Transformers & Rectifiers India and other stock in focus after orders worth ₹108 Cr

Synopsis:
These two companies were in the news today following the announcement of bagging orders with an aggregate value of Rs 108 crore from different entities. Let’s see which these companies are and what sort of orders they have received. 

Both companies have reported fresh order wins that strengthen their position in the power and energy landscape, with Transformers & Rectifiers (India) Limited securing a key project in the transmission segment and Asian Energy Services Limited receiving a new assignment in the exploration services space. These developments highlight sustained demand for specialised technical capabilities and reflect positive business momentum across their respective sectors.

The companies that have received the orders are as follows

TARIL—Transformers & Rectifiers India Ltd

The shares of this company, which is a manufacturer of power, furnace and rectifier transformers, were in the news following the order it bagged worth Rs 53.33 crore from Power Grid Corporation of India Ltd.

With a market cap of Rs 7,324 crore, the shares of Transformers & Rectifiers India Ltd have given a closing of Rs 244 and are trading at a PE of 29.6, whereas their industry PE is 46.1.  The shares have an ROCE and ROE of 28% and 23.4%, respectively. 

About the order

Transformers & Rectifiers (India) Ltd. has taken a major step forward by winning a prestigious project from Power Grid Corporation of India. The order involves repair, erection, testing, and commissioning of an HVDC converter transformer, which is one of the most advanced pieces of power-transmission equipment. The order value is Rs 53.33 crore 

Securing this contract not only highlights the company’s strong technical abilities but also places it firmly in a highly specialised part of India’s transmission network, where precision and reliability are critical. What makes this win even more significant is that the company becomes the first Indian-origin private sector firm to receive an HVDC transformer-related order, giving it entry into a very exclusive global group of HVDC transformer manufacturers.

This recognition opens up fresh opportunities as India rapidly expands its HVDC infrastructure to support renewable energy and modernise its power grid. The order also supports the broader “Make in India” vision by strengthening domestic capability in complex, high-end transmission technology. The order book for the company stands at Rs 5,500 Crores as of 30th September

Financials and more

The revenue from operations is at Rs 460 crore in Q2 FY26 versus Rs 462 crore in Q2 FY25, which is more or less the same. However, the net profit has decreased by about 20% when we compare the Q2 FY25 profit of Rs 46 crore with the Q2 FY26 profit of Rs 37 crore. 

Transformers and Rectifiers (India) Limited (TARIL), based in Ahmedabad, has built a strong reputation as a leading manufacturer of transformers and reactors for both Indian and global markets. The company’s vision is to grow its presence worldwide and be recognised as a top producer of power, furnace and rectifier transformers in the transmission and distribution space. At its core, TARIL focuses on delivering reliable, high-quality products through a team that values ethics, long-term relationships and customer trust.

The company’s product range is wide and diverse, covering power, furnace, rectifier and speciality transformers used across sectors like railways and renewable energy. With three modern manufacturing facilities, TARIL has become a preferred partner for high-voltage transformer and reactor solutions across the world. Since starting operations in 1981, it has grown into India’s largest private-sector manufacturer in this field, offering one of the most extensive transformer portfolios in the country.

Asian Energy Services Ltd

The shares of this company, which is an oilfield service and reservoir imaging company that offers a suite of geophysical services specialising in land and well seismic services and operation and maintenance services for oilfields, were in the news following the company bagging an order worth Rs 54.63 crore from Sun Petrochemicals Private Ltd. 

With a market cap of Rs 1,249 crore, the shares of Asian Energy Services Ltd have given a closing of Rs 279.1.  The shares have given a return of 206% over the last 5 years and are trading at a PE of 33.3, whereas their industry PE is 13.7.  

About the order

Asian Energy Services has landed a noteworthy assignment from Sun Petrochemicals, involving the acquisition and processing of 4D seismic data for the Bhaskar field in Gujarat.

This kind of project calls for deep technical expertise and advanced equipment, and the win reinforces the company’s growing reputation in high-end exploration support services. It also reflects the confidence domestic energy players have in Asian Energy’s ability to handle complex subsurface studies. The order value is Rs 54.63 crore. 

The contract adds healthy momentum to the company’s order book and fits well with its strategy of strengthening its presence in upstream energy services. With a clear execution schedule and a defined scope of work, the project gives Asian Energy near-term visibility while highlighting its capability to deliver specialized seismic solutions in India’s hydrocarbon ecosystem. 

Financials

The revenue from operations is at Rs 102 crore in Q2 FY26 versus Rs 97.72 crore in Q2 FY25, which is an increase of about 4 percent YoY. However, the net profit has fallen into loss when we compare the Q2 FY25 profit of Rs 9.3 crore with the Q2 FY26 loss of Rs 3.97 crore. The orderbook stands at Rs 2,005 out of which Rs 667 crore comes from Infra, Rs 1,251 comes from O&M and Rs 88 crore comes from Seismic orders. 

Asian Energy Services Limited has grown into a trusted name in India’s oil and gas sector while also building a strong presence in the hydrocarbon and mineral industries. The company focuses on delivering high-quality, reliable services with a strong emphasis on customer satisfaction and ethical business practices. Since 2016, it has been on a transformational journey, adapting quickly to the changing needs of the energy market and reshaping its business to stay agile and relevant.

Asian Energy offers a wide range of services that cover almost every part of the energy value chain—from its early expertise in seismic data acquisition to construction, facility development, and ongoing maintenance. Backed by a zero-debt position and solid financial strength, the company has completed more than fifty projects since its inception, reflecting both its operational capability and its ability to execute consistently across complex assignments.

Written by Leon Mendonca

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