Transformers And Rectifiers (India) Limited

Electrical Products/ NSE

Compiled

Auto-generated from filings and public channels — no analyst dossier.

If management delivers what it guided

arithmetic on filed guidance and past valuations · not a price target

TARIL

FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹296 today

BEAR

₹400

+35%

70.7% a year · 26.6x exit

BASE

₹631

+113%

122.3% a year · 32.2x exit

BULL

₹1,979

+568%

166.2% a year · 84.4x exit

Where the market has priced it

18x34x today133x

the guided figure reached earnings through a low-confidence bridge
FY27 one quarter filed — the pace is shown, not judged: guided +25.0%, filed +8.1% across 1 quarter(s)
the last 3 years priced this company 122% above its ten-year median (71x vs 32x) — the exit multiple here is the ten-year one, so a sustained re-rating would not be captured
the range is unusually wide — read it as the span of management's own claim, not as a forecast
this company's own median multiple sits 32% above its filed-industry peers; the scenario uses its own

How these numbers are produced

Earnings base	FY26 fiscal year EPS ₹8.81 (screener)
Guided growth	122.3% a year, said on the call of 25-Jul-2026 · transcript
Read across as	operating: revenue growth x margin change — low confidence
Delivery calibration	0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings
Exit multiple	26.61x / 32.2x / 84.39x, this company’s own p20 / median / p80 across 9 filed years
Filed-industry peers	median 24.44x across 21 peers — the cross-check, not the input
Arithmetic	base EPS × (1 + guided growth × delivery)¹ × exit multiple

Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.

How to read this

It answers one question. If this management delivers the growth it told its own investors it would, and the market pays what it has historically paid for this company's earnings, where does the arithmetic land? Nothing here is a forecast of the share price.
Three cases, two moving parts. Bear, base and bull vary the delivery — what fraction of guidance managements actually file — and the exit multiple together, because a company that misses its guidance is usually de-rated for missing it. Each case shows the growth rate and the multiple that produced it.
Read the width, not just the middle. A wide gap between bear and bull means the inputs are uncertain, not that the upside is bigger. A narrow range is a more confident statement than a high one.
“Where the market has priced it” puts today's P/E on the company's own historical range. Sitting far below that range is why a scenario can look enormous: the number is then mostly about re-rating, not about delivery, and the board marks those separately.
The bullets underneath are the caveats — a borrowed peer multiple, a thin filed history, an earnings base that carried a one-off. They are the reasons to trust the number less, listed rather than buried.

Not a price target, not a recommendation, and not a forecast of what the stock will do. The field guide covers the method.

What management said

from NSE earnings-call filings · extracted, not interpreted

ebitda margin 16%revenue growth 25%margin 16%generic growth 30%

At TARIL we remain confident of our growth trajectory and are targeting 25% revenue growth in FY27 along with EBITDA margin of 16% and PAT margin of 9% to 10%.

Call 25-Jul-2026 · bridge confidence low · transcript PDF

Pace against its own guidance

FY27 one quarter filed — the pace is shown, not judged

guided 25.0% filed 8.1% 1 of 4 quarters

Coverage

SectorElectrical Products

Dossiersnone

Guidanceyes

Scenarioyes

Street chatter

unverified · logged from public channels

TRANSFORMERS & RECTIFIERS: Gets ₹228 Cr GETCO order for transformers and reactors.

Order win22 May 13:29

On transformers management highlighted (similar to their peers) that availability is improving.

19 May 04:15

Estimate five product categories

(i) medium- and low-voltage switchgear and transformers,

(ii) UPS and battery systems,

(iii) backup diesel and gas gensets,

(iv) precision cooling and liquid-cooling distribution units, and

(v) rack, busway, and structured cabling infrastructure together absorb 60-75% of a DC's USD10-22mn/MW capex budget

Capacity / capex02 Jun 03:45

🇮🇳 BHEL has been a regular supplier of 765 kV transformers and reactors since 2014 and has had the capability to address 1200 kV transformer requirements since 2011

30 Jul 03:28