Ahmedabad, India – April 21, 2025
Transformers and Rectifiers (India) Limited (TARIL), a leading manufacturer of power and distribution transformers, highlighted the company’s stellar financial performance, strategic acquisitions, and ambitious plans to cement its position as a global leader in the transformer industry. Shareholders approved key resolutions, including dividend payouts, leadership reappointments, and expansion projects, signalling strong confidence in TARIL’s growth trajectory.
Company Overview
TARIL, founded in 1981, has grown into India’s second-largest transformer manufacturer by capacity, with three state-of-the-art plants in Gujarat. The company specializes in power transformers (up to 1200 kV), distribution transformers, furnace transformers, and reactors. With over 18,000 installations worldwide and certifications like ISO 9001:2015, TARIL serves sectors such as power utilities, railways, and renewable energy.
Financial Performance: FY 2024-25
TARIL reported record-breaking financial results for FY 2024-25, driven by robust demand for transformers and strategic operational efficiencies. Below is a detailed breakdown of the company’s financials:
| Metric | FY 2024-25 (₹ Crores) | FY 2023-24 (₹ Crores) | Growth (%) |
|---|---|---|---|
| Revenue from Operations | 1,950 | 1,273 | 53.2% |
| EBITDA | 320 | 129 | 148.1% |
| EBITDA Margin | 16.4% | 10.1% | 6.3 pp* |
| Profit After Tax (PAT) | 188 | 41 | 358.5% |
| PAT Margin | 9.6% | 3.2% | 6.4 pp |
| Order Inflow | 4,504 | 2,800 | 60.9% |
| Order Book (Unexecuted) | 5,132 | 3,200 | 60.4% |
Key Financial Highlights:
- Revenue Growth: TARIL’s revenue surged by 53% YoY to ₹1,950 crores, fueled by increased production capacity and higher demand from power utilities and renewable energy projects.
- EBITDA & Margins: EBITDA skyrocketed by 148% to ₹320 crores, with margins expanding to 16.4%, reflecting cost optimization and economies of scale.
- Profitability: PAT more than tripled to ₹188 crores, driven by operational efficiency and reduced debt.
- Order Book Strength: The company secured ₹4,504 crores in new orders, including a landmark ₹740 crore contract from Gujarat Energy Transmission Corporation (GETCO), its largest single order to date.
Dividend Declaration and Shareholder Returns
Shareholders approved a 20% dividend (₹0.20 per share) for FY 2024-25, payable to equity holders as of May 9, 2025. This marks a 33% increase from the previous year’s dividend of ₹0.15 per share.
Dividend Details:
- Dividend Payout: ₹6.00 crores (20% of 30.01 crore equity shares).
- Record Date: May 9, 2025.
- Payment Mode: Electronic transfer to registered bank accounts.
Key Resolutions Passed at the AGM
- Adoption of Financial Statements: Approval of audited standalone and consolidated financial statements.
- Dividend Declaration: 20% dividend payout ratified.
- Leadership Appointments:
- Reappointment of Mrs. Karuna J. Mamtora (Executive Director) and Mr. Jitendra U. Mamtora (Chairman) for three-year terms.
- Revision of remuneration for top executives, including Mr. Satyen J. Mamtora (Managing Director), to align with industry benchmarks.
- Expansion Plans: Approval of ₹500 crore raised via Qualified Institutional Placement (QIP) for backward integration and capacity expansion.
- Sustainability Initiatives: Commitment to green manufacturing, including a 1 MW solar plant and ester-based transformers.
Strategic Growth Initiatives
TARIL outlined a bold roadmap to achieve $1 billion in revenue by FY 2027-28 through:
- Capacity Expansion:
- Moraiya Plant: Adding 15,000 MVA capacity for renewable energy transformers (operational by May 2025).
- EHV Facility: 22,000 MVA expansion for extra-high-voltage transformers (operational by February 2026).
- Backward Integration:
- Acquisition of a CRGO steel processing unit to secure raw material supply.
- New radiator and fabrication facilities to reduce dependency on external suppliers.
- Global Footprint: Targeting exports to MENA, Southeast Asia, and Europe, with recent orders from Arcelor Mittal Mexico and Power Grid Corporation.
Leadership Insights
Mr. Jitendra U. Mamtora, Chairman, emphasized:
“FY 2024-25 was transformative. Our investments in technology and backward integration have positioned us to lead India’s energy transition. With a ₹5,132 crore order book, we are poised for sustained growth.”
Mr. Satyen J. Mamtora, Managing Director, added:
“The renewable energy boom presents unprecedented opportunities. Our new 500 MVA transformer and STATCOM solutions align with global demand for grid stability and green energy.”
Corporate Social Responsibility (CSR) and ESG Commitments
TARIL reinforced its ESG goals in FY 2024-25:
- Solar Power: Installed a 1 MW rooftop solar plant, reducing CO₂ emissions by 990 MT annually.
- Water Stewardship: Enhanced rainwater harvesting capacity to 1,600 KLD.
- Employee Welfare: Conducted health camps, blood donation drives, and skill development programs for ITI graduates.
Challenges and Risks
- Supply Chain Disruptions: Global semiconductor shortages and CRGO steel price volatility.
- Regulatory Compliance: Adherence to evolving SEBI and MCA guidelines.
- Competition: Rising competition from global players like ABB and Siemens.
Future Outlook
TARIL aims to capitalize on India’s $1.2 trillion infrastructure push and the global shift to renewables. With a focus on innovation (e.g., smart transformers, green hydrogen solutions) and strategic alliances, the company is well-positioned to achieve its vision of becoming a top global OEM.
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