Transformers And Rectifiers (India) Limited — Q1FY27 earnings call summary

Filed 25 July 2026 · Official transcript

Changodar plant expansion impacting Q1 capacity utilization; normalized by Q3 FY27
Backward integration capex INR900-1000 Cr, phased commissioning by Q1 FY28
Q1 FY27 standalone revenue grew 10% y-y to INR559 Cr; EBITDA margin 15.6%, PAT margin 8.9%
FY27 guidance: 25% revenue growth, 16% EBITDA margin, 9-10% PAT margin
EBITDA margin improvement of 200-300 bps expected from backward integration starting FY28
Targeting $1 billion revenue by FY28-FY29 (~INR8,000 Cr adjusted for currency)
Unexecuted order book INR6,630 Cr (+26% y-y), executable over 18-24 months
Consolidated revenue INR572 Cr; EBITDA margin 19.2%, PAT INR64 Cr