TARIL Q2 FY27: Order Book Surges 32% to ₹7,237 Cr, Revenue Jumps 66%
TARIL's Q2 FY27 revenue surged 66% YoY to ₹709 crore, with EBITDA up 203% to ₹114 crore. The order book grew 32% YoY to ₹7,237 crore. Order inflows in Q2 FY27 were ₹1,169 crore. The Changodar manufacturing expansion is nearing completion, and a UK subsidiary was established.
The strong financial results, significant order book growth, and strategic expansion plans are expected to have a material positive impact on the company's future performance and market position.
The company reported significant year-on-year growth in revenue and EBITDA, a substantial increase in its order book, and positive updates on capacity expansion and strategic initiatives.
Transformers And Rectifiers (India) Limited (TARIL) announced its financial results for the quarter and half-year ended September 30, 2026, along with a transcript of its earnings conference call held on October 13, 2026.
The company reported robust performance with Q2 FY27 revenue from operations at ₹709 crore, marking a significant 66% year-on-year growth and 27% quarter-on-quarter growth. EBITDA for the quarter stood at ₹114 crore, a 203% year-on-year increase, with EBITDA margins improving to 16.1% from 8.8% in Q2 FY26. For the first half of FY27 (H1 FY27), revenue from operations reached ₹1,268 crore, a 35% year-on-year growth, and EBITDA was ₹185 crore, a 47% year-on-year increase, with margins improving to 14.6%.
As of September 30, 2026, TARIL's unexecuted order book stood at ₹7,237 crore, an impressive 32% year-on-year increase, providing strong revenue visibility for the next 18 to 24 months. The company received order inflows of ₹1,169 crore in Q2 FY27, a 97% year-on-year growth. Notable orders include those for NPCIL Kaiga Units 5 and 6, a large transformer order from Megha Engineering and Infrastructures Limited, an LOI from APTRANSCO, and orders from Damodar Valley Corporation and GETCO.
Key operational updates include the near completion of the transformer manufacturing expansion at Changodar, expected to commence commercial production around Diwali. The company also established a subsidiary in the UK in September 2026 to strengthen its presence in European markets. Backward integration projects are progressing as per timeline.
Financially, standalone total debt was approximately ₹575 crore as of September 30, 2026, with a debt-to-equity ratio of 0.35x. Standalone cash and cash equivalents stood at approximately ₹77 crore. The company is focused on improving its working capital cycle, with a target of 120-130 days.
Management expressed confidence in achieving FY27 guidance and highlighted the supportive industry demand environment driven by significant investments in power generation, transmission infrastructure, and emerging areas like data centers and EV infrastructure. TARIL is well-positioned to capitalize on these multi-year opportunities.
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