{"id":306808,"date":"2026-10-14T10:20:23","date_gmt":"2026-10-14T04:50:23","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=306808"},"modified":"2026-10-14T10:20:23","modified_gmt":"2026-10-14T04:50:23","slug":"transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/","title":{"rendered":"Transformers and Rectifiers Jumps 14% as Q2 Profit Soars 135%: What Next?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Transformers and Rectifiers Q2 FY27: net profit Rs 80 crore (+135%), revenue Rs 739 crore (+61%), EBITDA margin 17.35% (from 11.35%). Unexecuted order book Rs 7,237 crore (+32%). Stock closed Rs 304 on 13 Oct; headline says it jumped 14% on 14 Oct.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Transformers and Rectifiers reported a Q2 FY27 net profit of Rs 80 crore, up 135% from Rs 34 crore, on revenue of Rs 739 crore, up 61%. The EBITDA margin rose to 17.35% from 11.35%, and the unexecuted order book stood at Rs 7,237 crore, up 32%. The stock closed at Rs 304 on 13 October before the results, and your headline says it jumped 14% on 14 October, which is about Rs 347 on my calculation. Sources differ on Q2 order inflow, so check the filing.<\/p>\n<\/p><\/div>\n<p>Transformers and Rectifiers is a Gujarat-based maker of power and distribution transformers, and its Q2 numbers beat a low base. The company said higher utilisation at its Changodar and Moraiya plants drove revenue, and a new transformer plant is close to starting.<\/p>\n<p>This guide explains the Q2 FY27 numbers, the order book, the expansion plan, the valuation questions and the risks. Where I calculate a figure myself, I label it.<\/p>\n<p>The shares of Transformers and Rectifiers were already up about 3% on 13 October ahead of the results, so part of the good news may have been priced in before the 14% jump.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Transformers_and_Rectifiers_Q2_FY27_Results\" title=\"Transformers and Rectifiers Q2 FY27 Results\">Transformers and Rectifiers Q2 FY27 Results<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Transformers_and_Rectifiers_Order_Book_and_Order_Inflow_What_the_Numbers_Say\" title=\"Transformers and Rectifiers Order Book and Order Inflow: What the Numbers Say\">Transformers and Rectifiers Order Book and Order Inflow: What the Numbers Say<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Capacity_Expansion_at_Transformers_and_Rectifiers\" title=\"Capacity Expansion at Transformers and Rectifiers\">Capacity Expansion at Transformers and Rectifiers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_Next_for_Transformers_and_Rectifiers_Risks\" title=\"What Next for Transformers and Rectifiers: Risks\">What Next for Transformers and Rectifiers: Risks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_to_Watch_Next_for_Transformers_and_Rectifiers\" title=\"What to Watch Next for Transformers and Rectifiers\">What to Watch Next for Transformers and Rectifiers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_were_the_Transformers_and_Rectifiers_Q2_FY27_results\" title=\"What were the Transformers and Rectifiers Q2 FY27 results?\">What were the Transformers and Rectifiers Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Why_did_Transformers_and_Rectifiers_jump_14\" title=\"Why did Transformers and Rectifiers jump 14%?\">Why did Transformers and Rectifiers jump 14%?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_is_the_Transformers_and_Rectifiers_order_book\" title=\"What is the Transformers and Rectifiers order book?\">What is the Transformers and Rectifiers order book?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_was_the_Q2_order_inflow\" title=\"What was the Q2 order inflow?\">What was the Q2 order inflow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#When_will_the_new_plant_start\" title=\"When will the new plant start?\">When will the new plant start?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_was_the_share_price_before_the_results\" title=\"What was the share price before the results?\">What was the share price before the results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#What_are_the_risks\" title=\"What are the risks?\">What are the risks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/transformers-and-rectifiers-jumps-14-percent-as-q2-profit-soars-135-percent-what-next-order-book-ebitda-margin-changodar-expansion\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Transformers_and_Rectifiers_Q2_FY27_Results\"><\/span><strong>Transformers and Rectifiers Q2 FY27 Results<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Metric<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 739 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 460 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+61%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 128 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 52 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 2.5 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">17.35%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">11.35%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+6.0 percentage points<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 80 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 34 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+135%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 10.8%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 7.4%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">My calculation<\/td>\n<\/tr>\n<\/table>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Half year (H1 FY27)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">H1 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">H1 FY26<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue from operations<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,312 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 989 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+33%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 141 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 101 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">+39%<\/td>\n<\/tr>\n<\/table>\n<p>From these figures, Q1 FY27 revenue was about Rs 573 crore and net profit about Rs 61 crore (my calculation), so Q2 revenue grew about 29% from Q1. A year earlier, Q2 profit had fallen 19% according to a Business Standard headline, which means the base was low.<\/p>\n<p><strong>Risk:<\/strong> A 135% Q2 profit rise on a low base can look better than the underlying trend. Check whether Transformers and Rectifiers can hold margins in the next quarters.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Screen capital goods and power equipment stocks on the Univest Screener<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Transformers_and_Rectifiers_Order_Book_and_Order_Inflow_What_the_Numbers_Say\"><\/span><strong>Transformers and Rectifiers Order Book and Order Inflow: What the Numbers Say<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Note<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Unexecuted order book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 7,237 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 32% from Rs 5,472 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Execution period<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">18 to 24 months<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Management view<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Pipeline of enquiries<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 21,000 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Mostly domestic utility and industrial projects, plus exports<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q2 order inflow<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 3,283 crore or Rs 1,169 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Sources differ<\/td>\n<\/tr>\n<\/table>\n<p>The order book is about 2.4 times annualised Q2 revenue (my calculation: Rs 7,237 crore divided by Rs 2,956 crore), which gives visibility for about two years.<\/p>\n<p><strong>Data conflict:<\/strong> One report gives Q2 order inflow as Rs 3,283 crore, and another gives Rs 1,169 crore, up 97% year on year. I could not reconcile them, so verify in the company filing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Capacity_Expansion_at_Transformers_and_Rectifiers\"><\/span><strong>Capacity Expansion at Transformers and Rectifiers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The CEO credited improved utilisation at the Changodar and Moraiya plants for the revenue growth. The transformer manufacturing expansion is nearing completion, with commercial production expected around Diwali, and management says it is well placed to scale in H2 FY27.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Plant item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Status<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Changodar and Moraiya utilisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Improved in Q2<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New transformer capacity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nearing completion<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Commercial production<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Expected around Diwali<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">H2 FY27 plan<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Scale manufacturing<\/td>\n<\/tr>\n<\/table>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Transformers and Rectifiers and set price alerts.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Next_for_Transformers_and_Rectifiers_Risks\"><\/span><strong>What Next for Transformers and Rectifiers: Risks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Risk<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Why it matters<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Low base<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Q2 FY26 profit fell 19%, so growth looks higher<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Margin sustainability<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">17.35% is well above 11.35% a year ago<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Execution<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">New plant start-up may slip<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Order data<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Inflow figures differ across sources<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price after the jump<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A 14% rise leaves less room for error<\/td>\n<\/tr>\n<\/table>\n<p>The results article I used gave no valuation figures, so I cannot say whether Transformers and Rectifiers is undervalued or overvalued after the jump.<\/p>\n<p><strong>Risk:<\/strong> Power equipment demand depends on utility and industrial spending. A slowdown in orders would hit Transformers and Rectifiers quickly.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_for_Transformers_and_Rectifiers\"><\/span><strong>What to Watch Next for Transformers and Rectifiers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Start of commercial production at the new plant around Diwali<\/li>\n<li>Order inflow and order book in the Q3 update<\/li>\n<li>Whether the EBITDA margin stays above 15%<\/li>\n<li>Conversion of the Rs 21,000 crore enquiry pipeline<\/li>\n<li>The share price after the 14% jump<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Transformers and Rectifiers delivered Q2 profit up 135%, margins near 17% and an order book of Rs 7,237 crore, and the stock jumped 14%. The base was low and order inflow data conflict, so watch the new plant and the next margin print.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> 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).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_Transformers_and_Rectifiers_Q2_FY27_results\"><\/span><strong>What were the Transformers and Rectifiers Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Net profit was Rs 80 crore, up 135%, revenue was Rs 739 crore, up 61%, and the EBITDA margin was 17.35%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_Transformers_and_Rectifiers_jump_14\"><\/span><strong>Why did Transformers and Rectifiers jump 14%?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The headline links the jump to the Q2 profit rise of 135%, strong margins and a growing order book.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Transformers_and_Rectifiers_order_book\"><\/span><strong>What is the Transformers and Rectifiers order book?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The unexecuted order book was Rs 7,237 crore, up 32% year on year, to be executed over 18 to 24 months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_was_the_Q2_order_inflow\"><\/span><strong>What was the Q2 order inflow?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Reports differ: Rs 3,283 crore in one and Rs 1,169 crore in another. Check the filing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_will_the_new_plant_start\"><\/span><strong>When will the new plant start?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Commercial production is expected around Diwali.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_was_the_share_price_before_the_results\"><\/span><strong>What was the share price before the results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The stock closed at Rs 304 on the NSE on 13 October, up 3.12%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks\"><\/span><strong>What are the risks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> A low base, margin sustainability, plant start-up delays, conflicting order data and a higher price after the jump.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational. Speak to a SEBI registered adviser before investing.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What were the Transformers and Rectifiers Q2 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Net profit was Rs 80 crore, up 135%, revenue was Rs 739 crore, up 61%, and the EBITDA margin was 17.35%.\"}},{\"@type\":\"Question\",\"name\":\"Why did Transformers and Rectifiers jump 14%?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The headline links the jump to the Q2 profit rise of 135%, strong margins and a growing order book.\"}},{\"@type\":\"Question\",\"name\":\"What is the Transformers and Rectifiers order book?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The unexecuted order book was Rs 7,237 crore, up 32% year on year, to be executed over 18 to 24 months.\"}},{\"@type\":\"Question\",\"name\":\"What was the Q2 order inflow?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Reports differ: Rs 3,283 crore in one and Rs 1,169 crore in another. Check the filing.\"}},{\"@type\":\"Question\",\"name\":\"When will the new plant start?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Commercial production is expected around Diwali.\"}},{\"@type\":\"Question\",\"name\":\"What was the share price before the results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The stock closed at Rs 304 on the NSE on 13 October, up 3.12%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A low base, margin sustainability, plant start-up delays, conflicting order data and a higher price after the jump.\"}},{\"@type\":\"Question\",\"name\":\"Is this article investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It is educational. Speak to a SEBI registered adviser before investing.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Transformers and Rectifiers jumped 14% as Q2 profit rose 135% to Rs 80 crore. See revenue, EBITDA margin, order book, expansion plans and risks.<\/p>\n","protected":false},"author":28,"featured_media":306807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[5450,6714,7923,7922],"class_list":["post-306808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-order-book","tag-power-equipment-stocks","tag-taril","tag-transformers-and-rectifiers"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["306807"],"rank_math_title":["Transformers and Rectifiers Jumps 14% on 135% Q2 Profit"],"rank_math_description":["Transformers and Rectifiers jumped 14% as Q2 profit rose 135% to Rs 80 crore. See revenue, EBITDA margin, order book, expansion plans and risks, plus what next."],"rank_math_focus_keyword":["Transformers and Rectifiers"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/transformers-and-rectifiers-jumps-14-as-q2-profit-soars-135-what-next.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=306808"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306808\/revisions"}],"predecessor-version":[{"id":306809,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/306808\/revisions\/306809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/306807"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=306808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=306808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=306808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}