Transformers and Rectifiers (India) Limited, first company to declare its audited results with highest ever revenue
In a landmark year for India's power infrastructure manufacturing sector,
Transformers
and Rectifiers (India) Limited (TARIL) has announced its strongest-ever financial performance for FY25, underscoring its growing prominence as a key player in the transformer manufacturing space and reaffirming its bold strategic vision to become a $1 billion revenue company by FY28.
The Ahmedabad-based company reported a revenue of ₹2,051 crores for the fiscal year ending March 2025, with PAT soaring to ₹216 crores, while EBITDA climbed to ₹359 crores. EBITDA margins rose significantly to 17.51%, reflecting operational efficiencies, a superior product mix, and improved project execution. Notably, TARIL became the first listed company in India to declare its audited financial results, announcing them on April 8, 2025.
The company's order pipeline has never looked stronger. As of March 2025, TARIL had an unexecuted order book of ₹5,132 crores, providing revenue visibility for the next 15–18 months. In FY25 alone, it secured fresh orders worth ₹4,504 crores, including the order of ₹740 crores from
Gujarat Energy Transmission Corporation
received in 4Q. With this strong inquiry pipeline of ₹22,000 crores plus, the company is set to become the market leader in the high- voltage power transmission transformer market in India and well placed to achieve $1 billion revenue in the next three financial years.
The Company is set to expand its manufacturing capacity beyond 70,000 MVA by the end of the current FY with the organic expansion of 15,000 MVA in IDT as well as special duty transformers and a 22,000 MVA expansion in extra-high voltage transformer capacity.
The company is also rapidly working to become 100 per cent backward integrated by the middle of FY 26-27, which will not only help the company to increase its production capacity significantly but also generate additional margins in the coming years. A capital expenditure plan of ₹550 crores has been announced to support these initiatives over the next 15 months.
TARIL's growing clientele spans across diverse sectors including power utilities, petrochemicals, metals, cement, railways, and emerging segments like green hydrogen. On the global front, its export business gathered momentum, with notable orders such as a 175 MVA Electric
Arc Furnace
(
EAF
) transformer from Arcelor Mittal Mexico, further cementing TARIL's international credentials.
The company's growth is being backed by strong institutional confidence. TARIL successfully raised ₹500 crores through
a Qualified Institutional Placement
(QIP), completed in a record three weeks. Its financials remain robust, with a tangible net worth of ₹1,272 crores and a low debt-to-equity ratio of 0.21. The Return on Capital Employed (ROCE) stood at 24.24 per cent in FY25. Debtor days improved to 114, reflecting improved receivables management and tighter working capital cycles.
Technological advancement has been another key area of focus. During FY25, TARIL completed dynamic short-circuit testing of a 500 MVA, 400/220/33 kV transformer and an 8.8 MVA inverter-duty transformer, both meeting Central Electricity Authority (
CEA
) standards. December 2024 marked a record in the number of transformers tested by the company, in both units and MVA terms.
With the Indian transformer market set to benefit from large-scale investments in transmission infrastructure, renewables, and railway electrification, TARIL is strategically placed to leverage these tailwinds. The successful export of a 220/253 MVA EAF transformer—one of the world's largest—is a testament to its world-class manufacturing capabilities. Its maiden order for 40 STATCOM transformers further reflects growing demand for grid-support technologies.
'This has been a milestone year for TARIL. We not only delivered exceptional financials but also laid the groundwork for our long-term vision of becoming a fully backward-integrated, globally competitive transformer manufacturing company, our ability to win large and technically complex orders underscores our engineering strength, product reliability, and execution track record. Our journey is rooted in customer trust, innovation, and a commitment to shaping a future-ready grid. As India accelerates its power sector transformation, TARIL is proud to play a catalytic role—delivering indigenous, high-performance transformer solutions that power the country's development,' said Managing Director Mr.
Satyen Mamtora
.
Watch the TARIL short film and discover the company's journey here:
TARIL short movie
The India transformer market is experiencing significant growth driven by a combination of expanding infrastructure, increasing industrial activity, and evolving energy requirements. Transformers, essential components in power generation, transmission, and distribution, are critical for ensuring the efficient and reliable delivery of electricity across the country.
The market is segmented into various types, including power transformers, distribution transformers, instrument transformers, and specialty transformers, each catering to different applications and needs. Key drivers of the market include the rapid expansion of the electrical grid to support India's burgeoning industrial base and the rising demand for electricity driven by urbanization and economic development.
Government initiatives such as the Make in India campaign and investments in grid modernization are further fuelling growth. The focus on smart grid technology, renewable energy integration, and infrastructure upgrades is creating opportunities for advanced transformer technologies that enhance efficiency and reliability.
The utility segment remains a cornerstone of the market, with significant investments in power grid infrastructure and modernization projects. High- voltage power transformers are in demand to support large-scale projects, while the increasing penetration of renewable energy sources necessitates transformers designed for effective grid integration. Additionally, government programs like the
Smart Cities Mission
and rural electrification are boosting demand across various sectors.
The market also faces challenges such as the need to reduce power losses and maintain grid stability. Transformers with advanced features, such as on-load tap changers (OLTC) and improved cooling technologies, are essential in addressing these issues. Despite the low threat from direct substitutes, technological advancements in energy storage and decentralized power generation are influencing market dynamics.
India is one of the most dynamic and fast-growing transformer markets in the world, driven by the country's ambitious expansion and modernization of its power sector. As of 2024, the Indian transformer market is valued at around USD 5.1 billion and is set on a steep growth trajectory.
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