MarketFriction

Transformers & Rectifiers India Ltd

NSE TARIL · BSE 532928 · Heavy Electrical Equipment
₹280.80 +3.96%
NSE close2026-10-01
52 week range224.05 - 501.20
Market cap₹8,190 Cr.
P/E31.7
Nifty 500Smallcap 250 Price band 20% Delivery 5.8%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales257369513322462559676529460737783572
Expenses237331441280392475545441409612664479
Operating Profit203872426985131885212511893
OPM %8%10%14%13%15%15%19%17%11%17%15%16%
Other Income121412910201442216
Interest121311121014151013131415
Depreciation666766787877
Profit before tax32156286474119904510811988
Tax %37%24%26%25%28%25%21%25%18%30%24%27%
Net Profit21642214655946737769164
EPS in Rs0.060.551.400.671.511.823.142.241.132.462.972.05
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales6578217168557017421,1581,3961,2912,0172,5072,552
Expenses6187336507946496731,0841,2751,1571,6892,1242,163
Operating Profit38876561516974121134327383388
OPM %6%11%9%7%7%9%6%9%10%16%15%15%
Other Income466121691096356157
Interest384244464646444851515155
Depreciation151516192019172525273029
Profit before tax-1036119213235764285363361
Tax %-32%34%41%41%44%39%39%26%27%24%25%
Net Profit-7246518144247216272269
EPS in Rs-0.280.880.200.170.020.270.531.541.567.148.818.61
Dividend Payout %0%0%0%0%0%19%14%5%6%3%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%28%22%15%
Compounded Profit Growth44%106%87%0%
Stock Price CAGR33%82%47%-44%
Return on Equity12%16%19%19%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131313131313131313143030
Reserves3213133123173223233303433815401,2221,485
Borrowings157164209399263308263325330256283457
Other Liabilities232299341358281289319428463359652696
Total Liabilities7237898761,0888809339251,1091,1871,1702,1872,667
Fixed Assets192185187195201193181168153144251250
CWIP111161232033562138
Investments0000000114268184
Other Assets5195926828816767387449361,0301,0171,6052,094
Total Assets7237898761,0888809339251,1091,1871,1702,1872,667
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity933766-102179169622829157-105
Cash from Investing Activity-30-5-24-31-8-15-7-89-22-621-7
Cash from Financing Activity-50-31-61145-1822-9317-45-10468116
Net Cash Flow130-1812-113-411-7-343
Free Cash Flow612955-132163791-61914-78-215
CFO/OP310%100%78%-152%296%37%140%4%34%38%58%2%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days15817116625616121820516416617485129
Inventory Days14715512018210915314710493109118133
Days Payable1602091492031141611791291189510962
Cash Conversion Cycle14511713823515621017313914118894200
Working Capital Days7677635755739460681193480
ROCE %4%6%15%9%8%8%9%10%15%15%28%23%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.91%69.65%69.65%66.16%66.16%64.36%64.36%64.36%64.36%64.36%64.36%64.36%
FIIs0.56%3.48%4.45%8.00%9.34%11.08%11.33%10.94%11.21%7.01%8.33%7.80%
DIIs0.00%0.00%1.89%6.33%6.93%7.68%7.22%6.04%5.95%4.18%1.77%1.54%
Public24.53%26.87%24.00%19.50%17.57%16.88%17.07%18.67%18.47%24.43%25.54%26.32%
No. of Shareholders54,11861,97264,97786,04190,21899,6871,45,4631,81,1031,79,3672,06,0602,11,9072,15,267

Fundamentals

Market Cap₹ 8,190 Cr.
Current Price₹ 273
Stock P/E31.7
Book Value₹ 50.5
ROCE23.3 %
ROE19.1 %
Dividend Yield0.09 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)15%
Compounded Profit Growth (TTM)0%
Consolidated figures.
Valuation
Market capRs 8,429 Cr
Enterprise valueRs 8,744 Cr
P/E (TTM)32.60x
Price to book5.56x
Price to sales3.30x
EV / EBITDA19.64x
EV / EBIT21.02x
EV / sales3.43x
Earnings yield3.07%
P/E, 3-year average55.79x
P/B, 3-year average7.66x
P/E, 5-year average38.45x
P/B, 5-year average4.91x
Profitability
Operating margin (excl. other income)15.29%
Operating margin (incl. other income)17.71%
EBITDA margin17.45%
Pre-tax margin14.13%
Net profit margin10.13%
Net margin, latest quarter10.75%
ROE19.11%
ROCE23.62%
ROA10.89%
ROE, 3-year average17.41%
ROCE, 3-year average22.41%
ROA, 3-year average9.15%
ROE, 5-year average13.41%
ROCE, 5-year average18.52%
ROA, 5-year average6.47%
ROIC (approx.)17.04%
Tax rate25.03%
Other income / net worth4.01%
Growth
Sales growth (latest year)24.29%
Profit growth (latest year)23.39%
Sales CAGR, 3 years21.56%
Sales CAGR, 5 years27.57%
Profit CAGR, 3 years86.53%
Profit CAGR, 5 years106.39%
Sales growth QoQ-26.87%
Profit growth QoQ-31.09%
Sales growth YoY (latest quarter)8.13%
Profit growth YoY (latest quarter)-8.66%
Per share
EPS (TTM)Rs 8.61
EPS (latest year)Rs 8.81
EPS (latest quarter)Rs 2.05
EPS, 3-year averageRs 6.36
EPS, 5-year averageRs 4.64
Book value per shareRs 50.47
Sales per shareRs 85.01
Cash flow per shareRs -3.51
Free cash flow per shareRs -7.16
Dividend per share, 3-year averageRs 0.20
Dividend per share, 5-year averageRs 0.17
Dividends
Dividend payout, 3-year average4.60%
Dividend payout, 5-year average7.08%
Efficiency
Asset turnover0.94x
Fixed asset turnover10.01x
Inventory turnover2.95x
Inventory days124 days
Debtor days129 days
Debtors turnover2.83x
Creditor days62 days
Cash conversion cycle200 days
Working capital days80 days
Leverage
Total debtRs 457 Cr
Cash and bankRs 141 Cr
Net debtRs 316 Cr
Debt to equity0.30x
Net debt / EBITDA0.71x
Interest coverage7.51x
Current ratio (filing 2026-03-31)1.82x
Quick ratio (filing 2026-03-31)1.22x
Trade payables (filing 2026-03-31)Rs 290 Cr
Owners' fund to total sources56.79%
Debt to assets17.12%
Cash flow
Cash from Operating Activity (latest year)Rs -105 Cr
Cash from Investing Activity (latest year)Rs -7 Cr
Cash from Financing Activity (latest year)Rs 116 Cr
Net Cash Flow (latest year)Rs 3 Cr
Free cash flow (latest year)Rs -215 Cr
FCFE (approx.: FCF + change in debt)Rs -41 Cr
Cash from ops / profit, 5 years0.19x
Statement figures
Net sales (TTM)Rs 2,552 Cr
Net sales (latest year)Rs 2,507 Cr
Sales (latest quarter)Rs 572 Cr
Operating profit excl. other income (latest year)Rs 383 Cr
Operating profit (latest quarter)Rs 93 Cr
Other income (TTM)Rs 57 Cr
EBITDA (TTM)Rs 445 Cr
PBDT (TTM)Rs 390 Cr
Profit before tax (TTM)Rs 361 Cr
Tax (latest year)Rs 91 Cr
Net profit (TTM)Rs 259 Cr
Net profit (latest year)Rs 264 Cr
Net profit (latest quarter)Rs 62 Cr
Depreciation (TTM)Rs 29 Cr
Depreciation (latest quarter)Rs 7 Cr
Interest (TTM)Rs 55 Cr
Cost of goods sold (latest year)Rs 1,821 Cr
Total expenditure (latest year)Rs 2,124 Cr
Total income (latest year)Rs 2,568 Cr
Share capitalRs 30 Cr
ReservesRs 1,485 Cr
Shareholders' fundsRs 1,515 Cr
Total assetsRs 2,667 Cr
Net blockRs 250 Cr
Capital work in progressRs 138 Cr
InvestmentsRs 184 Cr
ReceivablesRs 887 Cr
InventoryRs 617 Cr
Other liabilitiesRs 696 Cr
Shares outstanding (crore)30.02
Ownership
Promoter holding64.36% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 32.6 is at the 30th percentile of its own 8.8-year range (median 55.8, low 15.4, high 384.4).
P/B 5.56 is at the 67th percentile (median 1.53).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTARILNifty 50Difference
1 week+0.1%-2.8% +2.9 pts
1 month-9.1%-6.8% -2.3 pts
3 months-16.6%-7.6% -9.0 pts
6 months+10.4%+0.4% +10.0 pts
1 year-44.7%-9.9% -34.8 pts
2 years-15.4%-13.6% -1.8 pts
3 years+227.1%+14.2% +212.9 pts
5 years+1984.6%+27.9% +1956.7 pts
34 mutual fund schemes hold about ₹98 Cr. Over three months 15 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Invesco India Flexi Cap Fund0.87%50 -1%
Invesco India ELSS Tax Saver Fund1.15%32 -31%
Nippon India Nifty Smallcap 250 Index Fund0.15%5 +3%
SBI Nifty Smallcap 250 Index Fund0.15%3 +3%
Motilal Oswal Nifty Smallcap 250 Index Fund0.15%2 +3%
ICICI Pru Nifty Smallcap 250 Index Fund0.15%1 +4%
HDFC NIFTY Smallcap 250 Index Fund0.15%1 +4%
Nippon India Nifty 500 Equal Weight Index Fund0.18%1 +7%
JioBlackRock Nifty Smallcap 250 Index Fund0.15%1 +3%
Motilal Oswal Nifty 500 Index Fund0.02%1 +7%
Edelweiss Nifty Smallcap 250 Index Fund0.15%0 +4%
Groww Nifty Smallcap 250 Index Fund0.15%0 +3%
HDFC Nifty500 Multicap 50:25:25 Index Fund0.04%0 +4%
Bandhan Nifty Smallcap 250 Index Fund0.15%0 +4%
UTI Nifty Midsmallcap 400 Momentum Quality 100 Index Fund0.11%0 +8%
Kotak Nifty Smallcap 250 Index Fund0.15%0 +4%
SBI Nifty 500 Index Fund0.02%0 +7%
Navi Nifty Smallcap250 Momentum Quality 100 Index Fund0.28%0 +9%
Groww Nifty Total Market Index Fund0.02%0 +7%
HDFC BSE 500 Index Fund0.02%0 +2%
UTI Nifty500 Shariah Index Fund0.06%0 -3%
Axis Nifty 500 Index Fund0.02%0 +7%
DSP Nifty Smallcap 250 Index Fund0.15%0 +2%
ICICI Pru Nifty 500 Index Fund0.02%0 +7%
Groww Nifty Smallcap 250 Momentum Quality 100 Index Fund0.28%0 +9%

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was 15% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 14% of total assets in 2026
explainReceivables outrunning sales Receivables grew 89% vs sales +24% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹572 Cr +8.1% vs Jun 2025. Net profit ₹64 Cr -4.5%.

Activity

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Ex-dateActionFactor
2026-09-18Dividend - Re 0.25 Per Share
2025-05-09Dividend - Re 0.20 Per Share
2025-02-14Bonus 1:10.5000
2024-05-10Annual General Meeting/Dividend - Re 0.20 Per Share
2023-07-28Annual General Meeting/Dividend - Re 0.15 Per Share
2022-07-28Annual General Meeting/Dividend - Rs 0.15 Per Share
2021-09-02 Annual General Meeting/Dividend - Rs 0.10 Per Share
2020-09-24 Annual General Meeting
2019-09-12 Annual General Meeting
2018-09-19 Annual General Meeting
2017-09-28 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share0.1000
2017-08-23 Annual General Meeting
2016-09-08 Annual General Meeting
2015-09-03 Annual General Meeting
2014-09-04Annual General Meeting/Dividend - Re 0.75/- Per Share
2013-06-13Bonus 1:90.9000
2013-05-08Annual General Meeting / Final Dividend Re.0.75 Per Equity Share
2012-08-01Annual General Meeting
2011-07-21Dividend-Rs.5/- Per Share
2010-07-22Dividend-Rs.5/- Per Share
2009-07-09Agm/Div-Rs.4/- Per Share
2008-06-19Dividend-20%
DateTypeWhat it says
2026-10-02Order winBagging/Receiving of orders/contracts
2026-10-02Order winBagging/Receiving of orders/contracts
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03