LiveNSE delayed · 128/128 · 20 Aug 2026, 10:00 am
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
TARIL · Capital Goods · Small Cap · Live 20 Aug 2026, 09:59 am · Discovery

Transformers and Rectifiers (India) Ltd

High-beta transformer play on the same grid cycle. Earnings quality is better than the old TARIL; the cycle risk is not gone.

10X Low
Moderate Risk
Attractive Entry
Emerging Multibagger
Hidden Growth
Multibagger score
67.1/100
Market cap
₹7,057 Cr
Last price · live
₹291.40
+0.15 (+0.05%)
52W
₹224–₹552

Implied P/E 23.9x · TARIL.NS · delayed NSE

10X potential (scenario)
LOW
Base multiple
1.3x
Bull multiple
3.1x
Classification
Low Probability

Starting size, cyclicality or valuation leave little room for a dramatic re-rating on conservative maths.

Final investment scorecard

Multibagger67.1 / 100
10X potentiallow
Business quality4.7 / 10
Growth runway7.5 / 10
Competitive advantage5.6 / 10
Management8.8 / 10
Balance sheet4.5 / 10
Valuation6.3 / 10
Technical setup8.2 / 10
Riskmoderate

Why it could become a multibagger

  • Starting cap still small versus a multi-year transformer shortage.
  • Margin expansion has operating leverage left if mix stays high-kV.
  • Institutions are only beginning to own it.

What needs to go right

  • Industry tightness lasts through 2028
  • Working capital days come down
  • New capacity is utilised, not surplus

What could destroy the thesis

  • Everyone expands and pricing collapses
  • A state-utility payment freeze
  • A return to the pre-2021 margin structure

What would make me sell

  • EBITDA margin rolling over 300 bps from peak with a falling order book
  • NWC days > 160
  • Promoter selling

Key metrics to monitor

EBITDA margin
NWC days
Order book / sales
Capacity utilisation
Receivables
Peer capacity announcements

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.