Transformers & Rectifiers (India) Ltd [TARIL] has achieved its highest-ever annual production during FY26.
In an investor presentation, the company said that total transformer production during FY26 stood at around 33,000 MVA. According to information previously released by TARIL, production during FY25 was 29,118 MVA (then the highest-ever) and 16,425 MVA in FY24.
Capacity expansion
Commercial operations from the new 15,000-MVA capacity coming up at the Changodhar plant is expected to start from the second quarter (Q2: July to September) of FY27, albeit with a delay of 4-5 months. The Moraiya plant is also undergoing capacity expansion by 22,000 MVA.
Once these expansions are complete, TARIL’s total manufacturing capacity will increase to around 75,000 MVA from 40,000 MVA earlier.
Over the next 15 months, TARIL has planned to undertake capital expenditure of around Rs.600 crore towards capacity expansion and backward integration.
The full impact of the enlarged capacity at the Changodhar and Moraiya plants will be felt from FY28 onward. The company’s only other manufacturing plant is located at Odhav; all the three facilities are located in Gujarat.
Backward integration
TARIL is targeted to be a fully backward-integrated company by the first quarter (Q1: April to June) of next fiscal year, FY28. This plan too, has been somewhat delayed due to tardy arrival of plant & machinery. Currently, some aspects of the backward integration plan – including CTC (continuously transposed conductors), transformer bushings, pressboard and tank fabrication – have already entered implementation stage.
All the backward integration facilities – including CRGO processing – will be fully functional from Q1FY28.
Order inflow
TARIL’s order inflow in FY26, at Rs.2,374 crore, was significantly lower than the comparable Rs.4,504 crore in FY25. This decline must, however, be seen against the fact that the FY25 order inflow was historically the highest-ever in any fiscal year. Moreover, the company’s management expressed the view that TARIL has been strategically delaying orders and is selecting orders with better margin, better payment terms and those that are aligned to the company’s production cycle.
During FY26, the company landed a significant order from state utility Gujarat Energy Transmission Company Ltd (GETCO) for supply of power transformers and EHV transformers of various ratings.
As of March 31, 2026, TARIL’s unexecuted order book position was Rs.5,005 crore, comparable to the Rs.5,132 crore as of the same date in 2025.
HVDC-related achievement
In a very significant development, TARIL, during FY26, received an order for repair of an HVDC transformer, making it the first Indian entity to get such an order. Once the order is completed, TARIL can potentially receive PGCIL approval for similar HVDC transformer orders in future.
Also read: TARIL records Rs.665-crore order inflow in Q3FY26