Transformers And Rectifiers (India) Limited Earnings Summary — Q1 FY2027

• Consolidated revenue for Q1 FY2027 grew by 8.1% year-on-year to ₹572.34 crore, reflecting steady execution of the order book.
• Profit After Tax (PAT) declined slightly YoY to ₹64.29 crore from ₹67.46 crore, primarily due to higher material costs and finance charges.
• Cost of Materials Consumed increased significantly to ₹455.57 crore compared to ₹342.73 crore in the same quarter last year.
• The company maintains a strong market position as one of the few global manufacturers of power transformers up to the 1200kV Class.
• The results suggest a seasonal sequential softening, with revenue and profit down 26.9% and 29.7% respectively compared to the preceding quarter (Q4 FY26).
• Subsidiary performance added approximately ₹14.4 crore to the bottom line (standalone PAT of ₹49.87 Cr vs consolidated ₹64.29 Cr).
• Working capital remains a management focus as the company scales to meet demand from the power infrastructure super-cycle.

Management remains focused on transitioning into the high-voltage segment and capturing value from global energy grid upgrades, aiming to sustain higher margins achieved during the FY25-FY26 period.

Stable

While YoY revenue growth continues, a slight dip in net profit and the seasonal sequential decline lead to a neutral short-term outlook despite strong long-term fundamentals.

The outlook remains positive due to the power infrastructure super-cycle and large-scale order inflows from PGCIL, though higher raw material costs and interest expenses are near-term headwinds.