Transformers & Rectifiers India share price today

Transformers & Rectifiers India Ltd's share price was ₹315.60 at the close on 5 November 2026. It has been falling for 51 weeks. That is 0.5% below its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 4 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Transformers & Rectifiers India Ltd is in stage 4. The phase helps read everything below.

In the last 52 weeks it traded between ₹233 and ₹392, and at that close it sat 52% of the way up from that low.

Over the last 11 years the share price moved +2,961% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Indian funds and insurers (DIIs) cut their stake for 7 quarters in a row

   From 7.7% to 1.2% of the company by the September 2026 quarter.

2. Profit grew again in the September 2026 quarter

   Profit was ₹81 crore, +118.9% on a year earlier (₹37 crore), after 2 quarters of decline.

   Why: Profit rose because the company had more transformer work and ran its Moraiya plant closer to full capacity, so the plant's standing costs were spread over more output.

   Next results: check whether the Changodar plant starts making transformers and adds real output.

   From the earnings call on 13 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Transformers & Rectifiers India reported revenue of ₹739 crore, up 60.7% from ₹460 crore a year earlier, and a profit of ₹81.0 crore, up 118.9% from ₹37.0 crore.

Transformers & Rectifiers India results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Transformers & Rectifiers India's management discussed these results on a call held on 13 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Transformers & Rectifiers India closed at ₹315.60 on 5 November 2026, down 19.5% from ₹391.90 a year earlier (7 November 2025) and up 2,079.6% over five years. Its highest weekly close since February 2016 was ₹619.60 on 3 January 2025.

Transformers & Rectifiers India share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 26 February 2016 to 5 November 2026.

5 Nov 2026: Transformers & Rectifiers India closed at ₹315.60, up 5.6% on the week and up 8.6% on the month. 13 Oct 2026: Transformers & Rectifiers India held its results call for July to September 2026. Management guided: FY27 revenue growth 25% and beyond (floor), profit margin 9%-10% (range), and operating margin around 15% (specific)

Earlier

• Results for July to September 2026: Revenue up 60.7% and profit up 118.9% on a year earlier.
• 18 Sep 2026: ex-date for a dividend of ₹0.25 a share.
• 14 Feb 2025: Bonus issue: 1 new share for every 1 held (ex-date).

Transformers & Rectifiers India paid ₹0.25 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.08% at the ₹315.60 close on 5 November 2026. The last was a dividend of ₹0.25 a share, ex-date 18 September 2026.

Transformers & Rectifiers India dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Not in its latest year. Transformers & Rectifiers India Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 6 of its last 13 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 13 October 2026, Transformers & Rectifiers India's management guided: FY27 revenue growth 25% and beyond (floor), profit margin 9%-10% (range), and operating margin around 15% (specific)

“Yes, this is repetitive in nature because these are generator transformers, and NPCIL is putting up a few more nuclear power projects in India.”Satyen Mamtora, on the call for July to September 2026

What management guided

• Working-capital days planned at 110-120 by FY27 year-end to enable positive cash flow.
• Current book billed over 18-24 months, with a 24-28-month backlog ceiling; MEIL execution 35 months, APTRANSCO delivery within 13 months, DVC 15-28 months, GETCO 24-36 months; PGCIL approximately ₹1,000 crore over 24-28 months, manufacturing from Dec 2027.
• Changodar capital spending approximately ₹150 crore; commercial production near Diwali. Moraiya adds 22,000 MVA EHV and pressboard-enabled 30% capacity, planned FY28.
• Expanded capacity planned at 80%-85% backward integration; CTC 3,000 MTPA, about 60% captive, commissioned before Diwali, trials Nov-Dec, commercial output January to March 2027 and market sales April to June 2027; margin uplift of 200-300 basis points phased through FY29.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 13 October 2026.

When Transformers & Rectifiers India reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Check whether Changodar commissioning converts into initial transformer output and a visible capacity ramp.

Transformers & Rectifiers India is on one of our India lists: Power & green energy stocks.

Transformers & Rectifiers India Ltd earned ₹81.0 Cr of net profit in the Sep 2026 quarter, +118.9% on the same quarter a year earlier. Full-year FY26 profit was ₹272 Cr. That is 11.0% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹272 Cr (+25.9% on the year before).

Why profit moved: revenue changed +60.7% on a year earlier and the margin moved +6.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +37.4% and revenue +29.1%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Transformers & Rectifiers India Ltd reported ₹739 Cr of revenue in the Sep 2026 quarter, +60.7% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 14.3% a year on average. The last full year, FY26, came in at ₹2,507 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹2,831 Cr.

FY26 revenue was ₹2,507 Cr, +24.3% on the year before.

Recent pace: the last four quarters grew +29.1% on average, against 14.3% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +27.3%, against +30.4% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +23.3%, against +58.0% a year (rolling over).

Transformers & Rectifiers India Ltd's operating margin was 17.0% in the Sep 2026 quarter, 6.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 6.0% and 16.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +6.2 percentage points on the year while gross margin changed +0.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Over the last 3 years, 15% of Transformers & Rectifiers India Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹105 Cr of cash, against ₹272 Cr of profit. After ₹105 Cr of spending on assets, free cash was −₹210 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 15% of profit came in as cash: the cash cycle got 27 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 27 days longer. The next section looks at where the cash is stuck.

Transformers & Rectifiers India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 200 days in FY26, up from 173 days in FY21. It spent ₹314 Cr on assets over the last 3 years. Customers take 129 days to pay, and stock sits for 133 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹2,507 Cr, each day of that cycle ties up about ₹6.9 Cr, so roughly ₹1,374 Cr is tied up in the business at any time.

FY26: customers took 129 days to pay and stock sat for 133 days, about 4.4 months of sales sitting as stock, for a full cycle of 200 days, longer than FY21's 173.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 133 days. Customers pay about 129 days after that. Suppliers are paid at 62 days. Together that makes the 200-day cycle.

Spending on assets: ₹314 Cr over the last 3 years, against ₹82.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹138 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Transformers & Rectifiers India Ltd's P/E is 31.1×, in the middle of its own history: higher than 46% of past readings. Its usual P/E (the middle reading) is 32.5×, over 9.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.