Transformers and Rectifiers Share Price Surges as the PM-DHARA Scheme Backs Rs 1.36 Lakh Crore of Intra-State Transmission
- October 1, 2026
- Posted by: Chaitanya Auti
- Category: News
TARIL up 10% on 1 Oct to Rs 295.50 high. PM-DHARA outlay Rs 1,86,405 cr, Rs 1,36,378 cr for transmission. Order book Rs 6,630 cr. 52-week high Rs 552.
Quick Answer
Transformers and Rectifiers share price jumped as much as 10% on 1 October after the Union Cabinet approved the PM-DHARA scheme, which sets aside Rs 1,36,378 crore for intra-state transmission and Rs 50,000 crore for battery storage. As a power transformer maker with a record order book of Rs 6,630 crore, TARIL is positioned to benefit as state utilities place orders over the coming years. The scheme runs until FY 2032-33, so the benefit will arrive in stages. The stock is still about 47% below its 52-week high of Rs 552.
The Transformers and Rectifiers share price today reflects a policy trigger, not a company announcement. The Cabinet cleared the PM-DHARA scheme on 30 September, and the Ahmedabad-based transformer maker (NSE: TARIL) rose to Rs 295.50 from a previous close of Rs 268.60. The rally also builds on its first nuclear power order and a record order book, though the stock remains far below its 52-week high.
If you are searching for why the Transformers and Rectifiers share price jumped and whether the PM-DHARA scheme can sustain the rally, this article covers what the scheme includes, from Green Energy Corridor funding and battery energy storage to the 135 GW renewable evacuation goal, how it can support the TARIL share price, the company’s power transformers, order book and Changodar capacity, and the risks. Price data is based on NSE and BSE figures, so recheck it before acting.
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Why Is Transformers and Rectifiers Share Price Rising Today?
The Transformers and Rectifiers share price is rising because the PM-DHARA scheme puts Rs 1,36,378 crore into intra-state transmission networks, the grid segment where the company’s power transformers and reactors are used. The stock was up about 9% at Rs 292.80 in morning trade and touched Rs 295.50, a gain of 10% over the previous close.
State transmission utilities will implement the scheme, and they buy high-voltage transformers for new substations and lines. The company already serves such customers. In November 2025 it won a Rs 389.97 crore order from Gujarat Energy Transmission Corporation for 53 transformers.
PM-DHARA Scheme: What the Cabinet Approved
| Parameter | Details |
|---|---|
| Full name | PM-Developing Harmonized and Accelerated Renewable-energy Access |
| Total outlay | Rs 1,86,405 crore |
| Intra-state transmission (Green Energy Corridor Phase III) | Rs 1,36,378 crore |
| Battery energy storage | Rs 50,000 crore for 50 GWh |
| Central financial support | Rs 54,082 crore |
| Renewable power to be evacuated | Up to 135 GW |
| Target completion | FY 2032-33 |
| Implementing agencies | State transmission utilities |
The PM-DHARA scheme also supports India’s goal of 900 GW of non-fossil capacity by 2035. For the Transformers and Rectifiers share price, the Rs 1.36 lakh crore transmission component is the part that matters most, because every new substation and line needs power transformers.
How Does the PM-DHARA Scheme Help the Transformers and Rectifiers Share Price?
Renewable power is generated far from where it is consumed, so grids need new lines and substations to move it. Each substation uses power transformers to step voltage up or down, and reactors to stabilise the line. Transformers and Rectifiers (India) Limited makes power, distribution, furnace and rectifier transformers, shunt reactors and specialty units, with single-phase power transformers up to 500 MVA and 1200 kV class.
The benefit comes through tenders from state utilities over several years, so it will not show up in one quarter and the Transformers and Rectifiers share price may move ahead of earnings. The company has plants at Changodar, Moraiya and Odhav in Gujarat with a combined capacity of more than 75,000 MVA, which management says can support annual revenue of Rs 5,000 crore to Rs 6,000 crore over the medium term.
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Transformers and Rectifiers Share Price Support: Order Book and Q1 FY27 Results
| Metric | Figure | Change |
|---|---|---|
| Unexecuted order book (30 June 2026) | Rs 6,630 crore | Record, up 26% year on year |
| Q1 FY27 order inflow | Rs 2,114 crore | Up 218%, including a PGCIL order above Rs 1,000 crore |
| Consolidated revenue | Rs 572.34 crore | Up 8% |
| Consolidated EBITDA | Rs 109.65 crore | Margin of 19.16% |
| Consolidated profit after tax | Rs 64.34 crore | Subdued by lower Changodar utilisation |
| FY27 guidance | 25% revenue growth, 16% EBITDA margin | Order inflow growth target of 30% |
Revenue growth was moderated because the Changodar plant ran at lower utilisation during a roughly Rs 150 crore expansion, which management expected to finish by August 2026. Management says the order book gives revenue visibility for 18 to 24 months and has no immediate plans to add more transformer capacity.
The company also entered the nuclear sector on 30 August with its first order, for generator transformers at NPCIL’s Kaiga Units 5 and 6 in Karnataka, received through Megha Engineering and Infrastructures. The project has two indigenous 700 MWe reactors. The Transformers and Rectifiers share price rose as much as 7.69% the next trading day.
Transformers and Rectifiers Share Price Today: Key Numbers
| Transformers and Rectifiers share price data | Value | What it tells you |
|---|---|---|
| Company (NSE: TARIL, BSE: 532928) | Transformers and Rectifiers (India) | Transformer and reactor manufacturer |
| Previous close, 30 September | Rs 268.60 | Base for the 10% jump |
| Intraday range, 1 October | Rs 271.10 to Rs 295.50 | Gap-up open and strong follow-through |
| 52-week high | Rs 552 | About 47% above the morning price |
| 52-week low | Rs 224.05 | Floor of the past year |
| Market cap | About Rs 8,800 crore | Small-cap |
| Trailing P/E | About 31 to 34 | Varies by data provider |
The Transformers and Rectifiers share price fell roughly 47% over the past year, so the PM-DHARA rally is a rebound from depressed levels and not a breakout to new highs. The TARIL share price faces resistance near the intraday high of Rs 295.50, with the 50-day and 200-day averages close to Rs 300 in late September. Rs 268.60 is the first support.
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Risks Behind the Transformers and Rectifiers Share Price Rally
Slow policy conversion: The scheme runs to FY 2032-33, and orders depend on state utility tenders, which can be delayed and slow any further rise in the Transformers and Rectifiers share price.
Profit pressure: Q1 FY27 profit was held back by the Changodar expansion and elevated commodity costs, and margins depend on the plant returning to full utilisation, which the Transformers and Rectifiers share price will track.
Competition: Other transformer makers will bid for the same state utility orders, which can compress pricing.
Valuation: At 31 to 34 times trailing earnings, the market already expects growth from the order book.
Volatility: The TARIL share price fell about 47% in a year, so policy-led rallies can reverse quickly if order wins disappoint.
What Could Move the Transformers and Rectifiers Share Price Next?
Four triggers matter: new orders from state transmission utilities and Power Grid, the restart of the expanded Changodar plant at full utilisation, Q2 FY27 results for margins, and details of how states roll out PM-DHARA tenders. These will decide whether the Transformers and Rectifiers share price can hold the Rs 295 to Rs 300 zone.
Conclusion
The Transformers and Rectifiers share price got a clear policy boost from the PM-DHARA scheme, and a record order book of Rs 6,630 crore gives the company something to deliver on. Against that, the benefit is spread over years, Q1 profit was held back by expansion work, and the stock is still about 47% below its 52-week high. Rs 268.60 is the support to hold for the Transformers and Rectifiers share price, and Rs 295.50 is the level to clear. Consult a SEBI-registered advisor before making any decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Why is Transformers and Rectifiers share price rising today?
Ans. The stock rose as much as 10% on 1 October after the Union Cabinet approved the PM-DHARA scheme, which allocates Rs 1,36,378 crore to intra-state transmission. As a power transformer maker, the company is positioned to benefit from the grid build-out, which is why the Transformers and Rectifiers share price reacted.
What is the PM-DHARA scheme?
Ans. PM-DHARA stands for PM-Developing Harmonized and Accelerated Renewable-energy Access. It has an outlay of Rs 1,86,405 crore, including Rs 1,36,378 crore for intra-state transmission and Rs 50,000 crore for 50 GWh of battery storage, targeted for completion by FY 2032-33. It is a key driver for the Transformers and Rectifiers share price.
How does PM-DHARA benefit Transformers and Rectifiers (India)?
Ans. State transmission utilities will implement the scheme and need power transformers and reactors for new substations and lines. The company makes these products and already supplies state utilities and Power Grid.
What is the order book of Transformers and Rectifiers?
Ans. The unexecuted order book was a record Rs 6,630 crore on 30 June 2026, up 26% year on year. Q1 FY27 order inflow was Rs 2,114 crore, up 218%. A record order book is the main support for the Transformers and Rectifiers share price.
What is the 52-week high and low of Transformers and Rectifiers share price?
Ans. The 52-week high is Rs 552 and the 52-week low is Rs 224.05. After the jump, the stock trades about 47% below its 52-week high.
Is Transformers and Rectifiers a good stock to buy after the PM-DHARA rally?
Ans. This article does not constitute investment advice. The Transformers and Rectifiers share price has a record order book and a policy tailwind behind it, but benefits come in stages and margins face pressure. Consult a SEBI-registered financial advisor before investing.
What did Transformers and Rectifiers win from NPCIL?
Ans. The company secured its first nuclear sector order, for generator transformers at NPCIL’s Kaiga Units 5 and 6, through Megha Engineering and Infrastructures. The project has two 700 MWe reactors. The order added to the momentum in the Transformers and Rectifiers share price.
What are the support and resistance levels for Transformers and Rectifiers share price today?
Ans. Support is near the previous close of Rs 268.60, and resistance is near the intraday high of Rs 295.50. The 50-day and 200-day averages sat near Rs 300 in late September. These are reference levels, not predictions.