Highlights

• TARIL reported ₹736.76 crore in Q3FY26 revenue, with EBITDA and PAT rising 38% and 37%, respectively, on a yearly basis.
• The company recorded ₹665 crore in new orders during the quarter and retained its ₹2,600 crore revenue target for the financial year.
• A leadership change was announced with Mr. Satyen J. Mamtora taking over as CEO following Mr. Mukul Srivastava’s resignation.

Shares of Transformers and Rectifiers (India) Limited (NSE:TARIL) moved into positive territory on 9 January 2025, trading at ₹294.40, up 0.99%, after witnessing a sharp decline of nearly 9.25% in the previous session. The positive share movement might have followed the company’s announcement of its Q3FY26 unaudited financial results along with key updates related to a change in top management.

Q3FY26 Financial Performance

For the quarter ended 31 December 2025, TARIL reported revenue from operations of ₹736.76 crore, marking a 32% year-on-year increase. Earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at ₹129 crore, reflecting a 38% rise compared to the same quarter last year.

The company’s profit after tax (PAT) for the quarter came in at ₹76 crore, up 37% on a year-on-year basis. Management highlighted that ongoing operational initiatives and process-related changes have begun contributing to improved margins and cost management.

Order Inflow and Business Visibility

During the quarter, TARIL secured new orders worth ₹665 crore. The company also reported an expanding order pipeline, supported by demand from utility, infrastructure, and industrial segments. Based on current visibility, TARIL has maintained its revenue target of ₹2,600 crore for the ongoing financial year.

Leadership Transition at TARIL

The Board of Directors acknowledged the resignation of Mr. Mukul Srivastava from the position of Chief Executive Officer, effective from the close of business hours on 7 January 2026. The resignation was tendered citing personal reasons and was disclosed in compliance with SEBI Regulation 30 requirements.

Following this development, the Board approved the appointment of Mr. Satyen J. Mamtora, currently serving as Managing Director, as the Chief Executive Officer of the company. His appointment became effective from 8 January 2026, based on recommendations from the Nomination and Remuneration Committee.

Analyst Commentary:

Antique Stock Broking Ltd recommends Buy on Taril, assigning a target price of ₹463.

Stock Performance Snapshot

Despite the recent rebound, TARIL’s share price has shown mixed trends across timeframes. The stock has gained 19.89% over the past month, while registering a 50% decline over the last one year.

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