Transformers And Rectifiers (india) Limited · NSE:TARIL
Transformers And Rectifiers (india) — Q2 FY27 Earnings Presentation
36 slides from Transformers And Rectifiers (india)'s earnings presentation, Oct 13, 2026
Slide 1: Exchange filing cover letter
Date: 13th October, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/064 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Security Code : 532928 Trading
Slide 2: Investor Presentation Q2FY27 & H1FY27
Transformers and Rectifiers (India) Limited INVESTOR PRESENTATION Q2FY27 & H1FY27 13 OCTOBER 2026 ISO 9001: 2015, ISO 14001: 2015 ISO 45001: 2018 Certified Company
Slide 3: 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 4: Table of Content
Table of Content Overview of Q2FY27 & H1FY27 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 5: Overview of TARIL
OVERVIEW OF TARIL
Slide 6: 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 7: Q2FY27 & H1FY27 Update
Q2FY27 & H1FY27 UPDATE Financial Performance, Operational Metrics and Recent Developments
Slide 8: Q2FY27 & H1FY27 Standalone Financial Highlights
Q2FY27 & H1FY27 Standalone Financial Highlights (₹. Cr) Revenue from Operations EBITDA & EBITDA Margin* + 205% YoY 16.1% + 47% YoY 14.6% + 66% YoY + 35% YoY 200 19.0% 120 19.0% 180 17.0% 13.4% 185 17.0% 100 13.3% 114 15.0% 160 15.0% 709 13.0% 140 13.0% 1,268 80 8.7% 120 11.0% 11.0% 559 939 60 75 9.0
Slide 9: Q2FY27 & H1FY27 Consolidated Financial Highlights
Q2FY27 & H1FY27 Consolidated Financial Highlights (₹. Cr) Revenue from Operations EBITDA & EBITDA Margin* + 33% YoY + 119% YoY + 42% YoY + 61% YoY 17.4% 250 23.0% 130 16.6% 19.0% 16.8% 129 17.0% 200 15.7% 220 18.0% 12.8% 110 739 1,312 90 15.0% 13.0% 95 150 13.0% 572 989 155 11.0% 70 9.0% 460 100 8.0
Slide 10: Q2FY27 & H1FY27: Operational Metrics & Updates
Q2FY27 & H1FY27: Operational Metrics & Updates ₹3,283 crore New Order Inflow during the Quarter Major Orders Received: ₹7,237 crore Un-executed Order Book ➢ Secured first-ever order in nuclear ₹21,000 crore Order Book Growth power sector, supplying Generator ▪ 32% growth to Rs.7,237 crore from Rs.5,
Slide 11: 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* 400 16.2% 15.4% 18.0% 16.0% 350 300 10.1% 370 14.0% 2,395 250 8.6% 317 12.0% 7.0% 10.0% 1,950 200 8.0% 150 1,375 1,273 6.0% 1,123 100 118 129 4.0% 79 50 2.0
Slide 12: 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% 10.6% 3.8% FY22 FY23 FY24 FY25 FY26 FY2
Slide 13: MD & CEO Comment on Q2FY27 & H1FY27
MD & CEO Comment on Q2FY27 & H1FY27 ▪ During Q2FY27, TARIL delivered 66% YoY revenue growth, 97% in Order Inflow and 32% in Order Book. ▪ During H1FY27, TARIL delivered 35% YoY revenue growth, 161% in Order Inflow and 32% in Order Book. ▪ Revenue growth is attributable to improved utilization levels
Slide 14: Investment Case
INVESTMENT CASE Industry Tailwinds, Business Model, Product Portfolio, Manufacturing Base to Drive Sustainable Growth
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: Order Book supported by pent up Industry Demand
Order Book supported by pent up Industry Demand 3 Un -executed OB as on H1FY27 Rs.7,237 Product-wise Order Book (₹. Cr) 1,499 2,582 5,132 5,005 7,237 ▪ Majority of the orders i.e. 83% are from power transformers. ▪ In Q2FY27, completed dynamic short- circuit testing on 3 units. ▪ This test assesses
Slide 22: 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 23: Supplying to Esteemed Customers Domestically & Globally
Supplying to Esteemed Customers Domestically & Globally 4 Domestic Customers International Presence 22
Slide 24: 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 25: Integrated Manufacturing Facility
Integrated Manufacturing Facility 5 3 FACTORIES, 6 SUBSIDIARIES, 1700+PEOPLE, 40+YEARS OF EXPERIENCE 100% 33% 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. 1,200 MVA p.a. ▪ Large Power Transformers up to ▪ Medium Power Transform
Slide 26: 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 27: Annexures
Annexures
Slide 28: Profit & Loss Statement – Q2FY27 & H1FY27 (Standalone)
Profit & Loss Statement – Q2FY27 & H1FY27 (Standalone) Particulars (₹ Cr) Q2FY27 Q2FY26 YoY (%) Q1FY27 QoQ (%) H1FY27 H1FY26 YoY (%) Revenue from Operations 709.04 428.42 66% 559.28 27% 1,268.32 938.95 35% Other Income 2.80 12.15 14.28 17.08 28.53 Total Income 711.84 440.57 62% 573.56 24% 1,285.40 9
Slide 29: Profit & Loss Statement – Q2FY27 & H1FY27 (Consolidated)
Profit & Loss Statement – Q2FY27 & H1FY27 (Consolidated) Particulars (₹ Cr) Q2FY27 Q2FY26 YoY (%) Q1FY27 QoQ (%) H1FY27 H1FY26 YoY (%) Revenue from Operations 739.44 460.03 61% 572.34 29% 1,311.78 989.36 33% Other Income 2.72 13.92 16.31 19.03 34.23 Total Income 742.16 473.95 57% 588.65 26% 1,330.81
Slide 30: Balance Sheet (Standalone)
Balance Sheet (Standalone) Particulars (₹ Cr) FY26 H1FY27 Particulars (₹ Cr) FY26 H1FY27 Assets Equity Equity share capital 30.02 30.02 Fixed Assets 126.30 139.17 Tangible Net worth 1,410.17 1,531.65 Capital work-in-progress 137.80 266.32 Liabilities Non-current liabilities Intangible assets - 14.90
Slide 31: Balance Sheet (Consolidated)
Balance Sheet (Consolidated) Particulars (₹ Cr)320.0 FY26 H1FY27 Particulars (₹ Cr) FY26 H1FY27 Assets Equity Equity share capital 30.02 30.02 Fixed Assets 230.48 241.69 Tangible Net worth 1,542.99 1,685.22 Capital work-in-progress 138.31 274.60 Liabilities Non-current liabilities Intangible assets
Slide 32: 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 33: 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 34: 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 35: Earnings Conference Call Details Q2FY27 & H1FY27
Post Result Earnings Conference Call Details Earnings Conference Call Details Q2FY27 & H1FY27 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, October 13, 2026 +91 22 6280 1107 17:00 HRS · IST +91 22 7115 8008 P R E - R E GIS TR AT ION Register in advance to join
Slide 36: 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
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