| Investment Value | ₹1,250 CrChiyada Project |
|---|---|
| Market Cap | ₹8,996 CrHeavy Electricals |
| TTM P/E | 29.55Sector: 50.75 |
| Deal value | ₹1,250 Cr |
| Share of market cap | 13.9% |
| Share of annual revenue | 44.2% |
Key highlights
- Investment of ₹1,250 crore to set up three new manufacturing units in Chiyada, Gujarat
- Facilities will produce high-voltage Bushings up to 800 kV, Pressboard, and CTC
- Estimated annual revenue potential of approximately ₹2,000 crore once fully operational
- Project expected to create over 1,000 direct jobs across engineering and R&D
- Commercial operations scheduled to commence in the first quarter of FY2027-28
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| . | |
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Strategic Expansion at Chiyada Manufacturing Complex
The ₹1,250 crore investment marks a significant milestone for TARIL, representing approximately 13.9 percent of its current market capitalization and over 44 percent of its trailing twelve-month revenue. Located at the Chiyada complex in Gujarat, these three greenfield plants are designed to localize the production of critical transformer components that are currently often imported. The move follows a series of capacity expansions, including a ₹600 crore capex announced in April 2026 for the Changodar and Moraiya facilities.
This latest initiative will be managed under a wholly owned consolidated ancillary subsidiary to maintain strategic control over technology and quality.
Focus on High-Voltage Component Localization
- Bushing Facility: Production of OIP, RIP, and RIF bushings for applications up to 800 kV
- Insulation Unit: Manufacturing of specialized Pressboard and insulation materials
- Conductor Plant: Production of Continuously Transposed Conductors or CTC
- Timeline: Construction began in December 2025 with commercial operations targeted for Q1 FY28
- Employment: Creation of 1,000 plus direct roles in manufacturing and quality assurance
Vertical Integration and Market Positioning
This investment represents far more than a capacity expansion, it is a strategic move towards deep vertical integration. Manufacturing Bushings, Pressboard and Insulation materials and CTC in-house will provide greater control over quality, lead times and operational efficiency while improving supply chain resilience.
Financial Performance and Future Guidance
The expansion comes as TARIL reports robust financial growth, with latest quarterly revenue climbing 60.7 percent year-on-year to ₹739.44 crore and net profit surging 135.3 percent to ₹79.8 crore. As of September 30, 2026, the company maintains a substantial unexecuted order backlog of ₹7,237 crore. Management has reiterated a revenue target of ₹3,200 crore for FY27, supported by a 16 percent EBITDA margin guidance.
This new ₹1,250 crore project builds upon earlier backward integration agreements signed in January 2025 and ongoing capacity infusions designed to take total company capacity above 75,000 MVA.
| Date | Announcement | Amount |
|---|---|---|
| 26 Oct 2026 | Three greenfield plants at Chiyada complex in Gujarat for bushings up to 800 kV, pressboard/insulation, and CTCSource: tndindia.com | ₹1,250.00 Cr |
| 27 Aug 2026 | UK subsidiary Maxwell Grid Transformers (UK) Private Limited for international expansion and potential transformer manufacturing/repairsSource: zerodha.com | – |
| 20 Jul 2026 | Capacity expansion at Changodar plant to 35,000 MVA and backward integration facilities programSource: BSE filing | ₹150.00 Cr |
| 21 Apr 2026 | Capex infusion over 15 months for 15,000 MVA Changodar expansion, 22,000 MVA Moraiya addition (total 75,000 MVA), and 4 backward integration facilitiesSource: BSE filing | ₹600.00 Cr |
| 08 Apr 2025 | Capex infusion over 15 months to increase capacity above 75,000 MVA and set up backward integration unitsSource: investmentguruindia.com | ₹550.00 Cr |
| 08 Jan 2025 | Backward integration technology agreements for three critical components and automated radiator facilitySource: BSE filing | – |
What to watch next
- Commercial production commencement of the expanded Changodar facility scheduled for November 2026
- Updates on the operationalization of the UK subsidiary, Maxwell Grid Transformers, for international repairs
- Scheduled start of commercial operations at the new Chiyada greenfield plants in Q1 FY2027-28
“India's aspiration to become a developed nation by 2047 will require one of the world's most robust and future-ready power infrastructure ecosystems.”
“Manufacturing Bushings, Pressboard & Insulation materials and CTC in-house will provide greater control over quality, lead times and operational efficiency while improving supply chain resilience.”
| Share price | ₹299.7 |
|---|---|
| Market capitalisation | ₹8,995.97 Cr |
| Revenue (annual) | ₹2,508.80 Cr |
| Net profit (annual) | ₹264.39 Cr |
| Revenue (latest quarter) | ₹739.44 Cr+29.20% vs previous quarter |
| Net profit (latest quarter) | ₹79.80 Cr+29.71% vs previous quarter |
| P/E (TTM) | 29.55×Sector 50.75× |
| Promoter holding | 64.36%0.00% QoQ |
| FII holding | 6.98%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Transformers and Rectifiers (India) Limited announcing an update on manufacturing facilities at Chiyada, Gujarat. Market figures from a third-party data provider.
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