Transformers & Rectifiers (India): Order book at ₹6,630 Cr, entry into nuclear (NSE: TARIL)
Transformers and Rectifiers (India) Ltd (TARIL | BSE: 532928) reported a Q1FY27 order book of ₹6,630 crore as of 20 July 2026, up 26% YoY, in its investor presentation filed the same day. The company has since announced three further order wins in August, including its first in the nuclear power sector.
The order pipeline is the story
The sequence of announcements across FY27, all from BSE filings:
- 30 June 2026: Notifications of Awards from Power Grid Corporation of India (PGCIL) for manufacturing transformers, classified as an "ultra-mega order" (₹1,000 crore and above), delivery over 30 months.
- 14 August 2026: Letter of Intent from APTRANSCO (Transmission Corporation of Andhra Pradesh), a "large order" (₹100 Cr–₹500 Cr), execution within 13 months.
- 29 August 2026: Purchase order from Megha Engineering and Infrastructures Limited (MEIL) for transformers, "large order" (₹100 Cr–₹500 Cr), execution within 35 months. The filing states the order is domestic and not a related party transaction.
- 29 August 2026: A separate order from MEIL to supply Generator Transformers for NPCIL's Kaiga Units 5 & 6 nuclear project in Karnataka. This is described in the filing as TARIL's first entry into the nuclear sector.
What the Q1 numbers showed
The Q1FY27 results, filed 20 July 2026, showed consolidated revenue of ₹572 crore, up 8.1% YoY, with PAT of ₹64 crore, down 4.7% YoY. The investor presentation the same day put consolidated revenue at ₹782.67 crore (+10% YoY) and net profit at ₹91.39 crore (-5% YoY). (The platform's pipeline picked up two separate filings for the same date with differing figures; both are presented here as filed.)
The concall transcript, filed 25 July 2026, noted order inflow of ₹2,114 crore for the quarter, up 218% YoY, including the PGCIL Ultra Mega Order.
Raw material costs were the margin pressure point: the results filing shows raw materials at 79.6% of revenue against 64.7% in the year-ago quarter, with EBITDA margin down 51 bps YoY to 19.16%.
What management said comes next — as filed
Two stated targets from the 25 July 2026 concall, both attributed to management:
- FY27 revenue growth of 25% with a 16% standalone EBITDA margin.
- On margins from FY28 onward, the transcript carries this quote: "It will be basically between 200 basis points to 300 basis points... starting from FY28, we will see gradual increase in the margin." This is tied to backward-integration facilities ramping up.
Also from the concall: management stated export revenue share will not exceed 15% of total revenue.
What to watch — as disclosed
The filings give three forward-looking items with stated periods:
- PGCIL order execution: next 30 months
- APTRANSCO order execution: within 13 months
- MEIL order execution: within 35 months; MEIL/nuclear generator transformer order execution period not stated in the filing
The FY28 margin commentary is a target, not a result. The Q1FY27 stand-alone EBITDA margin of 19.16% is the actual reported number.
Сведения are from BSE filings dated 30 June 2026, 20 July 2026, 25 July 2026, 14 August 2026, and 29 August 2026. Two sets of Q1FY27 figures appeared in different filings on the same date; both are reported above as filed.
Alpha Inflection is research infrastructure, not investment advice. We are not SEBI-registered investment advisers. Everything above is compiled from public corporate filings, with sources cited. Do your own research.
The filing evidence
| Date | What the filing said | Detail | Source |
|---|---|---|---|
| 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 |
| 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 |
| Export revenue share cap — not beyond 15% | [TARIL] will not allow export revenue share to exceed 15% of total revenue. | ||
| 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 | |
| 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 | |
| 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 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 |
Quick answers
- What did Transformers And Rectifiers (India) disclose?
- Transformers and Rectifiers (India) Ltd (TARIL | BSE: 532928) reported a Q1FY27 order book of ₹6,630 crore as of 20 July 2026, up 26% YoY, in its investor presentation filed the same day. The company has since announced three further order wins in August, including its first in the nuclear power sector.
- What are the key numbers?
- The Q1FY27 results, filed 20 July 2026, showed consolidated revenue of ₹572 crore, up 8.1% YoY, with PAT of ₹64 crore, down 4.7% YoY. The investor presentation the same day put consolidated revenue at ₹782.67 crore (+10% YoY) and net profit at ₹91.39 crore (-5% YoY).
- What does Transformers And Rectifiers (India) say comes next?
- Two stated targets from the 25 July 2026 concall, both attributed to management:
Research and educational content only. Not investment advice. Drafted from regulatory filings and published automatically — see our editorial policy.