Trans & Recti. Ltd
NSE: TARIL · Heavy Electrical Equipment · sector
₹299.70NSE close 2026-10-26
Key numbers
Market cap₹8,997 cr
Price₹299.70
52w high / low₹489 / ₹224
P/E29.4xSector median 27.8x
P/B5.4xSector median 5.4x
Book value₹55.0
Dividend yield0.07%Sector median 0.19%
ROE20.9%Sector median 18.8%
ROCE21.6%Sector median 21.4%
OPM16.4%Sector median 15.1%
Debt / equity0.35xSector median 0.09x
EV/EBITDA20.1xSector median 21.4x
Interest cover8.5x
Current ratio1.70x
Sales growth 3y+22.0%Sector median +22.1%
Profit growth 3y+88.4%Sector median +27.5%
PEG0.36x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 43 companies in Heavy Electrical Equipment (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹292 cr vs borrowings ₹457 cr (FY26): borrowings are higher by ₹164 cr.
- Operating profit covered interest 8.5x in the last 12 months.
- 21.84% of the promoters' shares are pledged (14.1% of all shares).
- Operating cash flow was below net profit in 5 of the last 5 years (FY26, FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 15% of net profit in the last 12 months.
- Debtor days went from 173 (FY24) to 129 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹299.70 on 2026-10-26: -38.8% from the 52-week high, +33.8% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,239.20 · low ₹236.15
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 559 | 676 | 529 | 460 | 737 | 783 | 572 | 739 |
| EBITDA | 85 | 134 | 88 | 52 | 125 | 118 | 93 | 129 |
| OPM % | 15.2% | 19.9% | 16.7% | 11.2% | 17.0% | 15.1% | 16.3% | 17.4% |
| Other income | 9 | 7 | 20 | 14 | 4 | 22 | 16 | 3 |
| Net profit | 55 | 94 | 67 | 37 | 76 | 91 | 64 | 81 |
| EPS (₹) | 1.83 | 3.17 | 2.24 | 1.13 | 2.46 | 3.04 | 2.05 | 2.66 |
| Revenue YoY | +31.7% | +15.7% | +8.1% | +60.7% | ||||
| Profit YoY | +36.9% | -3.0% | -4.7% | +117.9% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,158 | 1,381 | 1,295 | 2,019 | 2,509 | 2,831 |
| EBITDA | 71 | 121 | 134 | 331 | 383 | 466 |
| Net profit | 14 | 41 | 44 | 216 | 272 | 313 |
| EPS (₹) | 0.53 | 1.53 | 1.62 | 7.21 | 9.07 | 10.21 |
| Revenue growth | +19.2% | -6.2% | +56.0% | +24.2% | +27.2% | |
| Profit growth | +191.0% | +9.3% | +386.3% | +25.8% | +23.0% | |
| Dividend / share (₹) | 0.10 | 0.15 | 0.15 | 0.20 | 0.20 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +22.0% | +27.6% | +27.2% |
| Net profit | +88.4% | +107.6% | +23.0% |
| EPS | +80.8% | +101.2% | – |
| Share price | – | -11.0% (2y) | -33.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 393 | 554 | 1,252 | 1,515 |
| Borrowings | – | 330 | 256 | 283 | 457 |
| Cash & equivalents | – | 23 | 31 | 409 | 292 |
| Total assets | – | 1,186 | 1,168 | 2,185 | 2,666 |
| Fixed assets | – | 147 | 137 | 232 | 230 |
| Capital work in progress | – | 3 | 4 | 62 | 138 |
| Investments | – | 0 | 0 | 31 | 33 |
| Receivables | – | 635 | 614 | 469 | 887 |
| Inventory | – | 271 | 275 | 445 | 616 |
| Payables | – | 346 | 241 | 412 | 290 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 2 | 28 | 29 | 157 | -105 |
| Cash from investing | -8 | 9 | -22 | -625 | -7 |
| Cash from financing | 17 | -45 | -10 | 472 | 116 |
| Capex | 9 | 10 | 1 | 235 | 109 |
| Free cash flow | -7 | 18 | 29 | -78 | -215 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 10.4% | 8.0% | 17.3% | 18.0% |
| ROCE % | – | 14.5% | 14.2% | 21.9% | 21.0% |
| Debtor days | – | 168 | 173 | 85 | 129 |
| Inventory days | – | 92 | 108 | 117 | 133 |
| Payable days | – | 118 | 95 | 109 | 62 |
| Cash conversion cycle (days) | – | 142 | 186 | 93 | 200 |
| Working capital days | – | 75 | 127 | 108 | 122 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 64.36% |
| FIIs | 6.99% |
| DIIs | 1.19% |
| of which Mutual funds | 1.12% |
| of which Insurance | 0.04% |
| Government | 0.00% |
| Public (non-institutions) | 27.46% |
| Quarter | Feb 2025 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 64.36% | 64.36% | 64.36% | 64.36% | 64.36% | 64.36% | 64.36% | 64.36% |
| Promoter group | % |
|---|---|
| Jitendra Ujamsi Mamtora | 31.30% |
| Karunaben Jitendra Mamtora | 9.50% |
| Satyen Jitendra Mamtora | 9.50% |
| Janki Aasish Kiri | 9.50% |
| Jitendra Ujamsi Mamtora HUF | 4.55% |
| Aakanksha Satyen Mamtora | 0.01% |
| Bipin Ujamashi Mamtora | 0.00% |
| Dilip Ujamashi Mamtora | 0.00% |
| Public holders above 1% | % |
|---|---|
| State Of Wisconsin Investment Board - Alliance Bernstein L.P. | 1.47% |
2,23,850 shareholders. Pledged: 21.84% of promoter shares.
Peers in Heavy Electrical Equipment
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BHEL | ₹1,37,384 cr | 47.7x | 5.1x | 11.2% | 13.5% | 10.1% | +13.1% | 0.12% |
| ABB | ₹1,34,715 cr | 45.1x | 14.4x | 36.1% | 22.4% | 14.0% | – | – |
| CGPOWER | ₹1,31,237 cr | 104.9x | 16.5x | 16.5% | 21.3% | 12.5% | +30.7% | 0.16% |
| POWERINDIA | ₹1,19,751 cr | 104.0x | 23.1x | 24.5% | 29.9% | 14.9% | +22.2% | 0.02% |
| SIEMENS | ₹1,16,725 cr | 35.6x | 8.4x | 25.0% | 14.2% | 10.0% | +41.0% | 0.37% |
| ENRIN | ₹98,074 cr | 65.9x | 20.4x | 34.3% | 42.0% | 20.9% | – | 0.14% |
| GVT&D | ₹97,043 cr | 74.3x | 36.1x | 58.5% | 65.5% | 25.2% | +30.8% | 0.13% |
| SUZLON | ₹51,051 cr | 16.3x | 5.4x | 40.4% | 29.2% | 17.7% | +41.0% | – |
| THERMAX | ₹35,902 cr | 60.5x | 6.5x | 11.3% | 12.5% | 8.6% | +9.8% | 0.44% |
| TARIL | ₹8,997 cr | 29.4x | 5.4x | 20.9% | 21.6% | 16.4% | +22.0% | 0.07% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-18 | Dividend | Dividend - Re 0.25 Per Share |
| 2025-05-09 | Dividend | Dividend - Re 0.20 Per Share |
| 2025-02-14 | Bonus | Bonus 1:1 |
| 2024-05-10 | Dividend | Annual General Meeting/Dividend - Re 0.20 Per Share |
| 2023-07-28 | Dividend | Annual General Meeting/Dividend - Re 0.15 Per Share |
| 2022-07-28 | Dividend | Annual General Meeting/Dividend - Rs 0.15 Per Share |
| 2021-09-02 | Dividend | Annual General Meeting/Dividend - Rs 0.10 Per Share |
| 2020-09-24 | Other | Annual General Meeting |
| 2019-09-12 | Other | Annual General Meeting |
| 2018-09-19 | Other | Annual General Meeting |
| 2017-09-28 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share |
| 2017-08-23 | Other | Annual General Meeting |
| 2016-09-08 | Other | Annual General Meeting |
| 2015-09-03 | Other | Annual General Meeting |
| 2014-09-04 | Dividend | Annual General Meeting/Dividend - Re 0.75/- Per Share |
| 2013-06-13 | Bonus | Bonus 1:9 |
| 2013-05-08 | Dividend | Annual General Meeting / Final Dividend Re.0.75 Per Equity Share |
| 2012-08-01 | Other | Annual General Meeting |
| 2011-07-21 | Dividend | Dividend-Rs.5/- Per Share |
| 2010-07-22 | Dividend | Dividend-Rs.5/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing and supplier of Electrical Transformers: The company specialises in the manufacturing and supply of various types of transformers, including Power Transformers, Distribution Transformers, Furnace Transformers, Rectifier Transformers, Special Transformers and Reactors. Additionally, the company provides after-sales services related to these transformers.
| Sector | Industrials |
| Industry | Heavy Electrical Equipment |
| Sub-industry | Heavy Electrical Equipment |
| Symbol | TARIL |
| BSE code | 532928 |
| ISIN | INE763I01026 |
| Face value | ₹1.0 |
| Incorporated | 1994-07-11 |
| Website | http://www.transformerindia.com |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.