Transformers & Rectifiers (India) Ltd. shares have gained around 5,540% in the past six years, turning the transformer maker into a major multibagger despite a 45.8% decline over the past year. So, if someone had invested Rs 1 lakh back in 2020 for around Rs 5 per share, the investment has now become Rs 56.4 lakh.
Behind that sharp rerating has been a sizeable change in the company's earnings base. TARIL's consolidated revenue from operations increased from Rs 742.08 crore in FY21 to Rs 2,508.8 crore in FY26. Ebitda rose to Rs 444 crore from Rs 78.1 crore, while profit jumped from Rs 7.63 crore to Rs 272 crore over the same period.
Financial Metrics | FY21 (Rs crore) | FY26 (Rs crore) |
Revenue | 742.08 | 2,508.80 |
Ebitda | 78.10 | 444.00 |
Profit | 7.63 | 272.00 |
The numbers indicate the reasons behind the stock's multibagger return over the past six years and is still going strong even after declining for over a year now.
Capacity Has More Than Doubled
TARIL has expanded installed manufacturing capacity to more than 75,000 MVA, from 40,000 MVA earlier. Production reached a record 33,763 MVA in FY26, against 29,118 MVA in FY25.
TARIL is also adding manufacturing capabilities through backward integration into CTC, pressboard, RIP bushings and fabrication. The company expects these facilities to eventually meet around 80%-85% of its raw-material requirements internally.
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Bigger Orders, More Critical Applications
The nature of recent orders also shows how TARIL's business has expanded.
The company closed FY26 with an unexecuted order book of Rs 5,005 crore, while inquiries under negotiation exceeded Rs 23,000 crore. During the June quarter, order inflow was Rs 2,114 crore, growing at a robust 218% YoY, taking the order book as of June 30 to Rs 6,630 crore.
The momentum has continued into FY27. On Aug. 14, TARIL received a large order from APTRANSCO for transformer manufacturing, with deliveries scheduled over the following 13 months. On Aug. 29, it received another large order from Megha Engineering and Infrastructures, with execution scheduled over 35 months.
The latter order is significant because it takes TARIL into the nuclear power sector. The company will supply generator transformers for NPCIL's Kaiga Units 5 and 6 project in Karnataka, comprising two 700 MWe reactors. This is TARIL's first nuclear-sector order.
So, behind the stock delivering a 5,540% return over the past six years, the numbers point to a business that has grown substantially in scale and profitability. The next leg of the story will depend on execution of the large order book, capacity expansion, new businesses such as nuclear equipment, and the planned backward-integration facilities.
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