Transformers and Rectifiers (India) (532928) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 saw strong operational and financial performance, with order inflows leading to an unexecuted order book of ₹5,246 crore as of June 30, 2025, ensuring revenue visibility for 15–18 months.

• Secured the largest export order in company history ($16.65 million) from Botswana, highlighting international growth and capability in complex projects.

• Capacity expansion and backward integration initiatives are underway, including a new 22,000 MVA facility at Moraiya and steel processing unit expansion.

• Leadership changes include the appointment of a new CEO to drive manufacturing growth.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, following Audit Committee review.

Financial highlights

• Consolidated revenue from operations for Q1 FY26 was ₹529.33 crore, up 64% year-over-year.

• Standalone revenue from operations reached ₹510.53 crore, up from ₹311.59 crore year-over-year.

• Consolidated EBITDA margin improved to 19.74% in Q1 FY26 from 14.18% in Q1 FY25.

• Profit after tax (PAT) for Q1 FY26 was ₹67.41 crore, up 223% year-over-year, with a PAT margin of 12.26%.

• Basic and diluted EPS (consolidated) for the quarter were ₹2.24, compared to ₹1.40 in the prior year.

Outlook and guidance

• Targeting US $1 billion in revenue within the next three financial years.

• Expecting to close FY26 with an executed order book of ₹5,000 crore and turnover of ₹3,500 crore.

• Margins of 17–18% are considered sustainable, with ongoing focus on operational excellence and backward integration.

• Aiming to become net debt-free in 18–24 months.

• Management expects improved business operations and cash flows for subsidiary Triveni Transtech (India) Private Limited.