Transformers and Rectifiers (India) (532928) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 marked a strong operational and financial turnaround, with significant revenue and margin expansion driven by improved execution, capacity utilization, and cost controls.

• Achieved 32% YoY revenue growth and 37% YoY PAT growth in Q3 FY26, supported by operational efficiency and process optimization.

• Strong order inflow and robust pipeline, including entry into the HVDC transformer segment and a landmark HVDC repair order, positioning the company as the first Indian-origin firm to secure such a contract.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

• CEO transition announced, with Mr. Satyen J. Mamtora appointed as CEO from January 8, 2026.

Financial highlights

• Q3 FY26 consolidated revenue: ₹741.02 crore; EBITDA: ₹129.24 crore; PAT: ₹76 crore; EBITDA margin: 17.54%; PAT margin: 10.26%.

• Standalone Q3 FY26 revenue: ₹709.87 crore; EBITDA: ₹114 crore; PAT: ₹71.08 crore; EBITDA margin: 16.19%.

• Order book at ₹5,450 crore; new order inflow in Q3: ₹665 crore; inquiries under negotiation: ₹16,500+ crore.

• FY25 revenue: ₹1,950 crore; EBITDA: ₹320 crore; PAT: ₹187 crore.

• Basic EPS (consolidated) for the quarter: ₹2.46; nine months: ₹5.83.

Outlook and guidance

• FY26 revenue guidance maintained at ₹2,600 crore with EBITDA margin of 16%-17%.

• Targeting at least 25% revenue growth over FY25 and long-term goal of $1 billion (₹8,000 crore) revenue by FY28-29, driven by transformer business and backward integration.

• Margin sustainability expected to improve further with backward integration and operational efficiency.

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