Transformers and Rectifiers (India) Ltd (TARIL) reported a 135 per cent year-on-year increase in consolidated net profit to ₹80 crore for the second quarter of FY27, as stronger revenue, order inflows and capacity expansion supported the Ahmedabad-based power equipment manufacturer.
Revenue from operations rose 61 per cent year-on-year to ₹739 crore during the quarter, while order inflow increased 97 per cent to ₹1,169 crore. The company’s unexecuted order book stood at ₹7,237 crore as of September 30, 2026, an increase of 32 per cent from the year-ago period.
TARIL said in an official release that it expects to execute the existing order book over the next 18 to 24 months. The order pipeline under negotiation was approximately ₹21,000 crore, although the company said its historical order win ratio was between 10 and 15 per cent.
About 80 per cent of the bidding pipeline consists of domestic opportunities, while the remaining 20 per cent comes from export markets. The company said the pipeline has a balanced mix of government and private customers across utility and industrial segments.
The order pipeline comes as power transmission and distribution companies continue to procure equipment for grid expansion and system upgrades. Transformers are critical components in electricity networks because they enable voltage conversion and help connect generation, transmission and distribution systems. TARIL’s results, however, reflect the company’s reported financial performance and order position rather than confirmed execution of the entire pipeline.
During the quarter, TARIL completed dynamic short-circuit testing on three transformer units. The company said the technical milestone validates the units’ ability to withstand extreme electrical and mechanical stresses under fault conditions in accordance with international standards.
The company is also nearing completion of its transformer manufacturing expansion at Changodar near Ahmedabad. Commercial production is expected to begin around Diwali. TARIL said the additional capacity would support execution of its order book and help it address a larger opportunity pipeline across domestic and international markets.
Managing Director and CEO Satyen Mamtora said the second-quarter performance strengthened the company’s confidence in its growth trajectory, supported by order inflows, improving capacity utilisation and progress on expansion initiatives. He said the existing order book provided revenue visibility, while the Changodar project would help the company serve a wider opportunity pipeline.
TARIL is strengthening international customer engagement through its UK subsidiary, particularly in the United States and European markets. It has also entered the nuclear power sector through the Nuclear Power Corporation of India Ltd’s Kaiga Units 5 and 6 project. Recent orders have been secured from Damodar Valley Corporation and Gujarat Energy Transmission Corporation Ltd.
The company said investments in capacity expansion, technology and backward integration would support its long-term plans amid India’s focus on power infrastructure, energy security and domestic manufacturing. TARIL’s shares ended 3.05 per cent higher at ₹303.80 on the BSE after the results were reported.
