Transformers & Rectifiers (India) Ltd [TARIL] recorded the company’s highest-ever annual order inflow during FY25.
TARIL reported order inflow of Rs.4504 crore in FY25 (April 1, 2024 to March 31, 2025) that was the highest ever in the company’s history.
The FY25 order inflow was bolstered by an order valued at Rs.740 crore placed on TARIL by Gujarat Energy Transmission Corporation Ltd (GETCO) in Q4 (January to March) of FY25. This was TARIL’s single largest order ever, and it is also believed that it is the largest order that GETCO has ever placed on a single entity.
As of March 31, 2025, TARIL’s order book position stood at Rs.5,132 crore with export orders accounting for around 15 per cent.
According to the company’s senior management addressing an investor conference, TARIL intends to maintain the export share of business at around 15 per cent, as it would rather focus on the domestic market where the demand is high and the payment cycle efficient.
HVDC technology
TARIL plans to enter the HVDC transformer business on its own merit, without technical partnership. The TARIL management said that though there are no firm orders for HVDC transformers yet, the company is likely to receive a trial order for repair of HVDC transformers by Power Grid Corporation of India Ltd (PGCIL). Depending on how well TARIL executes this order, the future course in this line of business will become clear, the management said.
Backward integration
TARIL aims to be a fully backward integrated company by Q1FY27. To this effect, the company has already taken important steps like in-house manufacture of transformer bushings (of up to 245kV) and picking up majority equity stake in a CRGO processing house. Both these developments took place in Q4 of FY25. It may be mentioned that in Q4FY25 itself, TARIL successfully conducted dynamic short-circuit (SC) test of a 400kV, 500 MVA through its in-house facilities. Further, in-house SC testing of an inverter duty transformer meeting latest CEA specifications was also carried out by TARIL in Q4 of FY25.
Capex plans
TARIL has outlined capital expenditure (capex) plans worth Rs.550 crore that will be implemented over the next 18 months. This capex will be incurred towards capacity expansion of transformers as well as implementing backward integration measures.
This capex will be financed through a recent QIP (qualified institutional placement) of Rs.500 crore, as well as internal accruals.
TARIL intends to increase manufacturing capacity of low- and medium-rating transformers by 15,000 MVA – a project that has been underway since April 2024. The company expects to complete the first phase of this project by May 2025 whereby capacity will be increased by 7,500 MVA. The remaining will come on stream during Q2FY26.
TARIL is also expanding capacity of its EHV transformers by 22,000 MVA at the Moraiya plant in Gujarat. This expansion will be commissioned by around February 2026.
Once all ongoing expansions are completed, TARIL’s total transformer manufacturing capacity will grow to 75,000 MVA per year. The company also intends to improve its capacity utilization from the current 65 per cent uilitization to around 80 per cent in FY26.
Meanwhile, TARIL also achieved its highest-ever production during FY25, standing at 29,118 MVA in FY25, up from 16,425 MVA in FY24.
Also read: TARIL acquires controlling stake in Posco-Poggenamp Electrical Steel
