Presence 22
Slide 23: Presence in 40+ Countries Globally
Presence in 40+ Countries Globally 4 EUROPE 18,000+ Transformer ▪ Belgium ▪ France Installations Worldwide ▪ Germany ▪ Italy ASIA ▪ Turkey ▪ Azerbaijan ▪ Malaysia ▪ United AFRICA ▪ Bangladesh ▪ Nepal Kingdom ▪ Bhutan ▪ Oman ▪ Congo ▪ India ▪ Philippines ▪ Ethiopia ▪ Indonesia ▪ Saudi Arabia ▪ Ghana
Slide 24: Integrated Manufacturing Facility
Integrated Manufacturing Facility 5 3 FACTORIES, 6 SUBSIDIARIES, 1700+PEOPLE, 40+YEARS OF EXPERIENCE 57% 27% 100% Moraiya Changodar Odhav Area 42,500 sq. mt. 35,000 sq. mt. 2,000 sq.mt. Capacity 40,000 MVA p.a. 35,000 MVA p.a. 2,000 MVA p.a. ▪ Large Power Transformers up to ▪ Medium Power Transforme
Slide 25: Backward Integration help achieve Operational Efficiency
Backward Integration help achieve Operational Efficiency Existing products In total they manufactured in- comprise between house by TARIL Radiators Transformer Tanks upto 765 kV OIP Bushings upto 245 KV 10%-15% of the total include: Fabrication is 6000 VPD 6,000 MTPA MTPA and CTs upto 765 KV RM requ
Slide 26: Annexures
Annexures
Slide 27: Profit & Loss Statement – Q1FY27 (Standalone)
Profit & Loss Statement – Q1FY27 (Standalone) Particulars (₹ Cr) Q1FY27 Q1FY26 YoY (%) Q4FY26 QoQ (%) FY26 FY25 YoY (%) Revenue from Operations 559.28 510.53 10% 752.33 -26% 2395.49 1950.14 23% Other Income 14.28 16.38 22.42 56.85 32.78 Total Income 573.56 526.91 9% 774.75 -26% 2452.34 1,982.92 24%
Slide 28: Profit & Loss Statement – Q1FY27 (Consolidated)
Profit & Loss Statement – Q1FY27 (Consolidated) Particulars (₹ Cr) Q1FY27 Q1FY26 YoY (%) Q4FY26 QoQ (%) FY26 FY25 YoY (%) Revenue from Operations 572.34 529.33 8% 782.67 -27% 2,508.80 2,019.39 24% Other Income 16.31 20.31 22.37 60.85 31.70 Total Income 588.65 549.64 7% 805.04 -27% 2,569.65 2,051.09
Slide 29: Balance Sheet (Standalone)
Balance Sheet (Standalone) Particulars (₹ Cr) FY25 FY26 Particulars (₹ Cr) FY25 FY26 Assets Equity Equity share capital 30.02 30.02 Fixed Assets 127.85 126.30 Tangible Net worth 1,180.40 1,410.17 Capital work-in-progress 61.63 137.80 Liabilities Non-current liabilities Intangible assets - (i) Long-t
Slide 30: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Particulars (₹ Cr) FY25 FY26 Particulars (₹ Cr) FY25 FY26 Assets Equity Equity share capital 30.02 30.02 Fixed Assets 231.97 230.48 Tangible Net worth 1,272.36 1,542.99 Capital work-in-progress 61.76 138.31 Liabilities Non-current liabilities Intangible assets - (i) Long
Slide 31: Management Team
Management Team Technocrat Promoters supported by Qualified and Professional Senior Management Mr. Jitendra Mamtora Mr. Satyen Mamtora Chairman & Founder Managing Director & CEO Bachelor’s in Electrical Engineering. After working as an engineer in Diploma in Electrical Engineering from Uxbridge Coll
Slide 32: Management Team
Management Team Technocrat Promoters supported by Qualified and Professional Senior Management Praveen Srivastava Mehul Shah Mukesh Jha Bhavin Vahia Anirudh Jhala Chief Marketing Officer Chief Financial Officer Commercial Head CHRO Chief Technical Officer ▪ MBA from IIT, Delhi, ▪ CA with 26+ years o
Slide 33: TARIL's Journey since Inception
TARIL’s Journey since Inception 1994-2006 2011-2015 2023 1980-1993 Incorporated TARIL and began manufacturing upto 110 kV class Strategic alliance with ZTR Raised ₹ 120 crore by way transformers at Changodar plant Ukraine for 765 kV of preferential issue on Mr. Jitendra Mamtora, Transformer private
Slide 34: Earnings Conference Call Details Q1FY27
Post Result Earnings Conference Call Details Earnings Conference Call Details Q1FY27 Earnings Conference Call D A T E & T I ME P R I MA RY DI A L -IN N U MB E R Tuesday, July 21, 2026 +91 22 6280 1107 16:00 HRS · IST +91 22 7115 8008 P R E - R E GIS TR AT ION Register in advance to join the call ins
Slide 35: Thank you
MEHUL SHAH | CFO Thank E: mehul.shah@transformerindia.com ARPIT MUNDRA & KRISHNA PATEL | EY IR you E: arpit.mundra@in.ey.com E: krishna.Patel2@in.ey.com TRANSFORMERS AND RECTIFIERS (INDIA) LIMITED (ISIN: INE763I01026; NSE: TARIL; BSE: 532928) REGISTERED & CORPORATE OFFICE: Survey No. 427 P/3-4, & 43