Transformers and Rectifiers (India) (532928) Q3 24/25 earnings summary

Executive summary

• Achieved strong growth in Q3 FY25 with robust revenue and profitability increases, supported by a healthy order book and strategic backward integration initiatives.

• Headquartered in Ahmedabad, a leading manufacturer of transformers and reactors with a global footprint in 25+ countries, operating on a B2B model.

• Acquired a controlling stake in a CRGO processing unit, achieving 100% backward integration and enhancing supply chain efficiency.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved by the Board and reviewed by auditors.

• Emphasized selective order intake, focusing on high-margin and favorable payment terms.

Financial highlights

• Q3 FY25 consolidated revenue from operations rose 51% YoY to ₹55,936 lakh; standalone revenue reached ₹54,531 lakh, up 49% YoY.

• Q3 FY25 consolidated EBITDA increased 134% YoY to ₹9,376 lakh; standalone EBITDA rose to ₹8,700 lakh, a 136% increase YoY.

• Q3 FY25 consolidated PAT surged 252% YoY to ₹5,552 lakh; standalone PAT was ₹5,051 lakh, up 276% YoY.

• EBITDA margin improved to 16.5% consolidated and 15.69% standalone; PAT margin at 9.77% consolidated and 9.12% standalone.

• Order inflow for Q3 FY25 at ₹631 crore; unexecuted order book at ₹3,686 crore as of December 31, 2024.

Outlook and guidance

• Revenue target for FY25 remains at INR 2,000 crore, with a goal of INR 3,500 crore+ for FY26 and $1 billion annual revenue within three to four years.

• Targeting sustainable PAT margin of 10% and EBITDA margin above 17% by FY27.

• Order booking for new capacity expansion expected from Q4 FY25; new technology agreements and capacity expansions to be operational by December 2025.

• Backward integration and new capacity expected to drive margin expansion and operational efficiency.