Transformers and Rectifiers (India) share price
NSE: TARILBSE: 532928Electrical EquipmentSmall Cap
Share price at the NSE close on 23 Oct 2026. Previous close ₹314.50.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹9,122 Cr586th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 13 Oct 2026
- 29.1
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 13 Oct 2026
- 5.5
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.08%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 13 Oct 2026
- 20.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 13 Oct 2026
- 19.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026. The filing of 13 Oct 2026
- 0.34
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 33,74,51732.2% delivered
Results
Consolidated; ₹ crore, the charts by years to March, the table by quarter.Quarterly results
Quarter to Sep 2026, against the quarter beforeFiled 13 Oct
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹739 Crup 29.20%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹81 Crup 26.58%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
- 11.0%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2023, the company's revenue for that year, ₹1,381 Cr, differs from its quarters added, ₹1,351 Cr.
| ₹ crore | Dec 2024Filed 8 Jan | Mar 2025Filed 10 Jun | Jun 2025Filed 1 Aug | Sep 2025Filed 30 Dec | Dec 2025Filed 31 Jan | Mar 2026Filed 21 Apr | Jun 2026Filed 20 Jul | Sep 2026Filed 13 Oct |
|---|---|---|---|---|---|---|---|---|
| Revenue | 559 | 676 | 529 | 460 | 737 | 783 | 572 | 739 |
| Net profit | 55 | 94 | 67 | 37 | 76 | 91 | 64 | 81 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 9.9% | 13.9% | 12.7% | 8.1% | 10.3% | 11.7% | 11.2% | 11.0% |
Business segments
In the year to Mar 2026 the company reports one business segment, manufacturer of various types of transformers, which carries all its revenue.
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2023: days before it are of the company before the change.PE ratio and valuation history
At or below today's level on 44% of 2,080 trading days over the last 10 years.
At or below today's level on 69% of 1,778 trading days since Nov 2018.
At or below today's level on 68% of 1,778 trading days since Nov 2018.
At or below today's level on 77% of 2,480 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −52.5% | +25.8% | −62.3% | 0.1% |
| 3 years | +107.6% | +80.8% | +14.8% | 0.1% |
| 5 years | +99.1% | +102.5% | −1.8% | 0.2% |
Mutual funds holding it
50 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 47 of the 47 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.Mutual fund holdings
- AddedAdded. Funds that held more shares than at the end of the month before.
- 16
- CutCut. Funds that held fewer shares than at the end of the month before.
- 31
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 3
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end.
- 1
| Fund | |||
|---|---|---|---|
 Invesco India Flexi Cap FundInvesco Mutual Fund | 15,77,796 | 0.78% | ₹42.6 Cr |
| Invesco India ELSS Tax Saver FundInvesco Mutual Fund | 10,14,347 | 1.05% | ₹27.4 Cr |
 Nippon India Nifty Smallcap 250 Index FundNippon India Mutual Fund | 1,65,659 | 0.13% | ₹4.47 Cr |
 HDFC Nifty Smallcap 250 ETFHDFC Mutual Fund | 1,29,990 | 0.13% | ₹3.51 Cr |
 Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETFMirae Asset Mutual Fund | 84,152 | 0.24% | ₹2.27 Cr |
 SBI Nifty Smallcap 250 Index FundSBI Mutual Fund | 84,152 | 0.13% | ₹2.27 Cr |
 Motilal Oswal Nifty Smallcap 250 Index FundMotilal Oswal Mutual Fund | 59,693 | 0.13% | ₹1.61 Cr |
 ICICI Prudential Nifty Smallcap 250 Index FundICICI Prudential Mutual Fund | 37,733 | 0.13% | ₹1.02 Cr |
| HDFC Nifty Smallcap 250 Index FundHDFC Mutual Fund | 36,187 | 0.13% | ₹0.98 Cr |
| Nippon India Nifty 500 Equal Weight Index FundNippon India Mutual Fund | 33,200 | 0.20% | ₹0.90 Cr |
Peers and competitors
Heavy Electrical Equipment, 48 listed companies, priced on 23 Oct 2026. The table lists the 8 companies closest to Transformers and Rectifiers (India) in market cap.
Where the company sits among the companies nearest its size
| Company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
 Inox WindINOXWIND | 10,185 | 29.6 | 1.6 | 12.9 | +17.1% | – | 6.0% | 7.0% | 0.00% |
 Quality Power Electrical EquipmentsQPOWER | 10,110 | 75.8 | 18.7 | 53.1 | – | – | 27.6% | 21.3% | 0.10% |
 Voltamp TransformersVOLTAMP | 9,728 | 30.7 | 5.4 | 26.6 | +17.8% | −2.6% | 18.8% | 19.4% | 1.04% |
 Elecon Engineering CompanyELECON | 9,340 | 38.2 | 3.7 | 17.2 | +2.6% | −52.7% | 10.3% | 16.2% | 0.48% |
 Kanohar ElectricalsKANOHAR | 7,032 | – | – | – | – | – | – | – | 0.00% |
 PowericaPOWERICA | 6,258 | – | – | – | – | – | – | – | 0.00% |
 SkipperSKIPPER | 5,788 | 25.8 | – | – | +17.2% | +38.5% | 16.7% | 21.4% | 0.02% |
 Transrail LightingTRANSRAILL | 5,757 | 14.2 | 2.5 | 6.9 | +15.3% | +6.4% | 19.5% | 25.6% | 1.17% |
Dividends
Per share, by the year it was paid for, and the latest payments.Dividend history and dates
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up.| Ex-date | Type | Per share |
|---|---|---|
| 18 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.25 |
| 9 May 2025 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.20 |
| 10 May 2024 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.20 |
| 28 Jul 2023 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.15 |
| 28 Jul 2022 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.15 |
| 2 Sep 2021 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹0.10 |
Latest announcements
Routine notices left out.Share news and announcements
Oct 2026
6 Oct · Analysts
2 Oct · Business
Transformers and Rectifiers (India) share price by year
Each calendar year to 2025.Transformers and Rectifiers (India) share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 285.25 | −49.9% | 619.60 | 236.90 |
| 2024 | 569.90 | +392.7% | 583.18 | 118.65 |
| 2023 | 115.68 | +314.2% | 115.68 | 27.00 |
| 2022 | 27.93 | +58.2% | 32.45 | 12.75 |
| 2021 | 17.65 | +74.8% | 18.45 | 8.13 |
| 2020 | 10.10 | +182.5% | 11.53 | 2.53 |
| 2019 | 3.58 | −46.4% | 7.58 | 3.25 |
| 2018 | 6.68 | −68.0% | 21.78 | 6.20 |
| 2017 | 20.88 | +23.4% | 23.12 | 14.75 |
| 2016 | 16.91 | +24.5% | 19.11 | 10.12 |
Recent sessions
The last 10 trading days to 23 Oct 2026, as traded on NSE.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | 315.45 | 316.00 | 295.10 | 303.90 | 302.82 | 33,74,517 | 32.2% |
| 22 Oct 2026 | 317.50 | 324.00 | 310.50 | 314.50 | 316.57 | 40,72,534 | 32.3% |
| 21 Oct 2026 | 330.00 | 333.00 | 317.90 | 320.35 | 324.36 | 38,30,604 | 23.1% |
| 19 Oct 2026 | 329.10 | 331.90 | 320.60 | 326.10 | 325.99 | 35,44,760 | 26.4% |
| 16 Oct 2026 | 335.00 | 339.70 | 326.20 | 329.10 | 332.63 | 58,02,414 | 23.2% |
| 15 Oct 2026 | 350.55 | 356.70 | 330.00 | 333.45 | 340.53 | 1,13,38,631 | 21.3% |
| 14 Oct 2026 | 333.00 | 360.80 | 332.95 | 349.50 | 349.71 | 6,90,07,422 | 16.0% |
| 13 Oct 2026 | 298.70 | 308.55 | 290.55 | 304.00 | 302.18 | 73,21,200 | 26.4% |
| 12 Oct 2026 | 290.65 | 296.00 | 288.95 | 294.80 | 293.16 | 20,34,325 | 39.2% |
| 9 Oct 2026 | 283.45 | 293.70 | 278.10 | 290.65 | 286.87 | 23,55,379 | 34.0% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 14 Feb 2025 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
| 28 Sep 2017 | Split | 0.1000 | Each share became 10. |
| 13 Jun 2013 | Bonus | 0.9000 | Holders received 1 bonus share for every 9 held. |
About Transformers and Rectifiers (India)
Transformers and Rectifiers (India) Limited makes power, distribution, furnace, special and rectifier transformers, along with reactors. Its customers are electricity utilities, industries and renewable energy projects in India and abroad. It reports a single business segment, transformer manufacturing, and also repairs and refurbishes transformers.
It has three manufacturing plants at Changodar, Moraiya and Odhav, all in the Ahmedabad area of Gujarat. Odhav is the original site. Combined capacity across the three plants is nearly 75,000 MVA, a megavolt-ampere being the unit for a transformer's power rating. The product range goes up to the 1,200 kV class. Exports have gone to Russia, Kazakhstan, Mexico, Iran, the USA, Australia and the MENA region, and the company reports a presence in more than 40 countries.
The business began in 1981 as a transformer repair operation led by Jitendra Mamtora. The company was incorporated in 1994. It signed a technology licence agreement with Fuji Electric for 400 kV and 765 kV class equipment, and it commissioned a 1200 kV class transformer at Power Grid Corporation of India Limited (PGCIL). It has also received an order from PGCIL to repair an HVDC (high-voltage direct current) transformer.
The consolidated group is the company and six subsidiaries. The company is building its own facilities for conductors, pressboard, bushings, fabrication, radiators and processing of CRGO, the electrical steel used in transformer cores. It has acquired a controlling stake in a CRGO processing facility.
- Legal name
- Transformers and Rectifiers (India) Limited
- NSE symbol
- TARIL
- BSE code
- 532928
- ISIN
- INE763I01026
- Industry
- Electrical Equipment
- Listed
- Dec 2007
- Face value
- ₹1
- Former symbols
- TRIL
- CIN
- L33121GJ1994PLC022460
- Corporate identity number, the registrar of companies' code for it