loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Transformers & Rectifiers (India) Ltd. reported a muted Q1FY27 performance

ICICIdirect Research 21 Jul 2026 DISCLAIMER

News: Transformers & Rectifiers (India) Ltd. reported a muted Q1FY27 performance, with revenue increasing 8.1% YoY to ₹572.3 crore (vs. ₹529.3 crore in Q1FY26). EBITDA increased 5.8% YoY to ₹93.3 crore, while EBITDA margin moderated to 16.3% from 16.7% in Q1FY26. PAT declined 4.7% YoY to ₹64.3 crore, with PAT margin contracting to 11.2% from 12.7% in the corresponding quarter last year.Despite the muted earnings, the company reported order inflows of ₹2,114 crore (+218% YoY), taking the unexecuted order book to a record ₹6,630 crore (+26% YoY), with a bid pipeline of over ₹23,000 crore.

View: Q1FY27 earnings remained subdued due to lower capacity utilisation at the Changodar plant amid ongoing expansion activities and elevated commodity costs. However, record order inflows of ₹2,114 crore (+218% YoY) and an order book of ₹6,630 crore (+26% YoY) provide strong medium-term revenue visibility. Following the softer Q1 performance, management has revised its FY27 revenue growth guidance to ~25% (30% - 35% guided earlier) , while maintaining an EBITDA margin target of ~16% and PAT margin of 9–10%. Completion of the Changodar expansion by August 2026 and continued backward integration are expected to support execution and profitability. Timely capacity ramp-up, margin recovery and execution of the robust order book remain key monitorables.

Impact: Negative

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere