Transformers and Rectifiers (India) Ltd or TRIL was incorporated in 1994 and is today a leading manufacturer of power, furnace, and rectifier transformers in the country with a capability to develop world-class power, distribution, furnace, and specialty transformers. It is credited with a world-class infrastructure at its three manufacturing plants around the city of Ahmedabad in Gujarat. These facilities are equipped with world-class state-of-the-art equipment and managed by a highly skilled and experienced team of production personnel who consistently ensure that each and every production activity factors in adherence to the high-quality benchmarks established by the organisation . The company offers a wide range of power transformers from medium to ultra-high voltage (1200 kV AC) and from small (5 MVA) to very large power ratings (500 MVA) tailored to meet customer’s needs. Latest technologies in design, measurement and testing tools are applied in TRIL transformers to ensure each transformer meets and exceeds the latest industry standards . TRIL Power Transformer product range includes conventional as well as green power transformers.
The company posted standalone revenue of Rs 311 crores , up a whopping 103% year on year increase for the quarter ended June 2024. EBITDA posted a significant rise by 633% to reach Rs 42 crores year on year on the back of EBITDA margins of around 14%. Profit after tax stood at Rs 18.41 crores showing a robust increase year on year with profit margins at 5.83% . During the quarter , Transformers and Rectifiers secured orders totalling Rs 698 crores with the unexecuted order book standing at around Rs 2926 crores.
The company is extremely bullish over the future year of FY25 anticipating enhancement across various financial metrics as it is streamlining its balance sheet by reducing debtors and optimising inventory management. During the current year, the company achieved a significant milestone in its history by raising a sum of 500 crores through a qualified institutional placement issue . The company aims to become a debt free entity in the near future and is very well positioned to capitalise on the opportunity in the country’s evolving energy sector leading to sustainability and profitable growth. The company management has clearly given a renewal guidance of standalone revenue levels of around 17% over the next 2-3 years. There has been a huge opportunity landscape opening up for the company with an expected Rs 175 billion order book under negotiation with around 95% of it in the power and solar transformer segment while the balance 5% coming from the distribution transformers .
Apart from transformers, the company is growing massively in the reactor segment over the last three years. As there are only 5–6 players manufacturing reactors, TRIL is set to capitalise hugely in this particular segment . The industry market size is expected to be around Rs 8000 crores per year. In the renewable energy space, a reactor is a necessity as it stabilises the grid. As per the recent order inflow with every one transformer purchase, there are about 2–3 reactors orders kicking in. The company has started the construction of its new facility of ITD transformers and set to manufacture around 100 transformers a month while demand is much much higher and all the orders have been pre booked by larger companies like Adani , etc . The Transformer and Rectifier stock is currently quoting at Rs 690 on the bourses . Analysts and brokers are extremely bullish on the scrip and expect the stock price to double in value over the next one year time frame .