Transformer stock falls 11% despite reporting 103% QoQ growth in PAT

SYNOPSIS: Transformers and Rectifiers reported strong Q3 FY26 revenue and profit growth, a stable order book with healthy inflow visibility, and announced a leadership change with Managing Director Satyen Mamtora appointed as CEO.

During Thursday’s trading session, shares of a prominent player in the manufacturing of transformers & reactors in India tumbled over 11 percent on BSE, despite reporting Q3 FY26 results with a rise in net profit by around 103 percent QoQ and 37 percent YoY.

At 03:10 p.m., shares of Transformers and Rectifiers (India) Limited were trading in the red at Rs. 292.9 on BSE, down by around 9 percent, compared to its previous closing price of Rs. 321.25, with a market cap of Rs. 8,849 crores. The stock has delivered negative returns of over 54 percent in the last one year, but has gained by around 19 percent in the last one month.

What’s the News:

Transformers and Rectifiers (India) Limited (TARIL) announced the financial results for the third quarter of FY26 on Thursday during market hours, as per the latest regulatory filings with the stock exchanges.

For Q3 FY26, the company reported a consolidated net revenue from operations of Rs. 736.76 crores, reflecting a sequential growth of over 60 percent QoQ compared to Rs. 460 crores in Q2 FY26, and a year-on-year increase of around 32 percent from Rs. 559.4 crores recorded in Q3 FY25.

During the same period, net profit stood at Rs. 76 crores, indicating an impressive rise of more than 103 percent QoQ from Rs. 37.35 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 37 percent from Rs. 55.5 crores reported in Q3 FY25.

As of 31st December 2025, the company reported an order book of Rs. 5,450 crores, down from Rs. 5,472 crores reported in September 2025. It achieved an order inflow of Rs. 665 crore, and is currently engaged in negotiations for inquiries exceeding Rs. 16,500 crores.

Change in Power

Separately, the Board noted the resignation of Mr. Mukul Srivastava from the position of Chief Executive Officer (CEO), effective at the close of business hours of 7th January 2026, due to personal reasons. Following the recommendations of the Nomination and Remuneration Committee, the Board appointed Mr. Satyen J. Mamtora, Managing Director, as CEO, with effect from 8th January 2026. He will henceforth hold the combined role of MD & CEO.

Transformers and Rectifiers (India) Limited (TARIL) offers a diverse product portfolio that includes single-phase power transformers of up to 500 MVA and 1200 kV class, furnace transformers, and rectifier and distribution transformers. It also manufactures specialty transformers designed for applications such as locomotive traction, along with series and shunt reactors, mobile substations, earthing transformers, solar application transformers, and green hydrogen application transformers.

TARIL operates on a B2B business model, catering primarily to the power generation, transmission, distribution, and industrial sectors. The company has an installed manufacturing capacity of ~40,000 MVA across its units.

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