Earning Call Transcript - Q1 - FY 2026-27

Date: 23rd July, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/032 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Security Code : 532928 Trading Symbol : TARIL Dear Sir/Madam, Sub: Transcript of Earning Conference Call held on 21st July, 2026 In terms of Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith the Transcript of the Earning Conference Call with analysts and investors held on 21st July, 2026, to discuss the unaudited Standalone and Consolidated Financial Results for the quarter ended 30th June, 2026. Further, in terms of Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the aforesaid Transcript of the Earning Conference Call is being uploaded on the website of the Company (www.transformerindia.com). Please take the same on your record. Thanking you, Yours faithfully, For Transformers and Rectifiers (India) Limited Rakesh Kiri Company Secretary Encl.: As above “Transformers and Rectifiers (India) Limited Q1 FY27 Earnings Conference Call” July 21, 2026 MANAGEMENT: MR. SATYEN MAMTORA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. MEHUL SHAH – CHIEF FINANCIAL OFFICER MODERATOR: MS. KRISHNA PATEL – EY Page 1 of 17 Transformers and Rectifiers (India) Limited July 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Transformers and Rectifiers (India) Limited Q1 FY27 Earnings Conference Call. As a reminder, all participants line up for the listen- only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Krishna Patel, EY. Thank you, and over to you, ma'am. Krishna Patel: Thank you Amisha. Good afternoon, everyone. A warm welcome to all participants joining the Q1 FY27 Earnings Conference Call of Transformers and Rectifiers (India) Limited. Joining us today from the management team are Mr. Satyen Mamtora, Managing Director, CEO; and Mr. Mehul Shah, the Chief Financial Officer, who will discuss the company's operation and financial performance for the quarter and address your questions thereafter. Before we begin, I would like to remind you that certain statements made during this call may constitute forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Please note that the audio recording transcript of this conference call are the property of Transformers and Rectifiers (India) Limited and may not be copied, introduced, rebroadcasted, redistributed in any form without the consent of the company. With that, I would like to now hand over the call to Mr. Satyen Mamtora, the Managing Director and CEO, for his opening remarks. Over to you, sir. Satyen Mamtora: Good evening, everyone, and a warm welcome to the earnings conference call of Transformers and Rectifiers (India) Limited to discuss the company's business and financial performance for Q1 FY27. We concluded our Board meeting yesterday and have subsequently uploaded our financial results along with the investor presentation to the stock exchange and company website. We hope all the participants have had enough opportunity to review the same. Thank you for joining us today, and we look forward to sharing our performance highlights and addressing the questions during the course of this call. First of all, I'd like to begin with the call by setting the tone of the company and outlining what stakeholders can expect from TARIL in FY27. First and foremost, I would like to assure all our stakeholders that we are committed to providing only those guidance parameters that we are confident of achieving, going forward, our focus is firmly on delivering on our commitments and letting our performance speak for itself. We recognize that the trust and confidence of our stakeholders are paramount and we remain committed to protecting and strengthening that trust through consistent execution and transparent communication. In line with this objective, we have appointed Ernst & Young to support and strengthen our Investor Relations initiatives ensuring timely, transparent and effective engagement with the investment community. Page 2 of 17 Transformers and Rectifiers (India) Limited July 21, 2026 As of June 30, 2026, our Unexecuted Order Book stood at INR6,630 crores, reflecting a 26% year-on-year growth, providing a strong revenue visibility over medium term. During the quarter, we successfully completed dynamic short-circuit testing of 4 transformer units with significant technical milestone that validates our product's ability to withstand extreme electrical and mechanical stresses under fault conditions in accordance with the stringent international standards. The current Unexecuted Order Book is executable over the next 18 to 24 months, and we remain confident of delivering these orders within the stipulated time lines as we have adequate manufacturing capacity, resources and execution capabilities in place to support timely project deliveries. Our existing transformer manufacturing capacity of 75,000 MVA+ across all plants, coupled with a recent expansion initiatives provides us the capability to support annual revenues in the range of INR5,000 crores to INR6,000 crores over the medium term. Our immediate priority is not adding further transformer manufacturing capacity, but maximizing utilization and improving throughput and enhancing operational efficiency across all facilities. During Q1FY27, we have received a healthy order inflow of INR2,114 crores, 218% year-on- year growth over low base around last year this time. Major orders received during this quarter were: - Ultra Mega Order from PGCIL above INR1,000 crores for manufacturing of transformers of various ratings within 30 months. - Order from GETCO of about INR228 crores for manufacturing transformers and reactors. - Order from RRVPNL of INR175 crores for manufacturing transformers and reactors. - Export Order from PDC AK LPIV, LLC - USA of about INR150 crores for manufacturing of transformers. We currently have INR23,000 crores of inquiries under negotiation. Historically, our win ratio is in the range of 10% to 15%, and we are confident of achieving that. Out of the inquiries under negotiation, we are bidding for 80% domestic and 20% export orders. With an equal mix between government, private customers and utilities, and industrial customers. Alongside our core transformer manufacturing expansion, we are building a comprehensive backward integration ecosystem that will strengthen our supply chain reliability, improve margins, enhance quality control and reduce dependence on external vendors. The projects under implementation include - CTC facility 8,000 MTPA in Phase I and Phase II is 24,000 MTPA; targeted commissioning by Q2 FY27. - Pressboard and insulation facility, 5,000 MTPA in Phase I and 10,000 MTPA in Phase II; targeted to commission by Q3 FY27. Page 3 of 17 Transformers and Rectifiers (India) Limited July 21, 2026 - RIP bushings facility, 3,000 units per annum in Phase I and 6,000 units per annum in Phase II; targeted commissioning Q4 FY27. - Fabrication facility, 25,000 MTPA in Phase I, 50,000 MTPA in Phase II; targeted commissioning by Q1 FY28. - CRGO processing facility, already commissioned and operational. Upon completion of these facilities, to cater approximately 80% to 85% of our raw material requirement in-house, significantly enhancing our manufacturing integration and operational efficiency. In transformer industry, wh [Showing first 8,000 characters — download PDF for full document]