Transformers & Rectifiers shares surge over 18% as Q2 revenue jumps 61%, order inflows nearly double
ETMarkets.comStrong earnings and rising order inflows lifted investor interest in the transformer maker.
On a consolidated basis, the company's revenue surged 61% year-on-year to Rs 739 crore in Q2FY27, compared with Rs 460 crore in the corresponding quarter last year. Net profit increased 135% to Rs 80 crore from Rs 34 crore in Q2FY26.
On a standalone basis, revenue from operations climbed 66% year-on-year to Rs 709 crore in Q2FY27 from Rs 428.42 crore in the year-ago quarter. Profit after tax (PAT) surged 338% to Rs 75 crore from Rs 17.13 crore, while EBITDA jumped 205% to Rs 114 crore during the quarter.
For the first half of FY27, revenue from operations grew 35% year-on-year to Rs 1,268 crore. EBITDA increased 47% to Rs 185 crore, while PAT rose 62% to Rs 125 crore.
The company attributed its Q2 performance to improved execution, better capacity utilisation and operating leverage across its manufacturing facilities.
Order inflows rise 97% to Rs 1,169 crore
Transformers & Rectifiers reported order inflows of Rs 1,169 crore in Q2FY27, registering a 97% year-on-year increase. Its unexecuted order book stood at Rs 7,237 crore as of September 30, 2026, up 32% from a year earlier. The order book is expected to be executed over the next 18–24 months, providing revenue visibility.The company's inquiry pipeline under negotiation stood at approximately Rs 21,000 crore, with its historical order win ratio ranging between 10% and 15%. The current bidding pipeline comprises around 80% domestic opportunities and 20% export opportunities, with a balanced mix of government and private-sector customers across utility and industrial segments.
Expansion plans and new business opportunities
Managing Director and CEO Satyen Mamtora said the company's Q2 performance reinforced confidence in its growth trajectory, supported by strong order inflows, improving capacity utilisation and progress on expansion initiatives.He added that the Changodar expansion would help the company address a larger opportunity pipeline, while its UK subsidiary is strengthening global customer engagement, particularly in the US and European markets.
The company has also entered the nuclear power sector through the NPCIL Kaiga Units 5 and 6 project. Recent orders from Damodar Valley Corporation and Gujarat Energy Transmission Corporation Ltd. further reflect customer confidence in its engineering and manufacturing capabilities.
Mamtora said the company is investing in capacity, technology and backward integration to support India's long-term power infrastructure and manufacturing requirements. With its initiatives progressing as planned, Transformers & Rectifiers remains on track to achieve its FY27 guidance.