TARIL’s Q2 Order Intake 42% Down YoY

Transformers & Rectifiers (India) Ltd [TARIL] saw a 42% Year-over-Year (YoY) decline in its Q2 FY26 order inflow. The company reported order inflow of Rs. 592 crore in Q2 FY26 as compared to Rs. 1,031 crore during Q2 FY25.

Discussing the company’s performance in Q2 FY26 during a recent investor call, TARIL’s senior management pointed to several factors that contributed to the muted performance during the quarter. There was a shortage of raw materials, particularly Continuously Transposed Conductor (CTC), which is used in power transformer winding. As per Mr. Satyen Mamtora, the company’s MD, “…this led to clearance delays and impacted production schedules”. Further, operational reasons led to delayed deliveries of transformers which were ready for shipping. Heavy and prolonged rains in Gujarat affected the delivery of transformers to project sites such as Khavda, resulting in an inventory pile-up. The management mentioned that around Rs. 100 crore worth of transformers could not be shipped due to logistical constraints, including the extended monsoon season in Gujarat.

Mr. Satyen Mamtora added that taking into account the aforementioned challenges, fresh order intake during H1 FY26 was “deliberately moderated”. He expressed that the company expects strong order inflow in H2 of FY26.

During Q2 FY26, the company reported a revenue of Rs. 460 crore and a Profit After Tax (PAT) of Rs. 33.91 crore.