Transformers And Rectifiers (India) Limited — Q2FY27 earnings call summary

Filed 21 October 2026 · Official transcript

Capacity utilization target ~90%; production Q2 at 9,500 MVA
Q2 FY27 standalone revenue 709 Cr +66% y-y, EBITDA 114 Cr +203% y-y, margin 16.1%
H1 FY27 revenue 1,268 Cr +35% y-y, EBITDA 185 Cr +47% y-y, margin 14.6%
Backward integration projects progressing; expected margin expansion of 200-300 bps by FY29
Working capital days targeted to reduce to 110-120 days in FY27
HVDC transformer manufacturing qualification underway; commercial orders expected in 1-1.5 years
USD 1 billion revenue target by late FY29/early FY30 including ancillary products
Order book 7,237 Cr, up 32% y-y, executable over 18-24 months