TARIL Q2FY27: Consolidated Revenue at ₹739.44 Cr, PAT at ₹81.38 Cr, EBITDA Margin at 17.4%
Transformers and Rectifiers (India) Ltd (TARIL, NSE: TARIL, BSE: 532928) reported consolidated Q2FY27 revenue of ₹739.44 crore on 13 October 2026, a +60.7% YoY and +29.2% QoQ increase, while consolidated PAT reached ₹81.38 crore, +117.9% YoY, as EBITDA margin expanded to approximately 17.4% from 11.2% in the year-ago period (BSE filing, 13 October 2026). This filing reverses the margin contraction the company reported in the prior quarter.
Transformers and Rectifiers (India) Ltd (TARIL, NSE: TARIL, BSE: 532928) reported consolidated Q2FY27 revenue of ₹739.44 crore on 13 October 2026, a +60.7% YoY and +29.2% QoQ increase, while consolidated PAT reached ₹81.38 crore, +117.9% YoY, as EBITDA margin expanded to approximately 17.4% from 11.2% in the year-ago period (BSE filing, 13 October 2026). This filing reverses the margin contraction the company reported in the prior quarter.
The disclosure timeline paints a sequence worth reading in full. In Q1FY27, the numbers showed growth but strained profitability: consolidated revenue of ₹572 crore (+8.1% YoY), PAT of ₹64 crore (-4.7% YoY), and an EBITDA margin of 19.16% that contracted 51 basis points YoY as raw material costs surged to 79.6% of revenue from 64.7% (BSE filings, 20 July 2026). A concall held on 25 July 2026 noted that Q1FY27 revenue was impacted by the Changodar expansion, while order inflow surged 218% YoY to ₹2,114 crore, including a PGCIL Ultra Mega Order of ₹1,000+ crore. Management guided for 25% FY27 revenue growth with 16% standalone EBITDA margin.
The order book grew by 26% to ₹6,630 crore, then kept building
An investor presentation filed on 20 July 2026 stated an order book of ₹6,630 crore, a 26% YoY jump, led by the PGCIL order. On 30 June 2026, the company had announced it received Notifications of Awards from Power Grid Corporation of India Limited for an order classified as an ultra-mega order (₹1,000 crore and above), with delivery scheduled over the next 30 months (BSE filing, 30 June 2026). The August-October order wins added further structure:
- 14 August 2026: Letter of Intent from APTRANSCO for manufacturing transformers, classified as a large order (₹100 crore to ₹500 crore), execution within 13 months.
- 29 August 2026: First-ever nuclear sector order — Generator Transformers for NPCIL's Kaiga Units 5 & 6 via MEIL (BSE filing, 29 August 2026). This order was classified as a large order, execution within 35 months.
- 2 October 2026: Large order from GETCO for shunt reactors and 500 MVA auto transformers, delivery within 24–30 months.
- 2 October 2026: Large order from Damodar Valley Corporation for 500 MVA and 200 MVA auto transformers, delivery within 15–28 months.
The filings do not provide a consolidated order book figure for Q2FY27. The most recent stated order book remains the ₹6,630 crore figure from the 20 July 2026 investor presentation.
From margin contraction to margin expansion
The Q1FY27 standalone segment showed revenue of ₹572 crore (+8% YoY) with raw material costs at 79.6% of revenue (BSE filing, 20 July 2026). By Q2FY27, one filing attributes the 17.4% consolidated EBITDA margin — up from 11.2% in the comparable period — to employee and depreciation costs that grew slower than sales (BSE filing, 13 October 2026). A separate Q2FY27 filing reports standalone Q2 revenue of ₹709.04 crore (+66% YoY), standalone EBITDA of ₹113.90 crore (+205% YoY), and standalone PAT of ₹75.06 crore (+338% YoY), citing sharply improved capacity utilisation and execution (BSE filing, 13 October 2026). The numbers are disclosed separately; the filings do not break down the exact cost structure for the consolidated Q2 period beyond what is quoted above.
What — if anything — comes next as stated by the company: the 25 July 2026 concall carried management guidance of 25% FY27 revenue growth with 16% standalone EBITDA margin. The company has multiple large orders with stated delivery windows extending from 13 months to 35 months. No further guidance or revision has been filed subsequent to the 13 October 2026 results.
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The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 13 Oct 2026 | Consolidated revenue rose to ₹739.44 crore, +60.7% YoY and +29.2% QoQ, while PAT reached ₹81.38 crore, +117.9% YoY, as EBITDA margin expanded to about 17.4% from 11.2%. | filing | |
| 13 Oct 2026 | Consolidated revenue rose 60.7% YoY to ₹739.44 crore and PAT grew 117.9% to ₹81.38 crore as EBITDA margin expanded to 17.4%, reversing the recent margin contraction. | filing | |
| 13 Oct 2026 | Q2FY27 revenue rose 66% YoY to ₹709.04 crore, EBITDA jumped 205% to ₹113.90 crore and PAT rose 338% to ₹75.06 crore as capacity utilisation and execution sharply improved margins. | filing | |
| 13 Oct 2026 | Consolidated revenue rose to ₹739.44 crore (+60.7% YoY, +29.2% QoQ) and PAT to ₹81.38 crore (+117.9% YoY), with EBITDA margin expanding to 17.4% as employee and depreciation costs grew slower than sales. | filing | |
| 30 Jun 2026 | Transformers and Rectifiers (India) Ltd receives an ultra-mega order (₹1,000 crore+) from Power Grid Corporation of India for manufacturing transformers, to be executed over 30 months. | The company announced it has received Notifications of Awards (NOAs) from Power Grid Corporation of India Limited (PGCIL) for manufacturing transformers of various ratings along with associated work, classified as an ultra-mega order (₹1,000 crore and above), with delivery scheduled over the next 30 months. | filing |
| 20 Jul 2026 | Consolidated Q1FY27 revenue ₹572 Cr (+8.1% YoY), PAT ₹64 Cr (-4.7% YoY) — margin contraction and profit decline mar a decelerating growth trajectory, order book remains strong (₹1,000 Cr+ PGCIL win). | filing | |
| 20 Jul 2026 | TARIL reports Q1FY27 revenue growth of 10% YoY to ₹782.67 crore (consolidated), but net profit fell 5% YoY to ₹91.39 crore, while order book surged 26% to ₹6,630 crore led by a mega PGCIL order; management guides for 25% revenue growth in FY27 with EBITDA margin of 16%. | filing | |
| 20 Jul 2026 | TARIL Q1FY27: Revenue ₹572 Cr (+8% YoY), EBITDA margin 19.16%, PAT ₹64 Cr (-5% YoY), record order book ₹6,630 Cr (+26% YoY); margin contracted 51bps YoY as raw material cost surged to 79.6% of revenue from 64.7% | filing | |
| 25 Jul 2026 | TARIL Q1FY27 revenue up 10% YoY but impacted by Changodar expansion; order inflow surges 218% YoY to INR2,114 Cr, including a PGCIL Ultra Mega Order of INR1,000+ Cr; management guides 25% FY27 revenue growth with 16% standalone EBITDA margin. | filing | |
| 14 Aug 2026 | TARIL receives a large order from APTRANSCO for manufacturing of transformers with delivery scheduled within 13 months. | Transformers and Rectifiers (India) Ltd received a Letter of Intent (LOI) from Transmission Corporation of Andhra Pradesh Limited (APTRANSCO) for the manufacturing of transformers and related work, classified as a large order (Rs 100 Cr to Rs 500 Cr), to be executed within 13 months. | filing |
| 29 Aug 2026 | TARIL secures first-ever order in the nuclear power sector from NPCIL via MEIL for Generator Transformers at Kaiga Units 5&6. | Transformers and Rectifiers (India) Limited (TARIL) received a large order from Megha Engineering and Infrastructures Limited (MEIL) to supply Generator Transformers for NPCIL's Kaiga Units 5 & 6 nuclear power project in Karnataka. This marks TARIL's entry into the nuclear power sector. | filing |
| 29 Aug 2026 | TARIL receives a large order (₹100 Cr–₹500 Cr) from Megha Engineering and Infrastructures Limited (MEIL) for manufacturing of transformers with delivery scheduled within 35 months. | Transformers and Rectifiers (India) Ltd announced it has received a purchase order from Megha Engineering and Infrastructures Limited (MEIL) for the manufacturing of transformers and related work. The order is classified as a 'Large Order' (₹100 Cr to ₹500 Cr) and is to be executed within 35 months. The order is domestic and not a related party transaction. | filing |
| 31 Aug 2026 | TARIL enters nuclear power sector with a large order for Generator Transformers from NPCIL via MEIL for the Kaiga Units 5&6 project. | Transformers and Rectifiers (India) Limited (TARIL) has secured a large order (₹100 Cr–₹500 Cr) from Megha Engineering and Infrastructures Limited (MEIL) to supply Generator Transformers for NPCIL's Kaiga Units 5&6 nuclear power project in Karnataka, marking its first entry into the nuclear power sector. | filing |
| 2 Oct 2026 | Transformers and Rectifiers (India) receives a large order from GETCO for manufacturing and supply of shunt reactors and 500 MVA auto transformers, with delivery in 24–30 months. | TARIL announced receipt of a large order from Gujarat Energy Transmission Corporation Limited (GETCO) for manufacturing and supply of 80 MVAR and 125 MVAR shunt reactors, 500 MVA auto transformers and related work. The order is classified as a 'Large Order' (₹100 crore to ₹500 crore as per company policy), is domestic, does not involve any related party transaction, and is scheduled for delivery within 24 to 30 months. | filing |
| 2 Oct 2026 | Transformers and Rectifiers (India) Ltd receives a large order from Damodar Valley Corporation for manufacturing and supply of auto transformers. | TARIL received a large order (up to ₹100 crore) from Damodar Valley Corporation for manufacturing and supply of 500 MVA and 200 MVA Auto Transformers and related work. The order is domestic, with delivery scheduled within 15 to 28 months. | filing |
Quick answers
- What did T R I L disclose?
- Transformers and Rectifiers (India) Ltd (TARIL, NSE: TARIL, BSE: 532928) reported consolidated Q2FY27 revenue of ₹739.44 crore on 13 October 2026, a +60.7% YoY and +29.2% QoQ increase, while consolidated PAT reached ₹81.38 crore, +117.9% YoY, as EBITDA margin expanded to approximately 17.4% from 11.2% in the year-ago period (BSE filing, 13 October 2026).
- What are the key numbers?
- An investor presentation filed on 20 July 2026 stated an order book of ₹6,630 crore, a 26% YoY jump, led by the PGCIL order.
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