Summary:
Transformers and Rectifiers shares surged on October 14 after strong Q2 FY27 results. Revenue rose 60.7% year-on-year, while net profit increased sharply. A ₹7,237 crore order book, fresh order inflows and capacity expansion remain key business growth drivers.
Why Did Transformers and Rectifiers Shares Rise on October 14?
Shares of Transformers and Rectifiers (India) Ltd jumped over 14% on Wednesday, October 14, 2026, after the company reported strong Q2FY27 earnings. The sharp rally extended the stock's recovery in October, with gains reaching around 28% during the month.
The stock climbed as much as 15.1% to ₹349.70 on the BSE, compared with its previous closing price of ₹303.80.
What Triggered the Rally?
The Gujarat-based transformer manufacturer's September-quarter results showed a sharp improvement in revenue, profitability and operating margins.
Consolidated revenue from operations increased 60.7% YoY to ₹739.44 crore in Q2FY27, compared with ₹460.03 crore in Q2FY26. Revenue also grew 29.2% QoQ from ₹572.34 crore in the preceding quarter.
Consolidated net profit rose 117.9% YoY to ₹81.38 crore from ₹37.35 crore a year earlier. The profit improvement came alongside stronger execution and higher manufacturing capacity utilisation.
Operating performance improved considerably. EBITDA increased to approximately ₹128.8 crore, while the EBITDA margin reached 17.4%, reflecting better absorption of operating costs as production volumes increased.
Transformers and Rectifiers Q2FY27 Financial Highlights
| Particulars | Q2FY27 | Q2FY26 | YoY Change |
| Revenue | ₹739.44 crore | ₹460.03 crore | +60.7% |
| Net Profit | ₹81.38 crore | ₹37.35 crore | +117.9% |
| EBITDA | ₹128.8 crore | ₹58.9 crore | +118.7% |
| EBITDA Margin | 17.4% | 12.8% | +460 bps |
The figures indicate that revenue growth translated into a substantial improvement in earnings, although maintaining these margins will depend on order execution, raw material costs and production efficiency.
Order Book Reaches ₹7,237 Crore
Beyond quarterly earnings, the company's order book remains an important factor in its business outlook.
Transformers and Rectifiers secured fresh orders worth ₹1,169 crore during Q2FY27, representing 97% YoY growth. Its unexecuted order book stood at ₹7,237 crore as of September 30, 2026, an increase of 32% from the previous year.
The company expects to execute this order book over approximately 18–24 months.
It also reported a prospective bidding pipeline of around ₹21,000 crore, with domestic opportunities accounting for a substantial portion.
Meanwhile, the ongoing capacity expansion at Changodar is nearing completion. Additional manufacturing capacity could help the company handle larger orders and improve delivery schedules.
Power Infrastructure Demand Supports Growth
Transformers and Rectifiers manufactures power, distribution and specialised transformers used in electricity transmission networks, industrial facilities and energy projects.
India's continuing investment in transmission infrastructure, renewable energy integration and grid modernisation has increased the need for high-capacity electrical equipment.
The company's expanding order pipeline reflects opportunities in these areas, although winning new contracts and completing existing projects on schedule remain crucial.
What Lies Ahead?
Despite the October recovery, the stock remained below its 52-week high of ₹496, highlighting the volatility experienced over the past year.
The latest quarterly numbers show a meaningful improvement in business performance. However, the sustainability of earnings growth will depend on timely capacity expansion, order conversion, working capital management and operating margins.
For now, strong Q2FY27 results and a growing order book have placed the company's execution performance firmly in focus.
