{"id":181744,"date":"2026-04-22T00:38:43","date_gmt":"2026-04-22T04:38:43","guid":{"rendered":"https:\/\/alphastreet.com\/india\/transformers-and-rectifiers-india-ltd-taril-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-22T00:38:43","modified_gmt":"2026-04-22T04:38:43","slug":"transformers-and-rectifiers-india-ltd-taril-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/transformers-and-rectifiers-india-ltd-taril-q3-2026-earnings-call-transcript\/","title":{"rendered":"Transformers and Rectifiers (India) Ltd (TARIL) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Transformers and Rectifiers (India) Ltd (NSE: TARIL) Q3 2026 Earnings Call dated Jan. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Vikram Dhatwani<\/strong> \u2014 Representative<\/em><\/p>\n

Satyen Mamtora<\/strong> \u2014 Managing Director and CEO<\/em><\/p>\n

Chanchal Rajora<\/strong> \u2014 Chief Financial Officer AND ADVISOR TO THE BOARD<\/em><\/p>\n

Aakash<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Analysts:<\/h2>\n

Anvikshit Vichai<\/strong> \u2014 Analyst<\/em><\/p>\n

Manish Ostwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Samarth Khandelwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Aman Bansal<\/strong> \u2014 Analyst<\/em><\/p>\n

Tushar Pendarkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Vedant Sarda<\/strong> \u2014 Analyst<\/em><\/p>\n

Aman Kumar Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Sandeep Aggarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Anupam Goswami<\/strong> \u2014 Analyst<\/em><\/p>\n

Venkatesha RJ<\/strong> \u2014 Individual Research Analyst<\/em><\/p>\n

Nikhil Abhiyankar<\/strong> \u2014 Analyst<\/em><\/p>\n

Bala Subramanyam<\/strong> \u2014 Analyst<\/em><\/p>\n

Vrain Sameer Deshpande<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Kushal Kasliwal<\/strong> \u2014 Analyst<\/em><\/p>\n

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

Presentation:<\/h2>\n

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

Ladies and gentlemen, good evening and welcome to the Transformers and Rectifiers India Limited Q3FY26 conference call hosted by Nuama Wealth Management Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

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

Vikram Dhatwani<\/strong> \u2014 Representative<\/em><\/p>\n

Thank you. Good evening everyone. On behalf of Nuvama Institutional Equities, I welcome you all to the third quarter FY26 results conference call of Transformers and Rectifiers India Limited. We are joined today by Mr. Satyan Mamdura, Managing Director and CEO and Mr. Chanchal Dajora, Director Finance. 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 CEO<\/em><\/p>\n

Good afternoon ladies and gentlemen. A very warm welcome to all of you and thank you for joining us today for Q3FY26 earning call. I’m Satya Mamtora, managing director and CEO of the company. We truly appreciate your time and your continued engagement with our company. It is a pleasure to connect with you once again as we continue our journey for transformation, disciplined execution and sustainable growth. Earlier today our Board of Directors approved financial results for quarter ended December 31, 2025.<\/p>\n

These results have been duly submitted to stock exchanges and are available along with our investor presentation. Let me begin by sharing some of the key highlights and strategic developments from the quarter. In Q3FY26 the company delivered revenues of 704.21 crore with an EBITDA of 1,1 crore. The performance during the quarter has been exceptional and marks a clear inflection point in our operational momentum. Improved execution, better project conversion and enhanced capacity utilization and tighter cost controls across the organization have contributed meaningfully to the performance.<\/p>\n

These results clearly demonstrate that we are back on stride and well positioned to achieve our stated revenue profitability objectives for the year. Particularly significant milestone during the quarter was the receipt of exceptional HVDC repair order from power grid. This order strategically important as it makes Terrell the first Indian origin company to receive HVDC repair order underscoring our growth, technological capabilities, engineering credibility and trust from marquee customers. This achievement reinforces our position in the high voltage and advanced transformer segment and opens new long term opportunities in HVDC ecosystem as communicated earlier, during the first half of the year, we consciously moderated fresh orders intake.<\/p>\n

This was deliberate and strategic decision aimed at aligning new orders with extended delivery schedules, strengthening execution discipline and ensuring optimal capacity planning. I am pleased to share that this approach is now yielding results. Looking ahead, we expect strong order inflow during the second half supported by a robust and diversified ueob close to 8,000 crores across domestic and international markets. In parallel, we are making steady progress on our backward integration which is a critical pillar of our long term competitiveness, margin sustainability and supply chain resilience.<\/p>\n

We have planned six backward integration facilities and execution is progressing as per schedule. The CTC plant is targeted for commissioning in FY2627 followed by pressboard facility in quarter three FY2627 and RIP bushing plant in quarter four FY2627 along with the first phase of our fabrication facility during the same period. I am happy to share that civil work of all these facilities has already been commenced and equipment orders are firmly in place. These initiatives will significantly enhance our in house value addition, reduce external dependencies and improve cost efficiency over long and medium term.<\/p>\n

Alongside backward integration, we also continue to expand our core manufacturing footprint through organic capacity expansion. Our Changwada facility expansion is on track and completion on Quarter 1 FY 2627 while Moria is expected to be operational in Quarter 2 FY2627. These expansions will support higher volumes, improved execution flexibility and enable us to cater to a strong demand visibility we see across all our order pipeline for the full financial year. We remain confident of delivering at least 25% revenue growth over FY25.<\/p>\n

We are targeting revenues approximately 2,600 crores along with EBITDA margin of around 16%. This confidence is underpinned by strong execution visibility, healthier order mix, benefits from operating leverage and structural improvements that we are making across the organization. Equally important, we continue to strengthen our governance framework and internal processes. Corporate governance compliance and transparency remain at the heart of everything that we do. I am particularly proud to highlight that we have declared our audited financial result within eight days of quarter’s close, reflecting our processes, discipline and commitment to Best in His class disclosure standards.<\/p>\n

Before I conclude, I would like to sincerely thank our customers for their trust, our employees for their dedication and resilience, our suppliers and partners for their continued support, our board members for their guidance and the most important our investors for their continued confidence in our long term vision. Together we are building future ready Organization with the ambition to emerge as a global leader in the transformer industry. I now shall invite Janchal to take you through the financial performance in greater detail.<\/p>\n

Please.<\/p>\n

Chanchal Rajora<\/strong> \u2014 Chief Financial Officer AND ADVISOR TO THE BOARD<\/em><\/p>\n

Good evening everyone. Thank you Satin sir, for your insight for leadership remark and for setting the strategic interest of the quarter. It gives me the great pleasure to address you that today as we discussed our quarter three FY26 performance quarter that clearly reflects the strength of our execution capabilities and resilience of our business model and the benefits of the strategic initiative we have been implementing over the past several quarters. I’m pleased to report that Quarter three has been a strong quarter for the company marked by a sharp improvement across all the key financial parameters.<\/p>\n

Revenue on the stand alone basis from the operation stood to 704 crore rupees as compared to 428 crore rupees a quarter to FY26. The growth was driven by the improved supply side normalization, higher plant utilization and timely execution of the projects across the key segments. The momentum seen during the quarter validates to our confidence in a strong second half of the year. EBITDA for the quarter came to 114 crore rupees with the margin expanding to 16.18%. The margin improvement was preliminarily led by the better operating leverage, a higher share of execution from the healthy margin orders and early benefits of the cost optimization.<\/p>\n

Profit after the tax is to 71 crore rupees reflecting not only the strong operating performance but also the disciplined financial management across the organization. Further on console basis, remaining of the revenue for the quarter stood707.37 crore against the 460 crore during Q2. FY26, EBITDA stood to 129 crores and paired to 76 crores. Importantly, quarter 3 also marks a turning point in terms of the structural margin improvements. We are confident that margin sustainability will improve going forward.<\/p>\n

The backward integration facility under developments are expected to further enhance the cost efficiencies and reduce external dependency over the medium terms. Looking forward, we enter to Q4 and the next financial year. With the this strong visibility, our order book remains robust, Execution pipeline are healthy and the plant utilization levels are expected to remain elevated for the full year. FY26 we’ve been confident of delivering the revenue of around 2,600 crore rupees along with the EBITDA margin of around 16 to 17%.<\/p>\n

Beyond 2026, our focus remains on the profitable growth return ratio improvement and disciplined capital allocation. Before I conclude, I would like to express my sincere appreciation to our team across operation Finance supply chain and projects for their relentless focus and execution excellence. I would also like to thank our board and investors for their continuous trust and support as we work towards building a strong more resilience and a future ready organization. With that I conclude my remarks.<\/p>\n

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

Questions and Answers:<\/h2>\n

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

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question press star and one on the touchstone telephone. If you wish to remove yourself from the question queue you may Press Star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Anvikshit Vichai from Global Consignment Research. Please go ahead.<\/p>\n

Anvikshit Vichai<\/strong><\/p>\n

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

Chanchal Rajora<\/strong><\/p>\n

Yes.<\/p>\n

Anvikshit Vichai<\/strong><\/p>\n

Yes. Thank you for the opportunity. So I just had a few questions in mind. Last quarter I remember you telling that we had about a deferment of 100 crore in revenue because of the monsoon. And if we adjust this quarter’s revenue to that the adjusted revenue growth comes to about 13%. Is this the normalization we’re looking at going forward?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Vijay, it was not 100 crore rupees. It was 70 crore rupees. 70 to 72 crore rupees. Right. That benefit we got it in this. But also we are around 45 or 40 crore rupees of the same revenue which we could not able to take in this quarter also.<\/p>\n

Anvikshit Vichai<\/strong><\/p>\n

Okay. So. Okay. Thank you so much. And one more question on that. And if we are targeting a $1 billion revenue by FY 2829 it means that we are targeting about 48% CAGR and top line from the current level. Can you help us understand what will drive the growth from here?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Look Vijay, we have been guiding about the billion dollar or 8,000 crore rupees revenue for FY28 29. This has got the various factors into that. Not only the growth of the transformer business but also the growth of the backward integration facilities. What we are putting up the backward integration facilities itself are going to give us a robust business as well as the growing demand of the industry is going to give us the huge amount of the new businesses. As we see that today we are at around 4,000 5,500 crore rupees under executed order book.<\/p>\n

And by close of this year we will be having around 8,000 crore rupees of order book hand. And we expect the same growth is in coming years. And that is Driving us for that.<\/p>\n

Anvikshit Vichai<\/strong><\/p>\n

Okay, sure. If I may just squeeze in one more question. May. I.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Would appreciate if you can join again because there are lots of people in the line.<\/p>\n

Anvikshit Vichai<\/strong><\/p>\n

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

Chanchal Rajora<\/strong><\/p>\n

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Manish Otswar from Nirval Bank Factor Climate Ltd. Please go ahead.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Yes, sir. Thank you for the opportunity. Sir, my question on the our order book and the inflow number. So I’m. I’m confused with that number. So like it is mentioned Q1 number. Because Q1 is also 665 crore only. So the typo error you can confirm. This quarter three or info was 665 only.<\/p>\n

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

665. There’s no typo error.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

There’s no typo error. Okay. If you look. If you look at the order book of last quarter it is 5,478 crore. And we executed the order. So the revenue in this quarter 737 crore. So if you knock off that and. Take the closing order book the order info works out to 708 crore. So why this?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

So this is not the mistake in mathematics. Basically when we do the order book we have. There are. There are. There are certain price variation factors also there. And they are certain, you know the bought out items there which generally does not reflect into the order books. That is why this refer. This difference comes.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

Okay. And lastly sir, on this order book order pipeline which was in quarter four was 22,000 crore. Nowadays 16 crore. And the YTD basis compared to last year nine months versus this year nine months 18.4% decline. The order pipeline is down by 25%. So how do you see the visibility and where will be ending the order book? Sir, that’s my question,<\/p>\n

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

Manish. We have as I pointed out in my speech also we are taking a deliberate decision that we shall pace ourselves in taking in inflow of orders. So that you know we do not have our order book beyond 18 months. We want to limit ourselves to order book of 18 months beyond 18 months. It is not very viable because we have seen in the past also we face some issues. So 18 months is where we are limiting ourselves at. 18 months is the highest time limit where we want to execute a certain order. So we have been pacing ourselves in terms of taking orders and also facing ourselves in terms of new capacity that is going to come.<\/p>\n

So we are very confident that when we close this year we will have 8,000 crore order book in hand.<\/p>\n

Manish Ostwal<\/strong><\/p>\n

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

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

Thank you.<\/p>\n

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

Thank you. The next Question is from the line of Samarth Khandelwal from ICICI Securities. Please go ahead.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

Am I audible?<\/p>\n

Aman Bansal<\/strong><\/p>\n

Yes.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

Congratulations on the HVDC repair order. May I know going ahead. Once we complete the order which technology of HVDC would we be bidding for?<\/p>\n

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

It will be our own hvdc. Indigenously made it hvdc. So currently we are repairing this transformer and once we have to pre qualify for any tender that comes in in future. So once we repair this transformer it has successfully been commissioned. We shall qualify for our own technology of hvdc.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

So right now there is LCC and VSC based. So it will be a different one from that.<\/p>\n

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

Yes.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

Okay. So my next question is if you could list out the capacity that we have right now and when and how much would be getting commissioned. If you could just confirm that once again.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Look at present we have. We have the capacity in our Moraya plant is around 27,000 mba. Changodar is around 12,000 mba and Odao is around 1,200 mba. So that is our. That is our capacity at this moment. And the capacity new which we are going to add up in the next financial year is 15,000 MBA in Changodar in quarter one and 22,000 in Moraya in quarter two.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

Okay. Okay. Thank you. And sir, lastly how does the prices or increase in the commodities will affect our margins going ahead?<\/p>\n

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

We have. We have the price variation. Most of our orders are protected by price variation clause. So we shall be protected. But it is again one of them. One of the reasons why we do not want to book ourselves beyond 18 months.<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Okay. So we have rotated<\/p>\n

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

With price EMA price variation clause. So there is no problem there. But we still want to protect our. We still want to not take orders beyond 18 months.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Basically. Basically the reason behind that is that we don’t want to block the capacities at present when we see the good business at the higher margins. So we just want to leverage on that.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

Okay. Thank you. And all the best sir. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Vedant Sarda from Nirmal Bank Securities Private limited. Please go ahead. Hello, Mr. Vedant. Please go ahead.<\/p>\n

Vedant Sarda<\/strong><\/p>\n

My all questions have been answered. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Aakash an individual investor. Please go ahead.<\/p>\n

Aakash<\/strong><\/p>\n

Good afternoon sir. Congratulations on very good results. Thank you. Sir. I wanted to understand your views on like the current rumor or the news which is going on. Basically Reuters have claimed that the Chinese companies would be allowed in power sector or maybe allowed to participate in the electricity or power sector related bit. So my question, I think at this stage it will be difficult for you to comment whether that comes through or not. But my question is on the price competitiveness. Like how well we are positioned domestically and globally and how do you see if this rumor comes factualized in few months?<\/p>\n

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

Akash, from what I have read the Chinese companies will still have to manufacture in India. So there is only one Chinese manufacturer by the name of TBA who is operating in India in the transformer industry. And they are pretty much booked themselves with orders from Adani and Reliance and other companies, other EPCs. So I don’t see there much that much affecting us in the long term or in the short term.<\/p>\n

Aakash<\/strong><\/p>\n

Right sir. Right answer. My second question was on the news of Mr. Mukul Sivas, you know, his resignation coming through and Mr. Taking it forward. So what is the management plan going forward? Like would Mr. Sutton continue or would you look for external resources for hiring? We<\/p>\n

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

Shall. We shall. I shall continue as the CEO and the MD of the company till such time that we decide that, you know we are ready for a CEO now.<\/p>\n

Aakash<\/strong><\/p>\n

Thank you sir. My all questions are answered.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Aman Kumar Jain from Finwave Global Opportunities Fund. Please go ahead.<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Hello. So sir, congratulations on a strong set of numbers. In the last record you mentioned a shortage of bushings that led to supply chain disruptions.<\/p>\n

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

Yes. You<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Have indicated that your new facility is expected to become operational around June this year. So could you share what capacity you are targeting initially?<\/p>\n

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

So we. Targeting. You’re talking in terms of number of bushings or KV rate. KV of bushings.<\/p>\n

Samarth Khandelwal<\/strong><\/p>\n

What? Sir,<\/p>\n

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

So we are in the first phase. We are going up to 245 KV rip bushings. Then we are working our way forward in the second year of manufacturing to 400kV rip bushings. And we are close to about 7,000 bushings in the first year of operation.<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Okay answer. Also, as per my understanding acceptance and qualification of such critical components usually takes significant time. So how should we think about ramp up and customer approvals in this context?<\/p>\n

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

I think there is one caveat there. If we start getting our bushings tested and it is just a type test that we have to do. So if our bushings pass all those type tests we should be. We should be approved by all mates. Our OIP bushings currently are approved by almost all electricity boards and PGCR also. So getting rip bushing approval is not going to be very difficult for us.<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Okay. And<\/p>\n

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

If you look at in terms. Of, you know the. Where we all to get the approvals. We also have that in terms of, you know we are a transformer manufacturer. There is a certain credible credibility behind tariff. So you know we have all that wherewithal. Also in terms of transformers, in terms. Of bushings<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Up until what time do we expect an optimal capacity utilization?<\/p>\n

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

By second year of operation we should be at 60 to 70 to 80% of capacity utilization.<\/p>\n

Aman Kumar Jain<\/strong><\/p>\n

Okay sir. Thank you. That’s. That’s it for my end.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Sandeep Aggarwal from Nariti Investment Private limited. Please go ahead.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Hello. For the opportunity. So my question is what is the cash flow position for 9 months? A 6 month cash flow operation is. Cash from the operations is minus 34 crore. So what is our cash flow question?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Sandeep, we are in the cash flow positive at this moment, right? I don’t have the right figure right now to give you. But yes, around 30 to 35 crore rupees is on the VR on positive. Apart from that we have around 275 crore rupees of the cash deposits with the bankers. So that way we are quite okay in that way.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Okay. So my next question. What is your. What is the margin visibility in the next one to two years.<\/p>\n

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

Will stay stagnant at between 15 to 16%. We don’t see much variation in margin. The only variation that can happen is 1 or 2% in margins. That is in terms of our operational excellence that we are looking at. So that is the only place where we would be able to get a better margin. Otherwise this 15 to 16% margins is where we will be at.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Okay. And<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Sandeep, I just read up into that. At 15 to 16% margins which what MD Saras is mentioning is on the product side. Right. And once we will, we will work out on a better operation efficiency and better leverage of the resources. The margin is going to be increased as he said by on 200 basis points.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Okay, just last question related to the industry. So what is the lag time between the. Between order and supply? Just. Just want to know. Currently the<\/p>\n

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

Lag time is close to between 24 and to 28 months. We want to bring it down back to 18 months. So that is the reason why we are again being very cautious now. So currently the lag time is around 24 months.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Anupam Goswani from SUD Live. Please go ahead.<\/p>\n

Anupam Goswami<\/strong><\/p>\n

Hi. Good Evening sir. Congratulations on the good set of numbers.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Thanks<\/p>\n

Anupam Goswami<\/strong><\/p>\n

So much. As question that the expansion in Jungur and Moria, I believe it has got delayed by further by one quarter now that we are seeing first quarter. And on that note given the order book shouldn’t we be able to execute the entire order book by in one year? I mean FY27 given our now expanded capacity by then.<\/p>\n

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

Will take some time. Very honestly you will get. You will expand the capacity in terms of manufacturing of transformers. Where will you get the CTC from? Where will you get the bushings from? Where will you get the CRGO from? You know all that that capacity is still not fully capable to cater to whatever expansion that we are doing. So it will take time to gear up again to for us to achieve what we want to achieve. And the best thing for that is put our backward integration plans to come into action very soon.<\/p>\n

Anupam Goswami<\/strong><\/p>\n

So current order book is again about 18 months of execution time.<\/p>\n

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

18 to 24. 24 months. Not 18 months. 24 months. Okay,<\/p>\n

Anupam Goswami<\/strong><\/p>\n

Okay. And since this last question on this you mentioned 15 to 16% margin and then 200 basis points can improve up above that due to backward integration and efficiency. Yes, yes,<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Yes,<\/p>\n

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

Yes.<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Okay.<\/p>\n

Anupam Goswami<\/strong><\/p>\n

So hopefully by FY28 that I think the expansion will also come into good utilization and that there we can see.<\/p>\n

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

Yes, yes, yes, yes.<\/p>\n

Anupam Goswami<\/strong><\/p>\n

Okay. Thank you sir. I’ll join back in the.<\/p>\n

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

Thank you. The next question is from the line of Venkatesha rj an individual research analyst. Please go ahead.<\/p>\n

Venkatesha RJ<\/strong><\/p>\n

Hello sir. Thank you. Thanks for giving me an opportunity. My only one question I have. How about that World Bank Debar think can you throw some light on it because they had given a deadline till this, if I’m not wrong, till this January 15th or something like that. Thank you<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Venkatesh. First of all I would like to tell you that there is no debarment from the World bank as of now on us. Second point is. Second point is that World bank has given us the timeline to reply to your queries by 12 of January. We are filing our reply in this particular week, probably today only we are filing the reply and we hope that in next two to three weeks time this will be settled.<\/p>\n

Venkatesha RJ<\/strong><\/p>\n

Thanks a lot sir. Thank you. That’s all sir. Thank you.<\/p>\n

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

Thank you. The next question is from the line of Nikhil Abhiyankar from UTI Mutual fund. Please go ahead.<\/p>\n

Nikhil Abhiyankar<\/strong><\/p>\n

Yeah, thanks for the opportunity. Sir, just one question. I’m not sure if anyone asked so there are just reports coming in today that government is thinking of allowing Chinese imports and power for power equipment. So just wanted to understand your views on this. There is any question to this idea? Or is the government actually thinking of allowing Chinese imports?<\/p>\n

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

Nikhil, so I just answered that question earlier. Probably you were not there on the queue under any circumstances. These Chinese manufacturers will have to make transformers in India.<\/p>\n

Aman Bansal<\/strong><\/p>\n

Currently<\/p>\n

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

There is only one plant, one Chinese plant which is making transformers in India.<\/p>\n

Aman Bansal<\/strong><\/p>\n

And<\/p>\n

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

That Chinese plant already has enough is also fully booked for next 16 to 18 months. So I don’t think there is going to be a lot of variation in anything in terms of transform manufacturing.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

And I also add. I also add. Nikhil, if this, this, these rumors keep coming actually then<\/p>\n

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

It’s not a rumor. It is. It is. It is come. It is. And<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

They, they will also. They will also take. You know one more thing is there if any new foreign player is coming, they need to take the approvals of the product. That will also take plant and product both. That will take time.<\/p>\n

Nikhil Abhiyankar<\/strong><\/p>\n

Okay. Okay. So at least for one to two years you believe that that won’t be a problem?<\/p>\n

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

Yeah. Yes.<\/p>\n

Nikhil Abhiyankar<\/strong><\/p>\n

Okay. Understood. Thanks a lot and all the very best.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Bala Subramanian from Arihant Capital. Please go ahead.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

Good evening sir. I’m audible.<\/p>\n

Aman Bansal<\/strong><\/p>\n

Yes ma’. Am.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

What is the current revenue contribution and growth outlook for transformers renewable and green hydrogen applications?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Okay ma’, am, first of all green hydrogen application demand actually has not started coming up in India as of now or anywhere in the world also probably we are little away from that. So once that will start coming up we would be able to tell or anybody would able to tell more about that renewable energy. Our portion is increasing now. And once our Chagodar facility will be in place because we are putting up a dedicated line for there then we have. We will have a major higher portion of renewable energies from that.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

So my second question. Could you please share our working capital situation in Q3 and our goal is to be net debt free in next 18 to 1224 months. So what is that planned mix of operational cash flow or. Or any equity rises or asset sales to achieve this net debt free status?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Okay. Working capital is. Is concerned. We are. We are in little better position than what we were in a quarter to H2 H2. We were having a working capital of around say around 125 days or something. We are now nearly up to around 120 to 22 days time. And second portion is this net debt free? Yes. 18 to 24 months. Is the timeline which we wanted to become net debt free. And we are working on that. On that. And first and foremost emphasis on that is to through the internal resources. Right. And our working capital.<\/p>\n

You know the understand. You need to understand one thing. It is a heavy capital incentive intensive product. So working capital has to be little bit higher side. And particularly when we are importing the materials. Then this will be. This will be on the little, little higher side though. Our goal Is to reach 200 days level. But we will see that how do. We reach into that levels.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

But<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Yes, so we will be keeping. By this year end we should be some. We should be near to 120 days levels.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

On the debt side. Sir.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Huh.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

Actually our goal is to be net debt free in next 18 to 24 months.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

I said that that is intact. We are working on that. We will be that net debt free bin next 18 months time.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

Okay sir, so my last question. I think only two qualified vendors for a certain specialty furnace transformer. And why only two qualified vendors in this industry and what are the technical barriers to entry here and what is the opportunity size and how sustainable the pricing power to qualified vendors.<\/p>\n

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

So furnace transformers, the load rating on these furnace transformers is very different. So you know the furnace starts with high power, high current and the voltage is very less. So a lot of people avoid taking this risk and sudden jerks to the transformers. And that is the reason why. And the other thing is if a furnace transform fails, the whole furnace production goes zero. And with the investment that people have done in their factories for melting steel, you know it is very difficult for people to cross that barrier and let everybody else in.<\/p>\n

That is the reason why we are able to sustain in this market because of our credibility and quality of our transformers.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

What is the opportunity size? Sir.<\/p>\n

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

Opportunity size is very skewed, not very big. But yeah, close to about 200, 200, 300 crores.<\/p>\n

Bala Subramanyam<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Chirag Shah from ICICI Direct. Please go ahead.<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Yeah. Hi sir, just one question. As you mentioned that you will be ending, ending with a FY96 backlog of. 8,000 odd crores, right? Sorry, I<\/p>\n

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

Was not able to hear you clearly. What are you saying? Sir,<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

I just want to understand that on one hand you are saying that you’ll be ending with a backlog of 8,000 crores by FY26. That is March 26, right? Yeah,<\/p>\n

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

Close to about 8,000 crores. Yes,<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

We are close to 8,000 crores. And if I just look at the first nine months our inflows have declined double digit. We are approximately 7001800 odd crores and my closing backlog as of Q3 is 5400 cross. If I just do a back of the envelope calculation the implied order inflow minus your execution for 4Q implies the order wind of almost 3000 crore plus. So what gives us the confidence that we’ll be able to book such a big number in one quarter?<\/p>\n

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

We have many inquiries in pipeline which are about to finish or close. You know in this quarter most of this will be getting awarded to us. But anyways Chanchal will give you a better explanation on that. Chirag,<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

If you see basically generally the most of the P issues they come up with the requirement in quarter four traditionally and quarter four has been always the biggest quarter in terms of the supplies as well as in terms of the deliveries and as well as the new requirements, right? If, if you, if you have been seeing in last quarter last year, quarter last year FY25 also we got 2,400 crore rupees or 2500 crore rupees of order right? In, in one single, one single quarter. So that is, that is the confidence and the kind of the inquiries what we have, the pipeline and a very very advanced negotiation are going to basically give us the orders pretty soon, as soon as in this month itself.<\/p>\n

So that’s the, that’s the confidence what we have into that. Right?<\/p>\n

Sandeep Aggarwal<\/strong><\/p>\n

Final question is more from a longer term perspective. Let’s say next for the next four, five years. So we do have a target of a billion dollar in terms of revenues. But post that even if we achieve that, post that given a lot of companies are putting up capacities in the transformer sector, how long is the Runway for us in terms of growth and how will pricing pressure be there when these capacities come up and when at a stage where the industry will mature at some point in time and what will be the margin at that point in time?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

This caution, we have been answering this question for quite some time. So first of all there whatever capacities are coming, they are, they are, they are, they are not good enough for the demands which, which India is forcing in next 10 years time, right? There is not going to be any, any problem in terms of the demand incoming next to seven to eight years time and basically new demands like EV demands as well as the replacement market is also going to add up into that. I just mentioned in of the last questions also hydrogen demand has not even started coming up into the country.<\/p>\n

So this is, this is the this is the thing. And as far as Tarial is concerned please understand we are though the transformer remains a big focus for us. But we are diversifying ourselves into the backward integration product. And they are going to yield us also in some time in a big numbers. So that is going to be the Runway for the organization itself. And as far as industry is concerned next 10 years is. We don’t foresee anything problematic. And then the sustainable growth will come up.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. The next question is from the line of Tushar Pendarkar from Ventura Securities. Please go ahead.<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Hello. Thanks for the opportunity. Sir. In Q4, FY25 and Q1 FY26 we reported 35% gross margin. And we believe that that was the normal margin because of the backward integration happened. So when can we achieve. Can we take the 27. FY27 as the year with the 35%.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

It is FY 2028.<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Okay. Okay. And will it provide further room for expansion to 40% with the further backward integration?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Definitely.<\/p>\n

Tushar Pendarkar<\/strong><\/p>\n

Okay. Thank you sir. Thank you. That’s all from me.<\/p>\n

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

Thank you. The next question is from the line of Aman Bansal from pesp. Please go ahead.<\/p>\n

Aman Bansal<\/strong><\/p>\n

Hello.<\/p>\n

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

Yes, Aman. Yes.<\/p>\n

Aman Bansal<\/strong><\/p>\n

Congratulations on the amazing. All of my questions have actually already been answered. So. Yeah. Thanks.<\/p>\n

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

Thanks. Thank you Aman.<\/p>\n

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

Thank you. The next question is from the line of Kushal Kasliwal from Inved research. Please go ahead.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

Hi sir. Thank you for the opportunity. Sir. Although this quarter looks like a 30% growth but I think last quarter you announced that you know there was a copper conductor shortage. Import blockage of around 160 crore. And then there was this 70 crore also. I think this question was also earlier as this in this con call. So sir, if we add both these figures roughly 230 crore worth of orders were going from Q2 to Q3 this year. So if we remove that 230 crore worth of orders our YY growth is actually not actually the negative.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

I think you have. You have misinterpreted what we said in last time about the CTC. What we said it. It is not 160 crore. We said 16. 16 numbers of the job jobs CTC that got stuck in port. Right. So 16 jobs would got stuck in done. That is two in the month of May and May and June. So which. Which. Which has received in the month of July and then the product. Understand one thing that we. That has affected in our revenue of the Q2 as well as on the Q3 also. Because when the jobs get almost there for 25 days at the port.<\/p>\n

We could not able to move the next jobs from the China and Korea. So that is why this has got the cascading effect on all the things. Right? And around 70 crore rupees which were basically booked into the order. But because in the system but indices does not allow us to take into the revenue that is affected. The actual effect Is was only 70 crore rupees for that quarter. And the same kind of effect we are also facing up into this quarter around 40, 45 crore rupees.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

So net net there is around 30 crore of revenue which. Which. Which has come from. So if I remove this 30 crore then also our growth rate has<\/p>\n

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

30. Crores is windfall for the past quarter.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

Okay, Tk, I think. I think I get what you’re saying. I think my next question was around the CTC and CRGO situation. I think last time we said that the CRGO situation was prices as well as supply was limited. So has that solved now? Has that become normal?<\/p>\n

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

It is not solved. We are providing for it. But it is work in progress. It is always work in progress. The kind of growth that Indian transformer industry is seeing. It is always a work in progress for all transformer manufacturers.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

Got it? Got it. Sir. On just your backward integration efforts, I think you were doing in house PTC manufacturing and couple of more things, radiators and all. So will that backward integration effort also work for our HVDC transformer demand or will for hvdc? We’ll have to like change the. We cannot use the backward integration. It<\/p>\n

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

Will work for all sorts of. And all kinds of transformers.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

Okay. Even the CTC is also<\/p>\n

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

CTC also except for the bushing, I think all transformers, everything in the transformer. Yes.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

Okay. Okay. So just last point on hvdc. So when you expect to, you know, meaningfully see demand from HVDC transformer.<\/p>\n

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

So once we repaired this transformer and we have it has been commissioned successfully, we should see PGCL approving us for manufacturing these transformers<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

And then the orders are expected. Post 27.<\/p>\n

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

Post 27. Yeah. Post 27. Yes.<\/p>\n

Kushal Kasliwal<\/strong><\/p>\n

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

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

Thank you. The next question is from the line of Vrain Sameer Deshpande from Alpha Peak Investments. Please go ahead.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Congratulations for the good results we had last last quarter was a horrible one for not only the business but that World bank issue. But I think the management as it has been mentioned today that we will be filing the reply very shortly in a day or 2. Because 12th was the last date I heard. So if you are filing today, do we expect it to be solved very quickly? As you mentioned in 23 weeks.<\/p>\n

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

Very honestly we do not know what the World bank process is. But we should. We should get something sooner.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Actually that doesn’t affect us financially. That was true. But unnecessarily some corporate governance issues etc. The market has the share price indicate that there was a big fear on that issue. But hope you people are in a position to sort it out.<\/p>\n

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

We are working towards getting it result.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

And regarding this expansions which we have been mentioning. Someone was saying you mentioned that everything all the expansions which are as per our plan and for the production expansions etc will take place about almost. We will be having said 70 75% growth in our production capacity in the next year.<\/p>\n

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

No, our plant utilization will reach around 85% plant utilization is what we said that it will reach 85%<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

By next year end.<\/p>\n

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

Yeah, by next year end.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Including the expansions. Because you mentioned some 30 including the expansion.<\/p>\n

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

Including the expansion.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Expansion. Will.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Expansion. In Q1 I think you will be having some 15,000 MV. And in Q2 you mentioned 22,000 MBA.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

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

Vrain Sameer Deshpande<\/strong><\/p>\n

So 37,000 will be added in the next half.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Yes.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

So that made compared with the current capacity of 50,000 it translates to 74%. So is my understanding correct?<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Sir, my current capacity is around 40,000. And with the new expansion we will reach to the 75,000 MBA.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

And congratulations to you all and Mr. Raja also in particular that as promised you have been in a position to present the results in the first week itself. So let us keep this tradition and the market will always reward this type of gestures.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Thank you Viren. This is the organizational effect and efforts which is being paying off us.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

And in this capex also which we are having for this expansion and for the backward. And when do we expect this backward integration to be completed?<\/p>\n

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

So the backward integration for the CTC plant as I mentioned. One is CTC plant is quarter one 25. FY26 27. Okay. Moria expansion will be in FY26 27 quarter two. Bushing will be quarter four FY26 27 and press board will be in quarter three FY26 27.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Okay. So next year ending almost all the things will be completed. So 2728 will be the financial.<\/p>\n

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

All our projects will be completed.<\/p>\n

Vrain Sameer Deshpande<\/strong><\/p>\n

Okay. So after that we expect about 2% growth in margins also.<\/p>\n

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

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

Vrain Sameer Deshpande<\/strong><\/p>\n

Thank you sir. And all the best.<\/p>\n

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

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

Chanchal Rajora<\/strong><\/p>\n

Thanks. Can we take the last question please?<\/p>\n

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

Thank you. The last question is from the line of Deepak Podar from Sapphire Capital. Please go ahead.<\/p>\n

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

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

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

Yes, Deepak.<\/p>\n

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

Yeah. So most of my questions have been answered, just few things. Now you mentioned FY27 and 8,000 crores order book. Given the execution in fourth quarter and current unexecuted order book of 5,500 crores. So we expect around 3,500 crores of order inflow in the fourth quarter. Right. Would that be right in the. Yeah,<\/p>\n

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

That would be a fair assumption.<\/p>\n

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

Okay. And given that you mentioned that even 2500 crores we have done in last year fourth quarter. So this is something which looks achievable to you or. Yeah, it is.<\/p>\n

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

It is absolutely achievable.<\/p>\n

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

Okay. And what will drive this order? I mean, can you throw some light?<\/p>\n

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

We have quoted in many tenders close to about 16,000 crore tender tenders. And most of these are on the verge of finalization. And the other thing is the, you know, they are also thinking that beyond 18 months they also do not want to expose themselves. So they are also trying to control pace themselves in placing the orders.<\/p>\n

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

Okay, okay, okay. But generally our order book, I mean whatever 8,000 crores we are targeting, this.<\/p>\n

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

Is only this odd. Not taking orders or not getting awarded for orders is only a question of pacing the awarding orders.<\/p>\n

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

Okay. Okay. And then the execution timeline of this 8,000 crores which we are expecting to be closing by FY 22nd would be around what, 18 to 24 months. Approximately<\/p>\n

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

24 months. At, at max it should be 24 months, not beyond 24, 4 months. We are trying to limit ourselves to 18 months.<\/p>\n

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

Okay, understood. And. And given this year we are looking to grow about what, 20, 25% right from next year onward. I mean the CAGR that we need to grow to, to a billion dollar or 8,000 crores of 45, 50% CAGR. Is that what we are targeting from. FY22 in August,<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Sir? That is, that is right. And understand one thing. In that drive there are two major sectors which are going to contribute apart from, apart from our present capacity, the new capacity which we are going to ADD up around 35,000 MVA<\/p>\n

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

And<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

The backward integration revenue which we are targeting to contribute that thing. So those two are the major contributors going to play in that goal, sir.<\/p>\n

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

And all these are coming from first quarter till four, fourth quarter, right? I mean, in part, yeah,<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Yeah, that you already<\/p>\n

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

Mentioned. So what would be our optimum revenue potential on this Capacity. I mean both 77,000 MBA and plus your CTC and bushing capacity that is coming through 85% utilization. What’s what sort of revenue potential? We see<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

The billion, the the billion dollar eight thousand crore rupees revenue is actually we are guiding based on these and all the efforts what we are doing.<\/p>\n

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

Okay. So so, so once you fully utilize all this capacity 8,000 crores kind of a top line is quite achievable.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

And just my last thing<\/p>\n

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

On the industry side, I mean what sort of growth we are looking at the, at the industry level. If you can throw some light on that sir.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

World World industry. World transformer industry. Only the transformer I’m talking about is growing at the kaggle level of 6.7% and India is growing at the kegger level of 15%.<\/p>\n

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

And India is growing at 15%.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Yes sir.<\/p>\n

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

Understood. Oh that would be from my side and would like to wish you all the way best. Thank you so much.<\/p>\n

Chanchal Rajora<\/strong><\/p>\n

Thank you sir. Thanks a lot for joining us.<\/p>\n

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

Thank you. Ladies and gentlemen. That was the last question for today. I now hand over conference to the management for the closing comments.<\/p>\n

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

Thank you once again for joining us today for your continued confidence in our journey. We look forward to your questions and engaging in meaningful discussions. Your insights and support remain invaluable to us as we continue to execute our strategy and create long term value for all our stakeholders. Thank you. Thanks a lot.<\/p>\n

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

Thank you very much on behalf of Nuvawa Milk Management Ltd. That concludes this conference. Thank you for joining with us today. And you may now disconnect your lines.<\/p>\n

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

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

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Transformers and Rectifiers (India) Ltd (NSE: TARIL) Q3 2026 Earnings Call dated Jan. 08, 2026 Corporate Participants: Vikram Dhatwani \u2014 Representative Satyen Mamtora \u2014 Managing Director and CEO Chanchal Rajora \u2014 Chief Financial Officer AND […]<\/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-181744","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":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181744,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":151870,"url":"https:\/\/alphastreet.com\/india\/hind-rectifiers-ltd-q1fy24-34-rise-in-revenue\/","url_meta":{"origin":181744,"position":1},"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%. Total Expenses\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-400.png?resize=1400%2C800&ssl=1 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