Transformers and Rectifiers (India) Ltd (TARIL) delivered a solid set of Q3 FY26 results with healthy operational performance, even as the stock came under pressure following a top-level management change.
Key Financials (Q3 FY26)
Revenue from operations: ₹736.76 crore, up ~32% year-on-year from ₹559.36 crore in Q3 FY25.
Profit After Tax (PAT): ₹75.97 crore, a ~37% YoY increase.
Profit Before Tax (PBT): ₹107.79 crore, up ~46% YoY.
EBITDA: ₹129.24 crore (+38% YoY), with margins expanding to 17.54%.
Order book: ₹5,450 crore, signalling strong future revenue visibility.
New Inflow: Bagged new orders worth ₹665 crore during the quarter.
Pipeline: Currently negotiating for inquiries exceeding ₹16,500 crore.
Annual Target: The company maintained its revenue target of ₹2,600 crore for the current financial year.
The company’s robust revenue growth was driven by improved execution across key segments and steady demand for high-voltage transformers and related products. Operational efficiency and cost control also contributed to margin expansion and a meaningful rise in profitability.
Despite the strong numbers, TARIL’s share price fell sharply after the announcement, as investors reacted to leadership changes. Long-time CEO Mukul Srivastava resigned effective January 7, 2026, and Managing Director Satyen J. Mamtora was appointed CEO effective January 8.
