Transformers And Rectifiers (India) Limited Earnings Summary — Q1 FY2027
TARIL Reports Q1 Growth with Consolidated Revenue Up 8% YoY Amid Expanding Order Pipeline
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 26.9% sequentially in Q1 FY2027.
- Revenue of ₹572 Cr is 8.1% higher year-on-year.
- Revenue has compounded at 5.0% annualised over the last 10 quarters.
- Net profit of ₹62 Cr is 8.7% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 21.2% annualised across the period.
- Operating margin stands at 16.3% in Q1 FY2027.
- Operating margin compressed by 35 bps year-on-year.
- Over the last two years operating margin has expanded by 321 bps.
- PBT margin is 15.4%.
- Expenses grew 8.6% against revenue growth of 8.1%.
- Operating profit of ₹93 Cr is 5.8% higher year-on-year.
- Operating leverage has been under pressure recently.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 54/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 572 | 783 | 737 | 460 | 529 | 676 | 559 | 462 | 322 | 513 |
| Expenses | Improving | 479 | 664 | 612 | 409 | 441 | 545 | 475 | 392 | 280 | 441 |
| Operating Profit | Volatile | 93 | 118 | 125 | 52 | 88 | 131 | 85 | 69 | 42 | 72 |
| Operating Margin | Accelerating | 16.3% | 15.1% | 17.0% | 11.2% | 16.7% | 19.4% | 15.2% | 15.0% | 13.1% | 14.0% |
| Other Income | Accelerating | 16 | 22 | 4 | 14 | 20 | 10 | 9 | 12 | 4 | 1 |
| Interest | Improving | 15 | 14 | 13 | 13 | 10 | 15 | 14 | 10 | 12 | 11 |
| Depreciation | Stable | 7 | 7 | 8 | 7 | 8 | 7 | 6 | 6 | 7 | 6 |
| Profit Before Tax | Volatile | 88 | 119 | 108 | 45 | 90 | 119 | 74 | 64 | 28 | 56 |
| Tax | Volatile | 24 | 28 | 32 | 8 | 23 | 25 | 18 | 18 | 7 | 14 |
| Net Profit | Volatile | 62 | 89 | 74 | 34 | 67 | 94 | 55 | 45 | 20 | 40 |
| Net Margin | Improving | 10.8% | 11.4% | 10.0% | 7.4% | 12.7% | 13.9% | 9.8% | 9.8% | 6.2% | 7.8% |
Key Takeaways
- 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 Guidance
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.
Sentiment Shift
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.
Outlook
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.
From the Annual Report (Key Quotes)
“The operations of the Company are limited to one segment, namely Manufacturing of Transformers.”
“The figures of March 31, 2026 quarter are the balancing figures between audited figures in respect of the full financial year and the unaudited published year-to-date figures.”
Official Quarterly Documents
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This summary is AI-generated from Transformers And Rectifiers (India) Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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