Transformers and Rectifiers (India) Q2 Results: Net Profit Surges 117% to ₹81.4 Crore

Key numbers

Market Cap	₹9,019.98 CrHeavy Electricals
PE TTM	34.89xSector: 56.03x
Promoter Holding	64.36%21.84% Pledged
RSI	56.36Neutral Zone

Key highlights

• Net profit jumped 117.6% year-on-year to ₹81.4 crore in Q2-27
• Revenue from operations grew 60.6% YoY to reach ₹739 crore
• Operating margins expanded to 14.8% from 9.6% in the year-ago quarter
• Total income for the quarter stood at ₹742 crore versus ₹474 crore in Q2-26
• Basic Earnings Per Share (EPS) for the quarter rose to ₹2.66

Operational Scale and Revenue Momentum

Transformers and Rectifiers (India) Ltd reported consolidated revenue from operations of ₹739 crore for the quarter ended September 30, 2026, representing a 29.2% sequential increase from ₹572 crore in Q1-27. This growth trajectory aligns with the company's previously stated target of achieving approximately 25% annual revenue growth for FY27. The performance is underpinned by a robust order book, which stood at a record ₹6,630 crore as of June 30, 2026.

The heavy electrical equipment manufacturer continues to benefit from steady demand in the power transmission and industrial segments, maintaining its position as a specialized player in the transformer manufacturing space.

Margin Expansion and Profitability Profile

The company's profitability saw a sharp uptick, with net profit reaching ₹81.4 crore, a 117.6% jump over the ₹37.4 crore recorded in the corresponding quarter of the previous year. While the operating margin of 14.8% in Q2-27 was slightly lower than the 15.0% recorded in the immediate preceding quarter, it marked a substantial improvement from the 9.6% reported in Q2-26. This margin enhancement reflects better absorption of fixed costs and a favorable product mix.

Total expenses for the quarter reached ₹632.23 crore, as the company scaled its operations to meet increasing delivery requirements across its primary manufacturing segment.

Strategic Global Expansion and Subsidiary Update

• Incorporated a new subsidiary, Maxwell Grid Transformers (UK) Private Limited, on September 4, 2026.
• The UK subsidiary had not commenced operations or received capital contribution as of the result date.
• Company operations remain concentrated in a single segment: Manufacturing of Transformers and Rectifiers.
• Promoter holding remains steady at 64.36%, though 21.84% of the total promoter holding is currently pledged.
• The board approved the unaudited standalone and consolidated financial results in a meeting concluded at 03:30 p.m. on October 13, 2026.

Segmental Reporting Note

The operations of the Company are limited to one segment, namely Manufacturing of Transformers and rectifiers. Accordingly, disclosure under Indian Accounting Standard (Ind AS) 108 on operating segments is not applicable to the Company.

What to watch next

• Reopening of the trading window for designated persons on October 16, 2026
• Operational commencement and capital contribution for the UK-based subsidiary, Maxwell Grid Transformers
• Progress toward the management's long-term revenue target of USD 1 billion over three financial years

Transformers and Rectifiers (India) · financial snapshot

Share price	₹300.5
Market capitalisation	₹9,019.98 Cr
Revenue (annual)	₹2,508.80 Cr
Net profit (annual)	₹264.39 Cr
Revenue (latest quarter)	₹572.34 Cr-26.87% vs previous quarter
Net profit (latest quarter)	₹61.52 Cr-31.09% vs previous quarter
P/E (TTM)	34.89×Sector 56.03×
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.