India’s transformer sector is rapidly expanding, driven by rising energy demand, renewable integration, and infrastructure modernization. The market size reached USD 2.44 billion in 2024 and is projected to grow at a CAGR of 8.08 percent, reaching USD 5.18 billion by 2033.
Price Movement
With a market capitalization of Rs 15,900 crore, the shares of Transformers and Rectifiers (India) Ltd Ltd opened at Rs 552 per share, increased around 0.74 percent as compared to the previous closing price of Rs 547.90 apiece.
Matter Explanation
The company’s consolidated net profit has grown significantly from Rs 8 crores in FY21 to Rs 216 crores in FY25, reflecting a remarkable turnaround. Over the past five years, it has achieved an impressive net profit CAGR of 93.32 percent, highlighting strong financial performance and effective growth strategies driving consistent profitability across its business operations.
Financial Highlights
Recently, Transformers and Rectifiers (India) Ltd reported positive results in Q4FY25, revenue increased by 21 percent on a quarter-on-quarter basis from Rs. 559 crore in Q3FY25 to Rs. 676 crore in Q4FY25. Further, revenue zoomed by 32 percent year on year, from Rs 512 crore in Q4FY24 to Rs 676 crore in Q4FY25.
The company’s net profit increased by 70 percent on a quarter-on-quarter basis, from Rs. 55 crore in Q3FY25 to Rs. 94 crore in Q4FY25. Further, net profit magnified significantly by 129 percent year on year from Rs 41 crore in Q4FY24 to Rs 94 crore in Q4FY25.
The company posted a strong FY24-25 performance, with revenue surging 56 percent from Rs 1,294 crore to Rs 2,019 crore. Net profit jumped 359 percent, rising from Rs 47 crore to Rs 216 crore, reflecting robust growth and improved profitability over the previous financial year.
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Order Book
As of 31st March 2025, the company reported an order book of Rs 5,132 crores, Q4 order inflow of Rs 2,144 crores, and FY25 order inflow of Rs 4,504 crores. Additionally, inquiries under negotiation exceed Rs 22,000 crores, indicating a strong pipeline and robust business momentum going forward.
New Development
The company will begin Phase 1 of its 15,000 MVA capacity addition in May 2025, targeting $1 billion in revenue in three years. With a further 22,000 MVA EHV transformer expansion by Feb 2026, total capacity will exceed 75,000 MVA. A capex of Rs. 550 crore and full backward integration are planned by Q1 FY27.
Customer Base
Transformers & Rectifiers (India) Ltd. is driving growth through strong relationships with a diverse domestic customer base. Key clients include Power Grid, NTPC, Adani, JSW, Tata Power, Siemens Energy, ReNew Power, SAIL, and Hindustan Zinc, reflecting the company’s trusted presence across power, steel, infrastructure, and renewable energy sectors in India.
Market Position and Outlook
The management is optimistic about growth in the Indian energy sector, driven by infrastructure development opportunities. The company will adopt a selective approach to order inflow, focusing on high-yield and quick payment projects to boost profitability while strategically positioning itself in a growing market.
Company Profile
Transformers and Rectifiers (India) Limited is an India-based company that manufactures power, furnace, and rectifier transformers. The Company is a manufacturer of a range of transformers, which provides to both the domestic and the international market.
Written by Abhishek Singh
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