Shares of Transformers and Rectifiers (India) Ltd (TARIL) surged nearly 19 per cent on Wednesday after the transformer manufacturer reported a strong set of numbers for the second quarter ended September 30, 2026 (Q2 FY27).
The stock climbed to the day’s high of ₹360.95 apiece on the BSE, compared with its previous close of ₹303.80 per share on Tuesday.
This rally marked the counter’s biggest single-day percentage gain since December 2025 and pushed the company’s market capitalisation to around ₹10,574.84 crore.
Heavy buying in the stock followed the Q2 FY27 earnings and business updates. Investors cheered a more-than-twofold jump in quarterly net profit, a sharp expansion in EBITDA margin, a healthy order book, and management’s confidence in meeting its full-year financial targets.
TARIL’s consolidated net profit attributable to the owners of the company jumped 135.3 per cent year-on-year (YoY) to ₹79.80 crore in the September 2026 quarter, more than doubling from ₹33.91 crore in the year-ago period.
Consolidated revenue from operations rose 60.7 per cent YoY to ₹739.44 crore from ₹460.03 crore a year earlier, while total consolidated income grew 56.6 per cent YoY to ₹742.16 crore against ₹473.95 crore in Q2 FY26.
Sharp jump in EBITDA and margins
Operational efficiency was among the key drivers of the market rally. The company’s EBITDA more than tripled, surging 205.4 per cent YoY to ₹113.90 crore from ₹37.30 crore in the same quarter last year.
Alongside the jump in operating profit, TARIL’s standalone EBITDA margin expanded by 736 basis points to 16.1 per cent in Q2 FY27, up from 8.7 per cent a year ago.
The company noted that the quarterly performance was supported by better execution, improved capacity utilisation, and operating leverage across its manufacturing facilities.
Robust order book and inquiry pipeline
As per the filing, the company’s unexecuted order book grew 32 per cent YoY to ₹7,237 crore as of September 30, 2026, with orders to be executed over the next 18 to 24 months.
Fresh order inflows during Q2 nearly doubled, rising 97 per cent YoY to ₹1,169 crore.
Additionally, TARIL has an inquiry pipeline of around ₹21,000 crore under negotiation, with a historical win ratio of 10 per cent to 15 per cent.
Domestic opportunities account for 80 per cent of this pipeline, while exports make up 20 per cent.
Expansion plans
Commenting on the outlook, Managing Director and CEO Satyen Mamtora said the company remains on track to achieve its FY27 financial guidance, backed by steady order inflows and expansion initiatives.
The company also noted its ongoing transformer manufacturing expansion at Changodar is nearing completion, with commercial production slated to begin around Diwali to support future revenue growth.
The company also incorporated a UK subsidiary, Maxwell Grid Transformers (UK) Private Limited, in September 2026 to expand its footprint in the US and European markets.
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