Transformers and Rectifiers (India) Limited (TARIL) has released the transcript of its Earnings Conference Call held on January 8, 2026. The call discussed the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025.

During the call, Mr. Satyen Mamtora, Managing Director and CEO, highlighted that the company delivered revenues of ₹704.21 crore and EBITDA of ₹114 crore for Q3 FY26. He described the performance as exceptional, driven by improved execution, better project conversion, enhanced capacity utilization, and tighter cost controls. A significant milestone was the receipt of an HVDC repair order from PowerGrid, making TARIL the first Indian company to receive such an order.

The company expects strong order inflow in the second half of the year, with a robust order book close to ₹8,000 crore across domestic and international markets. TARIL is also progressing on its backward integration plans, with six facilities planned. The CTC plant is targeted for commissioning in FY26-27, followed by the Press Board facility in Q3 FY26-27 and the RIP bushing plant in Q4 FY26-27.

Capacity expansion at the Changodar facility is on track for Q1 FY26-27, and the Moraiya facility is expected to be operational in Q2 FY26-27. For the full financial year, TARIL is confident of delivering at least 25% revenue growth over FY25, targeting revenues of approximately ₹2,600 crore with an EBITDA margin of around 16%.

Mr. Chanchal Rajora, Director Finance, elaborated on the financial performance, stating that standalone revenue for Q3 FY26 stood at ₹704 crore compared to ₹428 crore in Q2 FY26. EBITDA for the quarter was ₹114 crore with a margin of 16.19%. On a consolidated basis, revenue for the quarter was ₹737 crore, with EBITDA at ₹129 crore and PAT at ₹76 crore.

The management expressed confidence in margin sustainability due to backward integration and anticipated further cost efficiencies. They also discussed the order book, future growth drivers, capacity expansions, and the potential impact of commodity prices. Regarding the World Bank debarment query, the company stated there was no debarment and they were filing their reply to work queries.