The day turned interesting for the small-cap space as Transformers and Rectifiers (India) made a strong move after announcing a large domestic order. Markets reacted quickly, and the stock jumped sharply, putting focus back on this well-known multibagger that has seen dramatic swings over the past year.
Despite the volatility in the broader Indian stock market, this fresh order triggered renewed interest as it added meaningful weight to the company’s already expanding order pipeline.
Market Performance: Stock Gains Nearly 9% Intra-Day
Transformers and Rectifiers share price saw a sharp upswing, climbing almost 9% in intraday trade.
- Day’s High: ₹312.80
- 52-Week High: ₹650.23 (January 2025)
- 52-Week Low: ₹282.80 (November 2025)
The recent rise comes while the stock is still down 38% over the last 1 year, and lower by 41% in the last 6 months.
Short-term weakness aside, the scrip continues to hold its long-term tag — delivering a massive 5,500% return in the last 5 years.
Main News: Company Secures ₹389.97 Crore Order for 53 Transformers
The announcement that moved the stock was a fresh domestic order worth ₹389.97 crore.
The order includes 53 transformers of different categories along with associated manufacturing work.
This newly awarded project came from a domestic power transmission utility and will be executed by the next financial year.
The latest win pushes the company’s total order inflow for the quarter to ₹493.42 crore. The scale of the inflow gives the company a sizable workload for the months ahead.
Company Details: Strong Industrial Footprint
Transformers and Rectifiers has long positioned itself among the major transformer manufacturers in the country.
Its operations are supported by:
- Three manufacturing facilities located in and around Ahmedabad, Gujarat
- Products that include power transformers, distribution transformers, furnace transformers, and speciality transformers
- A workforce of nearly 1,200 skilled employees
Over the years, the company has built capabilities catering to both Indian and international demand, backed by engineering depth and industry experience.
Quarterly Financial Performance (Q2)
The company’s second-quarter performance was mixed, with a visible dip in profitability even as revenues stayed broadly steady.
Q2 Numbers:
- Net Profit: ₹34 crore (down 24% YoY from ₹45 crore)
- Revenue from Operations: ₹460 crore (vs. ₹462 crore last year)
- EBITDA: ₹51.3 crore (down 27% from ₹70 crore)
- EBITDA Margin: 11.15% (contracted by 398 bps YoY)
The pressure on operating margins came largely from a sharp rise in employee benefit expenses, which increased 116% YoY to ₹26.05 crore.
H1FY26 Performance: Strong YoY Growth
While the quarterly performance softened, the first half of FY26 painted a more positive picture.
H1FY26 Numbers:
- Net Profit: ₹105 crore (up 57% YoY)
- Revenue: ₹989.36 crore (up from ₹783.54 crore YoY)
- Operating Margin: 17% (higher than 15.91% a year earlier)
This broader performance indicates that the company continues to scale operations effectively over the longer period.
Summary
Transformers and Rectifiers (India) returned to the spotlight after securing a ₹389.97 crore order for 53 transformers, taking its quarterly inflow to ₹493.42 crore. The stock reacted decisively, surging nearly 9%, even as it remains significantly below its 52-week high.
Its Q2 results showed pressure on profitability, but the H1FY26 performance remained strong with noticeable improvements across revenue and earnings.
With a long-term track record that includes a 5,500% return over 5 years, the company continues to remain a notable name in the Indian small-cap and multibagger space.
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