India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#370- Valuation
- ₹14,890 Cr
Market Cap
₹9,616 Cr
TARIL · NSE
Share Price
₹314.35
-1.87% today
Revenue
₹2,509 Cr
FY 2025-26 · +24.2% YoY
EBITDA
₹383 Cr
Margin 15.3%
Net Profit
₹264 Cr
FY 2025-26 · +26.0% YoY
P/E (TTM)
32.2x
P/B 5.9x
ROE
19.7%
ROCE 23.3%
Debt / Equity
0.27
Interest cover 14.5x
About Transformers and Rectifiers (India) Limited
Data last updated:
Transformers and Rectifiers (India) Limited is a public limited company based in Ahmedabad, Gujarat, India. It operates in the power equipment manufacturers segment of the energy and power sector. It was incorporated on 11 July 1994 and has been in existence for over 32 years.
Transformers and Rectifiers (India) is part of the Nifty 500 and BSE 500 indices. Its director Jitendra Ujamsi Mamtora and family are #465 among India's richest people (2026). Its director Rajendra Shantilal Shah and family are #1,374 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN L33121GJ1994PLC022460. Its GSTIN is 24AACCT8243P1ZV (Gujarat). The company holds 7 GST registrations, of which 1 is active. Its shares are listed on BSE: 532928 and NSE: TRIL.
The company has an authorised share capital of ₹50 Cr and a paid-up capital of ₹30.02 Cr. It was formerly known as Triveni Electric Company Limited. It is led by directors including Satyen Jitendra Mamtora (Managing Director) and Jitendra Ujamsi Mamtora (Whole-Time Director).
Its last annual general meeting (AGM) was held on 21 September 2026, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Ahmedabad, Gujarat.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹2,508.8 Cr, a growth of 24.2% compared to the previous year. For the same year it recorded a net profit of ₹264.49 Cr (net margin 10.5%) and EBITDA of ₹383.18 Cr (EBITDA margin 15.3%). The net worth stands at ₹1,514.83 Cr (up 21% YoY). Total assets are valued at ₹2,023.16 Cr (up 27.6% YoY).
The company has about 627 employees on its provident fund (EPFO) records. Its group structure includes 5 subsidiaries.
The company is associated with 1 brand: Transformers & Rectifiers. As per MCA filings, the company has open charges of ₹1,557.11 Cr and satisfied charges of ₹401.63 Cr on record. Court records list 65 cases involving the company, including 45 filed by the company and 20 filed against it; 18 cases are pending. The company has 28 deals on record (26 market trades, 1 qip, 1 ipo); the latest was in June 2026. Its 10 peer companies in the Power industry (Power Equipment Manufacturers) are compared by revenue, 5 larger and 5 smaller; the largest is Renewsys India Private Limited with revenue of ₹2,416.93 Cr. The company has 14 MSME Form 1 returns on record between 2019 and 2023, listing 2,954 overdue payments to 152 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website transformerindia.com.
Company Details of Transformers and Rectifiers (India) Limited
CIN L33121GJ1994PLC022460
Registration Number 022460
Incorporation Date 11 July 1994
ROC Ahmedabad
Listing Status Listed (BSE: 532928, NSE: TRIL)
Company Status Active
Date of Last AGM 21 September 2026
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
CIN History of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) has one previous CIN (Corporate Identification Number): U33121GJ1994PLC022460. The current CIN is L33121GJ1994PLC022460, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L33121GJ1994PLC022460 | Current |
| U33121GJ1994PLC022460 | Previous |
Key People
Satyen Jitendra Mamtora Managing Director Jitendra Ujamsi Mamtora Whole-Time Director Karunaben Jitendra Mamtora Whole-Time Director Recognitions & Rankings of Transformers and Rectifiers (India)
India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #465 Jitendra Ujamsi Mamtora & family ₹7,500 Cr
- #1,374 Rajendra Shantilal Shah & family ₹1,600 Cr
Stock market indices
Nifty 500 BSE 500
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social MediaLocked
- Registered AddressSurvey No. 427 P/3 – 4 & 431 P/1 – 2 Sarkhej Bavla Highway Village:Moraiya, Tal:Sanand, Ahmedabad, Gujarat, India – 382213
- IndustryEnergy and Power, Power Equipment Manufacturers
Comprehensive company report
Transformers and Rectifiers (India) Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Associated Brands with Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) operates one associated brand: Transformers & Rectifiers. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of transformers and rectifier | transformerindia.com |
Business Activity of Transformers and Rectifiers (India) Limited
The main business activity of Transformers and Rectifiers (India) is manufacturing. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment | Locked |
Premium access
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Transformers and Rectifiers (India) Limited FY 2025-26 filings available
Transformers and Rectifiers (India) Limited reported revenue of ₹2,508.8 Cr (up 24.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹2,509 Cr
+24.2% YoY
EBITDA
₹383 Cr
+17.0% YoY
Profit After Tax
₹264 Cr
+26.0% YoY
Net Worth
₹1,515 Cr
+21.0% YoY
Total Assets
₹2,023 Cr
+27.6% YoY
Total Debt
₹457 Cr
+61.5% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,509 | 2,019 | 1,295 | 1,396 | 1,162 | 742 | 701 |
| Revenue growth | +24.2% | +56.0% | -7.3% | +20.2% | +56.6% | +5.9% | - |
| EBITDA | 383 | 327 | 134 | 121 | 74.08 | 68.46 | 51.35 |
| EBITDA margin | +15.3% | +16.2% | +10.4% | +8.7% | +6.4% | +9.2% | +7.3% |
| Profit before tax | 363 | 285 | 64.40 | 57.07 | 23.31 | 12.51 | 1.86 |
| Net profit | 264 | 210 | 44.23 | 40.72 | 13.96 | 7.16 | 0.40 |
| Net profit margin | +10.5% | +10.4% | +3.4% | +2.9% | +1.2% | +1.0% | +0.1% |
| EPS (₹) | 8.81 | 7.14 | 3.12 | 3.07 | 1.06 | 0.53 | 0.03 |
| Balance sheet | |||||||
| Total assets | 2,023 | 1,586 | 832 | 743 | 697 | 621 | 660 |
| Net worth | 1,515 | 1,252 | 554 | 394 | 357 | 343 | 336 |
| Total debt | 457 | 283 | 256 | 330 | 325 | 263 | 308 |
| Cash & bank | 141 | 172 | 27.25 | 22.88 | 46.38 | 26.83 | 37.04 |
| Net working capital | 1,080 | 561 | 648 | 548 | 505 | 413 | 444 |
| Cash flow | |||||||
| Cash from operations | (105) | 157 | 29.16 | 28.39 | 1.89 | 96.43 | 16.36 |
| Cash from investing | (7.40) | (621) | (22.44) | 9.16 | (8.01) | (6.96) | (15.20) |
| Cash from financing | 116 | 468 | (9.86) | (44.88) | 17.21 | (93.08) | 1.57 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 739 | 572 | 783 | 737 | 460 | 529 | 676 | 559 |
| Revenue growth (YoY) | +60.7% | +8.1% | +15.7% | +31.7% | -0.3% | +64.4% | - | - |
| Other income | 2.72 | 16.31 | 22.37 | 4.26 | 13.92 | 20.31 | 10.18 | 8.96 |
| EBITDA | 129 | 93.34 | 118 | 125 | 51.52 | 88.19 | 131 | 84.81 |
| EBITDA margin | +17.4% | +16.3% | +15.1% | +17.0% | +11.2% | +16.7% | +19.4% | +15.2% |
| Depreciation | 7.22 | 6.82 | 7.01 | 8.08 | 7.27 | 7.55 | 7.28 | 6.49 |
| Interest | 14.34 | 14.80 | 14.37 | 13.37 | 12.87 | 10.47 | 14.92 | 13.54 |
| Profit before tax | 110 | 88.03 | 119 | 108 | 45.30 | 90.48 | 119 | 73.74 |
| Tax | 28.55 | 23.74 | 28.08 | 31.82 | 7.95 | 23.02 | 25.04 | 18.25 |
| Net profit | 81.38 | 64.29 | 91.39 | 75.97 | 37.35 | 67.46 | 94.20 | 55.49 |
| EPS (₹) | 2.66 | 2.05 | 3.04 | 2.53 | 1.13 | 2.24 | 3.14 | 3.67 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 2,395 | 1,950 | 1,273 | 1,375 | 1,129 | 727 | 683 |
| Revenue growth | +22.8% | +53.2% | -7.4% | +21.8% | +55.3% | +6.4% | - |
| EBITDA | 313 | 284 | 120 | 106 | 66.09 | 63.50 | 46.14 |
| EBITDA margin | +13.1% | +14.6% | +9.4% | +7.7% | +5.9% | +8.7% | +6.8% |
| Profit before tax | 302 | 247 | 56.09 | 48.42 | 20.97 | 10.73 | 0.70 |
| Net profit | 218 | 165 | 40.63 | 37.24 | 13.06 | 7.02 | 0.53 |
| Net profit margin | +9.1% | +8.5% | +3.2% | +2.7% | +1.2% | +1.0% | +0.1% |
| EPS (₹) | 7.51 | 6.25 | 2.88 | 2.80 | 0.98 | 0.52 | 0.04 |
| Balance sheet | |||||||
| Total assets | 1,887 | 1,482 | 803 | 716 | 673 | 597 | 637 |
| Net worth | 1,440 | 1,210 | 539 | 382 | 347 | 335 | 328 |
| Total debt | 424 | 260 | 251 | 323 | 316 | 254 | 301 |
| Cash & bank | 139 | 167 | 25.39 | 18.41 | 44.64 | 25.70 | 36.03 |
| Net working capital | 1,009 | 538 | 617 | 535 | 492 | 399 | 433 |
| Cash flow | |||||||
| Cash from operations | (58.56) | (33.86) | 28.06 | 26.74 | (5.88) | 94.58 | 10.29 |
| Cash from investing | (48.76) | (409) | (22.52) | 5.51 | (3.89) | (5.59) | (11.01) |
| Cash from financing | 113 | 443 | (5.81) | (42.24) | 20.00 | (92.69) | 3.69 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 709 | 559 | 752 | 704 | 428 | 511 | 647 | 545 |
| Revenue growth (YoY) | +65.5% | +9.6% | +16.2% | +29.1% | -3.9% | +63.9% | - | - |
| Other income | 2.80 | 14.28 | 22.42 | 5.66 | 12.39 | 16.38 | 11.18 | 9.05 |
| Total expenses | 595 | 486 | 658 | 596 | 398 | 430 | 544 | 467 |
| EBITDA | 114 | 73.09 | 94.48 | 108 | 29.97 | 80.32 | 104 | 77.91 |
| EBITDA margin | +16.1% | +13.1% | +12.6% | +15.4% | +7.0% | +15.7% | +16.0% | +14.3% |
| Depreciation | 5.06 | 5.06 | 5.26 | 5.67 | 6.00 | 6.25 | 6.27 | 5.91 |
| Interest | 12.96 | 14.28 | 12.62 | 12.36 | 10.75 | 9.19 | 13.33 | 13.31 |
| Profit before tax | 98.68 | 68.03 | 99.02 | 95.97 | 25.61 | 81.26 | 95.37 | 67.74 |
| Tax | 23.67 | 18.16 | 21.55 | 24.94 | 8.81 | 21.11 | 18.78 | 17.23 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 22 Oct 2026
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 739 | 572 | 783 | 737 | 460 | 529 | 676 | 559 |
| Revenue growth (YoY) | +60.7% | +8.1% | +15.7% | +31.7% | -0.3% | +64.4% | - | - |
| Other income | 2.72 | 16.31 | 22.37 | 4.26 | 13.92 | 20.31 | 10.18 | 8.96 |
| EBITDA | 129 | 93.34 | 118 | 125 | 51.52 | 88.19 | 131 | 84.81 |
| EBITDA margin | +17.4% | +16.3% | +15.1% | +17.0% | +11.2% | +16.7% | +19.4% | +15.2% |
| Depreciation | 7.22 | 6.82 | 7.01 | 8.08 | 7.27 | 7.55 | 7.28 | 6.49 |
| Interest | 14.34 | 14.80 | 14.37 | 13.37 | 12.87 | 10.47 | 14.92 | 13.54 |
| Profit before tax | 110 | 88.03 | 119 | 108 | 45.30 | 90.48 | 119 | 73.74 |
| Tax | 28.55 | 23.74 | 28.08 | 31.82 | 7.95 | 23.02 | 25.04 | 18.25 |
| Net profit | 81.38 | 64.29 | 91.39 | 75.97 | 37.35 | 67.46 | 94.20 | 55.49 |
| EPS (₹) | 2.66 | 2.05 | 3.04 | 2.53 | 1.13 | 2.24 | 3.14 | 3.67 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,509 | 2,019 | 1,295 | 1,396 | 1,162 | 742 | 701 |
| Revenue growth | +24.2% | +56.0% | -7.3% | +20.2% | +56.6% | +5.9% | - |
| Other income | 60.85 | 34.94 | 5.82 | 8.69 | 9.81 | 9.60 | 15.87 |
| Total expenses | 2,126 | 1,692 | 1,161 | 1,275 | 1,088 | 674 | 650 |
| Employee cost | 106 | 60.07 | 47.70 | 41.18 | 32.44 | 28.44 | 32.36 |
| EBITDA | 383 | 327 | 134 | 121 | 74.08 | 68.46 | 51.35 |
| EBITDA margin | +15.3% | +16.2% | +10.4% | +8.7% | +6.4% | +9.2% | +7.3% |
| Depreciation | 29.91 | 26.96 | 24.73 | 24.53 | 16.99 | 19.34 | 19.59 |
| Interest | 51.08 | 50.60 | 50.80 | 47.97 | 43.59 | 46.21 | 45.77 |
| Profit before tax | 363 | 285 | 64.40 | 57.07 | 23.31 | 12.51 | 1.86 |
| Tax | 90.87 | 68.41 | 17.39 | 14.72 | 9.02 | 4.88 | 0.81 |
| Net profit | 264 | 210 | 44.23 | 40.72 | 13.96 | 7.16 | 0.40 |
| Net profit margin | +10.5% | +10.4% | +3.4% | +2.9% | +1.2% | +1.0% | +0.1% |
| EPS (₹) | 8.81 | 7.14 | 3.12 | 3.07 | 1.06 | 0.53 | 0.03 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.02 | 30.02 | 14.26 | 13.26 | 13.26 | 13.26 | 13.26 |
| Reserves & surplus | 1,485 | 1,222 | 540 | 381 | 343 | 330 | 323 |
| Shareholders' funds (net worth) | 1,515 | 1,252 | 554 | 394 | 357 | 343 | 336 |
| Minority interest | 28.16 | 20.43 | 8.51 | 6.73 | 6.74 | 7.17 | 7.34 |
| Secured loans | 193 | 176 | 160 | 254 | 240 | 213 | 219 |
| Unsecured loans | 263 | 107 | 96.37 | 76.53 | 84.86 | 50.18 | 89.48 |
| Total debt | 457 | 283 | 256 | 330 | 325 | 263 | 308 |
| Total liabilities | 2,023 | 1,586 | 832 | 743 | 697 | 621 | 660 |
| Assets | |||||||
| Gross block | 454 | 426 | 292 | 277 | 272 | 268 | 262 |
| Net block | 250 | 251 | 144 | 153 | 168 | 181 | 193 |
| Capital work in progress | 138 | 61.76 | 5.18 | 3.37 | 3.43 | 0.05 | 1.62 |
| Investments | 184 | 268 | 4.18 | 0.85 | 0.51 | 0.43 | 0.27 |
| Inventories | 617 | 446 | 276 | 273 | 263 | 219 | 214 |
| Sundry debtors | 887 | 469 | 614 | 635 | 522 | 416 | 418 |
| Cash & bank balances | 141 | 172 | 27.25 | 22.88 | 46.38 | 26.83 | 37.04 |
| Loans & advances | 78.70 | 75.09 | 68.68 | 59.65 | 78.94 | 50.20 | 44.84 |
| Total current assets | 1,724 | 1,162 | 986 | 991 | 910 | 711 | 714 |
| Total current liabilities | 644 | 601 | 338 | 443 | 405 | 299 | 271 |
| Net working capital | 1,080 | 561 | 648 | 548 | 505 | 413 | 444 |
| Total assets | 2,023 | 1,586 | 832 | 743 | 697 | 621 | 660 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 5.27 | 1.61 | 4.75 | 12.08 | 0.98 | 4.60 | 1.87 |
| Net cash from operating activities | (105) | 157 | 29.16 | 28.39 | 1.89 | 96.43 | 16.36 |
| Net cash from investing activities | (7.40) | (621) | (22.44) | 9.16 | (8.01) | (6.96) | (15.20) |
| Net cash from financing activities | 116 | 468 | (9.86) | (44.88) | 17.21 | (93.08) | 1.57 |
| Net change in cash | 2.83 | 3.66 | (3.14) | (7.33) | 11.09 | (3.62) | 2.73 |
| Closing cash | 141 | 172 | 27.25 | 22.88 | 46.38 | 26.83 | 37.04 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +24.2% | +56.0% | -7.3% | +20.2% | +56.6% | +5.9% | - |
| EBITDA growth | +17.0% | +144.2% | +10.9% | +63.2% | +8.2% | +33.3% | - |
| PBT growth | +27.5% | +342.3% | +12.8% | +144.8% | +86.3% | +572.6% | -78.5% |
| Net income growth | +26.0% | +374.7% | +8.6% | +191.7% | +95.0% | +1690.0% | - |
| Revenue CAGR (3Y) | +21.6% | +20.2% | +20.4% | +25.8% | +10.7% | +1.2% | -5.1% |
| EBITDA CAGR (3Y) | +46.9% | +64.1% | +25.1% | +33.0% | +6.5% | +1.6% | -16.2% |
| Profitability & leverage | |||||||
| Net income margin | +10.9% | +10.7% | +3.6% | +3.0% | +1.2% | +1.0% | +0.2% |
| Return on capital employed | +23.3% | +28.1% | +14.8% | +14.7% | +10.3% | +9.3% | +7.6% |
| Return on net worth | +19.7% | +24.0% | +9.9% | +11.3% | +4.1% | +2.3% | +0.3% |
| Debt / equity | 0.27 | 0.30 | 0.62 | 0.87 | 0.84 | 0.84 | 0.85 |
| Long-term debt / equity | 0.05 | 0.07 | 0.12 | 0.16 | 0.18 | 0.16 | 0.10 |
| Interest cover | 14.46 | 16.84 | 46.44 | 49.79 | 76.35 | 94.08 | 144.11 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 5.70 | 5.62 | 4.54 | 5.08 | 4.30 | 2.80 | 2.74 |
| Inventory turnover | 4.72 | 5.59 | 4.71 | 5.21 | 4.82 | 3.43 | 3.42 |
| Debtors turnover | 3.70 | 3.73 | 2.07 | 2.41 | 2.48 | 1.78 | 1.76 |
| EPS (₹) | 8.81 | 7.14 | 3.12 | 3.07 | 1.06 | 0.53 | 0.03 |
| Dividend per share (₹) | 0.00 | 0.20 | 0.20 | 0.15 | 0.15 | 0.10 | 0.00 |
| Book value per share (₹) | 50.46 | 41.70 | 38.89 | 29.73 | 26.90 | 25.87 | 25.33 |
| Particulars | Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 709 | 559 | 752 | 704 | 428 | 511 | 647 | 545 |
| Revenue growth (YoY) | +65.5% | +9.6% | +16.2% | +29.1% | -3.9% | +63.9% | - | - |
| Other income | 2.80 | 14.28 | 22.42 | 5.66 | 12.39 | 16.38 | 11.18 | 9.05 |
| Total expenses | 595 | 486 | 658 | 596 | 398 | 430 | 544 | 467 |
| EBITDA | 114 | 73.09 | 94.48 | 108 | 29.97 | 80.32 | 104 | 77.91 |
| EBITDA margin | +16.1% | +13.1% | +12.6% | +15.4% | +7.0% | +15.7% | +16.0% | +14.3% |
| Depreciation | 5.06 | 5.06 | 5.26 | 5.67 | 6.00 | 6.25 | 6.27 | 5.91 |
| Interest | 12.96 | 14.28 | 12.62 | 12.36 | 10.75 | 9.19 | 13.33 | 13.31 |
| Profit before tax | 98.68 | 68.03 | 99.02 | 95.97 | 25.61 | 81.26 | 95.37 | 67.74 |
| Tax | 23.67 | 18.16 | 21.55 | 24.94 | 8.81 | 21.11 | 18.78 | 17.23 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,395 | 1,950 | 1,273 | 1,375 | 1,129 | 727 | 683 |
| Revenue growth | +22.8% | +53.2% | -7.4% | +21.8% | +55.3% | +6.4% | - |
| Other income | 56.85 | 36.02 | 8.69 | 11.86 | 12.46 | 9.82 | 16.95 |
| Total expenses | 2,082 | 1,666 | 1,153 | 1,269 | 1,063 | 663 | 637 |
| Employee cost | 85.09 | 52.29 | 44.60 | 38.07 | 29.87 | 26.02 | 29.78 |
| EBITDA | 313 | 284 | 120 | 106 | 66.09 | 63.50 | 46.14 |
| EBITDA margin | +13.1% | +14.6% | +9.4% | +7.7% | +5.9% | +8.7% | +6.8% |
| Depreciation | 23.20 | 24.28 | 22.73 | 22.57 | 15.31 | 17.67 | 17.93 |
| Interest | 44.92 | 48.38 | 49.76 | 46.63 | 42.27 | 44.92 | 44.46 |
| Profit before tax | 302 | 247 | 56.09 | 48.42 | 20.97 | 10.73 | 0.70 |
| Tax | 76.41 | 59.88 | 14.98 | 11.34 | 7.93 | 3.79 | 0.17 |
| Net profit | 218 | 165 | 40.63 | 37.24 | 13.06 | 7.02 | 0.53 |
| Net profit margin | +9.1% | +8.5% | +3.2% | +2.7% | +1.2% | +1.0% | +0.1% |
| EPS (₹) | 7.51 | 6.25 | 2.88 | 2.80 | 0.98 | 0.52 | 0.04 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 30.02 | 30.02 | 14.26 | 13.26 | 13.26 | 13.26 | 13.26 |
| Reserves & surplus | 1,410 | 1,180 | 525 | 369 | 334 | 321 | 314 |
| Shareholders' funds (net worth) | 1,440 | 1,210 | 539 | 382 | 347 | 335 | 328 |
| Secured loans | 174 | 155 | 155 | 236 | 232 | 188 | 212 |
| Unsecured loans | 250 | 105 | 95.52 | 86.21 | 84.68 | 66.67 | 89.34 |
| Total debt | 424 | 260 | 251 | 323 | 316 | 254 | 301 |
| Total liabilities | 1,887 | 1,482 | 803 | 716 | 673 | 597 | 637 |
| Assets | |||||||
| Gross block | 325 | 304 | 264 | 249 | 244 | 242 | 235 |
| Net block | 143 | 144 | 127 | 136 | 150 | 162 | 172 |
| Capital work in progress | 138 | 61.63 | 4.95 | 3.37 | 3.43 | 0.05 | 1.62 |
| Investments | 199 | 284 | 7.56 | 6.12 | 6.51 | 6.37 | 6.35 |
| Inventories | 563 | 401 | 247 | 246 | 243 | 196 | 196 |
| Sundry debtors | 853 | 443 | 598 | 630 | 502 | 405 | 405 |
| Cash & bank balances | 139 | 167 | 25.39 | 18.41 | 44.64 | 25.70 | 36.03 |
| Loans & advances | 69.62 | 94.12 | 75.60 | 72.19 | 95.35 | 64.62 | 58.92 |
| Total current assets | 1,624 | 1,105 | 945 | 967 | 885 | 692 | 695 |
| Total current liabilities | 615 | 567 | 328 | 432 | 394 | 293 | 262 |
| Net working capital | 1,009 | 538 | 617 | 535 | 492 | 399 | 433 |
| Total assets | 1,887 | 1,482 | 803 | 716 | 673 | 597 | 637 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.42 | 0.17 | 0.44 | 10.44 | 0.21 | 3.91 | 0.94 |
| Net cash from operating activities | (58.56) | (33.86) | 28.06 | 26.74 | (5.88) | 94.58 | 10.29 |
| Net cash from investing activities | (48.76) | (409) | (22.52) | 5.51 | (3.89) | (5.59) | (11.01) |
| Net cash from financing activities | 113 | 443 | (5.81) | (42.24) | 20.00 | (92.69) | 3.69 |
| Net change in cash | 5.36 | 0.23 | (0.27) | (10.00) | 10.23 | (3.70) | 2.97 |
| Closing cash | 139 | 167 | 25.39 | 18.41 | 44.64 | 25.70 | 36.03 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +22.8% | +53.2% | -7.4% | +21.8% | +55.3% | +6.4% | - |
| EBITDA growth | +10.2% | +137.0% | +13.4% | +60.0% | +4.1% | +37.6% | - |
| PBT growth | +22.0% | +341.2% | +15.8% | +130.9% | +95.4% | +1432.9% | -91.1% |
| Net income growth | +31.8% | +307.2% | +9.1% | +185.2% | +86.0% | +1224.5% | - |
| Revenue CAGR (3Y) | +20.3% | +20.0% | +20.6% | +26.3% | +10.7% | +2.0% | -5.2% |
| EBITDA CAGR (3Y) | +43.6% | +62.6% | +23.6% | +31.9% | +4.9% | +3.0% | -16.8% |
| Profitability & leverage | |||||||
| Net income margin | +9.4% | +9.6% | +3.2% | +2.7% | +1.2% | +1.0% | +0.1% |
| Return on capital employed | +20.6% | +25.9% | +13.9% | +13.7% | +10.0% | +9.0% | +7.4% |
| Return on net worth | +17.0% | +21.4% | +8.9% | +10.2% | +3.8% | +2.1% | +0.2% |
| Debt / equity | 0.26 | 0.29 | 0.62 | 0.88 | 0.84 | 0.84 | 0.85 |
| Long-term debt / equity | 0.05 | 0.07 | 0.13 | 0.16 | 0.18 | 0.16 | 0.10 |
| Interest cover | 15.49 | 18.62 | 51.21 | 56.05 | 83.24 | 98.01 | 157.60 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 7.62 | 6.87 | 4.97 | 5.57 | 4.65 | 3.05 | 2.97 |
| Inventory turnover | 4.97 | 6.02 | 5.17 | 5.62 | 5.14 | 3.71 | 3.67 |
| Debtors turnover | 3.70 | 3.75 | 2.07 | 2.43 | 2.49 | 1.80 | 1.76 |
| EPS (₹) | 7.51 | 6.25 | 2.88 | 2.80 | 0.98 | 0.52 | 0.04 |
| Dividend per share (₹) | 0.25 | 0.20 | 0.20 | 0.15 | 0.15 | 0.10 | 0.00 |
| Book value per share (₹) | 47.97 | 40.32 | 37.83 | 28.85 | 26.19 | 25.24 | 24.71 |
Want more history and ratios?
You're viewing the latest exchange-filed financials for Transformers and Rectifiers (India) Limited. The full report adds 10+ years of line-item history, 20+ ratios, peer benchmarks and a downloadable PDF.
Board of Directors of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) has 6 current directors and 18 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Satyen Jitendra Mamtora | Managing Director | 01 Apr 2010 | 16 Years 6 Months | Current |
| Jitendra Ujamsi Mamtora | Whole-Time Director | 11 Jul 1994 | 32 Years 3 Months | Current |
| Karunaben Jitendra Mamtora Also directs: Transpares Limited, Taril Infrastructure Limited | Whole-Time Director | 11 Jul 1994 | 32 Years 3 Months | Current |
| Subir Kumar Das Also directs: M & B Engineering Limited, Troikaa Pharmaceuticals Limited, Cadila Pharmaceuticals Limited and 2 more | Director | 14 Nov 2018 | 7 Years 11 Months | Current |
| Rajendra Shantilal Shah Also directs: Harsha Engineers International Limited, Ratnamani Metals and Tubes Limited, Harsha Engineers Advantek Limited and 1 more | Director | 25 May 2021 | 5 Years 4 Months | Current |
| Tanvi Vishal Rangwala | Director | 22 Jan 2024 | 2 Years 9 Months | Current |
Peer Comparison of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited is compared with the companies closest to it by revenue in the Power industry (Power Equipment Manufacturers). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Transformers and Rectifiers (India) Limited this company | ₹2,508.8 Cr (FY 2026) | •••• | •••• | 24.2% | •••• | Ahmedabad, Gujarat, India |
| Renewsys India Private Limited | ₹2,416.93 Cr (FY 2025) | •••• | •••• | 15.0% | •••• | Mumbai, Maharashtra, India |
| Emmvee Photovoltaic Power Limited | ₹2,360.33 Cr (FY 2025) | •••• | •••• | 147.0% | •••• | Bangalore, Karnataka, India |
| Saatvik Green Energy Limited | ₹2,192.47 Cr (FY 2025) | •••• | •••• | 100.0% | •••• | Ambala, Haryana, India |
| Perkins India Private Limited | ₹2,177.5 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | Chennai, Tamil Nadu, India |
| Hyosung T & D India Private Limited | ₹2,059.47 Cr (FY 2025) | •••• | •••• | 109.0% | •••• | Pune, Maharashtra, India |
| Cummins Generator Technologies India Private Limited | ₹2,049.19 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | Pune, Maharashtra, India |
| Voltamp Transformers Limited Listed | ₹2,018.93 Cr (FY 2025) | •••• | •••• | 18.0% | •••• | Vadodara, Gujarat, India |
| Bharat Bijlee Limited Listed | ₹1,945.15 Cr (FY 2025) | •••• | •••• | •••• | Mumbai, Maharashtra, India | |
| Vijay Solvex Limited Listed | ₹1,832.61 Cr (FY 2025) | •••• | •••• | 0.0% | •••• | Alwar, Rajasthan, India |
| Olectra Greentech Limited Listed | ₹1,814.21 Cr (FY 2025) | •••• | •••• | 56.0% | •••• | Hyderabad, Telangana, India |
Peers are the five companies nearest above and the five nearest below Transformers and Rectifiers (India) by revenue in the Power industry (Power Equipment Manufacturers), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited is audited by Manubhai & Shah LLP for the financial year 2025.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Manubhai & Shah LLP | Locked | Locked | Locked |
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Appointment and cessation dates and past auditor changes are in the company report.
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Shareholding Pattern of Transformers and Rectifiers (India) Limited
Shareholding for the quarter ended Sep 2026: promoters hold 64.40%, foreign institutional investors hold 7.80%, domestic institutional investors hold 1.50% and retail and other public shareholders hold 26.30%.
Sep 2026
QUARTER
64.40% Promoters
1.50% DII (Domestic Institutional)
7.80% FII (Foreign Institutional)
26.30% Retail & Others
Promoter holding - history
Now 64.40% · Sep 2026High 64.40% · Dec 2025Low 64.40% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 64.40% | 64.40% | 64.40% | 64.40% |
| Public | 35.60% | 35.60% | 35.60% | 35.60% |
Charges & Borrowings of Transformers and Rectifiers (India) Limited
Open charges
₹1,557.11 Cr
Satisfied charges
₹401.63 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 19 Aug 2026 | Others | ₹100 Cr | Open |
| 05 Sep 2024 | Others | ₹178 Cr | Open |
| 08 Nov 2023 | Hdfc Bank Limited | ₹27.95 Lakh | Open |
| 24 Jul 2023 | Others | ₹60 Lakh | Open |
| 19 Dec 2022 | Others | ₹1.32 Cr | Open |
Total charge records: 47 View all charges
Deals & Funding of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited has 28 deals on record (26 market trades, 1 qip, 1 ipo); the latest was in June 2026.
Total deals
28
Market trades
26
QIP
1
IPO
1
Deals on record (5 of 28)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jun 2026 | Market trade | ₹141.1 Cr | Buyer: Microcurves Trading Private Limited , Qe Securities LLP Seller: Microcurves Trading Private Limited , Qe Securities LLP |
| Feb 2026 | Market trade | ₹44.86 Cr | Buyer: Hrti Private Limited Seller: Hrti Private Limited |
| Jan 2026 | Market trade | ₹46.68 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| Jan 2026 | Market trade | ₹122.33 Cr | Buyer: Junomoneta Finsol Private Limited , Graviton Research Capital LLP Seller: Junomoneta Finsol Private Limited , Graviton Research Capital LLP |
| Jan 2026 | Market trade | ₹46.41 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
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All 28 deals with amounts, valuations, instruments and every party are in the company report.
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Legal Cases of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited has 65 court cases on record: 45 filed by Transformers and Rectifiers (India), 20 filed against it. 18 cases are pending and 47 are disposed.
Total cases
65
Filed by the company
45
Filed against the company
20
Pending
18
Disposed
47
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 31 | 7 | 8 |
| High courts | 30 | 10 | 7 |
| NCLAT | 3 | 3 | 2 |
| Supreme Court | 1 | 0 | 1 |
Cases on record (5 of 65)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Hyderabad CCC, Telangana | Court case (COP) | Filed against the company by Vijai Electricals Limited | Pending |
| Supreme Court | Petition | Filed by the company against M/S Shreem Electric Limited | Pending |
| District court, Ahmedabad, Gujarat | Commercial matter | Filed against the company by Allcargo Logistics Ltd. | Pending |
| District court, Ahmedabad, Gujarat | Commercial matter | Filed by the company against Allcargo Logistics Ltd. | Pending |
| NCLAT, NCLAT New Delhi | Insolvency matter | Filed against the company by Vijai Electricals Limited | Pending |
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All 65 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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MSME Payment Delays by Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited has 14 MSME Form 1 returns on record between 2019 and 2023, listing 2,954 overdue payments to 152 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 152)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Chandresh Coopper Private Limited | •••• | •••• | •••• |
| Eapen Joseph & Co. | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| Utsav Elctro-Mech Private Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
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Every supplier, amount and due date from all 14 MSME Form 1 returns is in the company report.
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Employees and EPFO Compliance at Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited has a workforce of 627 employees as of Oct 15, 2025.
Employee count
627
Active EPFO establishments
2
Employee growth
10.78%
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Group Structure of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) has 5 subsidiary companies. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
5
Subsidiary companies
Key Subsidiaries
| Company Name | CIN | Shares Held |
|---|---|---|
| Savas Engineering Company Private Limited | U29197GJ1999PTC081203 | - |
| Transpares Limited | U31102GJ1995PLC024841 | - |
| Taril Switchgear Private Limited | U31503GJ2015PTC085076 | - |
| Taril Infrastructure Limited | U45208GJ2012PLC071693 | - |
| Transweld Mechanical Engineering Works Limited | U55101GJ1995PLC026055 | - |
Showing major subsidiaries. Total: 5.
Recent Activity on Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) Limited has 29 board changes on record since 1994: 19 appointments and 10 cessations. The latest: Mukul Premprasad Srivastava was appointed as CEO on 08 Jul 2025.
AGM
Transformers And Rectifiers (India) Limited last Annual general meeting of members was held on 21 Sep 2026 as per latest MCA records.
Charges
A charge with Others amounted to Rs. 100.00 Cr with Charge ID 101372243 was registered on 19 Aug 2026.
Charges
A charge with Others of Rs. 1,265.00 Cr registered on 15 Sep 2004 with Charge ID 90096923 was modified on 06 Mar 2026.
Charges
A charge registered on 25 Oct 2023 via Charge ID 100813465 with Others was fully satisfied on 16 Dec 2025.
Appointed
Mukul Premprasad Srivastava was appointed as CEO.
Filing
Transformers And Rectifiers (India) Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Ahmedabad.
Charges
A charge registered on 21 Sep 2022 via Charge ID 100616843 with Others was fully satisfied on 19 Nov 2024.
Charges
A charge with Others amounted to Rs. 178.00 Cr with Charge ID 100970760 was registered on 05 Sep 2024.
Ceased
Bhaskar Sen ceased to be Director.
Charges
A charge with Others of Rs. 110.00 Cr registered on 21 Sep 2022 with Charge ID 100616843 was modified on 06 Feb 2024.
Appointed
Tanvi Vishal Rangwala was appointed as Director.
Appointed
Chanchal Singh Satyandra Rajora was appointed as CFO.
114 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Transformers and Rectifiers (India) Limited
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Subsidiaries & Group Companies of Transformers and Rectifiers (India) Limited
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GST Compliance of Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) has 7 GST registrations: 1 active and 6 cancelled or inactive.
Total GSTINs
7
Active
1
Cancelled / inactive
6
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AACCT8243P1ZV | Gujarat | Active | 01 Jul 2017 |
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MCA Filings & Documents of Transformers and Rectifiers (India) Limited
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Related news about Transformers and Rectifiers (India) Limited
Transformers & Rectifiers: Company Confident About Meeting FY27 Goals, Still Expects 25% Revenue Growth And 9% To 10% PAT Margin.
Transformers & Rectifiers: Targets $1 Billion Revenue By Late FY29 Or Early 2030 Without Extra Capital Expenditure. New Backward Integration Units Expected To Boost Margins By 200 To 300 Basis Points By FY29.
Transformers & Rectifiers: Uncompleted Orders Reach INR 7,237 Crores As Of September 30, 2026, Marking A 32% Increase Year-Over-Year, Ensuring Strong Medium-Term Revenue Outlook. The Company Is Currently Negotiating INR 21,000 Crores In Inquiries, With 80% From Domestic Sources And 20% From Exports, Featuring A Balanced Mix Of Government And Private Clients.
TARIL: Q2 REVENUE 7.39B RUPEES VS 4.6B (YOY); EST 6.06B
TARIL: Q2 CONS NET PROFIT 789M RUPEES VS 339.1M (YOY); EST 670M
Frequently Asked Questions about Transformers and Rectifiers (India) Limited
Transformers and Rectifiers (India) is an active public limited company based in Ahmedabad, Gujarat, India. The company works in power equipment manufacturers, within the energy and power industry. It was incorporated on 11 July 1994 (32+ years old) and is registered under CIN L33121GJ1994PLC022460. Listed on BSE: 532928 and NSE: TRIL.
Transformers and Rectifiers (India) reported revenue of ₹2,508.8 Cr for FY 2025-26 (up 24.2% YoY) based on consolidated financials.
Transformers and Rectifiers (India) has 6 current directors:
- Satyen Jitendra Mamtora - Managing Director
- Jitendra Ujamsi Mamtora - Whole-Time Director
- Karunaben Jitendra Mamtora - Whole-Time Director
- Subir Kumar Das - Director
- Rajendra Shantilal Shah - Director
- Tanvi Vishal Rangwala - Director
The GSTIN of Transformers and Rectifiers (India) is 24AACCT8243P1ZV, registered in Gujarat. The company has 7 GST registrations in all, of which 1 is active and 6 are cancelled or inactive.
The CIN (Corporate Identification Number) of Transformers and Rectifiers (India) is L33121GJ1994PLC022460. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Transformers and Rectifiers (India) is listed on both BSE (code: 532928) and NSE (symbol: TRIL).
Transformers and Rectifiers (India) has 65 court cases on record: 45 filed by the company and 20 filed against it. 18 are pending. Most are in the district courts.
Transformers and Rectifiers (India) was incorporated on 11 July 1994, making it 32+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Transformers and Rectifiers (India) has 28 deals on record (26 market trades, 1 qip, 1 ipo); the latest was in June 2026.
The peers of Transformers and Rectifiers (India) by revenue are Renewsys India Private Limited, Emmvee Photovoltaic Power Limited, Saatvik Green Energy Limited, Perkins India Private Limited, Hyosung T & D India Private Limited and 5 more, all in the Power industry (Power Equipment Manufacturers).
Mukul Premprasad Srivastava was appointed as CEO on 08 Jul 2025. Bhaskar Sen ceased to be Director on 31 Mar 2024. Tanvi Vishal Rangwala was appointed as Director on 22 Jan 2024. Transformers and Rectifiers (India) has 29 board changes on record in total.
Transformers and Rectifiers (India) has 14 MSME Form 1 returns on record between 2019 and 2023, listing 2,954 overdue payments to 152 micro and small suppliers. The latest return was filed on 27 Oct 2023.