{"id":181613,"date":"2026-04-21T07:41:02","date_gmt":"2026-04-21T11:41:02","guid":{"rendered":"https:\/\/alphastreet.com\/india\/transformers-and-rectifiers-india-ltd-taril-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-21T11:06:21","modified_gmt":"2026-04-21T15:06:21","slug":"transformers-and-rectifiers-india-ltd-taril-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/transformers-and-rectifiers-india-ltd-taril-q4-2026-earnings-call-transcript\/","title":{"rendered":"Transformers and Rectifiers (India) Ltd (TARIL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Transformers and Rectifiers (India) Ltd (NSE: TARIL) Q4 2026 Earnings Call dated Apr. 21, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Vikram Datwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Satyen Mamtora<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Mehul Shah<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Avikshit Vijay<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Balasubramanian A<\/strong> \u2014 Analyst<\/em><\/p>\n

Deepak Podar<\/strong> \u2014 Analyst<\/em><\/p>\n

Karan Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to Transformers and Rectifiers India Limited Q4 and FY26 Conference Call hosted by Nuvama Wealth Management Limited.<\/p>\n

This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involve risk and uncertainties that are difficult to predict. [Operator Instructions]<\/p>\n

I now hand the conference over to Mr. Vikram Datwani from Nuvama Wealth Management Limited. Thank you. And over to you.<\/p>\n

Vikram Datwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening, everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the Q4 FY26 results conference call of Transformers and Rectifiers India Limited. We are joined today by Mr. Satyen Mamtora, Managing Director and CEO; and Mr. Mehul Shah, CFO.<\/p>\n

I would now like to hand over the call to the management for their opening remarks. Thank you. And over to you sir.<\/p>\n

Satyen Mamtora<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Good evening, ladies and gentlemen. I am Satyen Mamtora, managing director and CEO of Transformers and Rectifiers India Limited. Thank you for joining us today for our FY26 earnings call. We are pleased to connect with you, as we close another year with a remarkable performance in terms of all key parameters and happy to share our performance highlights both for Q4 and full year. As you are aware that our board of directors had approved the audited financial results for the quarter year ended 31\/3\/2026 and the same has been uploaded on our website of stock exchanges along with investors presentation.<\/p>\n

The financial year 2025 and ’26 has further strengthened TARIL’s position as a leader in transformer industry as the company achieved robust operational and financial performance through operational efficiency, process excellence, effective financial management, strategic growth initiatives and technological development and strong corporate governance. This has resulted in two second successive year of giving record breaking revenue and profitability numbers. We have achieved highest ever production in the company’s history manufacturing 33,763 MVA up from 29,118 MVAs in FY26. This is directly translated into record high revenue growth supported by strong execution and healthy diversified order book.<\/p>\n

This year we have been intentionally selective in taking new orders as now the company has decided to take orders, which are more lucrative in terms of profitability, payment terms and flexibility in delivery times. We deliberately moderated fresh order intake during the year to align with extended deliveries, delivery schedules and capacity planning. In spite of that, our total order inflow FY26 stood at INR2,374 crores. This robust inflow has resulted in an executed order book of INR5,000 plus crores, as of March 31st, 2026 ensuring clear revenue visibility for the next 18 months.<\/p>\n

During the year, the company has received HVDC transformer repair order from PGCIL, which makes TARIL the first Indian company to get an order of such nature. We are highly energized by this order as it will pave the way forward for TARIL’s entry into HVDC sector upon successful completion of this order. Such types of orders strengthens the company’s position as industry leader and enhances customer trust.<\/p>\n

We are pleased to inform you that all our fully automated digital facility has got approval from PGCIL. Now we have initiated the process of getting our tank manufacturing facility approval from PGCIL also. Apart from our capacity expansion at Changodar and Moraiya, we are also ramping up our testing facility to cope up with the higher number of transformers at those plants. As you are well aware that we have tested a record number of transformers during FY26 both in terms of MVA in total units underscoring our internal capabilities of streamlined operations.<\/p>\n

The backward integration journey is well on course. Site readiness is progressing well in the plant and machinery orders for the long lead items have already been placed. This backward integration along with technological tie up will enhance our in-house capabilities, reduce our dependency on external sources and improve our supply chain resilience. We have already started getting CRGO from our newly acquired CRGO processing unit. So all in all, backward integration journey is well on track and to deliver its results in the very near future. These steps will further increase our margin profile by 150 bps to 200 bps.<\/p>\n

Looking ahead as we transition into FY27, our focus remains firmly on strong order book execution through continued operational efficiency, leveraging our expanded capacity, further consolidating our resources and sustainable improving margins. Our long term vision to become INR1 billion revenue company within next few years remains intact, and we are confident of achieving through consistent execution, customer centric innovation and robust financial discipline.<\/p>\n

Our strategies include strengthening backward integration, investing in automation and digital transformation, focusing on clean sustainable energy solutions in line with India’s power sector ambitions. With strong fundamentals, industry leading capabilities and high quality orders in pipeline, we are well positioned to navigate the opportunities and challenges of the coming year.<\/p>\n

On behalf of the entire leadership team, I extend my heartfelt gratitude to all our stakeholders, customers, employers, suppliers, board members and investors. Your continued trust and support remains the cornerstone of our journey. Together we are building a future ready organization that not only leads in the transformer industry but also contributes meaningfully to India’s evolving energy landscape and Vixit Bharat by 2047.<\/p>\n

Thank you once again for joining us today. I now hand over the mic to our CFO Mr. Mehul to take you through the financial performance of the company in greater detail. Thank you. Jai Hind.<\/p>\n

Mehul Shah<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Yeah. Good evening to everyone, who are present over this investor con call to discuss quarter four financial year ’26 financial performance of the company. Thank you Satyen sir for your insight for leadership remark and for setting the strategy context right for the current quarter. It gives me a great pleasure to discuss with you all our quarter four financial year ’26 performance, a quarter that clearly reflects the strength of our execution capabilities, resilience of our business model and the benefits of strategic initiative that we have been implementing over the past several quarters.<\/p>\n

I am pleased to report that quarter four has been a strong quarter for the company which is showing consistent improvement across all the key financial parameters. Revenue on the standalone basis from the operations stood at INR752 crore as compared to INR740 crores of quarter four ’25. The growth was driven by the higher capacity utilization, timely execution of order, improvement in supply chain management. The momentum seen during the last couple of quarters will give us confidence for the next quarters of consistent improved performance.<\/p>\n

EBITDA for the quarter came to INR117 crore with the margin of 15.1%. The margin is slightly down due to additional increase in the employee cost on account of ESOPs. Profit after tax stood at INR77 crore reflecting not only the strong operating performance but also the disciplined financial management across the organization.<\/p>\n

Revenue on the standalone basis for the full financial year stand at INR2,395 crore as compared to INR1,950 crores for the full financial year. EBITDA for the year come at around INR370 crore with the margin of 15.1%. Profit after tax stood at around INR225 crore with the margin of 9.2%<\/p>\n

Further, on the consolidated basis, revenue for the quarter stood at INR783 crores against INR737 crores during quarter four financial year ’25. EBITDA stood at INR141 crores and PAT at INR91 crores.<\/p>\n

On the basis of full financial year, consolidated number revenue is INR2,509 crores up from INR2,019 crores. EBITDA stood at INR444 crores and PAT is around INR272 crores. Importantly, quarter four also marks a turning point in terms of consistent growth with margin sustainability.<\/p>\n

We are very much confident of maintaining the improved margins due to our capacity expansion, backward integration plan and structure, marginal — margin improvements. The backward integration facility and the developments are expected to further enhance the cost efficiency and reduce external dependency over the medium term.<\/p>\n

Looking forward, we enter the next financial year with strong visibility of our order books, new capacities coming on board, starting of our backward integration projects. Our order book remains robust. Execution pipelines are healthy and the plant utilization levels are expected to remain [Indecipherable] for the full financial year.<\/p>\n

Before I conclude, I would like to express my sincere appreciation to our team across operation, finance, supply chain, projects for their relentless focus and execution excellence. I would also like to thank our board and investor for their continuous trust and support, as we work towards building a strong, more resilient and a future ready organization. With that I conclude my remarks.<\/p>\n

Thank you, once again for joining us today. We are now happy to take your questions. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you so much, sir. We will now begin with the question-and-answer session. [Operator Instructions] The first question comes from the line of Avikshit Vijay from Global Consilient Research. Please go ahead.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Yeah. Hi. Am I audible?<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. Yes. Yes<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Yeah. Sure. When I was seeing the results, I can see that the cost of materials consumed has increased a bit disproportionate to the revenue and I’m guessing that this is because of the copper price surge due to the Hormuz disruption. Could you throw some more light on what other raw materials is disrupted due to this Hormuz closure?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Avixit, see, mainly copper is slightly disturbed. Other than that not because of Hormuz issue but because of overbooking for all other like ancillary parts like bushings and stuff, there is a slight disturbance. Plus you know the porcelain is made in gas fired clean gas is also becoming slightly problem. So there is, there are certain issues that we are facing because of Hormuz, but not very much.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Okay. Sure. And one more thing is that we are foreign into HVDC. And I wanted to understand the competitive landscape in HVDC from you. I’ve seen that lot of MNC players are really in the thing. What is the competitive advantage that we have?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So there are only four major players in HVDC. Hitachi, Siemens, GE and I think TBA. But TBA is not able to compete in with us in the other tenders only three major competitors are there. Other than that we are the only players who are — who will be entering into HVDC.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

I’m sorry but I couldn’t quite decipher what the competitive advantage was.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

HVDC is a very highly technical product. And because of the limited number of players in this HVDC side, you know, the margins are also better in HVDC.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Okay. Sure. I was also reading Siemens’s con call that only about like one to two tenders are floated every year for HVDC. So what are our odds on getting that contract compared to these four players that you just mentioned?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So yes, currently there are only about one to two tenders of HVDC. But going further, the number of tenders that are going to be in pipeline should be around 10 to 12. Each tender should have about three units of HVDC. So there is a good scope in HVDC in the near, in the future, coming future. And by that time we will also be successfully empanelled in HVDC transformers.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Okay, yeah. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Vaibhav Mishra [Phonetic] from Finvestors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, sir. Good evening. Sir, my question is regarding this West Asia conflict. I mean how can it affect or is it affecting us in any way like supply chain or from the delivery side? Are we affected in any way from this?<\/p>\n

Mehul Shah<\/strong><\/p>\n

No, basically see if you look at our export number etc, there is very minimal export that what we are currently doing. And from the West Asia region there is a very minimal import that has been coming to India for us. So there is no major impact as far as this conflict is concerned.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So the only issue that we are looking at is availability of gas for which for our fabrication units and stuff like that. But we are mitigating those issues also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right, sir. And sir, regarding the guidance you made, actually in the last three quarters, I think this is the second quarter, where we have missed our guidance like revenue guidance of I think INR2,600 crores in Q3 call it was told and also order book, it was very confidently said that closing order book will be INR8,000 crores but still INR5,000 crores. So what is leading to this recently? I mean, the TARIL [Phonetic], I mean has the history of not missing its guidance. So what is happening? I mean for the last two, three quarters.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So see, we are deliberately not taking orders currently because we want, as we have previously told that we want to limit our exposure to not more than 18 to 24 months. And we want to be very selective in which orders we take in terms of delivery and in terms of the price that we quote. So we are being extremely selective of what orders to take. And we do not want to take any order, which is beyond 24 months of delivery. So that is where we stand at right now. As long as we do not, we are not free for next 24 months. We do not want to take any further orders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. But sir, I think this was the stand in the…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Because we want to be extremely selective in for this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right. But sir, I think this stand was in the last call itself and that we were selective and we are targeting for…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

We are maintaining our stand that we do not want to take any orders that are beyond to 24 months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right sir. And sir, our backward integration plans that we have for the next time in Q1, Q2, Q3, Q4, four quarters, are they on track? I mean, is there any change in timelines of them?<\/p>\n

Mehul Shah<\/strong><\/p>\n

No, no. That is all is on track. We already started the site preparation plant machinery which is having a higher lead time has already been ordered. So by say starting of next financial year you will start the impact of this backward integration plans that we have.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right sir. One last question, sir, regarding FY27. So the, the revenue target that we have in mind for FY27 or the, I mean, consolidated margins that we are targeting for?<\/p>\n

Mehul Shah<\/strong><\/p>\n

So I think as of now we have not say finalized what we will be looking at but we can, what we can say is around INR3,250 crores is what we are looking at currently.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right, sir. All right. Okay. Thank you so much sir. And all the best for the future.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Balasubramanian from Arihant Capital Markets. Please go ahead.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Good evening, sir. Thank you so much for the opportunities. So I’m trying to understand gross margin side. In FY26 we have a gross margin of 31%, sorry 31%, 32% kind of range. We are trying to reach 35% by FY28 and 40% with deeper integration. So I’m trying to understand like how this gross margin improved in terms of RIP pushing internalizations, CTC internalization, CRGO sourcing efficiency and price increases, which simple item contributes the most weightage if you could share some clarity on that.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. So basically currently you are right, we are at 30% 31% margin. And due to this capacity expansion that what we are doing at our Changodar and Moraiya project plus the efforts that has been done to do the operational efficiencies, etc., this will give us some margins in terms of next say two years to three years plus the backward integration plans, which will start from the next financial year which will also give us some say 200 bps to 300 bps of additional margins. So that’s how we are looking at around say 35% margin.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Yes sir, I think already mentioned we are on track on for backward integrations. So I’m trying to understand. I think we have a 60% increasing capacity of MVA and how this I think the industry issues not remain resolved in terms of supply constraint. So whether we have all the sourcing agreements or MOU already in place for the incremental CRGO bushing and the CTC volumes.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes, we already have agreements in place sir.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Okay, sir. Okay. So my last question if you would help us understand on the furnace transformers, renewables and green hydrogen. On that furnace transformer side we have seen only market size, only INR200 crore to INR300 crore despite having high technical barriers and low competitions. Why the addressable market is so small. And like whether we can expect substantial growth in those areas.<\/p>\n

And secondly renewable side, the margins are I think at lower level for renewable transformers and solar transformers typically lower margins. Whether we can able to see the margin improvement or volume improvement in those areas.<\/p>\n

And thirdly, green hydrogen. Yes sir,<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Go on — go on with your question.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Yes, sir. Green hydrogen side, I think we have not started any projects or any supplies. I’m trying to understand whether when we can expect a demand from for green hydrogen side especially like any specific policy or project milestone or any tender awards or any state pipeline approvals are in place.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So as far as renewable — transformers for renewable energies is concerned, see with our backward integration and with our manufacturing 75,000 manufacturing capacity our purchasing power becomes significantly high. So the margins improvement there are going to be very high. I completely understand that right now that there is not much margin improvement. There is no much margin improvement there.. But with the backward integration and with purchasing power of 75,000 MVA, there should be a substantial decrease in our purchasing price. So this is going to affect our margins effectively.<\/p>\n

Green Hydrogen, the projects are still not coming up live. We are also working at a few prototype transformers, which need to be short circuit tested and short circuit tested and done some testing. So as soon as the projects come up live we will, we will start getting some feedback on the green hydrogen transformers.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Sir on the furnace transformer side sir?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Furnace transformers will see some improvement as the steel industry in India starts moving at a faster pace.<\/p>\n

Balasubramanian A<\/strong><\/p>\n

Okay sir. Okay. Thank you.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Thank you. Moderator, can we limit to one question per person please? Otherwise everybody won’t get a chance.<\/p>\n

Operator<\/strong><\/p>\n

Sure. [Operator Instructions] Our next question comes from the line of Deepak Podar from Sapphire Capital. Please go ahead.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Yeah, I’m audible sir.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Yeah. Thank you very much for this opportunity, sir. I will ask two questions, very quick questions. So sir, our capacity got delayed, right? This Changodar plant now, now it’s slated to start by second quarter, right?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So extended monsoons was one of the biggest reasons in terms of delay in the usefulness of the plant.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Okay, okay, okay, understood. And and when is Moraiya plant expected to come on stream?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Moraiya plant we are planning after this year’s monsoon.<\/p>\n

Deepak Podar<\/strong><\/p>\n

So by 3Q FY27.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah, yeah.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Okay. So ideally then your first half growth will be quite muted, right? Because already you…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

No, no. See Moraiya, we still have, we have Moraiya plant is working at about 75% efficient plant utilization. So we are working on maximizing that plant utilization before we start anything else.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Okay. Understood. And what’s the capex involved?<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry to interrupt you sir, but please rejoin the queue for more questions.<\/p>\n

Deepak Podar<\/strong><\/p>\n

Just a follow up. Yeah.<\/p>\n

Operator<\/strong><\/p>\n

You may rejoin. Thank you. Our next question come from the line of Ashish from Leo Capital [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So I had a question regarding the how the industry works. So how fungible is installed MVA capacities across voltage classes. Can capacity allocated to let’s say 220 kv be redeployed to higher kv or vice versa or are they largely dedicated voltage specific lines?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So see basically the capacity, there are three things that would, you know, from 400 we can go down to 220. From 220 we will not be able to go up to 400 if the plant is not designed for 400. So let’s say testing facility, crane capacity, winding machines capacity. We have four, five items which because of which you know from 220 going up to 400 is going to be a challenge. But coming down from 400 to 220 is easy. So it’s not vice versa. But from 400 to 220, it can be done from 400 — from 220 to 400, as long as plant is not designed for 400 kv it will not happen.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So to summarize, let’s say someone has a distribution transformer capacity in MVA that can’t be scaled to a EHV 220, 400 capacity. And what are the limitations exactly?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Crane capacity, let’s say the building, the height of the building, testing facilities, there are many factors. Winding machine capabilities, there are many factors that, that will affect it.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, okay. I got it. Thank you. Thank you. I’ll return to queue for my next question.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of [Indecipherable] from Equinix Capital Venture. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. Am I audible? Very good evening.<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Good evening<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So my question is on your industry side like due to the extended monsoon, there was an approval delay in overall industry transmission in the industry. So are we seeing any slowdown in the capex or is it temporary like one or two quarter execution still over?<\/p>\n

Mehul Shah<\/strong><\/p>\n

No, no, there won’t be any delay as far as capex plan is concerned.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And we are not facing any delay dispatching any order?<\/p>\n

Mehul Shah<\/strong><\/p>\n

No.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Vineet from Thoro Wealth Managers [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir, good afternoon.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Good afternoon.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir my question is around the supply enhancement that has been going around in the entire power value chain right. Like most of our vendors as well in the transformer value chain are enhancing the capacities. So I just wanted to know if like what’s our, what’s our view on like if we can negotiate with our suppliers when they have increased capacity.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Sorry Vineet, we didn’t understand your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I mean, I’m asking in this phase, where the capacities are being announced by most of our vendors, what is our position in negotiating on prices with our suppliers?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

See Vineet, honestly there is still hand to mouth in terms of most of the items that transformer manufacturing is concerned. So we can only negotiate in terms of delivery time for each equipment, each product that we need. That is one of the basic negotiations that that can happen currently.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So the demand is so strong that only we can negotiate on the delivery timelines and all that more or less the same.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it, sir. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Yash Gupta from Ashit Kotecha Family Office [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, my first question is on the capacity. Could you please help us understanding the trajectory of our upcoming capacity addition. Is it reasonable to expect that around 50% of the utilization will come by H2 FY27? And how should we think about capacity expansion plan over next two year to three year and how cash flow will be placed from it?<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. See basically from Changodar facility we will be up and running from this a quarter two. And after that we will take up the this Moraiya plant expansion. So after these two plants the capacity would be say from 40,000, it will go up to 75,000.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And how our utilization will be for the second half of FY27 and ’28 for the upcoming capacity?<\/p>\n

Mehul Shah<\/strong><\/p>\n

It would be roughly around — yeah, upcoming capacity. Changodar will start from the in H2, but initially it would be low since it is a new plant etc. But from this a next financial year it would be running at around 75%, 80% capacity.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So I think by end of quarter three we should be almost at 80% capacity in Changodar plant.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But do you think it will impact our EBITDA margin in the first half and maybe Q3?<\/p>\n

Mehul Shah<\/strong><\/p>\n

No, Because see our orders are already in the pipeline and we are working on that. So that won’t be in any impact. It would be in fact definitely the quarter three numbers would be will be on a higher side because of these new capacities. But this say first half the numbers would not be affected by this.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

And yes, like we said before, we are very selective in what orders we want to take right now. We are not taking any orders that are beyond 24 months. So being selective on the number, the type of orders that we are taking, you know there is not going to be any effect on the EBITDA of the company.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So sir, higher in Q3 means in terms of higher margin or in the amount you are talking about?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Both. Not margin but in terms of revenues — revenue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So margin will be this only 16.5% to 17%. Yeah,<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah. Margins will remain at 16.5% to 17%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Yashrati from Mangal Keshu Service [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon and congratulations on good set of numbers. I wanted to show we are going backward integration on the CTC plant itself. So just wanted to understand would that also require additional PGCIL approval if we are using that for the capital purposes into our 465 and moving forward when we get HVDC approval as well. We will be using our CTC for the capital purposes. So how the PGCIL approval would look like.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So PGCIL approval will definitely be needed. And the plant that we are putting up for CTC and the plant that we will be putting up for pressboard, both these plants are world class plants. So we have already taken into account what all PGCIL requires for approval of the plant. And since it is our own captive consumption the approval becomes very easy in terms of — from PGCIL.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Can I — can we just get some timeline on the sale and also…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Timeline on what getting approval from PGCIL?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes,<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

I think within the month of starting the production capacity we should get the approval. See as it is PGCIL, PGCIL and we are also facing some issues regarding the deliveries of CTC conductor. So it is of utmost importance of PGCIL also to make sure that they have one more bandlet in India, which delivers CTC production.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And just one more thing on the CTC front itself. So it won’t cater to our whole production for the transformers. So how much we would still look to outsource or it would be enough to for our annual transformer manufacturing capabilities.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So the current plan — plan is to cater to 100% need of T&R. And going forward with certain more expansion, we will be also looking at selling in the market, third party selling also we will be doing<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Understood. Thank you so much.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So we will basically be also CTC suppliers to other transform manufacturers.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Shubham Damsuna from Think Site Advisory [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, you are audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Any update on the World Bank issue?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

We have — we have given our — Mehul will give you a reply.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. So as for the timelines etc., we have filed the reply to the World Bank and we are awaiting the any response also. And recently also we have filed that before taking any decision etc., we should be given an opportunity to be heard in person. So we are awaiting the feedback from the World Bank on this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So when can we expect a reply?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

I think it should — it should be closed in 45 days. That’s what our belief is.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Abhijit Singh from Systematics [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sir. Thank you for the opportunity. So my question is on HVDC. What is the scope of our offering in the HVDC scope overall? For example the OEM typically has about 45% to 60% of the overall project cost. So you mentioned that you will be able to supply three to four units in a substation for HVDC. So what is the scope and percentage of the overall project cost for HVDC for us?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

We didn’t understand your question. Please can you come come back again?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, sir. I mean, out of the total project cost for an HVDC, what is our scope? What is our scope? So let’s say we are supplying HVDC transformers, right? Three to four units per project.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

What is that as a percentage of overall capex of the project?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

That should be around 40% of overall capex of the project.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Because HVDC transformers it is going to be the largest equipment and the most expensive equipment in the project. So around 40% should be our, our cost.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right sir. And so when do we expect the approval from PGCIL for this particular product?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So once we’ve successfully repaired this transformer and given back back to PGCIL after six months of working in satisfactory condition, PGCIL will start the process of approving us, as one of the HVDC manufacturers in the country.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right, sir. Sir, just one last thing.<\/p>\n

Operator<\/strong><\/p>\n

I’m sorry but please rejoin the queue for more question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Prathamish Salon K [Phonetic] from PL Capital [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. Thank you so much for the opportunity. Sir, my question is again on the HVDC space. I just wanted to understand now that we are supply — now that we plan to supply only the equipment, the HVDC transformers in the projects and it may take some time for the approvals to come in. And at the same time I recall in the last few, last few calls management had mentioned that we are not really doing LCC or VAC. We are trying to — we are trying to come up with our own technology. So for next two years, three years, all the projects that are in the pipeline have already been established whether as an LCC or VAC project. So how will TARIL will be able to, you know, compete for these projects against the established MNC?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

What is LCC project?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir technology of the HVDC, LCC and VAC?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So we are coming up with our own process of HVDC.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. So sir, my question was the same. Since major, there are two, three projects in the pipeline, right for next two years to three years. So all those two or three projects have already been decided whether they are coming with LCC technology or VAC technology. So if the projects are coming in LCC and VAC and we are not supplying either of these technologies, how will TARIL will be able to participate in this tenders? So basically we will have to wait for a project in for next four or five years before we can participate. Is that the right understanding?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

No, that is not the right. And there are other projects that are coming up with EPC contractors also where we will be participating.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So these projects will the EPC contractors these projects will not primarily come from a player like PGCIL. Is that right?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

No. Yeah, yeah, yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

All right. Thank you. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Raj Sarraf from Finvestes [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, am I audible sir?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you very much for giving the opportunity. Sir, I’m tracking and I’m invested in the company since last two and a half years. I appreciate the journey that TARIL is going through. But sir, from last one year, what I’m seeing that there is a delay in some projects. If I compare the investor presentation of FY 2025 and now FY 2026 on the Chairman’s comment, so what I can see that all capex have been delayed by at least one year and all the backward and all the integrations are also delayed with the same timeline and even the guidance has been delayed. And when I watch interview, which is given by your Director of Finance, Mr. Chanchal Rajora, so what he guides on television and what we come to know in the conference call, there is a very significant difference in these two outcomes. So I want your take on that.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So what are you exactly referring to if I may ask? Are you talking about the order input,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, there are numerous things, sir, like order inflow. What you are mentioning that we are very concerned about the margins and the quality of the order we are taking. Despite questioning on the same line, Director of Finance he then confidently on TV interviews putting the number of 8,000 and close to 7,500 order book closer by FY26 the first thing.<\/p>\n

The second thing, the projects or capexes we have right now executing, the timeline of the project is right now delayed by at least one year, all the projects, whether it be Changodar or Moraiya.<\/p>\n

And the third thing is on the margin front. What we are expecting as an investor from last one year that all the projects, which are right now being done will increase the margin, whereas what we are going through even in the last this Q4, the recently concluded Q4 in spite of your revenue, a greater number on the top line the margin is still consistent, which we would have liked that it could have become the best margin of the year. So [Indecipherable] sir.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So as long as the outlook on the margin we have always maintained that the margins will remain at 15% to 16%. We have never changed that. In terms of the order book yes, we have miscalculated the orders that were supposed to be coming to us. And like we say, we are very careful in selecting, which orders we really want to execute because right now the market is such where we can be slightly choosy about what orders to take. As far as the new projects are concerned, there was a delay because of extended monsoons, which has delayed the project by one quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. And sir, on the guidance side also sir, initially, when…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

I will once again reiterate that orders input will, will be very selective and we will make sure that, you know, we do not take orders that are beyond 24 months. We do not want to…<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I’m talking about the guidance in the top line, sir, not on the order books, sir, which you have clarified now.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Top line, Mehul sir will give you an answer. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, the top line which was guided in the commencement of FY 2026 was INR3,500 crore, which was reduced mid-year after very subdued Q2. That was again told to INR2,500 crore to INR2,600 crore. And even on the third or fourth March, when Director of Finance came on television and he reiterated the guidance that we are very sure that we will be closing above INR2,500 crore. So this INR100 crore guidance is okay, but the confidence, which has been shown initially in the year and right now the tone of the management in this Q4 conference call is not matching.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. That’s true that initially we have targeted that number but that has been later on realized and we have categorically come up and revised that guidance during the quarter two conference call.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, so my point is that sir, we are doing very phenomenally well, let us be, It’s up to you sir, be conservative and then deliver more rather than being more aggressive than…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes. We have — we have realized — Raj, we have realized this. And that is why this year we have given a outlook of INR3,250 crores, not beyond that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes. Thank you very much. Sir, I’m concerned about the company because I’m invested for last two and a half years. Thank you very much.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Sure. Sure, Raj.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Karan Gupta from AC Mil. Please go ahead.<\/p>\n

Karan Gupta<\/strong><\/p>\n

Yeah, yeah. Am I audible?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes.<\/p>\n

Karan Gupta<\/strong><\/p>\n

Yeah. So my question is more on the margin side. Considering the competitive bidding in the industry, what will be the margin on EBITDA level consol basis over two to three years. So this one thing is the competitive bidding in the industry and the second thing is that you are doing backward integration and you’re seeing 2% to 3% kind of lever in the margin you can get. So my point is in the next two years to three years what will be the margin side? It will be compensated by the backward integration we are doing or it will improve further from the mark of 16%, 17%.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. See as we are saying that the margins will remain in the range of say 15% to 17% as currently. And through this backward integration coming up you may see some increase in that number…<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

About 200 bps to 300 bps.<\/p>\n

Karan Gupta<\/strong><\/p>\n

Okay. And what about the cash flow side, the working capital compared to that by ’25 to ’26 receivables and part inventory, part doubled I think. So what we are doing with this working capital side, how we are getting mitigated this time?<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. See compared to our financial year ’25 numbers this definitely the receivable number and inventory numbers are high. On the receivable side, I think due to this last minute say March numbers we have missed certain collections. So in the first year less 15 to 16 days time, we almost collected around INR200 odd crores. So there are some delays as far as the utilities is concerned because their budgets etc., has gone away by March. So they have released the payments in the new financial year.<\/p>\n

Karan Gupta<\/strong><\/p>\n

Okay. So basically payment is got delayed.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah.<\/p>\n

Karan Gupta<\/strong><\/p>\n

Okay. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Dikshant from DB Wealth [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, you mentioned that we are looking at alternative sources for our gas, which will help us continue our production. What is it that we are doing to mitigate this risk right now so that our production can ramp up?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So we had invested a few years back in some laser cutting technology. We have also invested in plasma cutting technology. So all that is coming coming online. And you know this gas crisis has helped us improve our efficiency on those cutting CNC machines.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So instead of using gas as a power source we will be using electricity as a power source.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yes. Yes, that is correct.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, is there any other way that we can make sure that we don’t hit into any problems for expanding our capacity? Because now that we are going to a new phase of expansion this seems to be a risk that seems to be very likely.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

What is the risk we are talking about? The gas risk are you talking about?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I mean anything that is going to make our production capacity go down or our capability to deliver go down. Gas is one of it, right?<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

No, no, no. There is no issue as such for the utilization of the capacities.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

We don’t see any risk in utilization of the capacities, Dikshant.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question come from the line of Aditya Vora from Soham AMC. Please go ahead.<\/p>\n

Aditya Vora<\/strong><\/p>\n

Hello. Hi. Good evening, sir. I had a question on margins. You alluded to the fact that I think 15%, 16% is a good number to look at currently. Structurally I just wanted to understand that most of our peers in spite of being in low kv class are doing superior margins to us and also that they are not backward integrated. So what is the reason for our margins to be at 15%, 16% where majority of the peers are 18%, 19% and even 20% to some extent. So that was the understanding which I wanted. And also at a time when the transformer industry is at an explosive growth, shouldn’t we be getting better margins and faster growth?<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. See this backward integration margins is yet to come into the picture. So this we are talking, this margins say of 15%, 17% is without this any margin improvement in terms of backward integration. But…<\/p>\n

Aditya Vora<\/strong><\/p>\n

No, no, I understand what we’re trying to say. But the peers also don’t have backward integration. That is one. And secondly what I’m trying to highlight is that peers are in relatively lower margin, lower kv class, while you are predominantly into 220 and above. So you know 220 and 400 is what you are targeting. While if I look at majority of our peers we are getting to 220 or 400. In fact if you look at say Atlanta [Phonetic], it recently caught into 400 volt amp and others are getting there. So ideally our margins structurally should be much higher than them and I’m assuming even their backward integration, leaving aside say Atlanta, the backward integration is the same as us. So I don’t know why our margins are at only 15% structurally.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yes, sir, that’s the reason why we have stopped. We are very selective in terms of taking orders etc., going forward. So you as you must have seen this orders we must be executing, which we have taken say 12 months, 15 months back and that is the major reasons why we have decided that yes, we will not take any orders, which is coming our way. And we will be very selective in terms of margins etc., as well as the delivery schedules etc., matching with our production line. So that is the reason why we would be selective and our margins will improve.<\/p>\n

Aditya Vora<\/strong><\/p>\n

Okay. Sure. And just one thing on, on your guidance going forward, would you like to give any guidance for FY27 in terms of growth percentage, if not the absolute number<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yeah. It would be roughly around say 35%, 40% growth in terms of revenue.<\/p>\n

Aditya Vora<\/strong><\/p>\n

Okay. And order book any, any sense on that considering you curtailing incremental order inflow to focus on the quality of order.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

I think if you do INR3,250 crores we will be, let’s say. I don’t know.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Sir, rather than putting these numbers, we would be like to restrict ourselves to — we — we will take the order say up to 24 months.<\/p>\n

Aditya Vora<\/strong><\/p>\n

Okay. Okay. And 35% to 40% is the revenue growth what you’re talking for FY27.<\/p>\n

Mehul Shah<\/strong><\/p>\n

Yes.<\/p>\n

Aditya Vora<\/strong><\/p>\n

Okay. Sure sir. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Sagar Gandhi from Invesco Mutual Fund [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Sir, my question is on the inquiries under negotiation [Technical Issues] PowerPoint presentation. That is INR23,000 crores that you mentioned. Now you highlighted you are looking at orders only under 24 months. So of this INR23,000 crores, how much is 24 months?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

After quarter one there should be around 18,000. MVA order inquiry. That will be in 24 months.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir. And sir, you confirmed that the receivables that have gone up by around INR410 crores of INR200 crores of this INR410 crores have come in the first 15 days of April.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah. Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That has happened, right?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you. Thank you so much, sir. And that is it from my side.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Moderator, we would like to take last few questions please.<\/p>\n

Operator<\/strong><\/p>\n

Sure. Our next question comes from the line of [Indecipherable], an Individual Investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Good evening, sir. Thanks for taking my question. So my question would be on the order book mix. So recently we’ve seen a good amount of orders coming from the state util — from the government utilities. So could you tell us that out of the outstanding order book of INR5,000 crore how much percentage consists of this utility players and how much is the private portion?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So let’s say around 55% will be utilities, 20% will be EPC contractors and remaining all private customers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sir. Got it. And another now with backward integration facilities in place, which will be coming into effect from the first half of FY27 and by and latest by FY28. So that would lead to shorter lead times and also give us some cost advantages. So would we be approaching more private players, who still prefer Chinese suppliers for transformers or we’ll stick to this mix?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

No, we would be approaching many private customers. But provided we are getting — deliveries and order inflow is going to be — quality of the order inflow is going to be the key area of focus in the next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay sir, Got it. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. So we’ll be taking the last question from Sashi Ranjan from Anandan Capital [Phonetic]. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good evening, team. Thank you for the opportunity. I heard that we have order book of around say INR5,000 crore approx. So in previous discussion we also learned that we were not able to pass on to the rising cost because the orders, the orders that was there was older one. So we couldn’t revise upon the increased tariffs. So how many such order book that we have which are not giving us more margin out of that INR5,000 crore order book?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

I think everything that has been there we have already executed. So now we have since last six months we have been very critically analyzing every order that we want to take and we are very selective in taking orders. So none of the orders that are in this INR5,500 crores have any issues in terms of our margins or cost.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And last one sir, if you may allow. What is the current capacity that we are running at and how far we intend to pull this capacity utilization in next two quarters?<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

So we are currently running at around 75% capacity which should go — this year we should go at around 95% capacity.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you so much, sir. Thank you for the questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, due to time constraint, that was the last question. Any pending question may be sent to the Transformer and Rectifiers India Limited investor relations team and they will get back to you.<\/p>\n

With that. I’ll hand the conference over to the management for the closing remarks. Thank you. And over to you team.<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Thank you once again for joining us today. I extend my heartfelt gratitude to all our stakeholders, customers, employees and board members and investors and all of you, who have attended this investors call. Thank you very much everybody.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n

Satyen Mamtora<\/strong><\/p>\n

Thank you.<\/p>\n

Avikshit Vijay<\/strong><\/p>\n

Thanks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transformers and Rectifiers (India) Ltd (NSE: TARIL) Q4 2026 Earnings Call dated Apr. 21, 2026 Corporate Participants: Vikram Datwani \u2014 Analyst Satyen Mamtora \u2014 Managing Director and Chief Executive Officer Mehul Shah \u2014 Chief Financial Officer Analysts: Avikshit Vijay \u2014 Analyst Unidentified Participant Balasubramanian A \u2014 Analyst Deepak Podar \u2014 Analyst Karan Gupta \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":151870,"url":"https:\/\/alphastreet.com\/india\/hind-rectifiers-ltd-q1fy24-34-rise-in-revenue\/","url_meta":{"origin":181613,"position":0},"title":"Hind Rectifiers Ltd Q1FY24; 34% rise in Revenue","author":"Hardik Bhandare","date":"August 8, 2023","format":false,"excerpt":"Incorporated in April 1958, Hind Rectifiers Ltd. is primarily engaged in developing, designing, manufacturing, and marketing Power Semiconductor, Power Electronic Equipments, and Railway Transportation Equipments. Financial Results: Hind Rectifiers Ltd reported Revenues for Q1FY24 of \u20b997.58 Crores up from \u20b972.64 Crore year on year, a rise of 34.33%. 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Revenues declined 0.3% to $3.12 billion. Net profit after minority interest was $558 million while diluted EPS was $0.13. 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