TRIL Targets Rs 3,500 Crore Revenue, Rs 8,000 Crore Order Book For FY26

Transformers and Rectifiers India Ltd. (TRIL) aims to achieve Rs 3,500 crore revenue in FY26, with margins in the range of 15% to 16%, according to Chief Financial Officer Dr (CA) C S S Rajora. The margin guidance is based solely on the transformer business, but with backward integration initiatives underway, the company expects an additional margin boost of 150 to 200 basis points starting FY27, he told NDTV Profit.

“We have been guiding from day one that the margins will remain somewhere between 16% and 17% level. Our backward integration activities will help us stay in the margin level from 150 bps to 200 bps from the year 2026-27,” Rajora said.

He noted that TRIL had earlier projected Rs 2,000 crore in revenue for FY25 and successfully met the target. The company now boasts a demand pipeline exceeding Rs 5,000 crore and is aiming to close the current financial year with an order book of Rs 8,000 crore. “This does not include the orders from the capacity expansion that is coming now. If we add on that, then this is going to be a further increase,” he said.

To support growing demand, TRIL is ramping up its manufacturing footprint. The top executive mentioned that a 15,000 MVA capacity expansion launched last year is set to start commercial production next month. Additionally, a significant 42,000 MVA capacity addition focused on extra-high voltage transformers is expected to go live by February–March next year. “It will take us close to 70,000 to 75,000 MVA. But here also, there's going to be a good amount of capacity addition because of the operational efficiency and because of the backward integration activities we are doing. These are going to increase my capacity at least by 15%,” Rajora explained.

While the company achieved a capacity output of 29,000 MVA this year, Rajora said current utilisation remains suboptimal. “We feel that we are still underutilised. So we aim to utilise our facilities by 80 to 85% by the close of the next year,” he said.

On the demand front, Rajora ruled out any major downside risks unless there is a sudden halt to national development or grid expansion—scenarios he considers highly unlikely. “The way we have been interacting with the government agencies, they are just behind us. They want the supplies to be streamlined as fast as possible. Now they are discussing with us a one-year requirement, a two-year requirement, and five-year requirements,” he said.

Highlighting the robust growth outlook, he cited Central Electricity Authority (CEA) data projecting annual demand of 392 high-capacity transformers (200 MVA+) and 190 reactors through 2030, far outstripping current supply capabilities.

Asked why the company is not aggressively pursuing export opportunities despite strong global demand, Rajora responded, “The very simple answer is that for us, India is first.”

Transformers and Rectifiers (India) Ltd. closed Wednesday's session at 5% upper circuit on NSE. The stock ended the trade at Rs 518.7 apiece on the NSE in comparison to benchmark Nifty 50's slip of 0.61% to 22,399.15 points.