Transformers and Rectifiers (India) Future Growth
Future criteria checks 4/6
Transformers and Rectifiers (India) is forecast to grow earnings and revenue by 17.3% and 20.4% per annum respectively. EPS is expected to grow by 15.9% per annum. Return on equity is forecast to be 18.3% in 3 years.
Key information
17.3%
Earnings growth rate
15.95%
EPS growth rate
| Electrical earnings growth | 21.9% |
| Revenue growth rate | 20.4% |
| Future return on equity | 18.30% |
| Analyst coverage | Low |
| Last updated | 22 Apr 2026 |
Recent future growth updates
Recent updates
Narrative Update • Jun 04
532928: Export Order And Dividend Plans Will Support Measured Long Term Outlook
Analysts have revised the 12 month price target for Transformers and Rectifiers (India) from ₹398.50 to ₹343.00, reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E multiples. What's in the News Secured an export order worth US$16,258,352 (stated as approximately ₹1,500 million) for manufacturing and supplying 5 transformers to international customer PDC AK LPIV, LLC, with deliveries scheduled by mid 2027.Narrative Update • Apr 21
532928: Leadership Changes And Steady Assumptions Will Support Future Upside Potential
Analysts have kept their fair value estimate for Transformers and Rectifiers (India) steady at ₹398.5, with only small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions guiding this unchanged price target. What's in the News A board meeting is scheduled on April 21, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider recommending a final dividend for the year, if any (company filing).Narrative Update • Apr 07
532928: Leadership Transition And Stable Assumptions Will Support Future Upside Potential
Analysts have maintained the fair value estimate for Transformers and Rectifiers (India) at ₹398.5. A slightly lower discount rate and a marginally reduced future P/E assumption are cited as key reasons for the unchanged price target. What's in the News Board meeting scheduled for March 5, 2026, at 11:30 Indian Standard Time to record the resignation of Chief Financial Officer (CFO) Mr. Chanchal S.Narrative Update • Mar 24
532928: Leadership Changes And Stable Assumptions Will Support Future Upside Potential
Analysts have kept their fair value estimate for Transformers and Rectifiers (India) steady at ₹398.5 per share, with small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions shaping this unchanged price target. What's in the News Board meeting scheduled for March 5, 2026, at 11:30 IST to record the resignation of Chief Financial Officer (Key Managerial Personnel) Chanchal S.Narrative Update • Mar 08
532928: Leadership Transitions And Stable Assumptions Will Support Future Upside Potential
Analysts have maintained their fair value estimate for Transformers and Rectifiers (India) at ₹398.5, with only marginal adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, reflecting fine tuning rather than a shift in their overall view. What's in the News Board meeting scheduled on March 5, 2026, at 11:30 IST to record the resignation of Chief Financial Officer (Key Managerial Personnel) Mr. Chanchal S.Narrative Update • Feb 22
532928: Power Grid And GETCO Orders Will Support Future Upside Potential
Analysts have kept the fair value estimate for Transformers and Rectifiers (India) steady at ₹398.5, with only small tweaks to assumptions around discount rate, revenue growth, profit margins and future P/E feeding into this unchanged price target. What's in the News Board meeting on January 8, 2026 to review unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider CEO resignation and appointment (company filing).Narrative Update • Feb 07
532928: Power Grid And GETCO Orders Will Drive Future Upside
Analysts have kept their fair value estimate for Transformers and Rectifiers (India) steady at ₹398.50. A slightly lower discount rate and marginally adjusted future P/E assumptions are guiding this unchanged price target.Narrative Update • Jan 23
532928: Large Power Grid And GETCO Orders Will Drive Upside Ahead
Analysts have trimmed their fair value estimate for Transformers and Rectifiers (India) from ₹412.50 to ₹398.50, reflecting slightly softer assumptions on revenue growth, profit margin, discount rate and future P/E multiples. What's in the News The board accepted the resignation of CEO Mukul Srivastava, effective at the close of business on January 7, 2026, and recorded this change in its January 8, 2026 meeting (Board meeting filing).Narrative Update • Jan 08
532928: Large Domestic Orders Will Support Earnings Visibility And Underappreciated Upside Ahead
Analysts have kept their fair value estimate for Transformers and Rectifiers (India) unchanged at ₹412.50, while making modest adjustments to assumptions such as the discount rate and future P/E. This reflects a fine-tuning of their view rather than a major shift in outlook.Narrative Update • Dec 24
532928: Large Domestic Orders Will Support Stronger Earnings Visibility Ahead
Analysts have nudged their price target for Transformers and Rectifiers (India) modestly higher to ₹412.5, reflecting slightly lower perceived risk and a marginally richer justified earnings multiple, while growth and margin expectations remain largely unchanged. What's in the News Secured a high value INR 533.3 million order from Power Grid Corporation of India Limited for repair, erection, testing, and commissioning of a 397 MVA HVDC converter transformer and related works, with delivery targeted by next financial year (company announcement).Narrative Update • Dec 10
532928: Large Domestic Orders Will Support Stronger Earnings Visibility Ahead
Analysts have modestly raised their price target on Transformers and Rectifiers (India) to ₹412.50, citing a slightly higher required return, along with sustained expectations for strong revenue growth and stable profit margins. What's in the News Secured an INR 533.3 million domestic order from Power Grid Corporation of India Limited for repair, erection, testing, and commissioning of a 397 MVA HVDC converter transformer and related works, with delivery targeted for the next financial year (Client Announcements).Narrative Update • Nov 26
532928: Recent Board Developments And Major Order Win Will Support Future Upside
Narrative Update on Transformers and Rectifiers (India) Analysts have maintained the fair value estimate for Transformers and Rectifiers (India) at ₹412.5 per share. They cite improvements in revenue growth and profit margins, which offset a slight reduction in the future price-to-earnings ratio.Narrative Update • Nov 11
532928: Leadership Changes And Board Actions Will Drive Market Reassessment
Analysts have lowered their price target for Transformers and Rectifiers (India) from ₹702.5 to ₹412.5, citing a more conservative outlook on revenue growth, profit margins, and future earnings multiples. What's in the News A board meeting is scheduled on November 8, 2025, to review and approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 (Key Developments).
New Narrative • Jan 28
Backward Integration And Automation Will Improve Future Profitability
Backward integration and strategic technological tie-ups aim to enhance supply chain efficiency, reduce costs, and improve profitability and margins.Earnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 3/31/2028 | 37,837 | 3,716 | 856 | 2,688 | 3 |
| 3/31/2027 | 30,705 | 2,952 | 1,880 | 1,847 | 3 |
| 3/31/2026 | 25,088 | 2,644 | -2,148 | -1,054 | N/A |
| 12/31/2025 | 24,026 | 2,693 | N/A | N/A | N/A |
| 9/30/2025 | 22,252 | 2,502 | -717 | 1,655 | N/A |
| 6/30/2025 | 22,267 | 2,615 | N/A | N/A | N/A |
| 3/31/2025 | 20,194 | 2,143 | -782 | 1,566 | N/A |
| 12/31/2024 | 18,556 | 1,600 | N/A | N/A | N/A |
| 9/30/2024 | 16,656 | 1,208 | -636 | 63 | N/A |
| 6/30/2024 | 14,611 | 772 | N/A | N/A | N/A |
| 3/31/2024 | 12,947 | 445 | 133 | 292 | N/A |
| 12/31/2023 | 12,052 | 136 | N/A | N/A | N/A |
| 9/30/2023 | 11,695 | 118 | -999 | -865 | N/A |
| 6/30/2023 | 12,361 | 217 | N/A | N/A | N/A |
| 3/31/2023 | 13,960 | 407 | 181 | 284 | N/A |
| 12/31/2022 | 12,843 | 330 | N/A | N/A | N/A |
| 9/30/2022 | 12,636 | 244 | 785 | 872 | N/A |
| 6/30/2022 | 12,233 | 176 | N/A | N/A | N/A |
| 3/31/2022 | 11,617 | 140 | -66 | 19 | N/A |
| 12/31/2021 | 11,028 | 192 | N/A | N/A | N/A |
| 9/30/2021 | 9,363 | 148 | 689 | 766 | N/A |
| 6/30/2021 | 8,443 | 133 | N/A | N/A | N/A |
| 3/31/2021 | 7,421 | 71 | 904 | 964 | N/A |
| 12/31/2020 | 6,214 | -16 | N/A | N/A | N/A |
| 9/30/2020 | 6,638 | -10 | 372 | 412 | N/A |
| 6/30/2020 | 6,427 | -35 | N/A | N/A | N/A |
| 3/31/2020 | 7,010 | 4 | 66 | 164 | N/A |
| 12/31/2019 | 7,798 | 80 | N/A | N/A | N/A |
| 9/30/2019 | 7,648 | 44 | N/A | N/A | N/A |
| 6/30/2019 | 8,019 | 26 | N/A | N/A | N/A |
| 3/31/2019 | 8,554 | 45 | N/A | 1,789 | N/A |
| 3/31/2018 | 7,157 | 54 | N/A | -1,021 | N/A |
| 3/31/2017 | 8,205 | 234 | N/A | 665 | N/A |
| 3/31/2016 | 5,949 | -75 | N/A | 372 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: 532928's forecast earnings growth (17.3% per year) is above the savings rate (6.9%).
Earnings vs Market: 532928's earnings (17.3% per year) are forecast to grow faster than the Indian market (16.1% per year).
High Growth Earnings: 532928's earnings are forecast to grow, but not significantly.
Revenue vs Market: 532928's revenue (20.4% per year) is forecast to grow faster than the Indian market (10.8% per year).
High Growth Revenue: 532928's revenue (20.4% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: 532928's Return on Equity is forecast to be low in 3 years time (18.3%).
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 06:22 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
Transformers and Rectifiers (India) Limited is covered by 12 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Bhalchandra Shinde | Anand Rathi Shares and Stock Brokers Limited |
| null null | Antique Stockbroking Ltd. |
| John Perinchery | Asian Markets Securities Private Limited |