New Risk • May 28
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹19m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹19m). Revenue is less than US$1m (₹14m revenue, or US$145k). Market cap is less than US$10m (₹410.5m market cap, or US$4.27m). Announcement • May 21
Tarapur Transformers Limited to Report Q4, 2026 Results on May 27, 2026 Tarapur Transformers Limited announced that they will report Q4, 2026 results on May 27, 2026 Announcement • Feb 03
Tarapur Transformers Limited to Report Q3, 2026 Results on Feb 11, 2026 Tarapur Transformers Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹29.73, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 24x in the Electrical industry in India. Total returns to shareholders of 643% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹31.00, the stock trades at a trailing P/E ratio of 31.2x. Average trailing P/E is 30x in the Electrical industry in India. Total returns to shareholders of 592% over the past three years. New Risk • Nov 20
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 3,497% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). Revenue is less than US$1m (₹1.0k revenue, or US$11.0). Market cap is less than US$10m (₹711.0m market cap, or US$8.01m). Minor Risks High level of debt (3,497% net debt to equity). Large one-off items impacting financial results. Announcement • Nov 05
Tarapur Transformers Limited to Report Q2, 2026 Results on Nov 13, 2025 Tarapur Transformers Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹31.54, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 37x in the Electrical industry in India. Total returns to shareholders of 633% over the past three years. New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (₹495.1m market cap, or US$5.58m). Minor Risks High level of debt (1,533% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹26.84, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 39x in the Electrical industry in India. Total returns to shareholders of 471% over the past three years. Announcement • Aug 29
Tarapur Transformers Limited, Annual General Meeting, Sep 25, 2025 Tarapur Transformers Limited, Annual General Meeting, Sep 25, 2025, at 12:00 Indian Standard Time. Location: s-112, 1st floor, rajiv gandhi, commercial complex, ekta nagar, kandivali (west), mumbai-400067, mumbai India New Risk • Aug 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: -7.3% Last year net profit margin: 8,492% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (₹487.5m market cap, or US$5.57m). Minor Risks High level of debt (1,533% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (-7.3% net profit margin). Announcement • Aug 09
Tarapur Transformers Limited to Report Q1, 2026 Results on Aug 13, 2025 Tarapur Transformers Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹28.80, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 40x in the Electrical industry in India. Total returns to shareholders of 629% over the past three years. New Risk • Jun 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 1,533% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (₹481.7m market cap, or US$5.62m). Minor Risks High level of debt (1,533% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹32.25, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 36x in the Electrical industry in India. Total returns to shareholders of 648% over the past three years. New Risk • Feb 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹15m). Market cap is less than US$10m (₹682.7m market cap, or US$7.87m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (₹235m revenue, or US$2.7m). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹35.73, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 44x in the Electrical industry in India. Total returns to shareholders of 550% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₹35.53, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 45x in the Electrical industry in India. Total returns to shareholders of 493% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹33.69, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 49x in the Electrical industry in India. Total returns to shareholders of 640% over the past three years. New Risk • Nov 27
New minor risk - Financial position The company has negative equity. Total equity: -₹15m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹15m). Revenue is less than US$1m. Market cap is less than US$10m (₹562.2m market cap, or US$6.66m). Minor Risk Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹22.79, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 51x in the Electrical industry in India. Total returns to shareholders of 464% over the past three years. Announcement • Oct 05
Tarapur Transformers Limited Announces Resignation of Suresh Sakharam More as Managing Director Tarapur Transformers Limited informed that Mr. Suresh Sakharam More, has tendered his resignation from the post of Managing Director and Key Managerial Personnel of the Company. Further, the aforesaid resignation has become effective from the close of business hours of September 30, 2024. The resignation is due to personal and unavoidable circumstances. Board Change • Sep 20
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Chairman & MD Suresh More is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 06
Tarapur Transformers Limited to Report Q2, 2025 Results on Nov 14, 2024 Tarapur Transformers Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Announcement • Sep 03
Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2024 Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2024, at 12:00 Indian Standard Time. Location: s-112, 1st floor, rajiv gandhi, commercial complex, ekta nagar, kandivali (west), mumbai-400067, mumbai India Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹15.71, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 54x in the Electrical industry in India. Total returns to shareholders of 253% over the past three years. New Risk • Aug 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-₹153m). Market cap is less than US$10m (₹259.9m market cap, or US$3.10m). Minor Risk Revenue is less than US$5m (₹238m revenue, or US$2.8m). Announcement • Aug 07
Tarapur Transformers Limited to Report Q1, 2025 Results on Aug 13, 2024 Tarapur Transformers Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • May 23
Tarapur Transformers Limited to Report Q4, 2024 Results on May 29, 2024 Tarapur Transformers Limited announced that they will report Q4, 2024 results on May 29, 2024 Reported Earnings • Mar 30
Third quarter 2024 earnings released: ₹0.11 loss per share (vs ₹0.08 loss in 3Q 2023) Third quarter 2024 results: ₹0.11 loss per share (further deteriorated from ₹0.08 loss in 3Q 2023). Net loss: ₹2.11m (loss widened 34% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₹145m). Earnings have declined by 3.0% per year over the past 5 years. Revenue is less than US$1m (₹22m revenue, or US$260k). Market cap is less than US$10m (₹157.8m market cap, or US$1.89m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Mar 20
Tarapur Transformers Limited to Report Q3, 2024 Results on Mar 28, 2024 Tarapur Transformers Limited announced that they will report Q3, 2024 results on Mar 28, 2024 Announcement • Mar 19
Tarapur Transformers Limited to Report Q2, 2024 Results on Mar 27, 2024 Tarapur Transformers Limited announced that they will report Q2, 2024 results on Mar 27, 2024 Announcement • Nov 19
Tarapur Transformers Limited Announces the Resignation of Sureshkumar Anandilal Choudhary as Non-Executive- Non-Independent Director Tarapur Transformers Limited announced the resignation of Mr. Sureshkumar Anandilal Choudhary as Non-Executive- Non-Independent Director, with effect from the close of business hours of November 18, 2023. Announcement • Oct 05
Tarapur Transformers Limited Appoints Tabbasum Azim Shaikh as Non-Executive - Non Independent Director Tarapur Transformers Limited announced that at the Annual General Meeting held on September 30, 2023, approved to appoint Ms. Tabbasum Azim Shaikh (DIN:10121067), Non-Executive - Non Independent Director. Announcement • Sep 02
Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2023 Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2023, at 12:00 Indian Standard Time. Location: S-112, 1st Floor, Rajiv Gandhi Commercial Complex, Ekta Nagar, Kandivali (West), Mumbai Maharashtra India New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 3.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹134m free cash flow). Negative equity (-₹145m). Earnings have declined by 3.0% per year over the past 5 years. Revenue is less than US$1m (₹23m revenue, or US$272k). Market cap is less than US$10m (₹91.7m market cap, or US$1.10m). Announcement • Aug 05
Tarapur Transformers Limited to Report Q1, 2024 Results on Aug 11, 2023 Tarapur Transformers Limited announced that they will report Q1, 2024 results at 3:30 PM, Indian Standard Time on Aug 11, 2023 Board Change • Aug 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman & MD Suresh More is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 21
Tarapur Transformers Limited Announces Board Changes Tarapur Transformers Limited appointed Mrs. Meenakshi Chimata as an Additional (Non-Executive - Independent Director) of the Company. Her appointment shall take effect from July 17, 2023. Education and Experience: Mrs. Meenakshi chimata has completed his Bachelor's of arts in the year 1996. Presently working as an director in Pro-am Business Solutions pvt ltd. Experienced professional with 24 years o experience in the corporate field she works a regional head in Vigneshwara e biz pvt ltd April 2007 to 2008) she was proprietor o Samhita electronics (January 2000-2002) Shwe was product Incharge in Liscot Electronics i the year (March 1999 to January 2000), and the company announced Ms. Reena Omprakash Trivedi submitted her resignation as an Non- Executive -Independent Director of the Company with effect from close of business hours on 17t July, 2023, due to her preoccupation. New Risk • Jul 18
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₹145m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹134m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-₹145m). Revenue is less than US$1m (₹42m revenue, or US$512k). Market cap is less than US$10m (₹90.5m market cap, or US$1.10m). Reported Earnings • Jul 18
Full year 2023 earnings released: ₹11.76 loss per share (vs ₹3.14 profit in FY 2022) Full year 2023 results: ₹11.76 loss per share (down from ₹3.14 profit in FY 2022). Revenue: ₹42.0m (up 32% from FY 2022). Net loss: ₹229.4m (down 474% from profit in FY 2022). Announcement • May 25
Tarapur Transformers Limited to Report Q4, 2023 Results on May 30, 2023 Tarapur Transformers Limited announced that they will report Q4, 2023 results on May 30, 2023 Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₹7.02, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 23x in the Electrical industry in India. Total returns to shareholders of 65% over the past year. Board Change • May 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Chairman & MD Suresh More is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 31
Tarapur Transformers Limited to Report Q3, 2023 Results on Feb 07, 2023 Tarapur Transformers Limited announced that they will report Q3, 2023 results on Feb 07, 2023 Board Change • Jan 24
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman & MD Suresh More is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 18
Tarapur Transformers Limited Announces Resignation Tendered by Rajendrakumar Anandilal Choudhary as Director Tarapur Transformers Limited announced resignation tendered by Mr. Rajendrakumar Anandilal Choudhary (DIN:00494663) Director who will step from the position of the Director of the Company with effect from the January 5, 2023. Announcement • Jan 10
Tarapur Transformers Limited Announces Resignation of Michael Elias Dalmet as Non- Executive Independent Director Tarapur Transformers Limited announced that Mr. Michael Elias Dalmet, Non- Executive independent Director of the company, has resigned due to his personal reasons, effective from 02nd April, 2022. The company has received confirmation from Mr. Michael Elias Dalmet vide his letter dated April 02, 2022 regarding there being no material reasons, other than those mentioned by him in the resignation letter as an independent Director from the Board of Directors of the company including the Committees thereof. Announcement • Sep 02
Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2022 Tarapur Transformers Limited, Annual General Meeting, Sep 30, 2022, at 12:00 Indian Standard Time. Location: S-105, 1st Floor, Rajiv Gandhi complex, Ekta Nagar, Kandivali Mumbai Maharashtra India Announcement • May 20
Tarapur Transformers Limited to Report Q4, 2022 Results on May 30, 2022 Tarapur Transformers Limited announced that they will report Q4, 2022 results on May 30, 2022 Announcement • May 08
Tarapur Transformers Limited Announces Resignation of Kiren Shrivastav as Non-Executive Independent Director of the Company Tarapur Transformers Limited at its board meeting held on May 05, 2022 approved the intimation of resignation of Ms. Kiren Shrivastav as Non-Executive Independent Director of the company with immediate effect, on account of pre-occupation and other commitments. Announcement • Feb 03
Tarapur Transformers Limited to Report Q3, 2022 Results on Feb 11, 2022 Tarapur Transformers Limited announced that they will report Q3, 2022 results on Feb 11, 2022 Executive Departure • Sep 14
Independent Non-Executive Director Lalit Agarwal has left the company On the 4th of September, Lalit Agarwal's tenure as Independent Non-Executive Director ended after 6.8 years in the role. We don't have any record of a personal shareholding under Lalit's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Jul 02
Full year 2021 earnings released: ₹13.66 loss per share (vs ₹5.26 loss in FY 2020) Full year 2021 results: Net loss: ₹266.4m (loss widened 160% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. 
