Transformers and Rectifiers shares soar 9% on ₹390-crore order win

Transformers and Rectifiers shares rose 9 per cent on bagging orders worth ₹390-crore from Gujarat Energy Transmission

Shares of Transformers and Rectifiers (India) Ltd. rose nearly 9 per cent on Tuesday, after bagging orders worth ₹390-crore from Gujarat Energy Transmission for the manufacturing of transformers. 

 

The electrical equipment maker's stock rose as much as 8.75 per cent during the day to ₹312.65 per share, the biggest intraday rise since November 14 this year. The stock pared gains to trade 7.5 per cent higher at ₹308 apiece, compared to a 0.17 per cent advance in Nifty 50 as of 1:10 PM. 

 

Shares of the company snapped a two-day decline and currently trade at 0.7 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 45 per cent this year, compared to a 9.8 per cent advance in the benchmark Nifty 50. Transformers and Rectifiers has a total market capitalisation of ₹9,263.12 crore. 

Transformers & Rectifiers order win

Transformers & Rectifiers secured a ₹389.97-crore order from Gujarat Energy Transmission Corporation Ltd. (GETCO), the company said in a statement. The order includes the supply of 53 transformers of various types along with associated manufacturing and related work.

 

The contract, awarded by a domestic entity, is scheduled for execution by the next financial year, it said. The company said the order is part of its regular business operations and does not fall under related-party transactions. It also clarified that neither the promoters nor any group companies have any interest in GETCO.

 

With this order, the company has received a total order book of ₹493.42 crore from Gujarat Energy Transmission Corporation Limited during this quarter, the statement said. "The company is committed to delivering high-quality products and services and has established itself as a leading manufacturer of transformers in the country over time."

Transformers & Rectifiers Q2 results 

The company reported a disappointing set of earnings for the quarter ended September 2025 (Q2FY26). Revenue came in flat year-on-year (Y-o-Y) at ₹460 crore. 

 

Earnings before interest, tax, depreciation and amortisation (Ebitda) and profit after tax (PAT) margins declined 380 bps and 180 bps Y-o-Y to 11 per cent and 8 per cent respectively on sticky employee costs. In Q2FY25, the company had posted Ebitda of ₹80.97 crore and PAT of ₹46.02 crore.

 

The company received orders worth ₹592 crore in Q2, taking the order backlog to ₹5,472 crore (₹5,246 crore Q1FY26). The company has further bid prospects of ₹18,700 crore. The company is a prominent player in the manufacturing of transformers & reactors in India.