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Swing Capital

Transformers & Rectifiers India Ltd

NSE: TARIL BSE: 532928Energy

Transformers and Rectifiers (India) Ltd. is a manufacturer of Power, Furnace and Rectifier Transformers. [1]

₹292
52W: ₹224 — ₹579
PE 38.9 · Book ₹48 · +508% vs book
Market Cap₹8,775 Cr
Stock P/E38.9Price to Earnings
ROCE20.8%Return on Capital
ROE17%Return on Equity
Div. Yield0.07%Face Value ₹1

Strengths

  • +Company has delivered good profit growth of 100% CAGR over last 5 years

Weaknesses

  • −Promoter holding has decreased over last 3 years: -10.6%

Shareholding Pattern

Promoters64.36%
FIIs8.33%
DIIs1.77%
Public25.54%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.16%66.16%64.36%▼1.864.36%64.36%64.36%64.36%64.36%
FIIs8%9.34%▲1.311.08%▲1.711.33%▲0.310.94%▼0.411.21%▲0.37.01%▼4.28.33%▲1.3
DIIs6.33%6.93%▲0.67.68%▲0.87.22%▼0.56.04%▼1.25.95%▼0.14.18%▼1.81.77%▼2.4
Public19.5%17.57%▼1.916.88%▼0.717.07%▲0.218.67%▲1.618.47%▼0.224.43%▲6.025.54%▲1.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales365500312446545647511428704752
Expenses331438273382467544430398596658
Operating Profit3463396478104803010894
OPM %9%13%12%14%14%16%16%7%15%13%
Net Profit13361842517760177177
EPS ₹0.471.250.611.41.682.5520.562.372.58

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,395Cr, up 22.9% YoY. OPM at 13%.

Debt Position

Borrowings at ₹424Cr. Debt-to-equity ratio: 0.30x. Healthy balance sheet.

Capex Cycle

CWIP at ₹138Cr (97% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 1.77% (+1.77pp change). FIIs: 8.33% (+8.30pp change). Promoters hold 64.36%.

Margin & Efficiency

ROCE improving from 4% (Mar 2015) to 21% (Mar 2026). Working capital days: 99.

Valuation

PE 38.9x with 20.8% ROCE. Price is 508% above book value of ₹48. Dividend yield: 0.07%.

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