Transformers and Rectifiers (India) (532928) Q4 24/25 earnings summary

Executive summary

• Achieved record operational and financial performance in FY25, with standalone revenue of ₹1,950 crore, a 53% YoY increase, and highest-ever order inflow of ₹4,504 crore, supported by robust execution and a diversified order book.

• Secured the largest single order in company history (₹740 crore from GETCO) and raised ₹500 crore via QIP to fund backward integration and capacity expansion.

• Major capacity expansion underway, targeting over 75,000 MVA production by FY26 and aiming for $1 billion revenue within three years.

• Completed key technical milestones, including dynamic short-circuit testing and acquisition of a CRGO processing unit for 100% backward integration in a critical raw material.

• Standalone and consolidated financial statements for FY25 were audited and found to present a true and fair view in accordance with Indian Accounting Standards and SEBI regulations.

Financial highlights

• FY25 consolidated revenue from operations grew 56% YoY to ₹2,01,938 lakh; EBITDA rose 157% to ₹35,914 lakh (margin 17.51%); PAT reached ₹21,658 lakh, up 357% YoY.

• Standalone FY25 revenue was ₹1,95,014 lakh, EBITDA ₹32,011 lakh (16.12% margin), and PAT ₹18,772 lakh (9.45% margin).

• Q4 FY25 standalone revenue: ₹64,731 lakh; EBITDA margin: 17.1%-17.46%; PAT margin: 11.6%.

• EPS for FY25 increased to 12.70 from 3.00 in FY24; basic EPS (consolidated) was ₹7.21, up from ₹1.64.

• Standalone net cash from operating activities for FY25 was ₹9,863 lakh, up from ₹4,080 lakh in FY24; consolidated net cash from operating activities was ₹15,658 lakh.

Outlook and guidance

• Entering FY26 with an unexecuted order book of ₹5,132 crore and a well-diversified pipeline; order inflow for FY26 expected at ₹8,000 crore.

• First phase of new 15,000 MVA capacity to commence in May 2025; further 22,000 MVA EHV transformer capacity to be added by February 2026.

• Targeting 100% backward integration by Q1 FY26-27, with ₹550 crore capex planned over the next 15 months.

• Management expects significant business growth and improved cash flows following the acquisition of Triveni Transtech (India) Private Limited.

• Long-term goal to reach $1 billion revenue in three years remains on track.