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Last Updated: April 2, 2026, 3:50 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532928 | NSE: TARIL

Transformers & Rectifiers India Ltd (TRIL): Intrinsic Value & Share Price Analysis

Fair Value

₹259.33Fairly Valued by 5.35%vs CMP ₹274.00

P/E (30.9) × ROE (23.4%) × BV (₹44.80) × DY (0.07%)

₹171.87Overvalued by 37.27%vs CMP ₹274.00
MoS: -59.4% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹456.6123%Under (+66.6%)
Graham NumberEarnings₹95.0917%Over (-65.3%)
Earnings PowerEarnings₹8.4311%Over (-96.9%)
DCFCash Flow₹212.3411%Over (-22.5%)
Net Asset ValueAssets₹44.767%Over (-83.7%)
EV/EBITDAEnterprise₹82.069%Over (-70.1%)
Earnings YieldEarnings₹89.707%Over (-67.3%)
ROCE CapitalReturns₹64.587%Over (-76.4%)
Revenue MultipleRevenue₹33.566%Over (-87.8%)
Consensus (9 models)₹171.87100%Overvalued
Key Drivers: EPS CAGR 76.1% lifts DCF — verify sustainability. | Wide model spread (₹8–₹457) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 76.1%

*Investments are subject to market risks

Investment Snapshot

76
Transformers & Rectifiers India Ltd (TRIL) scores 76/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 28.0% ExcellentROE 23.4% ExcellentD/E 0.71 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money20/100 · Weak
FII holding down -4.32% (6mo) SellingDII holding down 3.04% MF sellingPromoter holding at 64.4% Stable
Earnings Quality75/100 · Strong
OPM expanding (8% → 13%) ImprovingWorking capital: 34 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +29% YoY AcceleratingProfit (4Q): +67% YoY Strong
Industry Rank85/100 · Strong
P/E 30.9 vs industry 31.8 In-lineROCE 28.0% vs industry 18.2% Above peersROE 23.4% vs industry 15.5% Above peers3Y sales CAGR: 20% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Transformers & Rectifiers India Ltd (TRIL) Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
20/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 30.9 vs Ind 31.8 | ROCE 28.0% | ROE 23.4% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.71x | IntCov 0.0x | Current 1.44x | Borrow/Reserve 0.28x
Cash Flow Reliability
43/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹216 Cr | CFO/NP N/A
Ownership Accumulation
-75
Distribution
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -4.20 pp | DII -1.77 pp | Prom 0.00 pp
Business Momentum
+100
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +60.2% | Q NP +105.4% | Q OPM +6.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-37.3%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.28xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-4.20 ppLatest FII% minus previous FII%
DII Change-1.77 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change+26,693Latest shareholder count minus previous count
Quarterly Sales Change+60.2%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+105.4%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+6.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:50 am

Market Cap 8,234 Cr.
Current Price 274
Intrinsic Value₹171.87
High / Low 595/224
Stock P/E30.9
Book Value 44.8
Dividend Yield0.07 %
ROCE28.0 %
ROE23.4 %
Face Value 1.00
PEG Ratio0.41

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Transformers & Rectifiers India Ltd (TRIL)

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Transformers & Rectifiers India Ltd (TRIL) 8,234 Cr. 274 595/22430.9 44.80.07 %28.0 %23.4 % 1.00
Voltamp Transformers Ltd 9,161 Cr. 9,055 10,088/5,90025.9 1,6261.10 %29.1 %21.7 % 10.0
KEC International Ltd 13,897 Cr. 522 947/51019.1 2121.05 %18.0 %12.0 % 2.00
Bajel Projects Ltd 1,783 Cr. 154 264/13585.0 45.40.00 %12.9 %2.68 % 2.00
Indo Tech Transformers Ltd 1,347 Cr. 1,268 2,790/1,10015.0 3060.00 %37.8 %25.7 % 10.0
Industry Average38,511.88 Cr1,451.6331.78294.380.70%18.23%15.50%5.25

All Competitor Stocks of Transformers & Rectifiers India Ltd (TRIL)

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 332438156257369513322462559676529460737
Expenses 300406151237331441280392475545441409612
Operating Profit 313342038724269851318852125
OPM % 9%7%3%8%10%14%13%15%15%19%17%11%17%
Other Income 41112141291020144
Interest 12121512131112101415101313
Depreciation 9766667667878
Profit before tax 1415-15321562864741199045108
Tax % -2%35%-20%37%24%26%25%28%25%21%25%18%30%
Net Profit 1410-122164221465594673776
EPS in Rs 0.520.34-0.480.060.551.400.671.511.823.142.241.132.46

Last Updated: January 10, 2026, 7:05 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 5:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7325536578217168557017421,1551,3961,2912,0172,403
Expenses 6905236187336507946496731,0841,2751,1571,6892,007
Operating Profit 423138876561516971121134327396
OPM % 6%6%6%11%9%7%7%9%6%9%10%16%16%
Other Income 434661216913963549
Interest 26323842444646464448515152
Depreciation 10131515161920191725252730
Profit before tax 9-11-1036119213235764285363
Tax % 35%-34%-32%34%41%41%44%39%39%26%27%24%
Net Profit 5-8-7246518144247216275
EPS in Rs 0.20-0.30-0.280.880.200.170.020.270.531.541.567.148.97
Dividend Payout % 23%0%0%0%0%0%0%19%14%5%6%3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-260.00%12.50%442.86%-75.00%-16.67%-80.00%700.00%75.00%200.00%11.90%359.57%
Change in YoY Net Profit Growth (%)0.00%272.50%430.36%-517.86%58.33%-63.33%780.00%-625.00%125.00%-188.10%347.67%

Transformers & Rectifiers India Ltd (TRIL) has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:14%
5 Years:24%
3 Years:20%
TTM:52%
Compounded Profit Growth
10 Years:40%
5 Years:251%
3 Years:148%
TTM:235%
Stock Price CAGR
10 Years:51%
5 Years:151%
3 Years:193%
1 Year:37%
Return on Equity
10 Years:8%
5 Years:13%
3 Years:17%
Last Year:23%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 10, 2025, 3:34 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 13131313131313131313143030
Reserves 3303213133123173223233303433805401,2221,315
Borrowings 170157164209399263308263325330256283366
Other Liabilities 294232299341358281289319428464360652679
Total Liabilities 8077237898761,0888809339251,1091,1871,1702,1872,390
Fixed Assets 155192185187195201193181168153144251245
CWIP 2611116123203356293
Investments 00000000114268204
Other Assets 6265195926828816767387449361,0301,0171,6051,848
Total Assets 8077237898761,0888809339251,1091,1871,1702,1872,390

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -32933766-102179169622829157
Cash from Investing Activity + -16-30-5-24-31-8-15-7-89-22-625
Cash from Financing Activity + 37-50-31-61145-1822-9317-45-10472
Net Cash Flow -11130-1812-113-411-7-34
Free Cash Flow -52612955-132163791-61914-75
CFO/OP -71%310%100%78%-152%296%37%140%4%34%38%58%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-128.00-126.00-126.00-122.00-334.00-202.00-257.00-194.00-254.00-209.00-122.0044.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 19115817116625616121820516416617485
Inventory Days 7814715512018210915314710493109118
Days Payable 13616020914920311416117912911895109
Cash Conversion Cycle 13414511713823515621017313914118894
Working Capital Days 9176776357557394606811934
ROCE %7%4%6%15%9%8%8%9%10%15%15%28%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.91%74.91%74.91%69.65%69.65%66.16%66.16%64.36%64.36%64.36%64.36%64.36%
FIIs 0.02%0.03%0.56%3.48%4.45%8.00%9.34%11.08%11.33%10.94%11.21%7.01%
DIIs 0.00%0.00%0.00%0.00%1.89%6.33%6.93%7.68%7.22%6.04%5.95%4.18%
Public 25.07%25.07%24.53%26.87%24.00%19.50%17.57%16.88%17.07%18.67%18.47%24.43%
No. of Shareholders 49,01251,34254,11861,97264,97786,04190,21899,6871,45,4631,81,1031,79,3672,06,060

Shareholding Pattern Chart

No. of Shareholders

Transformers & Rectifiers India Ltd (TRIL): Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Invesco India ELSS Tax Saver Fund 1,587,535 1.89 49.241,548,1292026-03-23 15:52:022.55%
Invesco India Infrastructure Fund 1,488,035 3.37 46.151,062,1122026-01-26 01:11:5840.1%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 7.213.243.071.060.53
Diluted EPS (Rs.) 7.213.243.071.060.53
Cash EPS (Rs.) 8.115.035.042.362.04
Book Value[Excl.RevalReserv]/Share (Rs.) 41.7139.4930.2427.4026.41
Book Value[Incl.RevalReserv]/Share (Rs.) 41.7139.4930.2427.4026.41
Revenue From Operations / Share (Rs.) 67.2890.81104.1687.3855.98
PBDIT / Share (Rs.) 11.979.819.776.335.89
PBIT / Share (Rs.) 11.078.087.925.054.43
PBT / Share (Rs.) 9.494.524.301.760.94
Net Profit / Share (Rs.) 7.213.303.191.080.57
NP After MI And SOA / Share (Rs.) 7.143.123.071.060.53
PBDIT Margin (%) 17.7810.809.387.2410.52
PBIT Margin (%) 16.458.897.605.777.91
PBT Margin (%) 14.104.974.132.011.68
Net Profit Margin (%) 10.713.633.061.231.03
NP After MI And SOA Margin (%) 10.613.432.941.200.95
Return on Networth / Equity (%) 17.118.0210.353.922.05
Return on Capital Employeed (%) 24.0018.3121.9715.2813.61
Return On Assets (%) 9.803.803.431.260.76
Long Term Debt / Equity (X) 0.060.090.160.150.19
Total Debt / Equity (X) 0.220.460.830.900.71
Asset Turnover Ratio (%) 1.201.101.201.120.79
Current Ratio (X) 1.741.831.401.351.44
Quick Ratio (X) 1.191.321.010.960.99
Inventory Turnover Ratio (X) 5.613.283.734.242.63
Dividend Payout Ratio (NP) (%) 1.334.464.882.370.00
Dividend Payout Ratio (CP) (%) 1.182.873.041.070.00
Earning Retention Ratio (%) 98.6795.5495.1297.630.00
Cash Earning Retention Ratio (%) 98.8297.1396.9698.930.00
Interest Coverage Ratio (X) 7.102.752.701.921.69
Interest Coverage Ratio (Post Tax) (X) 5.211.931.881.331.17
Enterprise Value (Cr.) 16218.975879.031074.92720.44443.51
EV / Net Operating Revenue (X) 8.034.540.770.620.59
EV / EBITDA (X) 45.1642.028.308.595.68
MarketCap / Net Operating Revenue (X) 7.974.360.550.370.29
Retention Ratios (%) 98.6695.5395.1197.620.00
Price / BV (X) 12.8510.181.931.230.63
Price / Net Operating Revenue (X) 7.974.360.550.370.29
EarningsYield 0.010.010.050.030.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Transformers & Rectifiers (India) Ltd. is a Public Limited Listed company incorporated on 11/07/1994 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L33121GJ1994PLC022460 and registration number is 022460. Currently Company is involved in the business activities of Manufacture of electric power distribution transformers, arc-welding transformers, fluorescent ballasts, transmission and distribution voltage regulators. Company's Total Operating Revenue is Rs. 1950.14 Cr. and Equity Capital is Rs. 30.02 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Transmission/EquipmentSurvey No.427 P/3-4 & 431 P/1-2, Ahmedabad District Gujarat 382213Contact not found
Management
NamePosition Held
Mr. Jitendra U MamtoraChairman & Wholetime Director
Mr. Satyen J MamtoraManaging Director
Mrs. Karuna J MamtoraExecutive Director
Mr. Rajendra S ShahIndependent Director
Mr. Subir Kumar DasIndependent Director
Mrs. Tanvi V RangwalaIndependent Director

FAQ

What is the intrinsic value of Transformers & Rectifiers India Ltd (TRIL) and is it undervalued?

As of 05 April 2026, Transformers & Rectifiers India Ltd (TRIL)'s intrinsic value is ₹171.87, which is 37.27% lower than the current market price of ₹274.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (23.4 %), book value (₹44.8), dividend yield (0.07 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Transformers & Rectifiers India Ltd (TRIL)?

Transformers & Rectifiers India Ltd (TRIL) is trading at ₹274.00 as of 05 April 2026, with a FY2026-2027 high of ₹595 and low of ₹224. The stock is currently near its 52-week low. Market cap stands at ₹8,234 Cr..

How does Transformers & Rectifiers India Ltd (TRIL)'s P/E ratio compare to its industry?

Transformers & Rectifiers India Ltd (TRIL) has a P/E ratio of 30.9, which is below the industry average of 31.78. This is broadly in line with or below the industry average.

Is Transformers & Rectifiers India Ltd (TRIL) financially healthy?

Key indicators for Transformers & Rectifiers India Ltd (TRIL): ROCE of 28.0 % indicates efficient capital utilization; ROE of 23.4 % shows strong shareholder returns. Dividend yield is 0.07 %.

Is Transformers & Rectifiers India Ltd (TRIL) profitable and how is the profit trend?

Transformers & Rectifiers India Ltd (TRIL) reported a net profit of ₹216 Cr in Mar 2025 on revenue of ₹2,017 Cr. Compared to ₹14 Cr in Mar 2022, the net profit shows an improving trend.

Does Transformers & Rectifiers India Ltd (TRIL) pay dividends?

Transformers & Rectifiers India Ltd (TRIL) has a dividend yield of 0.07 % at the current price of ₹274.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Transformers & Rectifiers India Ltd (TRIL). Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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