Transformers and Rectifiers India (TARIL) announced a consolidated net profit of ₹80 crore for the July‑September quarter (Q2 FY27), a 135% increase from ₹34 crore recorded in the same period last year. The Gujarat‑headquartered firm reported revenue from operations of ₹739 crore, up 61% from ₹460 crore in Q2 FY26. Operating profit, or EBITDA, rose to ₹128 crore, compared with ₹52 crore in the corresponding quarter of the previous fiscal year, reflecting improved utilisation at its Changodar and Moraiya plants.

TARIL’s EBITDA margin expanded to 17.35% in Q2 FY27 from 11.35% in Q2 FY26, underscoring better execution and operating leverage across its manufacturing facilities. Managing Director and CEO Satyen Mamtora highlighted that the transformer manufacturing expansion is nearing completion, with commercial production expected to commence around Diwali, positioning the company to scale further in H2 FY27. The firm also noted that the Changodar expansion will enable it to service a larger opportunity pipeline across markets.

For the first half of FY27, TARIL’s net profit rose 39% to ₹141 crore from ₹101 crore YoY, while revenue from operations grew 33% to ₹1,312 crore against ₹989 crore in H1 FY26. The company’s performance in H1 reflects improved capacity utilisation and operating leverage, with the Changodar expansion and commercial production expected to drive further growth in the second half of the fiscal year.

In Q2 FY27, new order inflow stood at ₹3,283 crore, and the unexecuted order book grew 32% to ₹7,237 crore from ₹5,472 crore YoY. The inquiry pipeline under negotiation is approximately ₹21,000 crore, with a historical win ratio of 10%–15%. Current bidding opportunities comprise about 80% domestic and 20% export, spanning government and private customers in utility and industrial segments.

For FY27, TARIL reiterated confidence in its guidance, targeting 25% revenue growth, a 16% EBITDA margin, and a PAT margin of 9% to 10%. The company earmarked roughly ₹121 crore of unutilised proceeds from the 2024 QIP for backward integration initiatives. Ahead of earnings, TARIL’s share price closed at ₹304 on the National Stock Exchange, up 3.12%.