Results Highlights:
• Revenue from Operations up 60.74% YoY and 29.20% QoQ at ₹739.44 Cr (vs. ₹460.03 Cr YoY & ₹572.34 Cr QoQ).
• EBITDA up 149.94% YoY and 37.96% QoQ at₹128.77 Cr (vs. ₹51.52 Cr YoY & ₹93.34 Cr QoQ).
• EBITDA Margin stood at 17.41% (vs. 11.20% YoY & 16.31% QoQ).
• Profit After Tax up 117.88% YoY and 26.58% QoQ at ₹81.38 Cr (vs. ₹37.35 Cr YoY & ₹64.29 Cr
QoQ).
• Q2FY27 order inflows jumped 97% YoY to ₹1,169 crore, expanding the unexecuted order book to
₹7,237 crore (+32% YoY) and securing clear revenue visibility for the next 18–24 months.
Concall Highlights:
• The under-negotiation inquiry pipeline stands at ₹21,000 crore with a historical 10%–15% win rate,
comprising an 80:20 domestic-to-export split across government utilities and private industrial clients.
• The ₹150 crore capex adds 23,000–25,000 MVA of incremental capacity to bring the Changodar facility’s total capacity to 35,000 MVA focusing on distribution, renewable, and small power transformers up to 132kV which elevates TARIL’s total company-wide capacity past 75,000 MVA.
• Backward integration projects are progressing on schedule, expected to enhance operational self
reliance and reduce reliance on external suppliers. And it is projected to drive 200 to 300 basis points of margin expansion as it scales through FY28 and FY29.
• TARIL entered the high-value nuclear power segment by securing its first-ever generator transformer order from NPCIL for Kaiga units 5 and 6.
• Successfully completed dynamic short-circuit testing on three 400kV transformers, validating product resilience against severe electrical and mechanical fault stresses.
• TARIL established a UK subsidiary in September 2026 to enhance customer support and expand market presence across Europe and the UK.
• Strong domestic investments in power generation, transmission, and grid modernization, alongside emerging growth from data centres, railway electrification, EV infrastructure, and energy
transition, continue to drive structural demand for transformers.
• Management repeated guidance of achieving 25%+ revenue growth and maintaining 9% to 10% net profit margins for FY27. And Management maintains its full-year guidance of ₹3,200 crore revenue, implying an execution target of around ₹900 crore per quarter in H2.
• Export sales contributed 8% to Q2FY27 revenue, while international orders comprise roughly 15% of the total unexecuted order book.
• Shifting insulation and pressboard manufacturing to dedicated plants frees up space at Moraiya, expanding its transformer capacity by over 30%.
• The ₹1,000 crore Power Grid order carries a 24 to 28-month timeline, with manufacturing commencement expected in December next year.
• Management targets an optimal long-term capacity utilization level of 90% across expanded manufacturing assets.
• TARIL is a registered supplier to major data centre developers domestically and internationally, participating in global supply opportunities.
• $1Billion revenue target by late FY29 or early FY30 relies on transformer sales along with external sales of bushings, pressboards, CRGO, CTC, and tanks.
• Planned expansion and backward integration capex are fully funded through internal accruals and available cash, requiring no additional equity or debt dilution.
Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014
InCred Markets Limited (“the Company”), Formerly known as Elite Wealth Limited (The company is Wholly Owned Subsidiary of InCred Capital Financial Services Limited) does/ does not do business with companies covered in its research reports. Investors should be aware that the Company may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.incredmarkets.com. Analysts employed by the Company are registered/qualified as research analysts with SEBI in India. (SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Vindhyachal Prasad, InCred Markets Limited, vindhyachal@elitestock.com
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in the Company.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
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Entities Disclosures
InCred Markets Limited (Formerly known as Elite Wealth Limited) (IML henceforth), is a SEBI Registered Analyst having registration no. INH100002300, having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, Telephone: 0120-4477777, and Website: www.incredmarkets.com. There is no material conflict of interest with the subject company. The company and the Research Analyst have no actual or beneficial interest of one percent or more in the subject company.
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