We send herewith Annual Report FY 2025-26

Date: 29th August, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/043 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: Submission of Annual Report for the Financial Year 2025-26 pursuant to Regulation 34(1) of the SEBI Listing Regulations Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed herewith the Annual Report of Transformers and Rectifiers (India) Limited for the financial year 2025-26, including the Notice convening the 32nd Annual General Meeting and other statutory reports. The Annual Report for the financial year 2025-26 is being circulated to the Members in accordance with the applicable statutory and regulatory requirements and is also available on the website of the Company at www.transformerindia.com. The Notice convening the 32nd Annual General Meeting has already been submitted separately to the Stock Exchanges. Please take the same on your record. Thanking you, Yours faithfully, For Transformers and Rectifiers (India) Limited Rakesh Kiri Company Secretary TRANSFORMATION TTHHAATT PPOOWWEERRSS TTHHEE NNAATTIIOONN ANNUAL REPORT 2025-26 ABOUT THE REPORT Reporting Objective: This report has been prepared in accordance As an organization committed to engineering with the following laws, standards, and guiding excellence, self-reliance, and long-term value frameworks: creation, Transformers and Rectifiers (India) Limited ▶ SEBI (Listing Obligations and Disclosure (TARIL) believes transparent reporting is central Requirements) Regulations, 2015 to earning stakeholder trust. Through this Annual ▶ Companies Act, 2013 (including rules thereunder) Report, the Company provides an extensive outline ▶ Indian Accounting Standards (Ind AS) of its value creation journey, forged in the strength ▶ Global Reporting Initiative (GRI) Standards of Indian manufacturing and built for an evolving ▶ Business Responsibility and Sustainability energy economy. TARIL continues to strengthen Reporting (BRSR) as mandated by SEBI its integrated operations to deliver enduring value, ▶ ISO 9001 (Quality), ISO 14001 (Environment), driven by a vision of self-reliance and long-term ISO 45001 (Occupational Health & Safety) growth. certifications Scope and Boundary: Approval and Responsibility Statement: This Annual Report covers the consolidated This report has been reviewed and approved by performance of Transformers and Rectifiers (India) the Board of Directors of the Company. The Board Limited for the period April 1, 2025, to March 31, acknowledges responsibility for the completeness 2026 (FY26). It includes material financial and non- and accuracy of the information disclosed herein. financial disclosures relevant to the Company’s It confirms that this report addresses all material ability to create long-term value. aspects and fairly represents the Company’s The scope includes key activities, strategic strategy, performance, capacity expansion progress, developments, capital allocation, capacity expansion and outlook toward its long-term growth ambition. across the Company’s manufacturing facilities in Forward-Looking Statement: Gujarat (including Changodar, Moraiya & Odhav), This report contains certain forward-looking backward integration initiatives, risk management, statements, including references to capacity stakeholder engagement, and governance expansion timelines, backward integration targets, mechanisms. and the Company’s three-year revenue trajectory To offer context and clarity, the report outlines the toward $1 billion. These statements reflect the Company’s strategic pillars and explains how these Company’s current expectations and plans and drive performance across its business segments and are based on assumptions that are subject to risks, operating geographies. It further describes TARIL’s uncertainties, and changes in business conditions integrated business model and how the Company that may cause actual results to differ materially. leverages its key capitals financial, manufactured, Readers are advised to refer to the risk management intellectual, human, social and relationship, and section for a more detailed understanding. natural to generate long-term stakeholder value while advancing its position as a leading transformer Feedback and Suggestions: and power equipment manufacturer. TARIL maintains appropriate channels of interaction All material issues have been identified through with all its stakeholders and welcomes feedback to a structured materiality assessment, informed by continually strengthen its reporting practices and stakeholder consultations and sector-relevant ESG stakeholder engagement. considerations. Reach TARIL at: info@transformerindia.com Assurance: The financial statements have been audited by the Company’s Statutory Auditors, Manubhai & Shah LLP, Chartered Accountants. 222 TTrraannssffoorrmmeerrss aanndd RReeccttiififieerrss ((IInnddiiaa)) LLiimmiitteedd || AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports ESG Financial Statements THE POWER BEHIND PROGRESS A nation does not grow on ambition alone. It grows on the strength of the systems that carry that ambition forward; the grids that light up its homes, the networks that energise its industries, the infrastructure that turns potential into progress. At the heart of those systems sits a transformer. Quiet. Unseen. Indispensable. 44 TTrraannssffoorrmmeerrss aanndd RReeccttiififieerrss ((IInnddiiaa)) LLiimmiitteedd || AAnnnnuuaall RReeppoorrtt 22002255--2266 Corporate Overview Statutory Reports ESG Financial Statements For over four decades, Transformers and Rectifiers (India) Limited has built the equipment that moves power from where it is generated to where it is needed across cities, villages, factories, and futures. But this year’s story is not only about the power we carry. It is about the transformation we are undergoing ourselves, in step with the nation we serve. Because transformation, for us, has always meant two things at once. It is the product we engineer. And it is the promise we keep to grow, to strengthen, to become more self-reliant, more capable, and more essential to India’s energy story with every passing year. The transformation of a nation demands transformation within the companies that power it. A COMPANY IN MOTION STRENGTH BUILT WITHIN Growth, real growth, is rarely a straight line. It is built The sector is also moving toward something less plant by plant, decision by decision, sometimes visible than capacity, control over its own supply ahead of schedule and sometimes behind it but chain. As global volatility tests every link in industrial always moving forward with intent. manufacturing, India’s push for self-reliance has stopped being a policy aspiration and become an This year, our Changodar facility added 22,000 operating necessity. MVA of new capacity, a milestone that will reach commercial production in Q2 FY27. Alongside it, we We are moving with that shift, deliberately and early. began laying the foundation for a new 15,000 MVA True transformation is not only about what a capacity addition at Moraiya, a second front in our company produces; it is about what a company expansion that has taken our combined installed becomes capable of producing on its own. capacity across all three plants to nearly 75,000 MVA with full utilisation of this new capacity ramping This year, we deepened that capability. We began through FY27. implementing new backward integration facilities for CTC, Pressboard, Bushing, Fabrication, CRGO These are not just numbers on a page. They processing, and Radiator manufacturing; each one represent our conviction that India’s appetite for a step toward reducing our depen [Showing first 8,000 characters — download PDF for full document]